Bitcoin cloud mining is now more profitable than mining litecoin or other altcoins as shown by Coinwarz. If you do not want to purchase a bitcoin miner for home use your option is to purchase hosted hashing power from a company providing bitcoin cloud mining.Bitcoin News Magazine has taken a close look at all bitcoin cloud mining providers and we have no problem calling out questionable investments. Here is our list of established providers listed by recognized legitimacy and transparency.Most Transparent and Legitimate Bitcoin Cloud Mining Hashnest – you can purchase hosted 1155 GH/s Antminer S5 miners for $390 with a set monthly maintenance fee of $41. Using the Coinplorer simulator with a 2.5% monthly exponential mining difficulty increase shows that you will recoup your initial investment in 11 months if bitcoin price is constant at $245.The Bitmain Antminer S5 bitcoin miners are the most power efficient and cost effective bitcoin miners on the market. The cost per GH/s compares favorably with what it would cost you to set up and run an Antminer S5 plus power supply at home. You also do not have to deal with the noise and heat from a running miner, maintenance, depreciation or network downtime.You do not have to buy hashing equal to one full Antminer S5. Once you open an account at Hashnest you can buy GH for sale on their internal market. Antminer S5 mining is selling for around $0.38 per GH/s. You can usually find offers for 250 GH/s or less. By purchasing on the exchange you can usually buy GH equal to one Ant S5 for $370, saving $20 over the $390 advertised price. Most important you can also sell your mining power on the Hashnest exchange any time you like.PACMiC v1 (Payout Accelerated Cloud Mining Contract) is a new cloud mining investment from Hashnest that offers an annual return of about 22% with less volatility than Antminer S5 hashing power.With a PACMiC, you are buying one terahash of hosted mining power for one bitcoin. Unlike other Hashnest mining contracts which expire only if the miner becomes unprofitable, the PACMiC expires when your 1 BTC initial purchase has been paid back. Assuming a stable network difficulty, the PACMiC initial cost can be paid back in approximately 105 days. Meanwhile Hashnest will also pay out an accumulating bonus payment to you (this is the profit). The annual 22% return on investment assumes you roll over your earnings into new contracts and maintain a steady amount of hashing power. See the PACMiC terms of service for more information. Note that PACMiCs can not be traded on the exchange.The PACMiC v1 contract subscription sold out in a month as it was very popular with investors. Hashnest just opened subscription to their new PACMiC v2 on 7 June 2015.For current earnings/maintenance fees of any Hashnest product you can visit the earnings status page after signing up.ZeusHash – has partnered with HalleyChina to offer hosted bitcoin mining for $0.309/GH/s when you purchase a minimum 1 TH/s mining. Here is a photo of the HalleyChina mining farm:The price per GH/s is less expensive than Hashnest but the monthly maintenance fee is somewhat higher. 1155 GH/s at ZeusHash would cost you $357 ($390 at Hashnest) and monthly maintenance would be $55.44 ($41 at Hashnest.) Because of the higher maintenance fee ROI is about 13 months if bitcoin price is constant at $245.On Monday 27 July ZeusHash updated prices as shown in the following table:GetHashing Coin (Shares) – hosted bitcoin cloud mining using Bitmain Antminer S5 miners developed by the GetHashing community. The Batch 1 and 2 S5 miners are hosted at Bitmain in China.Batch 1 sold out in less than one week. Batch 2 is available as of 11 April from the new GetHashing Shop and consists of 217 S5 miners. This will bring another 250 TH/s to the mining farm. Expect ROI to be similar to Hashnest. GetHashing mines different pools than Hashnest and uses additional sources of income e.g leasing mining. Like Hashnest GetHashing mining shares can be traded and should you decide you want to sell your shares buyers are readily found at the GetHashing Forum. GetHashing is very transparent and a popular option to Hashnest.BW.com – is a very large mainland China based bitcoin mining operation reported to own 7.9% of the total bitcoin hashrate. The company does sell to those outside of China but the website can be a little hard to navigate and it may take a few days for account approval. You might find the online translator SYSTRANet helpful. They offer a B1 contract that is similar to the PACMiC offered by Hashnest. Return on investment for the B1 contract is about 6 months as of 26 April.Genesis Mining – no longer sells scrypt mining but bitcoin cloud mining is available at $0.47/GH/s or $469 for a 1000 GH/s lifetime contract. Because Genesis mining does not reveal what they are charging users for electricity we used a monthly hosting cost of $45 per 1000 GH/s in the simulator. Breakeven took 16 months and there is no market like Hashnest to sell your contracts. Bit-X – sells bitcoin cloud mining for $0.41/GH/s with a daily maintenance fee of $0.0017 per GH/s. 