Bitcoin mining is a crucial part of the Bitcoin network. Miners verify and record transactions on the Bitcoin blockchain, and their work maintains the integrity of the Bitcoin network. These operations secure the network and allow it to function smoothly. Miners receive Bitcoin in return for their services. Mining isn’t as simple as it sounds. The process involves powerful computers solving complex mathematical equations, and the first machine to solve the problem gets to add the next block to the blockchain and receive the Bitcoin reward. With Bitcoin’s popularity, mining has become intensely competitive. As a result, several mining pools and companies have emerged to help individual miners. These companies combine the hash power of many miners to increase the chances of earning Bitcoin rewards. As the popularity of Bitcoin mining continues to grow, so does the number of companies involved in this process. This article will introduce you to the top 10 Bitcoin mining companies based on their hash rate, Bitcoin indicators and provide valuable insights to help you make informed decisions about potential partnerships or investments in the Bitcoin mining industry.
Bitcoin analysis from Bitcoin Magazine Pro offers valuable insights to help you achieve your goals. For instance, you can quickly identify the top-performing Bitcoin mining companies based on their hash rate. This information can help you make informed decisions about potential investments or partnerships in the Bitcoin-mining industry.
What are Bitcoin Mining Companies?
Bitcoin mining companies operate large-scale facilities designed to validate Bitcoin transactions and secure the network by solving complex cryptographic puzzles. These companies earn mining rewards in Bitcoin, including block rewards and transaction fees.
Bitcoin mining is a process that creates new Bitcoins and releases them into circulation. Mining is crucial to Bitcoin because it incentivizes users to enter accurate information into the shared ledger that keeps track of transactions and balances on an underlying blockchain network. Miners participating in this process compete for rewards in the form of Bitcoin.
Criticism and Complexity of Bitcoin Mining
While Bitcoin mining has a good track record for reliability, it has also attracted its share of criticism because of the energy needed to run the network. Bitcoin alone uses more electricity than in some countries.
Mining mechanisms can seem baffling to everyday users because they rely on complicated cryptographic puzzles to prevent fraud and theft. Bitcoin mining typically uses powerful, single-purpose computers that cost hundreds or thousands of dollars.
The Essential Role of Mining in Bitcoin’s Proof-of-Work Protocol
But Bitcoin as we know it could not exist without mining. Bitcoin mining is the key component of Bitcoin’s proof-of-work protocol. It stops thieves from claiming to own your Bitcoin and ensures that when someone sends you Bitcoin, the funds arrive.
Bitcoin mining companies can directly engage in mining activities or produce the essential equipment that makes mining possible. Both types of companies are essential to the Bitcoin mining ecosystem.
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Why Does Bitcoin Need Mining?
Mining is essential to Bitcoin's functionality. It secures the decentralized network and verifies transactions. It also maintains Bitcoin's integrity through consensus mechanisms like proof of work. Mining prevents double spending and introduces new Bitcoin into circulation.
Decentralization and the Role of Consensus
Bitcoin is decentralized, meaning no one entity controls the network or keeps a central account of users' balances. Bitcoin relies on users to hold copies of the historical ledger of transactions. Mining is the process by which users reach a consensus about the accuracy of those shared records.
How Bitcoin Mining Works
Every 10 minutes or so, the network generates enough transactions to make a new block, which is basically a package of transactions encoded to be tamper-resistant. A user who successfully enters a new block into the record gets the mining reward.
Mining isn’t as simple as finding and submitting new transactions, though. If it were, everyone would be able to do it. To prevent fraud, Bitcoin mining requires:
- Costly process of solving challenging computing puzzles.
- Run cryptographic formulas trillions of times per second in hopes of being the first to produce a value within a narrow mathematical range.
Completing this task unlocks the opportunity to submit a block. If the other computers on the network find that it conforms to their records, the miner gets a reward.
Why Mining is a Game Changer for Network Security
The idea here is that mining tilts miners' economic incentives toward honest behavior. After expending all the effort and cost to mine a block, you might be averse to the risk of losing your potential payout by inserting inaccurate data about Bitcoin into your account.
How Does Bitcoin Mining Work?
Bitcoin mining is an essential process for the Bitcoin network. Miners use powerful computers to solve complex mathematical problems that validate transactions on the Bitcoin network. When a miner successfully solves a problem, they create a new block of transaction data and earn Bitcoin for their work. Miners keep the Bitcoin network secure and functioning properly. Without their efforts, the network would slow down and eventually halt.
