Best Cloud Mining Sites in Canada For 2024

Canada is a big player when it comes to crypto mining. Most months, Canada is the fourth-largest Bitcoin mining country in the world, with more than 10% of the cryptocurrency regularly being mined in the country. Indeed, cloud mining is attracting more and more Canadians as a way to make a profit from crypto, without the hassle of expensive equipment or high electricity demands.

But what is cloud mining work and how does cloud mining work? What are the best cloud mining sites in Canada and how can you make a profit?

Read on to find out more about cloud mining, how much it costs and which platforms will get you the most bang for your buck.

ECOS: the multi-function cloud mining platform

ECOS is currently one of the best cloud mining platforms in Canada. They’re based in Armenia, a free economic zone (meaning companies are taxed less). ECOS has also signed a partnership with the Armenian power plant Hrazdan which provides it with up to 200 MW of electricity for mining crypto.

Using ECOS for cloud mining crypto is a simple but reliable way to generate passive income in the cryptocurrency economy. They even offer a free demo contract to test the platform before deciding to go with them in the long term.

The company also stands out for the quality of its mining equipment since ECOS buys its machines from Bitmain, the largest ASIC chip manufacturer in the world. ASIC chips are required for Bitcoin mining.

You have several types of contracts to choose from, depending on your risk profile, your timeline and how much you want to invest.

Lastly, the customer service and support teams at ECOS are known for their quality and speedy replies. You can quickly get any questions answered on their website or social networks. It’s also worth mentioning that ECOS has more than 15,000 members in its Telegram community.

BitFuFu: The cloud miner with the most hash power

BitFuFu is a crypto-mining platform that creates a cryptocurrency-mining pool that lets miners combine their computing power to improve their mining capabilities. It leases the computing power (known as hash power in cloud mining) of its self-built and cooperative mines to its users.

Remote data centres host all their mining equipment where their teams seek deals to get electricity at a low cost and maintain their mining computers at optimal conditions.

BitFuFu’s main asset is the computing power it carries generated at its various farms in Canada, the United States, Iceland and Norway. It supports currencies such as BTC, Bitcoin Cash, Filecoin and Dash.

Their services don’t just end at cloud mining, though. You can also use BitFuFu for cloud hosting your data.

Additionally, BitFuFu has a mobile app for iOS and Android that allows you to follow the cryptocurrency market with a few exclusive offers.

Feel Mining: the French cloud mining specialist

Feel Mining is another cryptocurrency cloud mining giant in Canada, and one of the trusted cloud mining sites we recommend. This company gives you the opportunity to mine currency without having to invest in expensive hardware.

The platform is designed to manage the purchase of any necessary equipment, its installation and maintenance, which makes it particularly suitable for beginners. The mining machines Feel Mining uses are among the most sophisticated on the market, so you can expect an optimized return on your investment.

With Feel Mining, your cloud mining can reach close to 150% return over one year, and they also offer other ways of generating passive income with cryptocurrencies like staking (the way many cryptocurrencies verify their transactions) and master nodes (the anchors for trusting and validating crypto transactions).

What is cloud mining?

Cloud mining is a means of producing or mining cryptocurrencies, such as Bitcoin. Traditional crypto mining requires you to have bulky machines that require expertise, regular maintenance and large amounts of electricity to function properly. This type of mining allows the miner to be autonomous and increase their net profitability, but the disadvantages, like elevated maintenance costs and high initial investment, make it difficult for the average person. With cloud mining, users can rent cloud computing power in a remote data centre (also known as a mining farm) and mine crypto without having to install and directly run any hardware or software related to the actual mining operation.

In short, with cloud mining, you pay a company to operate and maintain machines that mine cryptocurrency, and then you will get some crypto in exchange for the production of cryptocurrencies.

The main advantage of cloud mining Bitcoin, for example, is that you are not required to have any specific hardware and so no major investment, nor does it require you to monitor anything.

Concerning the profitability of cloud mining compared to traditional mining, consider this example of Bitcoin mining:

You might be asking yourself, what is cloud mining Bitcoin though? The answer is simple. Each mining operation mines specific cryptocurrencies, but they all use similar computational processes. The only difference is what currency comes out at the end.

To start cloud mining, all you have to do is register with a provider and sign a contract or purchase shares with them. Usually, you can withdraw your profits after reaching a minimum amount. Minimum amounts vary from company to company.

How does cloud mining work?

Cloud mining is an alternative to traditional mining (which requires a large investment and a lot of hardware). Nowadays, a significant portion of cryptocurrency mining is done in the cloud.

