While you’re binge-watching your favorite shows on Netflix, your computer could be making you money. This article will go through some cryptocurrency mining sites that can be used to make passive money.
Mining cryptocurrencies can be a great way to earn money for free, but only if you have the brains for it. Making improvements to the blockchain software is a great way to earn cryptocurrency.
Mining is the backbone of the bitcoin economy. It verifies recent deals as legitimate and creates fresh coins for circulation. A miner is someone who uses computational power to verify financial transactions.
Mining is the process of exchanging computing power and electricity for a reward once a block has been successfully mined. The block reward is what keeps the blockchain technology that cryptocurrencies rely on alive and well.
Putting it succinctly, blockchain is the backbone of the whole NFT ecosystem and the technology around which all cryptocurrencies are built. The data in this distributed ledger cannot be altered once recorded.
In the following section, I’ll discuss some benefits of mining cryptocurrencies.
Benefits of Mining Cryptocurrencies
For those that are interested, crypto mining might be a worthwhile side hustle. Depending on your processing power, you can earn money without actively doing anything (Get–Set–Forget).
The next step is to join the Bitcoin revolution and help bring decentralized money to life by becoming a miner. At last, you can block future changes to the network protocol if you so want.
Mined vs. Non-Mined Cryptocurrency
In a distributed system like a blockchain, a consensus mechanism is used to validate transactions. This helps the system avoid vulnerabilities.
When a single malevolent actor controls more than 51 percent of a blockchain, this is called a 51 percent assault. With such a large vote margin, the con artist can manipulate the procedures as they see fit. With a consensus approach, autonomy is preserved. In order to launch a 51% attack on a network with such a high degree of decentralization, enormous computational resources and human effort are required. Consecuent losses typically exceed any potential gains for a con artist.
To name a few examples of consensus-building methods: proof-of-work, proof-of-stake, proof-of-capability, and proof-of-activity are some. Cryptocurrencies may or may not necessitate a mining process, depending on the consensus mechanism used.
Blockchains relying on a proof-of-work consensus mechanism necessitate mining. They use miners as a means of vetting newcomers (transactions). When a transaction is submitted for validation, miners compete to determine a 64-digit hexadecimal number.
One who finds the answer first submits it to the network as proof of work. The winner collects the spoils, while the losers brace themselves for the next challenge.
For each batch of financial transactions, this process is repeated. A block is a group of related transactions that are total of 1MB in size.
Proof-of-work is used by Bitcoin and Ethereum, the two largest cryptocurrencies, among many others. Due to the potential for double-spending, mining is essential.
Time and energy are wasted in each transaction using proof-of-work since all miners but the winner use processing power for nothing.
Ripple, Cardano, and any other cryptocurrency that does not rely on proof-of-work cannot be mined. Rather of using methods that consume a lot of power, they validate financial transactions in a different way. One such alternative consensus method to proof-of-work is proof-of-stake.
With proof-of-stake, competition is nullified. There is no block mining. Instead, they are verified by people with vested interests. The selection of validators is entirely random. In exchange for each block’s confirmation, they risk a little amount of their cryptocurrency holdings. As a result of their misconduct, they will lose some or all of their investment.
While proof-of-stake does not harm the environment, it does come with some drawbacks, such as rewarding hoarding rather than spending of digital currency. There are, therefore, no near-term alternatives to proof-of-work (mining).
Who can Mine Cryptocurrency?
Cryptocurrency mining is open to everyone with a suitable wallet, an online connection, and appropriate hardware. You also need to consider the coin you’re trying to mine. Independent mining is an option, as is working in a group.
Solo hashing is done on an individual basis, while pooling resources is more like a team effort. The same holds true for the type of hardware you’ve deployed, such as CPU, GPU, or ASIC (application-specific integrated circuit) miners.
18 Best Crypto Mining Platforms
In the sections that follow, you’ll learn about several of the most prominent mining platforms and utilities that cut down on the time and effort required for technical setup and greatly improve mining efficiency. But before getting started with cryptocurrency mining, you’ll need a cryptocurrency wallet and mining software compatible with your coin of choice.
Let’s get right down to business and talk about the best mining platforms.
When it comes to cryptocurrency investments, Ecos claims to be a legitimate option. You may come to the same conclusion when you consider their widespread involvement in the crypto industry.
Bitcoin wallets, an exchange, cloud mining contracts, and crypto portfolios are all available to users. Moreover, Ecos provides a straightforward mobile app. You may get it from either the Apple or Google Play stores.
Cloud mining contracts are available, although they only support Bitcoin mining at this time. Agreements can be made for 15 to 50 months with a starting price of $75 and an upper limit of $50,000.
