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XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

Math Teacher From Iceland Singlehandedly Solves Cryptocurrency Mining Energy Crisis

  • Alex Morris
    📰 News

    While boosting the profitability of mining, Krista Hannesdóttir also focuses on tackling the environmental problems linked to excessive energy consumption

Math Teacher From Iceland Singlehandedly Solves Cryptocurrency Mining Energy Crisis
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Krista Hannesdóttir, a math teacher from Iceland, has become a pioneer in eco-friendly cryptocurrency mining. She utilizes excessive geothermal energy from local farmers to make mining more profitable while saving the environment.    

👉MUST READ Cryptocurrency Mining and the Energy Crisis Fallacy

No need to scale

The Bitcoin craze officially went out of control in Iceland when the crypto mining sector started using more electricity than the country’s households. The reason behind Iceland’s magnetic appeal to miners is behind cheap electricity (the country almost fully relies on renewable energy). However, as more crypto-oriented businesses are moving to Iceland, some politicians become alarmed about mammoth-size amounts of energy required for cryptocurrency mining.

According to WIRED, Hannesdottir has decided to buy excess geothermal energy from farmers for reducing the cost of cryptocurrency mining. While not owning a full-fledged mining farm, her small setup that occupies the building of farmer fish factory still manages to remain profitable, raking in almost $8,000 every month.

Explaining mining to farmers

Hannesdottir admits that it was not an easy task to convince farmers to install noisy equipment in their barnyards since they didn’t understand the modus operandi of cryptocurrency mining. Those farmers who do cooperate with Hannesdottir do not normally disclose that fact that “money-making machines” are generating thousands of dollars out of thin air on their land — they risk losing subsidies. Apart from that, the legal uncertainty surrounding cryptocurrency mining still remains a matter of concern. Back in February, Smari McCarthy, one of the representatives of Iceland’s Pirate Party, suggested that mining companies are not paying enough taxes.

An eco-friendly game-changer

While Hannesdottir emphasizes that their primal goal is to gain profit, they also try to tackle the energy consumption issue with their environmental-friendly business solution. At first, she explains, it was just her fooling around with a couple GPUs three years ago, but then she started researching the environmental effect of cryptocurrency mining, and the results were damning. Now, she doesn’t want to accept cryptocurrency mining in its current form, envisioning more “energy exchanges” in the future.  

👉MUST READ ‘Crypto Hour’ to Highlight High Energy Consumption From Mining

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5 Best Ethereum Cloud Mining Sites in 2019

  • Denys Serhiichuk
    📚 WikiCoin

    💣💣💣Ethereum is the top altcoin among all other ones. Thus, it is more attractive for mining than Bitcoin

5 Best Ethereum Cloud Mining Sites in 2019
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Due to the fact that Ethereum is one of the most profitable cryptocurrencies, mining this coin has become increasingly popular. Even though the cryptocurrency is relatively young (created in 2015), it managed to be the most popular altcoin. However, now it has become harder to mine Ethereum using the usual method. When such things happen with cryptocurrency, miners switch to cloud mining, saving their income.

How to start Ethereum Cloud Mining

Cloud mining of Ethereum is the mining of coin using the leased (or acquired) power of another computer. Frankly speaking, we have no equipment, but we pay and get its capacity for a while. This is very convenient and to some extent advantageous since it is not necessary to update the hardware every time or to worry about its functionality. A miner gets the finished product (power) and uses it to mine.

To choose the most suitable option among a wide range of platforms, we have selected the top five companies that offer Ethereum cloud mining.  

5 Best Ethereum Cloud Mining Sites in 2019

HashFlare

HashFlare is one of the most powerful platforms among those that are focused on Ethereum mining. It can provide about 88% of the profits. And at the same time, Ethereum can be mined with almost no investments.

Initially, you need to buy a contract. According to the website, the price for 100 KH/s is $1.40. This is the average price, but because of the low electricity fee, it seems attractive.

5 Best Ethereum Cloud Mining Sites in 2019

Moreover, the terms of the contracts are regularly modified. Nevertheless, the service is very good. You can make payments with BTC, WebMoney, Payeer. Offices are based in Europe (in Estonia and Iceland).

