Legit Bitcoin Mining Sites – How to Avoid Scams?
Hand in hand with the rising popularity of the Crypto world, there is an increasing number of Crypto frauds.
This is the downside for new and inexperienced investors entering the Cryptocurrency markets.
Therefore, looking for a legit Bitcoin mining site can be quite a headache.
While it is not an easy task to choose a legit Bitcoin mining site, you will discover, once you start your Crypto mining journey, that there are many ways to avoid frauds and scams.
You will need to search a bit, and preferably follow the experienced user’s feedbacks and recommendations.
Once you start looking for info, you will find many articles like this one, covering 5 Bitcoin scams to beware of.
- Hardware Wallet Theft – Using hardware with built-in vulnerabilities
- Exchange Scams – Trading exchanges appearing legit can be an inexperienced investor trap.
- Fake ICOs – A popular scam: Creating fake websites that appear to be legit ICO, and instructing users to deposit Crypto coins into a compromised wallet.
- Cloud Mining Schemes – Lack of transparency about costs involved, and possible Ponzi scams that can lead to substantial losses.
- Multilevel Marketing – offer naïve investors excellent “opportunities” for progressively larger sums of bitcoin.
Some other popular Crypto scams are explained in this article:
In fact, once you decide to start your Crypto mining journey, you will find a lot of info explaining how to avoid scammers.
All you need to do is look around!
How to choose a legit Bitcoin mining pool?
To find a trusted Bitcoin mining site, it’s highly recommended to search, read user reviews, check popular forums, and do your homework.
Before choosing your preferred Bitcoin mining pool, remember:
- Look into the background of the company.
- Check the website carefully, read the about us section, check that they are registered.
- See if they have customer service.
- Read about them, search for info about the company on Crypto news sites.
- Ask other users for recommendations.
When looking for legit Bitcoin mining sites, it is recommended that you choose reliability and security over new and unfamiliar trends.
A familiar pool with many users, recommended by known and trusted investors, will decrease your risk and increase your chances to succeed in your Crypto mining journey.
Looked into industry news sites?
Searched Reddit sub-forums for users feedback? Great!
The following sites are amongst the top trusted and popular mining sites;
Ensuring the best security, providing user-friendly interfaces / technological features for a safe and simple mining experience.
They are established medium-large mining pools that are popular among experienced Bitcoin and other cryptocurrency miners:
Bitcoin Pool is provided directly by Bitcoin.com, which launched its own cloud mining pool with competitive pricing.
HashFlare.io, a cloud mining service since 2015, has become in time one of the largest providers of computational power for mining cryptocurrency, among crypto enthusiasts and common users.
HashNest.com, founded in 2013 by Bitmain, is one of the earliest companies to provide cloud mining services and trusted by more than 400,000 users worldwide.
Founded in 2013, Genesis Mining provides a cloud mining service using the latest technology and says to have served more than 2.000.000 users.
CryptoUniverse.io was based as a European mining center that is amongst the largest 20.
They say that absolute transparency of cloud mining services is their key goal.
Based in China, Established in 2013, F2Pool is a medium-large mining pool that supports many crypto coins such as Litecoin, Ethereum, and others.
A China-based large mining pool, easy to use and user friendly, mining a large portion of all blocks.
Another China-based mining pool, medium-sized, user friendly, and fits new and inexperienced miners.
Based in the Czech Republic, Slushpool has been established in 2010, making it the first Bitcoin mining site.
Today it’s a medium-large pool, user-friendly, and very popular among experienced Crypto miners.
The Bitcoin mining sites listed above are amongst the top/popular trusted mining sites in 2020.
If you consider entering the mining world, the pools above offer decent support, a user-friendly dashboard, and a decent security level.