Top 10 Bitcoin Mining Companies Based on Hashrate
Bitcoin mining is crucial for the Bitcoin network and its ecosystem. Miners confirm transactions on the Bitcoin network, secure the network and mint new Bitcoin. The Bitcoin mining industry has evolved significantly, transitioning from home-based mining to large-scale professional mining farms.
These operations have grown and attracted investment from individuals and entities not directly involved in mining operations. In 2017, Hive Blockchain became North America's first publicly traded Bitcoin mining company, listed on the Toronto Venture Exchange. Since then, publicly-traded Bitcoin mining stocks have grown to over 20.
1. Marathon Digital Holdings
Marathon Digital Holdings (MARA) has a hash rate of 29.9 EH/s, making it one of the largest Bitcoin mining companies in the world. Formerly Marathon Patent Group, the company changed its name and business model to focus on Bitcoin mining in late 2020.
Marathon is vertically integrating the Bitcoin mining tech stack as they operate their:
- Mining pool (MaraPool)
- Build custom firmware
- Invest in hardware (Auradine)
- Design infrastructure (e.g., immersion cooling systems)
In 2024, Marathon Digital aims to double its hash rate to 50 EH/s.
2. Core Scientific
Core Scientific (CORZ) is one of North America's largest industrial-scale Bitcoin miners, with facilities in:
- Georgia
- Kentucky
- North Carolina
- North Dakota
- Texas
Founded in 2017 and headquartered in Delaware, the company went public in 2022. The company operates through two primary segments: mining and hosting. Their services include self-mining, using their fleet of miners to earn Bitcoin, and hosting services, which involve managing mining equipment for other clients.
Core Scientific filed for Chapter 11 bankruptcy protection in December 2022 due to financial struggles exacerbated by the drop in Bitcoin prices and rising energy costs. The U.S. Bankruptcy Court for the Southern District of Texas approved their Chapter 11 reorganization plan, allowing the company to exit bankruptcy and relist its shares on Nasdaq.
3. CleanSpark Inc.
CleanSpark, Inc. (CLSK) is headquartered in Nevada. Initially founded as an energy technology firm, CleanSpark transitioned to Bitcoin mining in 2020, leveraging its expertise in renewable energy to power its mining operations.
The company is committed to sustainable practices, sourcing energy from low-carbon sources like:
- Wind
- Solar
- Nuclear
- Hydroelectric power
CleanSpark owns and operates several data centers across the United States (Texas, Georgia, and New York), primarily on renewable energy.
4. Riot Platforms, Inc.
Riot Platforms, Inc. (RIOT) is based in Colorado. The company operates through several segments:
- Self-mining
- Data center hosting
- Engineering
Riot focuses on large-scale Bitcoin mining operations, primarily situated in central Texas. It uses both air-cooled and immersion-cooled mining technologies to enhance efficiency and performance. Riot is expanding its mining capacity significantly.
By the end of 2024, it anticipates achieving a total self-mining hash rate capacity of 31 EH/s, with plans to reach 41 EH/s by 2025. This growth is supported by major investments in new mining hardware and facility expansions, particularly at their Corsicana and Rockdale facilities in Texas. At the end of May 2024, Riot submitted an unsolicited proposal to buy Bitfarms for $2.30 per share in a deal that would create the world’s largest Bitcoin miner.
5. Iris Energy Ltd.
Iris Energy (IREN) is an Australian company that specializes in operating data centers powered by 100% renewable energy. Founded in 2019 and headquartered in Sydney, Iris Energy focuses on high-performance computing applications, including Bitcoin mining and artificial intelligence (AI) workloads.
The company’s data centers use application-specific integrated circuits (ASICs) for Bitcoin mining and graphics processing units (GPUs) for AI tasks. Iris Energy owns and operates multiple data center facilities in:
- Canal Flats
- Mackenzie
- Prince George
In Canada and Childress in Texas, USA. The company has been expanding aggressively, with plans to achieve 20 EH/s by the end of 2024.
6. Bitdeer Technologies Group
Bitdeer Technologies Group (BTDR) was founded in 2018 and is headquartered in Singapore. It operates as a subsidiary of BitDeer Group, a global leader in the computing power-sharing industry.
Without purchasing and maintaining their own mining hardware. Bitdeer has a close relationship with Bitmain, one of the largest manufacturers of ASIC mining equipment. While Bitdeer is not a subsidiary of Bitmain, the two companies have formed strategic partnerships to leverage each other’s expertise and resources in the mining space.
