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The Best Bitcoin & Crypto Mining Sites for 2024

Eric Huffman
Eric Huffman | Verified by Alan Draper
Last updated: | 35 min read
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Crypto mining platforms and sites let the average crypto investor mine with little or no equipment.

Our experts review the world’s leading crypto mining platforms and explain how cryptocurrency mining can be profitable in 2024. Read on to find the perfect platform to suit your investment goals and learn how to mine Bitcoin without an expensive rig.

Best 19 Bitcoin Mining Sites for 2024

Below are 19 of the very best Bitcoin mining platforms offering simple cloud solutions, so that the average investor won’t need to fork out cash for a costly mining setup.

  1. Binance Cloud Mining – Offers low-cost Bitcoin mining without any hardware.
  2. CryptoTab Farm – Mine Bitcoin using idle device power or rent mining power.
  3. Hashmart – Bitcoin cloud mining with fixed-term and open-ended contracts.
  4. Hashing24 – Established Bitcoin cloud mining platform with multiple contract terms.
  5. ECOS – Create tailor-made Bitcoin mining contracts.
  6. CoinMiningFarm – Offers environmentally-focused Bitcoin mining.
  7. ARK Mining – Start mining Bitcoin from $50 per day.
  8. Awesome Miner – Versatile and cost-effective mining management software.
  9. HashShiny – Mine 7 different tokens simultaneously.
  10. BeMine – Affordable ASIC rentals and hosting.
  11. Kryptex – User-friendly Windows-based mining tool with flexible modes.
  12. AST Mining – Popular mining platform with a 1-minute sign-up process.
  13. IncCrypto – Bitcoin and Litecoin mining platform with daily payouts
  14. BitFuFu – Bitcoin mining contracts for beginners and experienced miners
  15. Gminers – Low fee Bitcoin mining for casual investors.
  16. TrustMining – Ethereum specialists in Switzerland.
  17. GenesisMining – Biggest Ethereum mining farm.
  18. BitDeer – Powerful AI managed cloud mining.
  19. LetMeCloud – Highly trusted Bitcoin cloud mining.

Best Crypto Mining Software Reviewed

We’ll review the best Bitcoin mining platforms below. Every mining site is unique and our reviews are designed to help you find the right crypto mining software for your needs.

1. Binance Cloud Mining – Offers low-cost Bitcoin Mining Without Any Hardware

Binance Cloud Mining is currently at the top of our best Bitcoin mining platforms list. It’s a popular way to mine Bitcoin without having personal hardware. Users can buy 1 TH/s for just $23.04 and start mining Bitcoin. This amount covers the hashrate and electricity for each set period, which is currently scheduled to last 90 days.

The platform does an excellent job of being transparent by showing you potential earnings estimates in advance for beginners. Please note that daily payouts vary with the actual Bitcoin mined– which in turn depends on network factors such as hashrate and mining difficulty.

Binance Cloud Mining homepage

To get started, all users must have a Binance Account, which just takes a few minutes to create. You can deposit funds using a credit/debit card or crypto. Also, profits can be withdrawn directly or invested in other Binance yield products.

It’s worth mentioning that the Binance cloud mining service is currently not offered to U.S. users because of regulatory issues.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin 1 TH 0.5% Varies; daily payouts
Pros
  • No personal hardware is needed.
  • Transparent earnings estimates.
  • Quick setup with Binance account.
  • Direct profit withdrawals.
Cons
  • Not available to U.S. users.

Visit Binance Cloud Mining

2. CryptoTab Farm – Mine Bitcoin Using Idle Device Power or Rent Mining Power

CryptoTab Farm is next on our list of top mining platforms. Users can start mining Bitcoin by using the idle computing power of their Windows and macOS devices or renting mining power via the ‘Pool Miners’ option.

The platform is accessible via a website and a mobile app to ensure remote management. After setting up an account, users can quickly connect their devices to the mining network. The platform’s dashboard offers a complete view of performance metrics, real-time statistics, and settings adjustments.

CryptoTab Farm

CryptoTab Farm also has flexible mining plans. Users can rent mining slots, with costs decreasing as more slots are rented. Each slot includes a free miner, earning approximately 480 satoshis daily. The ‘Pool Miners’ option allows users to begin mining without using their own hardware— selecting configurations that match their goals.

A key feature of the platform is its mining schedule planner. This lets users set specific working and idle hours for individual devices or groups. Users can also control mining speed and get status notifications about their mining operations.