1155 GH/s (equal hashing to one Bitmain Antminer S5) would cost $474 with a monthly maintenance fee of $59. Breakeven is about 16 months. Unlike Genesis Mining hashing power is bought on the Bit-X internal exchange and you can sell your hashing power at any time. Bit-X is based in London U.K. and has their own mining pool in partnership with Bitfury who provides mining power from their data centers in Iceland and the Republic of Georgia.Mining Sweden – based in Sweden where hydroelectric power is cheap. The company is now up to 100 TH/s hosted bitcoin minining using Spondoolies and Antminer S5 miners.Users can purchase regular Mining Shares for $0.69/GH/s or VIP shares for $1.76/GH/s. All fees are included for the first year and the contracts do not expire. The more expensive VIP Shares are limited and entitle the owner to a 25% share of company profits. See our complete review for more information on Mining Sweden.ViaBTC S9 Cloud Mining Contract – ViaBTC is a large mining pool based in China. They offer hosted bitcoin mining using the most efficient Antminer S9 bitcoin miners. As of November 2016 they are the most profitable legitimate cloud mining provider because they intentionally keep the fees charged to a minimum. While Genesis Mining charges $0.35 per TH/s per day in fees ViaBTC fees are less than half or $0.16 per TH/s per day. You can not find lower fees for cloud mining and unless your power cost is under $0.05 per kW hour can not make more bitcoin mining at home.Our RecommendationsFor the best chance of making your investment back in less than a year from a transparent vendor your options at this time are ViaBTC, Hashnest, or BW.com. Genesis Mining is legitimate but fees per TH/s are much higher than the competition and it will take you longer than a two years to earn back your initial investment.You will also find new cloud mining companies starting up, often pre-selling mining power to be delivered in the future. A good rule to follow is never invest in a start up or buy pre-orders. Instead buy from providers that are established with a track record of on time payments and good customer service.Hashnest offers several options for cloud mining with different risk/reward. You do not need to purchase hashing equivalent to one Antminer S5: you can buy (and sell) less GH/s on the marketplace at the current exchange rate. Of the options available (Antminer S2 – S5 miners, UMISOO and PACMiC) we recommend you stay with PACMiC and Antminer S5. See my post on how to profit with Bitmain Hashnest for details.Never buy hosted mining contracts that expire in one year.Update for 19 SeptemberBitmain is now selling the new Antminer S7 miner and it is the most power efficient bitcoin miner you can buy. Nothing else even comes close. Most folks will not be able to run an S7 at home due to fan noise and power requirements and will need to buy hosted mining at Hashnest instead.You can buy Antminer S7 hashing power at Hashnest right now but you will need to buy one miner equivalent of hash or 4860 GH/s for $1923. That works out to a price of $0.40 per GH/s with daily maintenance fees that are half of S5 hashing. Also realize that your new S7 hashing will not be deployed on Hashnest until 11 October. You will be able to buy smaller amounts of S7 hashing power once trading starts on Hashnest.The S7 is a game changer. Because of the very low daily maintenance fees it obsoletes all other cloud mining providers who are using older bitcoin miners. Some providers like GetHashing may add S7 miners to their farms but until then if you are in the market for hosted bitcoin mining S7 at Hashnest is what you want.Update for 11 OctoberHashnest began trading S7 hash on Friday 9 October 2015. Because price demanded by sellers is quite high S5 hash remains the best, most profitable hosted bitcoin mining to buy right now. See our article Hashnest S7 vs S5: Which To Buy Now? for detailed analysis.Update for November 2016The only recommended cloud mining provider at this time is ViaBTC. Oddly Hashnest does not sell hosted mining using their own S9 miners while ViaBTC does. The S9 bitcoin miner is the most profitable miner available at this time.ViaBTC also sells cloud mining contracts with very transparent fees that are the lowest you will find. This means more profit for you. You can buy one TH/s bitcoin cloud mining from ViaBTC for 0.21 bitcoin (about $150) which will provide you $0.50 daily income as of Thanksgiving 2016. Other companies like Genesis Mining gouge you on fees and provide less than half the mining payouts of ViaBTC.To buy cloud mining from ViaBTC you just send your bitcoin in multiples of 0.21 bitcoin to the address provided. Make sure you send from a wallet like Electrum or Mycelium on your phone. Reason being if you want to transfer your hashing power to the ViaBTC website you will need to sign your bitcoin payment address with your email address to prove you own it. If you want you can just buy using Mycelium wallet on your Android phone and receive daily mining payouts direct to your phone. See our ViaBTC cloud mining review for more information.