👉MUST READ 10 Best Cloud Mining Sites in 2019

Genesis Mining

It is another reliable service provided for Ethereum cloud mining. It is almost the same as HashFlare, however, has its own features. In particular, the platform is very popular because contracts are being purchased very fast. However comparing Genesis Mining to its rivals, it is considered one of the most expensive. When you start Ethereum cloud mining, you do not have to pay an additional commission.

This service is one of the biggest and most reliable in the world. Users often choose it, but it is still slightly inferior to HashFlare. In particular, the tariffs are too high, the capacity offered is relatively weak, and the interface is not as clear as some may think.

IQ Mining

5 Best Ethereum Cloud Mining Sites in 2019

IQ Mining has been known to users since the end of 2016. Despite the relatively short period of work, the service has earned the highest customer reviews and is recognized as one of the best deals on the market.

Besides Ethereum, there is a chance to mine other coins: Litecoin, Zcash, Monero and Dash. The main factor affecting customer’s income is the hashrate (rented capacity), but in addition to it, profitability is affected by:

  • Presence of privileges and bonuses - a promotional code giving a discount on the first contract.

  • Financial management - the purchase of an additional hashrate for already mined coins.

  • Currency value - the more expensive coins are traded on the exchanges, the more investor will receive.

The company provides only fixed-term contracts for 1 year. The cost of rent is determined per unit of power for a particular algorithm.

Overall, IQ Mining is a young cloud mining service offering competitive rates. The advantage of this platform lies in the use of an algorithm for automatically determining the most profitable currency and switching the client’s capacity to its mining.

CCG Mining

5 Best Ethereum Cloud Mining Sites in 2019

The company was launched in 2016. The basic slogan of the platform is, “We make it easy for you”.

The team has international status and consists of branches in 6 European countries: England, Latvia, Poland, Russia, Austria, and the Czech Republic. According to the developers, the CCG Mining platform wants to build global mining power throughout Europe.

The aim is a decentralized deployment of a cloud mining system across the planet. The interest in the product is constantly growing, which already allows the project team to introduce new technologies and useful tools during mining.

Service features:

  • Simultaneous connection of several payment systems

  • The current flexibility of mining plans make it a popular cryptocurrency investment field

  • Profitable contracts for reliable cloud mining

  • Mining of the most popular coins: Bitcoin, Bitcoin Cash, Ethereum, Monero, Litecoin, Zcash

  • Technical support for your questions

The company aims to provide the most simplified form of cryptocurrency cloud mining, even for the most inexperienced and unintelligent users.

MinerGate

5 Best Ethereum Cloud Mining Sites in 2019

The MinerGate service, which provides cloud mining services in addition to being a pool for cryptocurrency joint mining, has existed since March 2014. More than 1.5 million miners have already become its clients, and 20,000 of them have bought capacity rental contracts. The platform offers cloud mining service in partnership with the Hashing24 service.

Reasons why customers choose MinerGate:

  • The possibility to start mining cryptocurrency with small investments

  • Life-long contracts

  • Mining begins the next day after the payment of the contract, and the client receives the first payments within 1.5 - 2.5 days

  • Rewards come from new unlocked blocks that can be tracked

  • Convenient mining profitability graphs and a calculator for forecasting profitability

  • Instant withdrawal of funds to the wallet

The “Smart-mining” feature offers to switch to automatic mode, and the system chooses itself more beneficial coin for mining.

To sum up, MinerGate is a reliable cloud mining service offering profitable contracts and demonstrating a high return on investment. It will be interested to both experienced miners and those who are just starting to make money with cryptocurrency mining.
 

👉MUST READ 5 Best Ethereum Cloud Mining Sites in 2018

Choosing the most reliable platform for Ethereum Cloud Mining

To minimize the risks associated with cloud mining, you should pay close attention to the following parameters while choosing a platform:

  • Accessibility to the public. Priority should be given to a service that is transparent

  • Production capacity. It is obligatory to know what computing capacity the company has as well as the number of active users

  • Methods of depositing and withdrawing funds to the balance

  • Duration of contracts

  • User reviews

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