The platform also supports unlimited and commission-free withdrawals in Bitcoin or fiat currencies via bank cards. The platform’s referral program also offers bonuses for inviting others to join.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin Varies Varies; depends on mining power
Pros
  • Uses idle computing power.
  • Accessible via web and mobile app.
  • Flexible mining plans.
  • Commission-free withdrawals.
Cons
  • High system requirements.

Visit CryptoTab Farm

3. Hashmart – Bitcoin Cloud Mining with Fixed-term and Open-ended Contracts

Another promising Bitcoin cloud mining site to watch is Hashmart. The platform offers Bitcoin mining services with two main contract types: a 12-month fixed-term option and open-ended contracts.

The 12-month contract is priced at $52.40 for 500 Gh/s and includes maintenance fees– making it an attractive option for casual investors. Open-ended contracts are relatively more expensive at $80.40 for 500 Gh/s plus daily maintenance fees. But they offer flexibility in start and stop times. Here, it’s worth noting that these contracts are currently sold out due to high demand.

Hashmart

Hashmart accepts payments via Visa, MasterCard, Bitcoin, and Ethereum with daily payouts for all contracts. It offers a user-friendly interface that allows users to track their real-time earnings on the dashboard. Though the iOS version is currently under development, the platform also features an Android app.

Moreover, customer support is available 24/7 via live chat and email. But the platform’s lack of transparency regarding its mining farm locations in the “Asian region” raises some questions.

The platform’s future plans include expanding services to include Ethereum mining and other cryptos.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin, Ethereum $52.40 Varies; daily payouts
Pros
  • Multiple contract options.
  • Accepts various payment methods.
  • User-friendly interface.
  • 24/7 customer support.
Cons
  • Lacks transparency on mining locations.

Visit Hashmart

4. Hashing24 – Established Bitcoin Cloud Mining Platform with Multiple Contract Terms

Hashing24 has been operating for almost a decade and is a popular cloud mining tool focusing primarily on Bitcoin mining.

The platform offers three contract terms: 12, 18, and 24 months. The minimum contract value is 1 TH, which is $52 for a 12-month term, including all fees. Discounts are also available for bigger purchases, such as a 5% deduction on 100 TH contracts.

It also offers a simple interface and a profit calculator that allows users to estimate possible returns.

Hashing24

Daily rewards included in all mining contracts can be withdrawn immediately. Payment choices include Visa, MasterCard, Maestro, and cryptos.

The free demo account is one of the best features of the platform because it lets people explore the mining tool before making a financial commitment. Hashing24 also provides live chat customer service around the clock for quick assistance.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin Varies $52 (1-year plan) 68%; varies with Bitcoin price
Pros
  • Long-standing reputation.
  • Multiple contract terms.
  • Discounts for large purchases.
  • Free demo account.
Cons
  • Limited to Bitcoin mining.

Visit Hashing24

5. ECOS – Create Tailor-made Bitcoin Mining Contracts

ECOS is a complete cryptocurrency investment platform offering an advanced wallet, a comprehensive exchange service, and cloud mining all-in-one. What’s great about this platform is that you can tailor your mining contract at ECOS. You can choose your projected reward amount, the duration of your contract, and how much you are willing to invest.

ECOS Bitcoin mining page

Your investment ultimately determines the amount of hash power you get for mining. A longer contract length is more likely to yield bigger payouts as well. Depending on the specifics of your contract, your profitability from crypto mining can range from 300% to over 600%. Your investment also comes with fixed-rate fees, so there are no additional costs for machine malfunctions. Since this is a cloud mining operation, you need to buy any equipment of your own.

However, if you want to really kick things up a notch, ECOS has an ASIC store with machines ranging from $5,300 to $8,200. There is also ASIC mining hosting on offer provided by a 60 MW data facility supported 24/7 by qualified staff. ECOS technicians maintain and operate any machines you decide to purchase.

ECOS even offers a 1-month free cloud mining contract, so you can try mining before taking out a serious long-term contract. Prices remain rather low owing to ECOS’ mining center being located in the Free Economic Zone of Armenia. Payouts are earned daily and can be tracked using a dedicated mobile app for iOS and Android devices.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin 100 USD 0.025 USD per day 300% +
Pros
  • Low min. investment
  • High projected ROI
  • Unique portfolio investments
  • 1-month free trial
Cons
  • Bitcoin mining only

Visit ECOS

6. CoinMiningFarm – Offers Environmentally-focused Bitcoin Mining

CoinMiningFarm is a popular Bitcoin cloud mining platform that is quite well-known for its commitment to environmental sustainability. The service claims that 90% of its mining energy is derived from renewable sources— including geothermal energy, wind turbines, and hydroelectric dams.