7. TeraWulf Inc.
TeraWulf Inc. (WULF) was founded in 2021 and is headquartered in Maryland. Using more than 90% zero-carbon energy today, their goal is that every kilowatt hour of energy we consume will come from a zero-carbon energy source. With a total operational capacity of 210 MW, the mining fleet is divided between two locations in New York and Pennsylvania (nuclear-powered).
8. Cipher Mining Inc.
Cipher Mining Inc. (CIFR) was formed in early 2021 as a result of a merger between Bitfury, a leading blockchain technology company, and Good Works Acquisition Corp., a special purpose acquisition company (SPAC).
The company focuses on developing and operating bitcoin mining data centers in the United States. Cipher is on track to reach ~9.3 EH/s by the end of the Third Quarter of 2024 and plans to grow to ~25.1 EH/s by the end of 2025.
9. Bitfarms Ltd.
Bitfarms Ltd. (BITF) was founded in 2018 and is headquartered in Canada. The company went public in 2019 and is listed on various stock exchanges, including the NASDAQ. Bitfarms owns and operates eight farms in Canada with ongoing buildout. It also operates mining facilities in the US, Paraguay, and Argentina. Its biggest operation is currently being developed and will be located in Argentina. Bitfarms focuses on surplus hydroelectricity and private, locally sourced natural gas.
10. HIVE Digital Technologies
HIVE Digital Technologies (HIVE) is a Canadian digital currency mining firm specialized in building and operating cutting-edge data centers. By combining its expertise in data center operations with Bitcoin mining, HIVE is fueling the advancement of Web3, AI and HPC by actively participating in the decentralized digital economy.
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For those looking to dive more deeply, paid tiers offer features like:
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Top Bitcoin Mining Companies in U.S. By State
Bitcoin mining is the process of validating transactions on the Bitcoin network in return for Bitcoin. It involves using powerful computers to solve complex cryptographic puzzles. The first miner to solve the puzzle gets to add the new block of transactions to the Bitcoin blockchain and is rewarded with newly minted Bitcoin. While mining was once an activity that could be performed on a personal computer, it has now become highly competitive and concentrated within large companies that operate massive facilities
The amount of Bitcoin mined daily has increased to over 800 Bitcoin. The hash rate recently hit an all-time high of over 400 EH/s, with large mining operations accounting for the majority of the network’s processing power. The U.S. currently houses the most hashrate in the world. The states in the U.S. with the most Bitcoin mining activity are primarily those with access to cheap electricity and favorable regulatory environments. Let’s have a look at some of the top states.
Texas: The Biggest Player in Bitcoin Mining
Texas has become a dominant force in the Bitcoin mining industry due to several key factors. The state boasts abundant energy resources, including wind and solar power, as well as a well-established oil and gas sector, making it an attractive location for mining operations. Energy costs in Texas are relatively low, thanks in part to its deregulated energy market, which allows consumers to choose their electricity providers.
Texas features a robust energy infrastructure with power plants, transmission lines, and substations that can support large-scale mining activities. The state’s business-friendly regulatory environment, with supportive policies for emerging industries like mining, fosters investment and innovation.
Texas has a skilled workforce in technology and energy-related fields, providing mining companies with the talent to operate and maintain advanced infrastructure. Texas is home to several leading publicly traded Bitcoin mining operators, including:
- Riot Platforms
- Galaxy Digital
- Bitdeer
- Cipher Mining
- Core Scientific
- Hut 8
- Applied Digital
- Iris Energy
- Marathon Digital Holdings
Riot Platforms: The Giant
Although Riot Platforms has Bitcoin mining operations in other US states, it’s still a leader in Bitcoin mining in Texas. The Lone Star State is home to Riot Platforms’s Rockdale Facility, boasting a total power capacity of 700 MW. This facility is believed to be the largest single facility, measured by developed capacity, in North America. Riot has initiated the development of a 1 gigawatt (GW) site in Navarro County, Texas.
The Rockdale facility features seven data centres, two of which utilize immersion-cooled technology, while the other five are equipped with air-cooled technology. Riot is known for participating in demand response programs provided by the Electric Reliability Council of Texas. In August 2023, Riot set a record by earning $31.7 million in power credits after selling pre-purchased electricity back to the grid.
