Posts Tagged ‘Genesis Mining’

What Bitcoin Cloud Mining Services We Are Using

4, Jul 2015

cloud-mining-services

Time for an updated look on what cloud mining services are currently using, both older ones that have been available for quite some time as well as new ones that we’ve started checking out more recently. This quick overview will also cover some recent developments around the various services listed below that we are following. Also it seems that lately there is also a new alternative to traditional cloud mining that is gaining some interest from services such as HaoBTC or Bter that pay users interest based on deposited coins, interest that is generated by mining. These services offer lower profit over a longer term, but also the risk is lower than that of investing in a cloud mining operation. Also these services pay you interest on an hourly or daily basis and your deposited coins are not locked, so you can use them at any time you need them. Hashnest also tried something like an alternative to traditional cloud mining with their PACMiC offers, but their new v2 is not as attractive as their initial offer. But back to the traditional cloud mining services…

– Genesis Mining is the preferred Bitcoin cloud mining service in terms of transparency and reliability and we’ve been using it for about a year already. The company is open, their teams frequently take part in crypto currency events and they have published information on their mining operations including their hardware suppliers. Daily payouts, transparency, multiple ways to purchasing cloud mining hashrate, probably not the fastest ROI out there, but less riskier. Here is a special promotional code that you can use to get a 5% discount for hashrate purchases – CryptoMiningBlog5.
– ZeusHash is a bit controversial with their cloud mining offers over time that have been unprofitable, but with their more recent offers they seem to be doing much better. Their partnership with the large Halley China mining farm has allowed them to offer a good price for their cloud mining hashrate and their most recent offer for 30 day cloud mining contracts with the users getting back what they have paid initially plus what they have mined at the end of the contract was also an interesting opportunity.
– GigaHash is still one of the smaller Bitcoin cloud mining farms that we see a good opportunity for growth in. Started as a private mining investment and after that offering cloud mining services to broader audience with their mining farm expanding all the time, lately based on AntMiner S5 ASICs. Daily payouts, useful and clean custom interface, good and timely support when there are some kind of issues, so worth checking out even though we’ve started using the service more recently.
– Mining Sweden is another relatively new entry in the cloud mining scene, starting as a smaller mining operation with plans to grow with the help of its users. The service offers Mining Shares (currently sold out) that are only for cloud mining and VIP Shares that give you not only cloud mining hashrate, but percentage of the profits of the mining operation. The service also offers users to buy BitMain AntMiner S5 ASIC miners and have them hosted in their data center. Could be a good long term investment as things seem to be working pretty well so far. Here is an extra 10% discount code from the regular prices that you can use, just enter ms10 during checkout.
– HashFlare is another more recent service apparently operated by a bit controversial Bitcoin ASIC manufacturer. So far it seems that the service is working just fine and is paying out without any problems, but still you might want to be careful with larger investments just in case. If you want to try it out, here is a promo code for 5% off for purchases over 250 GHS – HF15SMMR5P2 or 20% off for purchases over 2500 GHS – HF15SMMR20P2.
– Eobot is a service that has been available for quite some time already, according to their website since 2013, but we’ve just recently decided to check it out and so far it seems everything seems to be running fine and as promised. Initially it did not consider their offers of much interest, but their GHS 2.0 Bitcoin cloud mining contracts do not seem so bad at the moment with the current market situation. They also do have some other interesting services such as Cloud Folding and their own mining pool, so you might want to take a look, just stay away from their mining app.

A bit of warning in the end, stay away from the Bitcoin Cloud Services as they have suddenly stopped paying about a month ago, but their website is still online and they are still “accepting” payments form new users that never get hashrate or any payment in return, so do not throw your coins there! Another service that has been available for quite a while called Scryptcc has also had trouble recently claiming to have been hacked and a few hundred Bitcoins stolen from them and although they have returned and seem to be back online we would advice to stay away from the service for the moment, as they have lowered the mining income users are getting in order to get back what was apparently stolen from them. Until they resume normal operation with normal mining rewards for their users we would advice to stay away from them.

Some Questions to Ask Before Choosing a Cloud Mining Service

12, Jun 2015

fingers-crosssed

There is no denying that there are lot of companies in the cloud mining industry which are launched with the sole intention of defrauding their customers, we have had our fair share of experience with such already. Since its inception, Bitcoin has been plagued by scammers that have cost customers millions of dollars and looking at the big picture, this doesn’t just hurt one or a few users for such a service, it hurts the entire ecosystem. What you should get from bad experiences however is knowledge that will help you make better and more informed choices in the future. Below you can find a list of nine questions that you should ask yourself when considering a new cloud mining company, a list prepared by Genesis Mining, one of the most serious cloud mining businesses out there.

1. Longevity doesn’t mean legitimate.
A mining company that is set up as a ponzi scheme doesn’t have to open and close overnight. There is no way for you to pull your money out, so they will keep on doing business long after you’ve realized you’ve been scammed. That means that a company with 10 months of mining history isn’t necessarily legitimate — keep researching.

2. Pics or it didn’t happen.
Datacenters are large operations and you can prove they exist by taking pictures of them. If your mining company isn’t sharing photos of their operation, start asking questions.