The platform focuses exclusively on Bitcoin mining and offers a range of contract durations to suit different user needs. For instance, beginners can opt for a short-term 7-day plan available for $500. On the other hand, a more economical option is the $50 plan– which requires a 365-day commitment.

CoinMiningFarm

Experienced miners might be interested in the “diamond” plan, which is a 365-day contract offering daily rewards of 1.10%. This plan requires a minimum investment of $1,200 with a maximum cap of $5,499.

It’s important to note that CoinMiningFarm only accepts Bitcoin for payments, which may limit accessibility for some users. Potential investors should also know that mining profitability can fluctuate based on Bitcoin’s price and other market factors.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin 50 USD Varies
Pros
  • Variety of contract durations.
  • Daily rewards.
  • Renewable energy focus.
Cons
  • Bitcoin-only payments.

Visit CoinMiningFarm

7. ARK Mining – Global Mining Nodes With Daily Payouts

ARK Mining is a cloud mining company that lets you rent a variety of mining hardware starting from $50 per day for the low-cost option, all the way up to $60,000 for 20 days. All you have to do is sign up using an email and a password, and select which contract you wish to purchase. Mining rewards will start to accrue right away. Note, you can only deposit BTC, ETH, LTC, USDC and USDT to purchase a contract.

ark mining

The company boasts new ASIC and GPU hardware from popular companies like Bitmain and Nvidia, and it claims to use eco-friendly electricity sources from solar panels. You can mine several cryptocurrencies, including BTC, BCH, BSV and LTC with payouts made daily.

ARK Mining also offers $50 in trial funds where you don’t have to make a purchase, while earning $1 per day. This can be an excellent way to test the platform, including deposits and withdrawals, and if you like what you see – extend your contract.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin, Litecoin, Bitcoin Cash, Bitcoin SV 50 USD None Varies between packages
Pros
  • $50 minimum investment
  • High projected ROI
  • Multiple coins to mine
  • $50 free trial
Cons
  • No details on how the company makes profit

Visit ARK Mining

8. Awesome Miner – Versatile and Cost-effective Mining Management Software

Awesome Miner is next on our list of the best mining platforms. It is compatible with more than 50 mining programs and supports a broad range of mining hardware, including CPUs, GPUs, and ASICs.

Managing up to 200,000 ASIC miners and 25,000 GPU or CPU miners via a single interface is a unique feature of the platform. Particularly helpful for miners with varying setups or several sites- this centralized interface lets users monitor and control individual machines or group them.

It’s also worth noting that the platform offers tools for overclocking, real-time monitoring, and profit-switching based on current crypto rates and electricity consumption. These features help maximize mining efficiency and profitability. The software also automatically detects mining issues to minimize downtime.

Awesome Miner

Despite the platform’s complexity, the user interface is surprisingly simple. It shows income from every mining rig and allows simple future revenue forecasting and profitability tracking. Growing mining companies find the program a good fit since it supports multiple users with tailored rights.

Pricing choices include a free plan for casual miners to paid plans beginning at $2 per miner per month, with cloud services available from $40 monthly. Though without a native mobile app, Android devices provide access to Awesome Miner via web browsers.

Mineable Coins Min. Investment Mining Fees ROI
100+
Pros
  • Centralized interface.
  • Real-time monitoring.
  • Profit-switching tools.
Cons
  • No native mobile app

Visit Awesome Miner

9. HashShiny – Mine 7 Different Tokens Simultaneously

Founded back in 2017, HashShiny is one of the best crypto mining platforms for numerous reasons. Powered by hydroelectric and wind energy, HashShiny is an environmentally friendly cloud mining service. Their data center boasts more than 15,000 ASIC rigs that are guarded and serviced 24/7.

