Most Bitcoin Cloud Mining Companies are Scams Like the heading says, most cloud mining contracts are scams. Why? Because it’s easy for companies to take peoples’ money, and then not pay out. A company can claim to be a cloud bitcoin mining company without any proof of actually owning any hardware. So remember: 99% of cloud mining companies are scams. Which Companies Are Not Scams? There is only one cloud mining company we are willing to recommend on this site: Genesis Mining. Just because they are not scams, however, does not mean that you will make a profit by buying contracts. Note: You need a wallet to receive payouts to. A secure hardware wallet like the Ledger Nano S is a good option. Genesis Mining Genesis Mining is a Hong Kong based company although its founders are from Germany and attend many Bitcoin conferences. You can read more about Genesis Mining on their about page. Genesis Mining offers three different Bitcoin mining cloud contracts. All plans are pai