If you invest in cloud mining, you will not usually own the mining equipment but will simply rent it or its computing power. The machines are located in mining farms. There are several across the globe. You pay a monthly or yearly subscription for the rental, and in return, you get rewarded for the cryptocurrencies that the mining operation generates. For example, if you’re mining Bitcoin, you’ll get some of the coins you mine.

Generally speaking, there are two models of cloud mining: hosted mining and leased hash power mining.

Hosted mining (or custodial mining) is when you buy or lease mining hardware located on a mining farm and pay the company a fee for the upkeep of that hardware. You reap the benefits of the hardware you bought or leased, but the cloud mining company is responsible for maintaining the equipment and ensuring that it works at optimal conditions. As an individual, the cost of electricity and storage would quickly become prohibitive, but due to the economies of scale of a mining farm, these expenses become feasible. This type of mining requires a sizeable upfront cost but gives you direct control over the cryptocurrency you are mining.

Leased hash power mining is a model in which the company offering the cloud-mining service invests in the infrastructure and hardware necessary for crypto mining, and you can lease a part of their hash power (the computing power associated with crypto mining). In this model, you get a share of the farm’s overall profits from the mining of cryptocurrencies.

How to start cloud mining?

To start cloud mining, the first thing to do is choose a platform and create an account with them. Next, you can select your subscription and pay. The whole process takes a few minutes, and you’ll be all set.

For example, to start cloud mining with ECOS under the leased hash power model, here are the steps to follow:

1. From the ECOS homepage, click on “sign up” and enter your email and telephone number.
2. Select a contract based on duration, risk profile, price and hash power.
3. Pay the subscribed contract by credit card or in crypto-currencies (BTC, ETH, LTC and XRP).
4. You can then track the mining work from a dashboard.

If you want to start cloud mining with Feel Mining, follow the steps below:

1. Go to the Feel Mining website and click on “Registration”
2. Create an account with your email and create a new password.
3. Fill in an online form with your surname, first name, date of birth, billing address and country.
4. Click on the link sent by email to confirm your registration.
5. You can then log in and access a tutorial explaining how to subscribe to a cloud mining contract and make your first investments.

How much can you make cloud mining?

You might be asking yourself, but does cloud mining pay? or is cloud mining even profitable? The answer is simple. Yes, cloud mining is profitable. The contracts offered by most cloud mining sites show very similar earning potential, all with a maximum of 150%.

Cloud mining companies offer similar models. You need an initial investment paid upfront that will finance the contract for a determined number of months or years.

However, the duration and price conditions of these contracts vary greatly from one company to another. Naturally, due to the fees cloud mining companies charge, the profitability of this type of mining remains lower than that of traditional self-operated crypto mining.

For example, imagine that you choose a contract requiring a minimum deposit of $500 with an average return of 150% and a daily payment in cryptocurrencies.

By investing the required minimum of $500, you can earn around $650, on average, per month. This means that every month the cloud mining platform will pay you the equivalent of $650 in cryptocurrency. You can then choose to reinvest your earnings to mine more or withdraw them.

How much does cloud mining cost?

Entirely free cloud mining does not exist. Some companies offer free trials or certain services for free, but ultimately crypto mining is costly, and cloud mining companies have to make money.

The price of cloud mining subscriptions varies, depending on several factors, mainly being:

• The duration of the mining. You must commit to a set period in advance.
• Computing power or hash power. More computing power means a higher price but also higher earnings.

Here are some examples of the minimum costs to cloud mine at different companies:

Is cloud mining legit?

A quick web search of opinions on cloud mining will reveal there are as many wonderful success stories as there are horror stories, but cloud mining is a legitimate investment option, and even the average investor can trust cloud mining as a form of passive income.

But how legitimate is cloud mining? That’s a fair question. Given the technical and remote nature of the business, many cloud mining scams have sprouted up to trick people into investing in fake contracts. You need to be careful and not give in to the very attractive (too-good-to-be-true) offers.

You will have to pay a subscription, and using a reliable, secure and recognized company will ensure that your investment is being used to mine cryptocurrencies and that you will get a return on your investment.

The companies on the comparison tool at the top of this page are the best cloud mining options in Canada. They are all reliable and secure.

Cloud mining can be lucrative in the short, medium or long term and is available with relatively low capital.

What is the best cryptocurrency to cloud mine?