Marathon Digital Holdings: The Upstart
Marathon Digital Holdings is a significant player in the Bitcoin mining industry with a major presence in Texas. They recently acquired a 300 MW site in Granbury, enhancing their operational capacity and solidifying their footprint in the state.
Marathon’s expansion strategy in Texas includes leveraging the state’s abundant and affordable energy resources and favorable regulatory environment. The company is committed to increasing its use of renewable energy, reflecting broader industry trends toward more sustainable practices.
Core Scientific: The Leader
Although not the biggest in Texas, Core Scientific is the largest publicly traded bitcoin mining company in the US by hashrate. Core plans to solidify its leading position by reaching a hashrate of 40 EH/s-42 EH/s by the end of 2024. Core Scientific operates specialized, purpose-built facilities dedicated to digital asset mining and offer top-tier digital infrastructure, software solutions and services to third-party clients.
They have an extensive fleet of miners used for self-mining Bitcoin. They also provide hosting services for large-scale Bitcoin mining and high-performance computing clients at eight data centers across:
- Georgia (2)
- Kentucky (1)
- North Carolina (1)
- North Dakota (1)
- Oklahoma (1)
- Texas (3)
Georgia: The Up and Coming Bitcoin Mining State
Bitcoin mining in Georgia has gained traction due to its favorable conditions for large-scale operations. The state hosts prominent companies like Core Scientific and CleanSpark, which operate multiple data centers there, alongside other notable players such as Bitdeer and Marathon Digital Holdings.
Georgia’s appeal lies in its relatively low electricity costs and the availability of surplus power. The state benefits from a diverse energy mix that includes:
- Natural gas
- Nuclear
- Renewable sources like hydro and solar
CleanSpark: The Sustainable Miner
CleanSpark is a Bitcoin mining company known for its emphasis on sustainable and cost-effective operations. The company operates over 21 EH/s spread across key locations in the U.S., including significant facilities in states like Georgia and Texas. Eight out of eighteen facilities are located in Georgia and CleanSpark’s first ever Bitcoin mining facility is in College Park, Georgia.
Bitdeer: The Mining Pool
Bitdeer is a leading Bitcoin mining company that provides cloud mining services and operates large-scale mining facilities. As a spin-off from Bitmain, Bitdeer has expanded its operations to various locations, including significant facilities in Georgia. The company capitalizes on the state’s favorable energy costs and supportive regulatory environment. The company’s Georgia operations are part of its broader strategy to leverage low electricity prices and robust infrastructure to enhance mining efficiency.
Bitdeer offers a platform for users to rent mining hardware, making it easier for individuals and institutions to participate in Bitcoin mining. Their focus on advanced technology and scalable solutions helps optimize performance and profitability across their global operations.
New York: The Controversial Leader
Despite some regulatory challenges, New York has been a popular state for Bitcoin mining, particularly in upstate areas where electricity is cheap due to hydroelectric power generated by the Niagara River. In New York State, several notable Bitcoin mining companies have established operations. These include:
- CleanSpark
- Bitdeer
- Greenidge Generation
- Coinmint
- Bit Digital Mining
Coinmint: The Co-location King
Coinmint was founded in 2016 as a private Bitcoin mining firm, exclusively for high net worth private clients. Coinmint operates one of the largest digital currency data centers in the world, in a former Alcoa Aluminum smelter in Massena, NY. With 435MW of transformer capacity at its Massena complex and additional capacity at another facility in Plattsburgh, they provide co-location services to third party miners and also conducts self-mining operations.
Bit Digital Mining: The Diversified Miner
Based in New York, Bit Digital has institutional-quality bitcoin mining operations diversified across the United States, Canada, and Iceland. In the US, the company has its bitcoin mining operations in New York, Kentucky, and Texas.
Bit Digital is an infrastructure-light capital investment focused primarily on ASIC miners, not physical infrastructure. The company plans to grow its operating fleet of miners to 6.0 EH/s in 2024.
Is Bitcoin Mining Profitable?
Bitcoin mining can be a risky endeavor. Even if miners are successful, it’s not clear that their efforts will end up being profitable. The high upfront costs of equipment and the ongoing electricity costs make it hard to tell if mining will be profitable until the operation is underway and the miner has recouped their investment. A
2019 report from the Congressional Research Service notes that the electricity for one ASIC can use the same amount of electricity as half a million PlayStation 3 devices. As the difficulty and complexity of Bitcoin mining has increased, the computing power required has also gone up. Bitcoin mining consumes about 176 terawatt-hours of electricity each year, more than most countries, according to the Cambridge Bitcoin Electricity Consumption Index. You’d need 9 years’ worth of the typical U.S. household’s electricity to mine just one bitcoin as of August 2021.