In addition to Bitcoin, Ethereum, XRP, and Litecoin, they also take credit cards. Bitmain sells their Antminer product on their website. Furthermore, their facility will serve as a Bitcoin mine. You can also arrange for delivery at your own pace. Cloud mining and miner hosting contracts have daily payment schedules. Detailed metrics are available in your profile. The ECOS platform provides a free one-month cloud mining contract for testing purposes.
Among mining platforms, StormGain is one of the simplest to use. It’s free, and it comes with an easy, one-click mining process that won’t drain your computer’s power supply. This bitcoin exchange truly is a one-stop shop. The ability to buy, sell, trade, and even mine has been added. StormGain’s infrastructure is dedicated solely to Bitcoin mining.
But there’s a catch! Mining is done in shifts of four hours. For this reason, you’ll need to click every four hours to keep the miner running. In addition, your mining velocity is so slow that you would mine a minuscule 0.5 USDT (USD) per mining session if you are not trading on StormGain.
Second, increasing your trade proficiency will speed up your mining. In particular, note that the first level is just the beginning and that there are five more to progress through. Anyone who trades more than 75,000,000,000 USDT each month is considered a VIP 3 trader. At current peak, you can earn close to $16,000 USDT per month in free mining money.
The costs associated with buying, selling, and withdrawing cryptocurrencies vary widely. Deposits, however, are not subject to any fees. StormGain is compatible with both iOS and Android. It can also function as a web app. The bottom line is that only true cryptography specialists should use StormGain.
If you’re looking to get into pool mining, Slushpool is a fantastic place to begin. It was an early player in the bitcoin mining industry and now generates about 3.5% of all bitcoins.
SlushPool has a 2% pool fee for using its platform. In addition, it allows some ASIC miners to participate with no pool charge at all. Mobile apps for both iOS and Android are available. The program works well as an account-keeping tool. Use of the SlushPool mobile app for mining purposes is strictly forbidden.
Platform security is bolstered by two-factor authentication (2FA). Physical authentication devices that adhere to the FIDO2 standard, such as the TREZOR and Yubikey, can be used in addition to the more commonplace one-time passwords.
The minimum payout is 0.001 BTC, while transactions of less than 0.01 BTC incur a charge of 0.0001 BTC. This also applies to Zcash payments. Across North America, Europe, Asia, and Oceania, SlushPool runs Bitcoin mining servers. Servers dedicated to mining Zcash can be found in both the Americas and Europe.
Awesome Miner, another bitcoin mining platform with parallels to Cudo Miner, is up next. It’s a program for managing mining operations and it works on both Windows and Linux.
2 Miners can use it without cost. It then transitions to its premium plan, which costs $4 USD per month, initially charged annually.
More importantly, it enables remote control of mining operations on the cloud. For 10 miners, the service starts at $4 monthly and is invoiced once a year. If you have fewer than 400 mining rigs, you can try out this service for free for 30 days.
The monthly plans are significantly more expensive than the yearly ones. It seems like Awesome Miner is the best solution for large mining farms. Users can rely on the comprehensive documentation and help sections.
Compared to other Bitcoin mining platforms, Zionodes is the easiest to use. This system has the simplest UI and the quickest startup time for mining. The live updating of their revenue displays is the dashboard’s greatest strength.
Strategic partnerships with ViaBTC and other leaders in the mining industry are a major reason why this platform has been so successful. The formation of such partnerships has ensured their leadership in the cryptocurrency mining sector.
After making a purchase from them, you will be the sole owner of the equipment and will not have to share any of the available processing power with anybody else. Hardware hosted in data centers has an impressive uptime of 99.99%, meaning there are almost no maintenance windows.
Currency pairs like USDP, TUSD, DAI, BUSD, USDT, and USDC are all accepted. An additional perk is that these coins are compatible with other blockchains, such as Ethereum, Binance Smart Chain, and TRON. Zionodes has facilities in the Americas, Africa, Europe, and Russia for its data storage and processing needs.
In addition, the MetaMask USDT ERC token makes it easy to pay using cryptocurrency at the trading counter, even if you’re placing a large order. Since Zionodes employs remote mining modules that you own and can control at will, it is a superior option to cloud mining services. Hint! If you sign up for the market and send them a message, they may let you try out the miner of your choice for free.
BitFuFu is a cloud mining platform that also provides hosting. BITMAIN has made a significant financial commitment to this cloud-based mining technology. The website’s current offerings all use BITMAIN’s top-tier S19 Pro miner. They also work with mining pools like Antpool and mining sites like Core Scientific.
