Updated 2019-06-18: Now Honeyminer has launched Hotel Honey, see more in the text.
Cryptocoinzone lists and compares the best cloud mining companies. In this article, we will present our Ethereum cloud mining review. The review will include trusted Ethereum cloud mining sites and free Ethereum cloud mining software. We will discuss the ROI, Ethereum mining algorithm and compare ETH to BTC cloud mining: we will cover the following subheadings.
- What is Ethereum Cloud Mining?
- What trusted sites do Ethereum Cloud Mining offer?
- Is there free Ethereum Cloud Mining?
- Ethereum Cloud Mining Profitability
- Ethereum Mining Algorithm
- Ethereum Cloud Mining VS Bitcoin Cloud Mining
- Best Ethereum Cloud Mining Site
What is Ethereum Cloud Mining?
Ethereum cloud mining means that you buy or rent equipment from a company that takes responsibility for maintaining the equipment and send payouts to you. For this, the company takes a maintenance fee and sometimes even an electricity fee.
What trusted sites do Ethereum Cloud Mining offer?
Hashflare does offer Ethereum cloud mining contracts running for one year in March 2019. In the screenshot below you can see that our hashpower (3.6MH/s) does generate $0.05 per day. If you buy 3.6MH/s hashpower today you will have to pay $50 and to break-even you need 1000 days. We think its not worth the investment for the moment (April 2019). Read more about Hashflare in our Hashflare review.
Is there free Ethereum Cloud Mining?
In March 2019, you can choose to mine Ethereum with Minergate free mining software.
Ethereum Cloud Mining Profitability
In March 2019 there is no profitable Ethereum cloud mining contracts available on the market. Only Hashflare offer Ethereum cloud mining and the contract is not profitable for the moment.
Ethereum Mining Algorithm
The cryptocurrency established itself in July 2015 by developer Vitalik BUTERIN, who listed the proposed the structure of the platform in 2013. After the ICO, the algorithm That separates ETH from others was born, called Ethash, a proof of work (PoW). It is a modified version of the Dagger-Hashimoto where smart contracts are used to secure transactions. Ethereum developers have been working towards proof-of-Stake (PoS). There is no set date for this update but Proof of Stake is not mineable as Proof of Work. When Ethereum switch to Proof-of-Stake, There Will Be No cloud mining opportunities.
Ethereum Cloud Mining VS Bitcoin Cloud Mining
Ethereum will switch to PoS and will therefore not be available for mining or cloud mining at all.
Best Ethereum Cloud Mining Site
In June 2019, Hashflare and Honey Hotel are the only sites offering Ethereum cloud mining contracts. However, they have not communicated what would happen to those contracts when Ethereum switch to Proof of Stake. Honey Hotel offer much cheaper contracts than Hashflare.
Further reading: Honeyminer Review