Most Cloud Miners Are Scams

Better alternatives to cloud mining


2 min read

At first glance cloud mining sounds great. You make an investment into the company and assume they will do the footwork to purchase and setup the hardware needed to mine cryptocurrency. Leaving you with nothing else to do but redeem from what you have invested. This is how many startups work. Unfortunately, it is far too easy to setup a website to collect investments and appear as if you are a legitimate business without actually doing any footwork. They will use new investors to pay the first investors then rinse and repeat to appear they are mining and creating revenue.

What is cloud mining?

Cloud mining is the term used for people to understand that you are investing for someone else to set up and run a crypto mining company. The idea is they will use your investment to grow and operate the miners to collect cryptocurrency and provide you with a profit on your investment.

geometric shape digital wallpaper
geometric shape digital wallpaper

Alternative to Cloud Mining

If you want to invest in cryptocurrency mining without the hassle of messing with any equipment the better alternative is to look for companies listed on the US stock exchange. You will be able to find and verify information about these companies to make an informed decision on your investment. As with any investment, it still comes with a risk you could lose money. But at least you know your investment will be going to a real project.

Where to Purchase Mining Stocks

Purchasing shares of stock is commonly done with a brokerage account. There are many different brokers you can choose from. Some of the most common brokers are Robinhood learn more, WeBull learn more, and Sofi learn more. Not only are these brokers a great option to start investing, they also offer a new user bonus.

Most Popular Cryptocurrency Mining Stocks

Cipher Mining Inc (CIFR) is a Bitcoin mining company located in the United States with two locations currently operating. Listed on the NASDAQ and shares what the company mines for Bitcoin, the amount they sell to cover costs, and the amount of BTC they hold.

Marathon Digital Holdings Inc (MARA) is a Bitcoin mining company with operations in 6 states and 2 additional countries with 11 total facilities. Listed on the NASDAQ and currently holds a large amount of Bitcoin. They concentrate on creating a highly efficient mining operation.

Riot Platforms Inc (RIOT) is a Bitcoin mining company with 2 large facilities both located in Texas. Listed on the NASDAQ they provide a monthly update on production and operations for the amount of Bitcoin mined. They include the amount of Bitcoin mined and how much was sold and held.

TerraWulf Inc (WULF) is a Bitcoin mining company utilizing nuclear and hydro energy to operate their 2 facilities. With many concentrating on zero emissions, this is a driven factor for investors who put the environment first. Listed on the NASDAQ they provide quarterly financial results.

Hut 8 Mining Corp. (HUT) is a digital assets mining company indicating they likely mine more than just Bitcoin. With 4 locations located in the USA and 2 additional locations in Canada Hut8 is a Canadian company. Listed on the NASDAQ Hut 8 Mining has been in operation since 2017.