Even in the conditions of cryptozyme, top equipment remains expensive, for example, Bitmain Antminer L7 in Russia sells for $6.2 thousand. At the same time, token mining can no longer be called a business with predetermined success, unlike in 2019-2021. There is a risk of not recouping investments for 2-3 years of work. Renting a mining farm solves this problem, as the user pays only for the time of operation, which reduces the risks. Instead of an ASIC for $6 thousand, the client will buy the same power for a week or a month 10-20 times cheaper.
Relevance of renting farms for mining in 2024
In 2023, the demand for hosting services has decreased amid the cryptozyme. This is not due to the lack of relevance of renting, but to the fall in the rates of key tokens (BTC, ETH, SOL and others). Thanks to the services of hosting providers, miners can enter the industry with less initial investment and try to earn money. At the same time, the risk of emptying your wallet and getting into a loan is much lower when compared to buying your own farm.
All cloud services that offer capacity for mining coins position their platforms in the same way. Renting cryptocurrency mining equipment has 2 advantages:
- Low threshold for entry. Instead of buying expensive ASICs and a batch of graphics cards, a person rents capacity. Cloud mining is more affordable, but making big profits over the long haul is questionable.
- Convenience. The devices are maintained by host specialists, so the client of the service does not have to worry about power supply, repair, cooling and other problems.
If we talk about Russian realities, we should also touch upon the issue of security. Mainly miners live in apartment buildings, which are not designed for the capacity of farms. Popular Bitmain ASICs consume from 2-2.5 kW – which means that 2-3 devices are enough to overload the wiring in the room.
In 2019, there was a fire in Primorye due to the melting of cables. As a result, 7 apartments burned down. The court estimated the damage at 50 million rubles, which the miner must pay.
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In terms of convenience, renting a crypto farm is superior to traditional mining of digital coins. The user simply buys capacity or borrows equipment for a while, which is stored in the data center, and receives the reward. You will not have to learn the technical nuances if the farm will be serviced by a hoster. The main thing is to find a quality service that pays out money honestly.
It is worth considering that in some parts of the country, cryptocurrency mining is basically unprofitable due to high electricity prices.
Hostings place equipment in places where maintenance costs are minimal, for example, in northern regions with hydroelectric power plants. For residents of Moscow, St. Petersburg because of the expensive electricity is more profitable than their farm.
What is the benefit of landlords
This model of earning has become common because mining is a risky industry, in which any coin can quickly “fall to the bottom” along with the company’s income. Owners of asics and video cards, who do not want to try their luck, rent them at a fixed price and guaranteed profit depending on the number of customers.
Perhaps BTC will rise in price by 2 times, but there are also risks of an even bigger fall than in 2022. And leasing will definitely bring, for example, at least 100 thousand rubles in May, because 20 clients took ASICs to work for a month. Thus, for lessors, this model is favorable for the opportunity to remove the risks faced by miners.
Risks
The main problem with cloud mining is the large number of fraudulent sites and pyramids. When hosting farms just appeared, the Internet was filled first with clone sites of popular services, and then unique platforms that still lure naive miners.
And if with the first all is clear, the second act more carefully. The user buys capacity and tracks income in his personal account. All is well, but at some point happens “terrible”, for example:
- The hosting blocked the miner’s account for violating the user agreement.
- Due to a drop in the coin’s exchange rate, the fiat account is zeroed out.
More crude schemes are also encountered. CyberMine lures miners with favorable rates and shows a large income on the site. However, to withdraw funds, you need to pay a commission from your wallet.
In order not to encounter fraudsters, it is recommended to study thematic forums, ask reputable experts.
For example, on CryptoProGuide readers can ask a question and get advice, find out which services are trustworthy.
If there is no information, because the hosting is new, it is worth taking a small amount of capacity at first. When you get the first earnings, you can increase your investments.
Types of services
Companies offer several options for renting a farm for bitcoin mining. In the market, you can take the capacity, a virtual server and even get the use of physical equipment. In Russia, the third option is rare. All equipment for mining is imported, and the industry in the country is relatively underdeveloped.
Hosting
This option of renting a farm involves leasing devices. The client receives video cards or asics rather than capacity. According to such a model, the Russian company Sibmain works. On the site you can rent devices for mining for a long period of time.
The advantage of the option is full control. Users install any software (except for those programs that are prohibited by the lessor) and choose tokens themselves.
Hosting provides comfortable storage conditions and monitors security. In addition to leasing, you will have to pay only for electricity. Sometimes additional services are included in the contract, but they can be waived.
This option is suitable for those who know how to customize the farm and manage it. Beginners who have not yet figured out the subtleties, it is worth just buying power. This option limits the possibilities, but you do not have to do anything.
Virtual hosting
It involves renting a VPS – a certain amount of capacity on a physical server. The user can partially manage the mining process. Income will go to the wallet or account of the pool, but not the service-lessor.
The client does not have the opportunity to install their own software and customize the operation of the equipment. The hosting staff will prepare the ASIC for mining on their own. This can be called an advantage for beginners, but it is not always suitable for experienced miners.
Classic rental
This option is in the middle between buying asics and hosting. The miner leases devices for cryptocurrency mining, but places them on his territory. From a technical point of view, classic leasing does not differ from owning your own farm. A person also needs to:
- Prepare the wiring for a high load.
- Create a cooling system.
