Instead, it’s just a case of investing some money into an allocation of mining hash rate or power remotely.
You then need to explore what coins the platform allows you to mine and what setup costs you will need to meet.
This platform is a cloud mining site, which means that you can earn a passive income without needing to actually buy any hardware equipment or consume vast amounts of electricity.
After all, in order to get started on the Shamining platform, it’s just a case of registering an account and deciding which Bitcoin mining farm you wish to invest in.
The minimum deposit required at this popular Bitcoin minimum site is just $250.The platform notes that the average income multiplier is 1.43x, so this means that for every $1,000 invested – you can walk away with the crypto-equivalent of $1,430.
We like that Shamining enables you to cash out your proceeds whenever you like, albeit, you must wait for the respective contract to settle.
We like ECOS for its customization tools, which allow you to create a Bitcoin mining contract that meets your requirements.
You can even state what price you believe Bitcoin will be when your custom mining contract expires, which allows you to get a clearer idea of the potential ROI on offer.
As a prime example, let’s say that you opt for a 36-month contract and you believe that Bitcoin will be worth $60,000 when it expires.
Using the same parameters and based on an initial investment of $5,000 – this would yield $278 per month in passive income.
As such, if you’re looking to mine other digital currencies like Ethereum or Dogecoin, you will need to consider another provider.
You will then have a number of Bitcoin mining contracts to choose from – each of which come with a minimum term of one year.
We like GMINERS for the ease with which you can keep tabs on the value of your Bitcoin mining operations.
This mining platform was designed with newbies in mind and thus – you don’t need to have any prior experience to get started.
We like that ChickenFast offers daily Bitcoin payouts, which means that you can reinvest your profits back into new mining contracts.
Another thing to note about ChickenFast is that all fees are built into the ROI that you see on your account dashboard.
If you’re looking for a cloud mining site that supports multiple coins – then HashShiny is one of the best options in this market.
When it comes to ROIs and fees, this will vary depending on the respective cryptocurrency that you decide to mine – as well as the specific contract you select.
As you can see, the main drawback with HashShiny is that the platform does not clearly display how much you can make on your investment in terms of the ROI.
This platform offers a wide range of investment opportunities and contract specifications – so you are sure to find something that aligns with your goals.
To offer some context, let’s suppose that you decide to invest just over $1,500 into an Antminer T17+ cloud contract.
To pay for your chosen Bitcoin mining contract, you can deposit funds via cryptocurrency, Visa, or MasterCard.
TrustMining – which has been operational for three years, claims to be the best cryptocurrency mining site for casual investors.
For example, should you invest $250 into a SHA-256 contract, this will yield $43.80 per month in passive income or $525 annually.
This makes it a simple process to know exactly how much you are making from your cloud mining endeavors at the click of a button.
In terms of supported coins, Genesis Mining allows you to mine Bitcoin, Dash, Ethereum, Litecoin, Monero, and Zcash.
When it comes to yields, this will ultimately depend on your chosen coin and the respective contract term.
Nonetheless, we do like the fact that Genesis Mining allows you to deposit funds with a debit or credit card, which is ideal for first-time investors.
And as such, transactions can be processed without the need for a centralized party – like a bank or financial intermediary.
In its most basic form, miners are individuals or entities that connect specialist hardware devices to the blockchain network.
This is because, in order to stand a chance of being the first person to solve the 10-minute block equation, you will need to be in possession of a specialist crypto mining machine.
Moreover, as Bitcoin miners are connected to the blockchain 24 hours per day to improve their chances of being successful, this consumes a significant amount of energy.
That is to say, you can now mine Bitcoin and other digital currencies remotely without needing to buy specialist hardware or consume huge amounts of energy.
In the above section, we briefly explained the fundamentals of Bitcoin mining.
Nonetheless, even if you are keen to explore cloud mining, it’s still important to have a firm grasp of what goes on behind the scenes.
Moreover, other than connecting to the internet, you will not consume any electricity when engaging in cloud mining.
In most cases, your mining rewards will be paid to you every 24 hours.
Moreover, we should note that most Bitcoin mining companies require you to purchase a contract with a duration of at least one year.
These costs will, of course, be passed on to you as a client of the website.
Another fee to bear in mind is the opportunity cost of having your digital currencies locked away in a mining contract.
Next, you will be asked to make a deposit into your account.
The aforementioned platforms have a great reputation in this space and enable you to earn interest on your cryptocurrency deposits.
If successful, the miner will receive a reward of 6.25 BTC for validating the block of transactions for that 10-minute period.
We found that Shamining is the overall best Bitcoin mining site, not least because the platform doesn’t require you to buy specialist ASIC hardware.
Yes, there are many other crypto tokens that you can mine.
Unless you are looking to invest a 6-figure sum into a fully-functional rig, then you are better off starting with a cloud mining site.
Baring in mind that globally, we are still heavily reliant on fossil fuels, Bitcoin mining is not environmentally-friendly in its current form.
Kane Pepi is an experienced financial and cryptocurrency writer with over 2,000+ published articles, guides, and market insights in the public domain.