In this material, we decided to summarize and publish a list of cloud mining service sites that opened between January and June 2016 and that are currently operating successfully and paying rewards for mining to their clients. It is worth noting that this list also includes medium-income HYIPs, with the legend of cloud cryptocurrency mining. As part of this article, we will publish a brief overview of each of the services, as well as provide a comparative table of projects according to various parameters, and also write our reviews on certain projects.
Starting mining in 2016 was expensive and difficult
When I was twelve, a school friend told me about Bitcoin. Then his colleagues started mining, and in 2015, when Ethereum appeared, they created a pool - Nanopool. Despite this, until last year, mining did not appeal to me. It was difficult to say whether the investment would pay off, whether the state would intervene in the process and whether the crypto industry would be outlawed.
August 2016 changed everything. During a trip together, a classmate persuaded me to start a farm. We decided that if mining was banned, we could sell video cards to gamers, albeit at a cheap price.
But with a successful combination of circumstances, we would quickly become a plus. At that time, mining brought 15% per month of the invested funds. It was no longer easy to start production in 2016; we had to invest a large sum.
Moscow is planning to hold a “procession of cryptocurrencies”
Bitcoin miner manufacturer Canaan Creative is preparing a large-scale IPO
The Ministry of Finance of the Russian Federation supports the legalization of cryptocurrency trading on official exchanges
At that time, the turnover of my businesses was 210 million rubles a year, and I could afford to invest 5 million rubles without compromising my material well-being.
With this money we purchased equipment, rented a production facility - first in St. Petersburg, and then moved to the Leningrad region, where electricity is cheaper - and began mining.
Comparison of services:
| Service: | Profitability: | Payouts: | Refka: | Start: | Bonus: Bonus expiration: |
| BitsRapid | Average 1.25% per day 456% per year | Auto Daily min 0.005 BTC | 10% | 05.01.2016 | 15 KHS 1 month |
| TopMine | Average 1.4% per day 511% per year | Manually min 0.001 BTC | 12% | 20.02.2016 | 5 TeraX Forever |
| SV-miner | Average 0.65% per day 237% per year | Manually min 0.0025 BTC | 7% | 06.02.2016 | |
| OXBTC | Low 0.12% per day 43% per year | Manually min — | 25% 1 Week | 06.02.2016 | |
| BitCore Mining | Low 0.12% per day 43% per year | Manually min 0.001 BTC | 15% | 16.03.2016 | |
| BilyOceans | Average 0.74% per day 270% per year | Auto Daily min 0.002 BTC | 5% | 05.05.2016 | 1000 KHS Forever |
| SkyHash | Average 0.66% per day 241% per year | Auto Daily min 0.001 BTC | 5% | 20.04.2016 | 1 KHS Forever |
You can't just go out and buy 5 million worth of video cards.
We bought video cards for two months all over Russia. You couldn't just walk into a store and ask for a GPU worth 5 million. There were never such numbers of them anywhere.
Now in China you can order ready-made rigs for even a million dollars [rig is the simplest installation for mining based on 5-7 video cards – approx. Rusbase], which will arrive within thirty days.
Rustam's mining farm
The industry took just a year, and then coins were mined in an amateur format. This happened not only in Russia - only in China were Bitcoins mined professionally.
We purchased 250 Radeon RX 470 video cards, the cheapest and most available at that time, assembled rigs and started mining. It’s not profitable to do it alone, so we joined Nanopool from the very beginning.
We personally knew his team - this determined the choice. Trust in the pool is extremely important because all the coins with which the network rewards miners for their work pass through the pool, and it is the pool that distributes the payments.
Each user invests equally in creating a block, so bonuses are divided among all network nodes depending on their capacity. An unscrupulous pool may keep all the mined coins for itself and not pay the money to the participants.
You can't tax something that doesn't exist.
In Russia, cryptocurrency mining is not legally permitted, but it is not prohibited either. In 2022, the state began to treat this activity more loyally. On Channel One there were reports about business centers equipped as mining farms, which means it’s allowed. As soon as the relevant legislation is adopted, we will bring things into compliance with it. We can only hope that the regulation will be thoughtful.
Taxes are also unclear, so no one pays. You can't tax something that doesn't exist. If cryptocurrency in Russia is equated to goods, then you can try it. But how can you find out how much a user has mined?
The government may want to introduce imputed income on farms. I had a fleet of cars, and it didn’t matter how much I earned from them - even a ruble, even a million - but I paid 6,000 rubles to the treasury for each car on my balance sheet. Likewise, for a farm, you can only calculate approximate income, and then subtract the interest from it. However, this only works on a large scale.
If the user has a home farm with 5-7 video cards, there is no demand from him. You can compare such mining to bombs on the road.
At some point, regulation of the transportation of passengers came, drivers were required to obtain a license, mobile applications for ordering a taxi appeared, and now few people will stop at an outstretched hand, as before. Over time, mining will also come to a civilized form.
This is beneficial to the state: Russia has a lot of unused electrical capacity. If you use them for mining, then the income, taking into account the tax on the farm, will be higher than from the sale of light.