HashShiny Bitcoin mining

This is more than just a Bitcoin mining operation. In fact, you can mine 7 different tokens simultaneously including Dogecoin, Bitcoin, Ethereum, and Dash. Mining costs vary between each token and are charged as a hash rate fee and maintenance fee. For example, Bitcoin mining incurs a $0.0004 daily maintenance fee and a cost of $0.40 per 10 GH/s. The use of renewable energy does help keep the fees low. However, note that the payout calculators at HashShiny don’t include the maintenance fee. So, users may find that they receive lower payouts than expected.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin, Litecoin, Dash, Dogecoin, Ethereum, Zcash, Decred 10 USD Daily maintenance fee, hashrate charge 150%

Pros
  • $10 min. investment
  • 7 mineable tokens
  • Daily payouts
  • Numerous Bitcoin mining pools
Cons
  • High fees
  • Minimal returns

Visit HashShiny

10. BeMine – Affordable ASIC Rentals and Hosting

BeMine is a comprehensive cloud mining operation with a lot going on for investors. This platform lets users buy 1/100 of an ASIC machine or even the entire machine. BeMine’s Mining Hotel platform lets you host your own ASIC miners at any of the platform’s 4 data centers, all of which are located in Russia. You can also buy ASIC miners from BeMine that range from as little as $430 up to $16,400.

BeMine cloud hosting solution

When cloud mining, you can choose which ASIC mining rig you’d like to use. This is nice because you can be sure your machine is relevant to your mining goals. BeMine offers a bonus for new users too – 3 free days of mining using the Antminer 19 machine. There are currently 4 cloud mining contracts on offer, each of which vary in hash rate and power. You can easily determine your potential 24-hour income rate. Bitcoin and Alt-miner plans start at $68.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin, Ethereum 68 USD Variable daily maintenance fee 250%
Pros
  • 4 powerful data centers
  • Buy a ASIC miner
  • Multiple ASIC miners
  • Low minimum investment
Cons
  • Some contracts are sold out
  • Poor customer support

Visit BeMine

11. Kryptex – User-friendly Windows-based Mining Tool with Flexible Modes

Designed for Windows users, Kryptex is a simple cloud mining tool that lets customers mine several cryptocurrencies, including Bitcoin and Ethereum, using their computer’s processing capability. Because of its simplicity, the service appeals especially to beginners and those lacking advanced technological skills.

The platform offers two operational modes: Full Mode for committed mining when the machine is idle and Lite Mode for mining while doing other activities. This flexibility allows users to balance mining activities with regular computer use.

The user’s local electricity costs and hardware choices affect the earnings potential. Kryptex also offers a mining calculator to help project possible returns.

Kryptex

Starting at $0.5, Kryptex allows withdrawal alternatives, including cryptos, Visa/Mastercard, AdvCash, and Amazon eGift Cards, with minimal withdrawal conditions. The platform also has a referral scheme for further earning prospects.

Security measures include two-factor authentication (2FA) to protect user accounts. However, potential users should consider the high system requirements, electricity consumption, and possible hardware wear from intensive mining activities. Also, Kryptex’s Windows-only compatibility may limit its accessibility for some users.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin Varies Varies
Pros
  • Simple setup for beginners.
  • Flexible mining modes.
  • Various withdrawal options.
  • Security with 2FA.
Cons
  • Windows-only compatibility.

Visit Kryptex

12. AST Mining – Popular Mining Platform With a 1-minute Sign-up Process

AST Mining is a well-known cloud mining platform that launched in 2016. Its goal is to simplify crypto-mining for beginners and experts. They aim to reduce the barrier to entry so even absolute beginners can start mining without any technical skills — via its 1-minute signup process and a simple ‘one-click’ mining feature.

The platform has different mining contracts for all types of users, depending on your needs and budget– From a one-day free hashrate plan to a 20-day ultra plan. This flexibility lets each user pick the plan that is right for them based on their investment goals and risk tolerance. It’s worth noting that the platform uses next-gen energy mining technology to ensure high efficiency.

AST Mining homepage

AST Mining has a wide reach– with over 970,000 customers in more than 150 countries. This is important as it shows that it’s trusted and reliable. It’s also worth noting that daily mining outputs are automatically added back in to user accounts– further improving transparency.