You can mine several cryptocurrencies through cloud mining, but some have more advantages than others. Here are the top cryptos to mine in the cloud:

1. Bitcoin. Still the most favoured cryptocurrency around the world, Bitcoin is famous for its particularly high price. The current reward for bitcoin mining is 6.25 BTC per block. However, since bitcoin mining is complex and requires many resources, the price of these contracts is often very high.
2. Zcash. Launched in 2016, this cryptocurrency focuses on the protection of privacy and is one of the best to mine. It’s ideal to mine in the long term and its current reward is 2.5 ZEC for a block. The ZEC money supply is expected to reach its max of 21 million coins in 2023.
3. Grin. Most crypto coins are limited-supply currencies, but not Grin. Its mining is easy with CPU and GPU devices, meaning it does not require a large investment. The current reward offered for this cryptocurrency is 60 GRIN per block.
4. Monero. This very popular cryptocurrency is famous for valuing privacy by default and is among the most profitable in cloud mining. Mining this cryptocurrency currently offers a reward of 2.15 XMR per block with a total of 2,272,762 blocks at most. The CryptoNightR hash pattern used for its mining makes it possible to be mined with both CPU and GPU devices.
5. Ravencoin. With its unique set of characteristics, this recent cryptocurrency is increasingly popular among miners. It’s very liquid thanks to its large number of exchanges on the most popular cryptocurrency platforms. This cryptocurrency is attractive to miners because of its KawPow protocol and its X16R hash function, alternatives to the ubiquitous ASIC chips. Currently, the reward for mining this coin is 5,000 RVN per block.
6. Litecoin. Perhaps one of the biggest Bitcoin competitors, Litecoin is very popular and is among the 10 largest cryptocurrencies on the market. It was one of the first coins to be mined with the GPU protocol (meaning you can mine it with a gaming computer). The reward for mining Litecoin is currently around 12.5 LYC per block, but will soon change to 6.25 LTC. The maximum number of coins mined will be 84 million.
7. Dash. Created in 2014, Dash is very similar to Litecoin and is particularly known for its high speed of execution and its security of transactions around the world. It uses the X11 hashing algorithm and offers a reward of 2.88 DASH per mined block.
8. Dogecoin. Initially intended as a joke, Dogecoin has evolved into a serious and legitimate cryptocurrency that is becoming increasingly popular. This cryptocurrency is mainly used to tip Reddit and Twitter content creators and its mining can be done with CPU and GPU devices, with the Scrypt protocol. No total coin production limit has been set. The Doge offers a mining reward of 10,000 DOGE per block.
9. Bitcoin Gold. Lastly, Bitcoin Gold is a hard fork of Bitcoin (the result of a radical change to the protocol of a blockchain network that effectively results in two cryptocurrencies) and is also very popular in the crypto-mining community. It was designed to make bitcoin mining more popular and accessible and can be mined with GPU devices. This is a great cryptocurrency to mine right now in terms of profitability. Currently, the offered reward for mining Bitcoin Gold is 6.25 tokens per block.

This list is non-exhaustive, and mining can quickly evolve in the world of cryptocurrencies.

What are the different types of cloud mining?

• Virtual Private Server (VPS) cloud mining: renting a server and installing mining software. Access to the rented miner is then possible remotely.
• Cloud mining by renting hash power: buying a contract with a mining company to rent part of its hashing power. The contract you choose will dictate the computing power you rent, and your gains are proportional to the power you rent. The main advantage is that it does not require any mining hardware, which makes it the most popular cloud mining option today.
• Hosted cloud mining: owning the mining hardware but delegating the maintenance and its costs to a cloud mining company. Although this method is uncommon, it is becoming increasingly popular.

How to report cryptocurrency on taxes in Canada?

Cloud mining in Canada has tax implications. The taxation that applies to income from cloud mining is the same as income from cryptocurrencies. On your income tax, you’ll only have to report the coins you earned from your mining operation when you:

• Sell, swap, spend or gift them
• Convert them to fiat currencies
• Use them to make a payment

The proceeds from cloud mining in Canada are considered capital gains. As you start off without any crypto, the entirety of your rewards is considered capital gains when you dispose of them. However, only 50% of your capital gains are taxable.

What are the alternatives to cloud mining to make money with crypto?

Cloud mining is not the only way to earn crypto, and several companies offer different alternatives that allow you to earn passively. Here are the main ones:

• Traditional mining. If you have the necessary capital and conditions, you can mine cryptocurrencies independently.
• Cryptocurrency staking. Another way to generate cryptocurrency coins is to stake crypto, i.e. to lock your crypto assets to help support the operation of a blockchain, in exchange for a regular reward.
• Crypto-currency lending. You can also make your tokens available to borrowers in exchange for interest paid in crypto coins.

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Alexandre Desoutter

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.