Is it worth mining Bitcoin?
The very first cryptocurrency was Bitcoin. It appeared in 2009 and was very cheap at first. Back then, in order to get 1 dollar, you had to have 1300 Bitcoins. Now the situation has changed dramatically, now one Bitcoin is sold for 240 thousand rubles or 4 thousand dollars.
Bitcoin is still popular, but this popularity creates big problems when mining Bitcoin. It is mined on a huge scale and therefore the competition is simply unbearable. If you don't have the most powerful computer and are asking yourself which cryptocurrency to mine, then hesitate to choose Bitcoin.
The Great Migration of Miners
I would place a global mining farm, for example, in Irkutsk. There a kilowatt costs a ruble, but in Moscow and St. Petersburg it is five to six times more expensive. You can make an excellent technology park in Siberia. Moreover, they are now trying to do it.
Perhaps we will soon witness a great migration of miners to the taiga forests. Just like during the Gold Rush.
The construction of mining farms could greatly help the region and develop its infrastructure. The only thing that stops people is the fear that the security services will come and, under the guise of the anti-terrorism law, say: “Vacate the premises. This is not prohibited, but we will seal everything here for now.” The millions invested will be frozen, and the equipment will be idle.
Rustam's mining farm
But if we imagine that cryptocurrencies were suddenly legalized in Russia, I see no obstacles to the development of a new economy. Mining will not lose popularity for a long time. When the mining of some coins moves to industrial capacity, as happened with Bitcoin, dozens of new ones appear that allow non-professionals to enter the market.
Farm payback and earnings
Initially, we expected a monthly income in cryptocurrency of about 15% of the invested amount. In fact, it turned out to be 10%, that is, about half a million rubles, because all the equipment rarely worked properly. With such a large number of video cards, something will inevitably break.
For the first two or three months we only debugged the system so that at least 80% of the devices would work stably. Now on average 98% of our video cards work. But despite the costs, our five million in cryptocurrency equivalent made it back within six months.
Many people speed up cards to get the most out of them, but we decided not to do that. It is more important for us to maintain strength during the marathon distance, and not to kill our technique during the sprint. If you speed up a video card, it wears out faster. As a result, the entire system suffers and operates unevenly.
How to mine without a powerful processor and video card?
If you are deciding which cryptocurrency to mine, but the hardware capacity does not allow you to mine most cryptocurrencies, then you can try mining cryptocurrency with a hard drive.
Hard drive capacity from 2 TB (terra bytes) is suitable for mining currencies such as Burst or STORJ.
- STORJ
Mining this cryptocurrency involves you renting out space on your hard drive to services like Amazon or Dropbox.
1 STORJ coin costs only $0.4, but you get paid approximately $0.015 per GB. All electricity costs are covered upon delivery of at least 400GB.
- Burstcoin
Mining of this cryptocurrency is also carried out using a hard drive. The consumption of electricity and computer resources is minimal, as are the hardware requirements. You just need to have a lot of hard drive space.
Mining works like this: First, a large data set is calculated. All this data is stored on the computer's hard drive. Each miner then reads a subset of its own stored data and returns the data as a time interval. The block is created by the miner whose time interval was minimal. The creator of the block receives money.
The main feature of this cryptocurrency is that it is possible to carry out decentralized trading between any two cryptocurrencies, that is, there is no need for exchanges to sell cryptocurrencies.
From a Cossack to a Mercedes or a farm for 50 million rubles
Some time after launching the farm, we realized that we wouldn’t get far with the cheap video cards we initially purchased. Their work was worth the price. The farm had to be monitored and troubleshooted around the clock. This is what my friend did.
Later we transferred the farm to more expensive devices: 1070 Nvidia from ASUS. If our first cards can be conditionally called Cossacks, now we have switched to Mercedes.
It cannot be said that income has increased greatly from this, but expenses have decreased. The price of the rigs was twice as expensive, but they also took up less space. Therefore, a large room was no longer required. Electricity consumption remained at the same level, as did mining efficiency. For the money we invested, we got a little less devices, but they worked much more stable, and we didn’t need to monitor them around the clock.
Now we are waiting for another batch of equipment from China, which we hope to install by the beginning of November. This will allow us to reach 35,000 mh/s. The cost of such a farm is estimated at 50 million rubles. Quite a lot, but on a global scale - a grain.
There are guys in the top Nanopool miners whose capacities reach 239,000 megahashes. Imagine how much their equipment costs. But Nanopool accounts for only 10% of the ether mining network. With our thirty-five, we will end up somewhere in 12-13th place in this ranking.
What is cloud mining
Now mining is so profitable that I could sell all the businesses and do only that, but it would be boring. You should not consider mining only as a source of passive income.
We started with a space of three hundred square meters, and now we have a thousand. They have 250 rigs and 1500 video cards. Having gone all this way on our own, we got to know the market, realized that it is much wider and serving its participants is more profitable and interesting for us than just mining cryptocurrency.