The platform currently supports a range of cryptos and is accessible in multiple languages via their interface. It also provides good data protection and comprehensive stats to help users understand their mining operations.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin, Ethereum, Litecoin 30 USD None Varies by contract, up to 3% daily
Pros
  • High daily profitability rates​.
  • User-friendly platform​.
  • No additional fees​​.
  • Instant $30 sign-up bonus.
Cons
  • ROI depends on contract duration

Visit AST Mining

13. IncCrypto – Straightforward Bitcoin and Litecoin Mining Platform with Fixed Rewards

IncCrypto is next on our list due to its user-friendly platform and streamlined mining process. It cuts out the technical jargon and offers transparent and easy-to-understand Bitcoin and Litecoin contracts to users. Fees are built into their contracts, so there are no additional fees to consider or added complexities. The platform boasts five mining farms and over 320,000 users worldwide. They also use renewable energy (wind and solar) for mining, reducing costs.

inccrypto homepage

IncCrypto has various contract plans available depending on your price range. Options start at $200 a day with a fixed reward of $200 + $3 for Bitcoin. The most expensive Bitcoin plan works out as $100,000 a day with a fixed return of $100,000 + $23,000 over 10 days. Litecoin plans start at $800. Users can buy multiple contracts and mix and match them to build their desired mining portfolio.

It’s easy to get started on the platform. Simply fill out the sign-up form and choose your contracts. You can pay for your contracts using BTC, ETH, LTC, or USDT. Then, daily rewards will be deposited back into your account. The minimum withdrawal is $200, so you’ll need to wait a few days before you can withdraw your profits.

The platform also offers a one-day trial to help miners get started, as well as an affiliate program. Every customer will have a unique referral link, and if anyone uses your link to sign up, you’ll receive a 3% bonus on any purchase they make in perpetuity.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin, Litecoin 200 USD Built into contract Varies between packages
Pros
  • Low min. investment
  • Simple to understand contracts
  • Affiliate program
  • One-day trial option
Cons
  • Plan prices scale up quickly

Visit IncCrypto

14. BitFuFu – Bitcoin Mining Contracts for Beginners and Experienced Miners

BitFuFu is a relatively new cloud mining platform that operates in XX with 17 mining farms worldwide. They have several strategic partnerships and institutional clients, and the company has recently been listed on the Nasdaq. Beginners can try out their $1,000 trial cash package, where BitFuFu covers the $1,000 fee, and you keep the additional rewards earned. This is a good way to try out the mining process without the complication of navigating the entire process yourself and paying a large upfront cost.

The platform is quite beginner-friendly with its “Easy BTC” option that combines all fees into one fixed-price package. Contracts start at $30 and can vary from 3 days to 50 days. While the payout is more stable and the process simplified for newcomers, the rewards will be slightly lower. As a result, others may prefer their full revenue package. With this, you’ll need to calculate the hash rate and service fees. This is a little more technical, but you will receive the full payout.

Users will receive daily payouts with a payout rate ranging from 101% to 125%, depending on the package.

The platform offers real-time monitoring services and a unique smart allocation rate that maintains a stable hash rate for Bitcoin mining. This stability and visibility create a more reliable mining service. Other features include a mobile app, hosting services, and mining equipment sales.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin 30 USD Varies by contract Varies between packages
Pros
  • $30 minimum investment
  • One-click option for mining
  • Stable hash rate
  • $1,000 demo trial
Cons
  • Bitcoin only
  • Full revenue contracts can be a little confusing for beginners

Visit BitFuFu

15. Gminers – Low Fee Bitcoin Mining for Casual Investors

Gminers is one of the newest crypto mining operations available to investors. In only a few short months this operation has already gained more than 3,000 active users. Not to be confused with the Gminer crypto mining software, Gminers is a cloud miner designed for even the most casual investor.

Gminers logo

The operation’s uptime is close to 24/7. Gminers owns numerous data centers in extremely cost-effective and pro-crypto nations like Kazakhstan, Iceland, and Georgia. Payouts are daily and investors can choose from payment options like PayPal, bank transfers, or Bitcoin withdrawal to a crypto wallet.

Fees are quite low at Gminers. 1 GH/s of hash power starts at only $0.0120. Our calculations put the ROI at around 150% and you can reinvest with a new contract at any time. Casual investors can learn how their investment works through a handy dashboard that displays profits and investment data in real time.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin 250 USD 1 GH/s $0.0120 150%
Pros
  • Real time dashboard
  • Cost-efficient data centers
  • Reinvest anytime
  • 24/7 uptime
Cons
  • Not very transparent
  • Slow support

16. TrustMining – Ethereum Specialists in Switzerland

TrustMining is a leading cloud mining operation and has earned a reputation as one of the best crypto mining sites for rig hosting. While Bitcoin mining is supported at TrustMining, this platform specializes in the ETASH algorithm for Ethereum mining. TrustMining can host your rig in its Switzerland data center, where they’ll put your rig into production and maintain its efficiency.