Choose a plan duration between 30 and 360 days and a hashrate between 30 terahashes per second (TH/s) and 500 terahashes per day (TH/s) or higher on the BitFuFu website. Your power bill can be paid in whole, or you can prepay for ten days’ worth of use and have the balance automatically withdrawn at regular intervals.
Clicking the link on your BitFuFu profile page will take you to the backstage administration system of third-party mining pools, where you can observe the mining operation and assess the miner’s efficiency.
If you want to keep an eye on the market and place orders based on the current price, they have apps for both iOS and Android. Hint! You can get up to 3% in referral bonuses and access to special offers just for referring your friends to their app.
Bitfly currently supports mining for ETH, ETC, ZEC, BEAM, RVN, and ERG, making it the platform of choice for mining six different cryptocurrencies. Each currency has its own website with specific setup instructions and domain name. No matter what cryptocurrency is being mined, the pool fee remains constant at 1%. A third-party Android and iOS monitoring app is supported. Bitfly’s configuration suggestions change based on the user’s OS, GPU, and cryptocurrency.
Select Start Mining to access the server configuration and mining software settings. Next, get your preferred mining app, then install it, and you’ll be ready to start mining.
In addition to its servers in the US, EU, and asia, it also has mining servers in these regions. Gains from using Bitfly are immediate. There’s also a Discord chat for miners to share tips and tricks with one another. Those who are just starting out in the mining industry may find this to be beneficial.
It’s an innovative method of mining cryptocurrency while surfing the web. The ability to mine is included. Profit-maximizing algorithm swapping is available in CrytoTab Browser. Using its own browser, it also won’t necessarily get too hot or drain the battery.
Bitcoin is used to pay out all bonuses. It is stated that the minimum withdrawal amount is 0.000001 BTC. One way to get money is to invest in mining hardware, and another is to recruit others and receive a commission. This browser works equally well on Windows, macOS, Android, and iOS. Non-technical people who are curious about cryptocurrency mining should try this.
It’s a website with a modern feel, promising “Stable and Predictable Revenue from Crypto Mining.” Cruxpool supports mining for Ethereum Classic, Ethereum, Beam, and Ravencoin. And even as we talk, they are striking new coins. But only Ethereum and Ethereum Classic mining pools are shown on their mining page.
You won’t find bigger examples of this than these two pools. However, the Beam and Ravencoin mining pools are included in their help section.
You can mine Ethereum and Ethereum Classic with their helpful and detailed quick start guide. It’s a great help for getting plenty different OSes up and running (Windows and Linux).
Guaranteed minimums include at least:
- Ethereum – 0.01 ETH
- Ethereum Classic – 0.1 ETC
- Ravencoin – 50 RVN
- Beam – 1 BEAM
HashCity allows users to mine 14 different cryptocurrencies. Unlike SlushPool, there are no payout fees on this site. Any cryptocurrency’s “How to start” button will take you to a page with introductory instructions. You can download the necessary miner and other files from this page. You may also get detailed instructions for setting up HashCity mining for each individual digital coin. Members of the pool can communicate with one another through a shared Telegram group and the HashCity Android app.
When compared to the other hashing pools and services we’ve researched, Nicehash comes out on top. Its website, however, can be confusing to a new miner. It is a cryptocurrency exchange, cryptocurrency mining tool, and marketplace all in one. Windows 10 has made mining easier than ever before on this platform. NiceHash Quickminer is Nicehash’s proprietary mining tool, but any other miner app will work with NiceHash Miner. There are in-depth mining tutorials available online for all types of hardware (CPUs, GPUs, and ASICs).
To some extent, NiceHash Operating System (NHOS) is analogous to CoinFly (COS). You can hook up as many mining rigs as you want to NHOS for no cost at all. When compared to COS, which starts charging after four rigs, this is an additional perk.
NiceHash is compatible with various pools, including F2Pool, SlushPool, 2Miners, and others. There are mobile apps available for both Android and iOS to use with Nicehash.
12. Easy BTC Mining
If you sign up for a cloud mining contract with Easy BTC Mining, you’ll be mining with minimal effort and no downtime. With cloud mining, you can hire a set amount of computing power to hash your data for the length of your contract.
Bitcoin mining requires signing a contract and registering with an email address. Their platform ensures instant and automatic payments with a minimum payout of 0.0001 BTC. This platform supports BTC, ETH, and LTH mining.
