State of the art bitcoin cloud mining December 2016

[BitcoinNewsMagazine]

Unless your power cost is under $0.05 per kWh and you can afford an Antminer S9 along with the heat and noise bitcoin mining at home is no longer profitable. Those days are gone. There are always cloud mining Ponzis that promise high returns until they disappear. How to recognize the legit deals from the Ponzi schemes?

Really right now there are only a handful of legitimate hosted bitcoin mining providers. Hashnest, Genesis Mining, BW.com, HaoBTC and ViaTC.

Hashnest is no longer in the running since they do not offer hosted S9 mining, only the less profitable S7 so cross them off the list. Genesis Mining is legitimate but they charge very high daily fees of $0.35 per TH/s bitcoin mining. That means over half the daily mining proceeds stays in their pocket, you get the scraps. Cross Genesis Mining off the list. Oh, you can forget Hashflare also, their fees are higher than Genesis Mining:)

BW.com is quite real and offers hosted B16 mining contracts that last two years. Unfortunately they also have unrealistic fees of $0.26 per TH/s per day.

That leaves the two China based mining pools HaoBTC and ViaBTC. Both offer hosted bitcoin cloud mining with very transparent and low fees of $0.16 to $0.18 per TH/s. Minimum investment for both is one TH/s. ViaBTC charges 0.21 bitcoin per TH and HaoBTC charges 0.20 bitcoin for HashEX.

How to choose between ViaBTC and HaoBTC?. Over the past week I have TH at both, and can confirm that daily payouts from ViaBTC are slightly higher, on the order of .00005 bitcoin per TH/s. For December 3 ViaBTC paid out $0.52 per TH/s while HaoBTC paid out $0.49. That may not seem like much, really just a few cents a day but it does add up over time.

Unless the daily payouts change ViaBTC is the winner. HaoBTC has one benefit that ViaBTC does not yet, and that is an internal exchange on which you can sell your hashing power if you change your mind. If the ability to buy and try then sell is important to you go with HaoBTC. ViaBTC has mentioned they plan to add an exchange where hashing power can be bought and sold but HaoBTC started with one.

Oh and don't expect to make back your investment fast. Both ViaBTC and HaoBTC could take up to a year or longer to ROI unless bitcoin price really takes off.