Trust Mining logo

Overall, you’ll lose about 30% of your rewards to fees, which is in line with the industry average and leaves 70% as pure profit. Fees cover the electrical costs, accommodation costs in the data center, and a 10% commission fee. Through their partner 2miners.com, TrustMining uses only the very best crypto mining software and utilizes local European mining pools. TrustMining also allows users to mine for Ethereum, but get paid in Bitcoin. In addition, TrustMining supports crypto staking, enabling users to increase their profits with a return between 4% and 25% APY.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin, Ethereum 250 USD Starting at 0.01 GH/s, 15.00 MH/s 200%
Pros
  • Low fees
  • Reliable crypto mining pools
  • Crypto staking
  • Excellent reputation
Cons
  • GPU-only rigs
  • Sluggish support

17. GenesisMining – Biggest Ethereum Mining Farm

With more than 2 million active miners, GenesisMining is one of the biggest crypto mining platforms available to the average investor. The data center is based in Iceland and uniquely utilizes low-cost geothermal energy to power GPU machines with in-house crypto mining software.

Genesis Bitcoin Mining site

Tokens are mined with at least 2 mining pools and in some cases 4 pools. When a pool is detected as closing in on 50% share, GenesisMining will switch to another. 6 tokens are available for mining including Bitcoin, Ethereum, Dash, and Litecoin. It is best to pay using cryptos at GenesisMining as USD transactions have a rather limiting hash per day rate. During our reviews, GenesisMining was frequently out of stock, and it is currently rather difficult to rent a mining machine. A no maintenance fee plan is available for Ethereum mining and rentals starting at $499 and moving up to $4,999. Other plans have a fixed USD maintenance fee determined by the specific tailoring of each plan.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin, Ethereum, Dash, Litecoin, Monero, Zcash 250 USD 12.50 MH/s – 125 MH/s 150%
Pros
  • No maintenance fees
  • Massive Ethereum farm
  • Variety of plans
  • Daily payouts
Cons
  • Plans may be sold out
  • USD daily hash limits

18. BitDeer – Powerful AI Managed Cloud Mining

BitDeer is another top managed mining operation that uses both GPU and ASIC machines. It has 5 data centers located around the world and boasts a mining hashrate of 7.0 GH/s. 3 of the data centers use 100% carbon-free power and all 5 centers combined use around 1,700 MW of power. A smart management system handles all the daily tediousness of mining to make things more efficient.

BitDeer mining solution

BitDeer is on the expensive side compared to other mining operations. The minimum investment is around $200 for Bitcoin. However, users will probably need to drop much more money as basic plans appear mostly unprofitable. Unfortunately, BitDeer plans are also sold out much of the time. Users can register their interest to stand a better chance of buying into a cloud mining plan.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin, Ethereum, Dash, Litecoin, Zcash, Handshake 206 USD BTC starting at $1 per day 110%
Pros
  • No maintenance fees
  • Massive Ethereum farm
  • Variety of plans
  • Daily payouts
Cons
  • Often sold out
  • USD daily hash limits

19. LetMeCloud – Highly Trusted Bitcoin Cloud Mining

This Bitcoin mining platform is one of the most reputable organizations with a great reputation and recognition in the mainstream media. Offering 3 simple 1-year contracts, LetMeCloud boasts returns of roughly 150% with the possibility of a bonus 20-30% on top with the right plan. Payouts are made daily and a handy referral program can net you some additional commission.

LetMeCloud giveaway

While based in the UK, LetMeCloud has data centers in Norway, Iceland, Sweden, and Canada – all highly environmentally friendly locations. Those centers mostly leverage solar and wind power to keep costs down. Pricing for LetMeCloud is rather low, with 1 GH/s costing $0.0120. This means a 12-month Standard contract will set you back about $1,800.

Mineable Coins Min. Investment Mining Fees ROI
Bitcoin 500 USD 1 Gh/s per $0.0120 150%+
Pros
  • Low fees
  • Simple set up
  • Short plans
  • 24/7 support
Cons
  • Only mines Bitcoin
  • Delayed payouts

What is Crypto Mining?

Crypto or BTC mining refers to the computational process undertaken to create new tokens for a particular cryptocurrency. The concept is fairly simple – computers go to work to solve problems and cryptocurrency is given back as a reward. However, the complete process is rather complex and requires dedicated crypto mining machines that are capable of solving advanced mathematical puzzles.