Rustam's mining farm
We teamed up with the developers of one of the most popular applications for trading cryptocurrencies TabTrader, the team of the five-year-old exchange Cryptonit and the founders of Nanopool, which I already mentioned. Our new holding is called . Its main task is to create a system of services that will allow you to perform almost any transaction with cryptocurrency quickly, conveniently and profitably.
As for the mining of cryptocurrencies, we plan to build large mining centers in order not only to mine, but also to provide power to those who do not want to bother with a farm. Some people call it cloud mining, others like the concept of renting.
Coin mining is an unpredictable thing. Today you are in the black, tomorrow you are not. I know how much I earn in coins, but due to the high volatility of cryptocurrencies and the self-regulation of the network, I can only estimate the average earnings. In cloud mining, everything is clear: how much capacity you rent out, how much money you get. This is a more stable business.
What is cryptocurrency - in simple words about the complex
Before you start mining cryptocurrency, you need to understand what it is. For this, a small educational program on this topic is needed. Scientifically speaking, cryptocurrency is built on a hash function, which has a very large number of answer options, but among them only one is correct.
The essence of mining comes down to finding the very option that will be accepted. To put it more simply, a cryptocurrency is a digital currency that is based on some kind of encryption method. You can make money on it if you manage to find the right cipher.
Solving cryptographic problems requires a lot of computer productivity, so miners purchase a large number of video cards and try to install a more powerful processor.
Each solved problem creates a blockchain - a chain of transactions that contains information about all participants in the system. It is through it that money transfers occur with a minimum commission.
Mining often takes place in a pool - a collection of many computers from all over the world working together to mine.
There is a farm in the building opposite your office
In the next few years we will see the construction of large mining centers. The more people enter the cryptocurrency, the more transactions will need to be processed, the more difficult it will be to calculate a block. The load on the network will increase. Income will likely be lower than what miners receive now. In this regard, players will become larger, home farms will turn into enterprises or firms.
One can only guess what the real volume of the mining market in Russia is. It is not customary to talk about cryptocurrency mining due to uncertainty in the legal field.
I have visited some Russian farms, including St. Petersburg, and some of them are quite large. Most of the farms are smaller than ours, about a hundred comparable ones, and the largest ones are ten. But this is only a guess, because no one can say for sure.
There may very well be a farm in the building opposite your office, but only five or six people know about it.
Perhaps the situation will change for the better when the government prepares a legislative framework for cryptocurrency market participants. There is already a lot of talk about this, but the situation is extremely tense. I don’t think Russia will follow China’s path, but contradictory statements from opinion leaders are rocking the boat.
Some believe that crypto is the future, others see it as an enemy. Both the first and second are capable of influencing decision making. Therefore, following the developments of events is at least exciting.
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20.10.2017
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Gaming cryptocurrencies - mining for the lazy
Gaming cryptocurrencies cannot be discounted. Many of them are mined using a method called pos-mining (the cryptocurrency in the wallet increases by a certain percentage after some time).
- Universe
This is a cryptocurrency for games. Pos mining is applicable to it, which gives an increase of approximately 8 percent every month. This cryptocurrency allows you to avoid large commissions when donating to games. However, at the moment only the Kosmos game actively supports Universe input and output. By 2022, the number of games working with this cryptocurrency will increase significantly, such projects as “Dark Abyss of the Universe”, “Queue” will be added. For this reason, Universe is a cryptocurrency whose mining is an investment in the future and a good option for gamers.
For creating one block, the user receives 240 units of cryptocurrency. At the moment, the total supply of Universe coins is 112,000,000 pieces. One Universe unit is equal to 0.0000048 Bitcoins. This rate looks gloomy, but only if you don’t think about the fact that the Universe rate is constantly growing, as are the funds in the wallet of its users.
- HYPER
HYPER is a gaming cryptocurrency that appeared in 2014. Now the market capitalization of HYPER is very small, but there are also great advantages over other cryptocurrencies. HYPER is an energy-efficient currency, which means its mining will not cost enormous amounts of money. To use this cryptocurrency you do not need to make any initial capital, and you can mine in a multipool (a pool with a huge number of connected computers).
PoS mining is also available for HYPER. The amount in the HYPER wallet can increase by about 5 percent per month. The reward for 1 block during typical mining is 72.5 HYPER units. Inflation is not very high, and the time between the appearance of blocks is less than a minute.
A little information about this cryptocurrency. Its exchange rate, market capitalization and trading volume.
HYPER cryptocurrency chart, which shows that the currency is very stable. Growth occurs frequently, every few hours. The overall picture of HYPER looks like this:
Due to the low rate, the growth is not very noticeable, but when HYPER becomes more popular, its miners will receive a long-awaited profit.
There is a game called HYPER. It uses this exact currency. Frequent tournaments with a prize pool of HYPERs play an important role in popularizing this cryptocurrency.
The ability to use pos-mining for gaming cryptocurrency is suitable for those who are not afraid of inflation, are willing to wait and do not want to squeeze all the juice out of their processor or video card.
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