- Regularly clean the devices from dust and dirt.
Before concluding a contract, it is recommended to clarify all the details of the lease. It is necessary to study the contract and check the points related to the warranty, the responsibilities of both parties. It is also necessary to familiarize yourself with the conditions under which the miner will be deprived of the equipment.
Leasing offers can be found not only from companies such as Sibmain, but also from private miners who have decided to give up mining tokens. Their announcements can be found on Avito and thematic forums.
Before concluding a contract, it is worth examining the devices in detail, so as not to take broken or worn out devices for mining.
How to choose a reliable company
Before renting equipment, you need to carefully study the organization. To do this, use different sources, but mostly look through thematic forums. If the company has been operating for at least six months, on MiningClub.info and Forum.Bits.Media miners have already discussed its quality and safety. The key criteria for evaluating an organization:
- Openness. Information about the legal entity should be published on the Internet, photos and videos from the data center should be posted. You should ask the manager of the company about the possibility to see the server rooms. If it is there, it means that the hosting is definitely working, and the photos are real.
- Duration of operation. Fraudsters act “on a short distance”. Their services are created and after 1-4 weeks already disappear. If the company works for several years, it can be trusted.
- User access to equipment. Hostings offer different models – from full control to simple coin selection. The ability to manage the farm is a big plus, because in the conditions of cryptozyme, when prices are unstable, you need to react to market changes, rather than focusing only on 3-5 popular tokens.
- Total hardware capacity. This criterion is evaluated if the platform operates in its own pool. Hashrate must be large, otherwise the income will not be high, as miners compete for the right to create a block and take the reward.
Reliable sites with renting farms for mining
We can highlight 3 quality services for cloud token mining. They have a clean reputation, simple terms and conditions and are suitable for both experienced and novice miners.
StormGain
This is a small American exchange where users trade and exchange digital assets for fiat currencies. To attract customers, StormGain launched its own cloud mining service. Its peculiarity is that the user does not need to buy capacity. The service is available free of charge for customers of the platform.
To earn, you only need to install the application on your smartphone and click on the green button in the “Miner” section. This must be done every 4 hours, as the mining of tokens stops.
To withdraw money, you need to accumulate $10. Given the low income, it will take about 10-12 days.
This option can not be called profitable, but StormGain Cloud Mining is excellent as an additional source of income. The client will not have to spend on capacity or pay a withdrawal fee.
| Advantages | Disadvantages |
|---|---|
KuCoin
A well-known cryptocurrency exchange was created in 2017. It offers different options to earn: lending, staking, trading and cloud mining. The latter direction is just developing. The exchange sometimes creates Cloud Mining products, but they are available for purchase for only 2-3 hours, because they are quickly acquired.
Before the appearance of a new product, the administration of the platform publishes a brief review with an indication of the exact time. It is recommended to visit the site in advance to study the conditions without rushing and take the amount of capacity that is needed.
Clients of the exchange pay terahashi at a fixed rate. In April 2023, KuCoin was selling Th/s for 4.31 USDT. The income is credited to the wallet daily. It’s worth noting that customers earn the cryptocurrency specified in the contract, not fiat or stablecoins. Because of this, the real income is tied to the exchange rate of coins.
| Advantages | Disadvantages |
|---|---|
Binance
Like KuCoin, this exchange launched its own Cloud Mining service. Binance has developed it, so there are always profitable products on the site. To work on the platform, you need to pass a full verification of identity. Without it, the client will not even be allowed to open the page with offers.
Opening the Cloud Mining tab, the user will see contracts for mining different currencies. To see the conditions, you need to click on the card. It specifies:
- Maximum lease term.
- Total computing power.
- The cost of Th/s and kW.
- Mining pool.
Customers of the exchange can choose only the hash rate. The rest of the parameters do not change.
Under the terms of the platform, the company undertakes that the client will receive a minimum of 95% of the purchased hashrate, but aims for 100%. If the volume was lower, the platform will provide a part within 30 days after the completion of the contract or will pay remuneration for another 10 days.
| Advantages | Disadvantages |
|---|---|
Conclusions
Renting equipment is a convenient option to enter the industry for those who don’t know how to maintain the equipment or don’t have enough money to buy a farm. To start mining, most sites require you to select a machine or capacity and pay a rate.
You won’t have to maintain the machinery unless you consider leasing with the installation of the farm on your premises. Therefore, leasing is convenient for those who are interested in the industry, but do not have enough knowledge to assemble and set up the equipment.
Frequently Asked Questions
💳 Is it possible to take a loan for Cloud Mining?
Such investments are risky, so it is better to count on your own money. There are a lot of fraudulent services among cloud services. Besides, the rates of digital assets are unstable.
📢 Is mining legal?
Yes. Only the use of cryptocurrency as a means of payment is prohibited in the Russian Federation. Trading and mining can be done without restrictions, but it is required to register income.
⚡ What is Th/s?
This is one of the designations of hash rate (10 to the 12th degree) – the number of computational operations per second. The higher the parameter, the higher the revenue.
🔔 How to set up remote access to the farm?
To do this, use AnyDesk (if your PC runs Windows) or install special mining systems (RaveOS, HiveOS). The latter often have functions for remote management.
🔥 Which mining programs should I use?
If the hosting allows you to install software, it is recommended to choose Kryptex, NiceHash, Cudo Miner, Minerstat or CGMiner.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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