Essentially, miners act as a kind of middleman between users on a blockchain network. They validate transactions and distribute them to the ledger, thereby ensuring an irrefutable log of transactions. Miners are rewarded for their efforts with a number of new tokens.

There have been significant developments in the way people can mine cryptocurrencies, with dedicated crypto mining apps, and new methods that reduce costs and make it easier for the average investor. Cloud mining platforms let users rent a crypto mining machine and reap the rewards, while some of the best crypto mining software lets investors join incredibly lucrative mining pools.

How Does Bitcoin Mining Work?

Bitcoin mining has come a long way. Once upon a time, using a massively powerful crypto-mining rig was the only way to mine for tokens. However, cloud mining lets everyday investors mine for tokens without the need for expensive equipment.

CPU and GPU mining is the most common process of Bitcoin mining as an average investor. Both methods require incredibly powerful machines that either use the computer’s CPU or graphics card to solve the complex puzzles required to validate a transaction. Miners that solve the puzzle first are rewarded with the block of Bitcoins. The current block reward is 6.25 BTC, but this will change after the Bitcoin Halving.

The best way of mining for Bitcoin is to use an ASIC machine. These devices are specifically designed purely for the purpose of cryptocurrency mining and substantially more powerful than a CPU/GPU device. When you hear about massive Bitcoin mining companies, these are the devices they’ll be using.

Most miners will join a Bitcoin mining pool – a collection of miners using their combined computing power and sharing the results – but it is possible to go it alone. Numerous solo miners have also found success, such as the Solo CK miner that earned $220,000 from a single block in January 2022.

Is Cryptocurrency Mining Profitable?

In short, absolutely. A crypto mining machine can cost you around $2,000 if on a shoestring budget and Bitcoin miners are currently mining in the area of $20 million a day. However, low-end machines are far from efficient and with the value of Bitcoin rewards from mining set to halve in 2024, efficiency will be key. This means purchasing or upgrading your Bitcoin mining rig as more power simply means more efficiency.

According to the Digicominists Bitcoin Energy Consumption Index, a single Bitcoin transaction requires 1,449kWh of power to complete – almost two months of household power. This has prompted some miners to look for alternatives to BTC that could be the best cryptos to mine in 2024.

If you can spend the cash to obtain an efficient crypto mining machine, pay for electricity at an affordable rate, and can access quality and reliable mining pools, you may find profit in mining cryptocurrency the traditional way. Ultimately, reliable pools may be your most important factor when considering Bitcoin mining, since the chances of finding a Bitcoin block is increasingly more difficult as more miners join the fray.

In July 2022, JPMorgan put the average cost of traditional Bitcoin mining at $12,000 per year. However, a single successfully mined block would net a reward of more than $4,106,250 as of July 2024.

What are the Benefits of Mining Bitcoin?

For those wondering if Bitcoin is a good investment, Bitcoin mining poses many benefits as an investment opportunity. Using one of the best Bitcoin mining sites holds some advantages over traditional mining operations too. Mining is often misunderstood as overly complex and more trouble than it’s worth, but there are plenty of reasons why investors should consider mining. Here are three key reasons.

Earn Passive Income

There isn’t much actual work to mining Bitcoin once you get started. Even less work if you choose to use one of the best crypto mining sites from our list. Bitcoin mining is a passive earner that can simply run in the background of your life while you continue to work a day job. You can even continue to trade cryptocurrency – either as an asset or a CFD – while mining.

Bitcoin’s fixed supply of 21 million coins and its deflationary monetary policy make it an attractive hedge against inflation and currency devaluation. By acquiring Bitcoin through mining, miners can accumulate a scarce digital asset with the potential for long-term value appreciation.

Potential for Big Payouts

Trading cryptocurrencies can be difficult sometimes. Trying to predict a bull run isn’t always the easiest thing in the world and sometimes a small investment just isn’t big enough to net bigger results. Mining can provide big rewards though. The 6.75 BTC reward for successful Bitcoin mining is a massive result, while the right cloud mining pool can potentially produce bigger results than your trading strategies.

In addition to block rewards, miners also collect transaction fees for including transactions in the blocks they mine. As the number of Bitcoin transactions increases, so do transaction fees, providing an additional source of income for miners.

Abundance of Choice

There isn’t an overly linear path to success when mining for cryptocurrency. So many crypto mining platforms exist that ensure you can shop around for new and improved crypto mining pools. You can also tweak and improve your rig as more advanced technology emerges or you may find a sale on better GPU chipsets.