Sharing Resources to Improve Profitability
One way to share some of the high costs of mining is by joining a mining pool. Pools allow miners to share resources and add more capability, but shared resources mean shared rewards, so the potential payout is less when working through a pool. The volatility of Bitcoin’s price also makes it difficult to know exactly how much you’re working for.
How to Start Bitcoin Mining as a Beginner
1. Choose a Wallet to Store Your Bitcoin
Before you can begin mining Bitcoin, you’ll need to set up a wallet. A Bitcoin wallet is an encrypted online account that stores, transfers and accepts Bitcoin. Companies such as:
- Coinbase
- Trezor
- Exodus
All offer wallet options for Bitcoin.
2. Download Bitcoin Mining Software
Once you set up your wallet, you can download the software you’ll use to mine Bitcoin. There are several mining software providers, many of which are free to download and can run on Windows and Mac computers. Some of the most popular Bitcoin mining software includes:
- CGMiner
- BFGMiner
- EasyMiner
Once the software is connected to the necessary hardware, you’ll be able to mine Bitcoin.
3. Get the Proper Bitcoin Mining Hardware
The most cost-prohibitive aspect of Bitcoin mining involves the hardware. You’ll need a powerful computer that uses an enormous amount of electricity in order to successfully mine Bitcoin. It’s not uncommon for the hardware costs to run around $10,000 or more. ASIC (application-specific integrated circuit) devices are the most efficient option for mining Bitcoin.
Bitcoin Magazine Pro: Empowering Investors with Comprehensive Analytics Tools
Bitcoin Magazine Pro offers a comprehensive set of analytics tools to help investors and enthusiasts better understand Bitcoin through data. The platform provides a wide range of free, regularly updated Bitcoin charts, each accompanied by detailed explanations to make complex information accessible.
For those looking to dive more deeply, paid tiers offer features like:
- Chart alerts
- Exclusive indicators
- In-depth market reports
Whether you're a curious Bitcoin investor wanting to grasp the factors influencing Bitcoin's price or an analyst eager to expand your knowledge, Bitcoin Magazine Pro aims to provide clarity and insights to support more informed decision-making in the Bitcoin space. Save 30% on Bitcoin Magazine Pro's Bitcoin analysis tool today when you sign up for our annual plan!
Best 14 Bitcoin Mining Sites for 2024
1. CoinMiningFarm – Offers Environmentally-focused Bitcoin Mining
CoinMiningFarm is currently at the top of our best Bitcoin mining platforms list. This powerful cloud mining platform is 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
- Hydroelectric dams
The platform focuses exclusively on Bitcoin mining and offers a range of contract durations to suit different user needs. Beginners can opt for a short-term 7-day plan available for $500.
A more economical option is the $50 plan– which requires a 365-day commitment. 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 worth noting 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.
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
- Settings adjustments
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.
Features of the Pool Miners Platform
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, which lets users set specific working and idle hours for individual devices or groups.
Users can also control their mining speed and receive status notifications about their mining operations. The platform 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.
3. Binance Cloud Mining – Offers low-cost Bitcoin Mining Without Any Hardware
Binance Cloud Mining is an easy-access platform tied to the world’s largest exchange. 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.
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 with Bitcoin. 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.
4. 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. It’s worth noting that these contracts are currently sold out due to high demand. Hashmart accepts payments via:
- Visa
- MasterCard
- Bitcoin
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. Customer support is available 24/7 via live chat and email.
5. 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.
Daily rewards included in all mining contracts can be withdrawn immediately. Payment choices include:
- Visa
- MasterCard
- Maestro
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.
6. ECOS – Create Tailor-made Bitcoin Mining Contracts
ECOS is a complete 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. 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 Bitcoin 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. If you want to really kick things up a notch, ECOS has an ASIC store with machines ranging from $5,300 to $8,200.
ECOS ASIC Mining Hosting and Free Cloud Mining Trial
ASIC mining hosting is also available, 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 one-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.
7. Coinhold – Bitcoin Savings Wallet from Leading Bitcoin Mining Platform EMCD
Coinhold is the high-yield earnings wallet of EMCD, one of the largest global Bitcoin mining pools.
Miners can earn from their tokens with a fixed or flexible term.