ZHash.pro provides pool mining at no cost. They can be used to mine ZEC, ZEN, BTG, and TENT. The mining process is simple and does not require registration. One requires only a compatible wallet and can choose any server. The final step is to configure your miner program. They have mining servers throughout Asia, Europe, and the United States. Detailed instructions are supplied for each of the four mining pools, based on the mining hardware.
In addition, they have a Discord channel for receiving assistance from other members of the pool. In contrast to Ethermine, which has 7,371 online members on the same platform, the pool size on Discord appears to be modest, with only 89 online members.
Compared to large pools, the payouts for small pools are greater. With smaller pools, however, the possibility of discovering a block is diminished because of the lower pool hashrate. To alleviate any concerns regarding ZHash.pro, you can review their most recent payout list for each pool. The minimum payout amounts are 0.01 ZEC, 0.10 ZEN, 0.05 BTG, and 0.50 TENT.
K1Pool provides the chance to engage in solo mining. You can find the blocks independently and keep the complete reward for yourself. Solo mining is only advised if you possess powerful hardware or are mining cryptocurrency with the lowest network difficulty.
K1Pool can mine sixteen coins. It has servers located in China, Europe, and the United States. You must establish an account before you can begin. After that, you can configure according to your server’s hardware and location. One can also mine with the purchased hashrate from NiceHash. For this, they offer a dedicated NiceHash control panel.
There is a download area for the majority of the most popular mining software. Their download portal facilitates the selection of the optimal mining software based on the mining algorithm.
Each pool page contains essential information regarding that pool, such as minimum payments, hashrate, and payout frequency. Additionally, they have a Discord and Telegram channel for requesting assistance from pool members. Based on the number of users in its Discord channel, K1Pool also appears to be new to the mining field. Yet, the user interface is clear and has a wealth of information to assist beginners; it’s worth a shot.
Minergate offers seven active mining pools for your use. Among others, you can mine ETH, XMR, LTC, and ZEC. It guarantees a one-click mining procedure. They boast that their custom miner software, MinerGate XFast, is the fastest in the business. Five different cryptocurrencies can be mined with this software. The manual configuration of the remaining mining servers is required.
The initial steps are relatively simple. If you go to their pool section and click on the pool of your choice, you’ll be sent to a page with information on how to download the app or connect to the server.
Depending on the coin and the payout method, the pool fee charged by MinerGate can reach 1.5%. For Android users, they provide a dedicated app for managing MinerGate.
Like Coinfly, SimpleMininig provides an OS for mining. They provide a free 30-day trial to anyone with a single mining machine.
The UI is easy to navigate and gives relevant background material. You can sign up and pay a monthly or annual charge to keep utilizing their services after the trial time ends.
17. Cudo Mining
Cudo Mining develops software that can be used to mine bitcoins. Automated mining is made possible with few configuration options on the Cudo mining platform. It boasts the capacity to control 100,000 mining rigs and ASIC miners via a single interface.
The most lucrative mining algorithm is built in, and the currency flipping mechanism switches automatically. CudoOS is also available for mining hardware. It’s similar to the mining management systems discussed in this piece.
There are currently 9 coins that can be mined automatically, and over 100 that can be mined manually. Over 6,500 people are part of its Telegram community. There is a wealth of resources to help you mine cryptocurrencies, and the interface is top-notch. Due to their commission-based pricing model, there are no hidden costs. It is convenient that their mining software works with multiple desktop OSes.
BetterHash is a Windows-only automated mining tool. It can identify your hardware and choose the most lucrative algorithm for you. You can mine nine different cryptocurrencies using BetterHash, including the likes of Bitcoin, Ethereum, Monero, and Zcash.
You can either mine manually or switch between mining modes based on profitability (automatic). Bitcoin (for non-coinbase accounts) and FIRO withdrawals are charged even though there is no cost associated with mining cryptocurrencies.
There has been a historic increase in cryptocurrency mining as bitcoin’s popularity grows. Numerous cryptocurrency mining platforms exist to aid novice and seasoned miners alike.
While it may make sense to put unused processing power to use in the mining process, doing so successfully requires a certain level of technical competence in order to maximize profits and reduce setbacks. Supported coins, mining algorithms, incentive systems, minimum payout, withdrawal cost, and user reviews are the most crucial aspects to look at when deciding between cryptocurrency mining platforms. Despite its popularity, cryptocurrency mining is not for everyone; those with inefficient hardware should stay away.
Although cloud-based cryptocurrency mining often appears to be the simplest mining method, payments are never assured. Furthermore, once a contract is signed, the miner is bound to pay the agreed-upon value regardless of the amount the miner earns from mining.
Take your time and do your homework before diving headfirst into the wonderful world of passive income.