As miners seek to maximize their profitability and efficiency, they drive advancements in mining hardware and infrastructure. This ongoing innovation benefits not only Bitcoin miners but also the broader cryptocurrency ecosystem.

What is the Cost of Mining Crypto?

Interested in mining crypto but unsure where to begin? Back in 2009, when only a handful of insightful people saw the potential in Bitcoin, it would only cost about $100 for a mining operation. Fast forward to 2024, and a traditional successful mining operation will run you tens of thousands of dollars. Here are some of the items you’ll be paying for.

Mining Hardware

The cost of mining hardware can vary widely depending on its computational power and efficiency. High-performance ASIC (Application-Specific Integrated Circuit) miners are commonly used for Bitcoin mining, while GPUs (Graphics Processing Units) are often used for mining other cryptocurrencies like Ethereum. Prices for mining hardware can range from a few hundred to several thousand dollars per unit.

Electricity Costs

Electricity is one of the most significant ongoing expenses for cryptocurrency miners. The energy consumption of mining hardware is typically measured in kilowatt-hours (kWh) per unit of computational power (hashrate). Electricity prices vary by location and can significantly impact mining profitability. Miners often seek out locations with low electricity costs or renewable energy sources to reduce operational expenses.

Cooling and Ventilation

Mining hardware generates heat and requires adequate cooling to operate efficiently. Cooling systems, such as fans or specialized cooling solutions, may be necessary to prevent overheating and maintain optimal mining conditions. The cost of cooling and ventilation depends on factors such as the size of the mining operation and local climate conditions.

Mining Pool Fees

Many miners join mining pools to combine their resources and increase their chances of successfully mining blocks. Mining pools typically charge a fee, which is usually a percentage of the rewards earned by the pool. Pool fees can vary but are generally around 1-2% of the mining rewards.

Maintenance and Repair

Mining hardware requires regular maintenance to ensure optimal performance and reliability. Additionally, miners may need to cover the cost of repairs or replacements for faulty hardware components. These maintenance and repair costs can vary depending on the scale of the mining operation and the quality of the hardware.

Overhead Costs

Overhead costs include expenses such as rent for mining facilities, internet connectivity, security measures, and administrative expenses. These costs can vary widely depending on the size and complexity of the mining operation.

Are Bitcoin Mining Apps Legit?

Bitcoin mining apps can be legitimate, but there are also many scams operating under the guise of legitimate mining apps, aiming to steal users’ funds or personal information. Most crypto mining apps are just games that offer a small crypto reward for playing. Profits are rarely larger than a few dollars each month and you’ll need to consider the cost of charging your device – not to mention the wear and tear too.

There are some cloud mining pools available on iPhone and Android devices, too, but mostly Bitcoin mining apps are a bit of fun rather than a genuine income generator. Watch out for apps promising high returns with little to no effort – these are red flags that should be avoided.

Conclusion

Cloud mining in 2024 is more simple than ever. With only a quick sign-up, even the most novice of investors can mine cryptocurrency without buying any expensive equipment.

Based on our reviews of the best Bitcoin mining platforms, we think Binance Cloud Mining is the top choice for most investors. It’s the most accessible on our list as you can tailor your mining contract per your needs. You can choose your projected reward amount, the duration of your contract, and how much you are willing to invest. It also offers an advanced wallet, a comprehensive exchange service, and cloud mining all in one.

Best Bitcoin Mining Platforms FAQs

What is Bitcoin mining?

Bitcoin mining is the process in which individuals or organizations use powerful computers to solve puzzles that validate Bitcoin transactions on the blockchain network. The reward for solving a puzzle first is a Bitcoin block currently consisting of 6.75 BTC.

What is the best site to mine for Bitcoin?

We think the best Bitcoin mining site is Binance Cloud Mining, as it offers a mining system that requires no expensive hardware or technical knowledge.

How do I mine Bitcoin?

There are two main methods for mining Bitcoin: cloud mining using platforms like Binance Cloud Mining or traditional mining using a Bitcoin mining rig.

What is the best cloud mining site?

We recommend all of the cloud mining services in our list of top Bitcoin mining sites. Binance Cloud Mining is our top recommendation because it’s quick to get started, and suitable for experienced miners, as well as those who are just getting started.

Can crypto mining make you rich?

In theory, crypto mining has the potential to make anyone rich. However, it won’t happen to everyone, and there are many factors to consider and costs to undertake to be successful at Bitcoin mining.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.