Fixed term
Coinholds offer the highest APY (up to 14%), locking Bitcoin for 30 to 360 days. The interest is guaranteed, but users can only withdraw once the term ends. The longer the locking period, the greater the returns.
Flexible term
Coinholds provide lower APYs (up to 10%) but allow investors to withdraw at any time. There are also partial withdrawal Coinholds that let users withdraw a portion of the funds while keeping the rest for earning. This will result in the earnings recalculation based on the new balance.
Funds in the EMCD Coinhold are used for liquidity within the ecosystem’s Bitcoin exchange. Most user funds are held in cold wallet storage, and the platform regularly conducts tests and independent audits to ensure its infrastructure remains safe and secure.
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
- ASICs
A unique feature of the platform is managing up to 200,000 ASIC miners and 25,000 GPU or CPU miners via a single interface. This centralized interface is particularly helpful for miners with varying setups or several sites.
It 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
- Profit-switching
These features help maximize mining efficiency and profitability.
Awesome Miner’s User-Friendly Interface and Pricing Options
The software also automatically detects mining issues to minimize downtime. 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.
9. HashShiny Bitcoin mining
Founded back in 2017, HashShiny is one of the best Bitcoin 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.
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. Note that the payout calculators at HashShiny don’t include the maintenance fee. Users may find that they receive lower payouts than expected.
10. BeMine – Affordable ASIC Rentals and Hosting
BeMine is a comprehensive cloud mining operation with many opportunities 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.
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 plans start at $68.
11. AST Mining
AST Mining is a well-known cloud mining platform that launched in 2016. Its goal is to simplify Bitcoin-mining for beginners and experts. They aim to reduce the barrier to entry so that even absolute beginners can start mining without any technical skill 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 hash rate 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’s Global Reach, Transparency, and Data Protection
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 into user accounts, further improving transparency.
12. Gminers – Low Fee Bitcoin Mining for Casual Investors
Gminers is one of the newest Bitcoin mining operations available to investors. In only a few short months, it has already gained more than 3,000 active users. Not to be confused with the Gminer Bitcoin 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.
Payouts are daily, and investors can choose from payment options like:
- PayPal
- Bank transfers
- Bitcoin
Withdrawal to a Bitcoin 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.
13. BitDeer – Powerful AI Managed Cloud Mining
BitDeer is another top-managed mining operation that uses both GPU and ASIC machines. It has five data centers worldwide and boasts a mining hash rate of 7.0 GH/s. Three of the data centers use 100% carbon-free power, and all five 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. Users will likely need to drop much more money as basic plans appear unprofitable. 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.
14. 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 of 20-30% on top with the right plan. Payouts are made daily, and a handy referral program can net you some additional commission.
While based in the UK, LetMeCloud has data centers in:
- Norway
- Iceland
- Sweden
- Canada
All are 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.
Why so Many Bitcoin Mining Companies are Pivoting to AI
Powering Up for AI: Why Bitcoin Miners Make Excellent Partners for Artificial Intelligence Companies
As AI develops, it requires massive amounts of computing power to improve its models and systems. Bitcoin miners have the power to provide this energy. As demand for AI computing power skyrockets, Bitcoin miners are repositioning their infrastructure to meet the needs of AI data centers.
As companies like Open AI and Google race to improve their AI models, operations require ever more energy to compute the enormous data sets involved. This has made Bitcoin mining facilities, built to run on cheap energy, attractive options for AI operations.
AI Energy Demands and Bitcoin Miners' Role in Meeting Them
To provide an example of the energy required to run AI operations, the U.S. Department of Energy reports that running one query on a model like ChatGPT requires 10 times the energy of a Google query. As Bitcoin miners have already established energy-efficient operations to run their rigs, AI companies have begun to target these facilities to meet their voracious energy needs.
Bitcoin Miners Have the Infrastructure Needed to Support AI Operations
Bitcoin miners have long relied on massive computational power to improve their operations and increase profitability. This has resulted in large-scale facilities that can be easily repurposed for AI operations. In fact, many operations can simply share the infrastructure and even the physical space. Bitcoin miners are now turning to AI operations themselves to provide new revenue streams.
A Stable Alternative Revenue Source for Bitcoin Miners
While mining Bitcoin can be profitable, the volatility in the Bitcoin market makes it a risky endeavor. On the other hand, AI computing operations can provide miners with stable contracts that help firms mitigate risks. As the partnership between Bitcoin mining and AI continues to develop, both industries stand to benefit.
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