3. Look for the Asic endorsement.
If a cloud mining company does real business, then they have had to work with an Asic vendor before. These vendors freely give out endorsements to their customers as a form of self-advertisement. A mining company can easily acquire one. No Asic endorsement should raise red flags.

4. Beware the discounts.
Remember that in the world of Bitcoin mining, margins are everything. A company that is laser focused on customer acquisition by giving out huge referral discounts (anything upwards of 10%) should give you pause. That’s a sign of a dangerous (possibly devious) business model.

5. There should be nothing to hide.
Do you know the people who operate the mine? Are they forthcoming with their identities? A classic sign that you’ve stumbled onto a scam is that the operators go to extreme lengths to conceal their identities. Look for transparency!

6. Do they accept credit cards?
Merchant processing is not easy to get for a Bitcoin mining company. The process can be tedious and involves being attached to a real identity so if they are only accepting anonymous crypto payments, this can be a potential red flag to watch out for.

7. Are they out and about?
Are the founders or staff regulars at events? Are the constantly contributing to the overall growth of the cryptocurrency industry?

8. There are no guarantees.
This almost seems to obvious to say, but it’s been tried before, so we’ll warn you anyway. A company that guarantees you profit from mining is selling you lie. No one can predict what the exchange rate will do or what will happen with Bitcoin next. Guarantees should make you suspicious!

9. If it’s too good to be true…
As the saying goes, if it’s too good to be true, it probably is. Are they promising returns far above anyone else in the industry? While profit is the objective, it’s important to always consider if what they are promising is simply too good to be true.

Do note that these are just some guidelines and a cloud mining company not meeting some of these requirements or a one that meets all of them may or may not be legitimate. Also some of these could be true only for large scale mining businesses and a smaller mining operation may not be able to comply with all of them. So while the above may be considered helpful and useful for ruling out many of the possible risky investments, there are no guarantees, sometimes it is all about the gut feeling you are having when checking out a new service. And one more important thing, as we usually say when we start checking out a new cloud mining service – never invest more than you can afford to loose!

The Bitcoin Cloud Mining Services We Are Currently Using

2, Jun 2015

cloud-mining-services

As Bitcoin popularity and usage continues to grow and along with that it is becoming harder and harder to be mined at home due to large scale mining farms all across the world. Furthermore the things get harder for home miners due to many ASIC manufacturers stopping to sell hardware to end users and focusing either on their own mining farms or supplying large mining operations such as KnCMiner and Spondoolies-Tech. Other companies getting bankrupt due to various reasons leaving just BitMain as pretty much the only Bitcoin ASIC miner supplier offering up to date hardware and shipping to home miners as well as mining farms. This turns users’ attention to cloud mining services, but these can be risky as we’ve seen from our own experience testing many such services over time. The two most significant risks with cloud mining services are them turning out to be a scam and running away with your money or the services turning unprofitable and stopping to mine as they are not able to cover the hardware maintenance costs. We’ve already seen many examples of both, but we’ve also seen some that are still here and continue to operate as we have been using them long term for about a year or so. We have listed the services we’ve been using long term below along with some that we’ve started testing more recently and we are seeing some good potential in them.

Using for a long time already:
– Genesis Mining is one of the most serious entrants into the cloud mining world that we’ve been using for about 12 months already. The company is trying to be open and transparent regarding its mining operations including their hardware suppliers to counter the mistrust issues. Daily payouts, transparency, multiple ways to purchasing cloud mining hashrate. Here is a special promotional code that is giving you 5% discount for every purchase you make – CryptoMiningBlog5.
– Bitcoin Cloud Services is a more anonymous cloud mining operation that we started using about the same time as Genesis Mining, though it is apparently over a year old now. Have changed their initial offer from 5 years to 1 (currently promotional 2 year contracts), but are still here and pay out mined earnings on a daily basis, offer attractive pricing and anonymity is a plus for some people.
– ScryptCC is the oldest cloud mining services we are still using – over a year and a few months already. It looked promising and worked fine unless you had an issue and needed to deal with support from the start, so we’ve had some mixed feelings about it initially. They are still here and still paying out, recently had some data center electricity issues that resulted in a few days downtime and lower profitability for a bit, but it seems that things are apparently resolved now.

Started testing these more recently:
– Mining Sweden is a relatively new entry in the cloud mining scene, starting as a smaller mining operation and with big plans to grow with the help of its users promising to share a part of their own profits. The service offers Mining Shares that are only for cloud mining and VIP Shares that give you not only cloud mining hashrate, but percentage of the profits of the operation. The service also offers users to buy BitMain AntMiner S5 ASIC miners and have them hosted in their data center. Could be a good long term investment as things seem to be working pretty well so far. Here is an extra 10% discount code from the regular prices that you can use, just enter ms10 during checkout
– GigaHash is another new and interesting entrant in the Bitcoin cloud mining scene. It is another small mining operation that is scaling well, started as a private mining investment and after that offering cloud mining services to broader audience. Currently sold out all of the available existing hashrate, but offering pre-orders for the new hardware that is coming to them in a couple of days.
– HashFlare is another new service that has recently launched apparently operated by a Bitcoin ASIC manufacturer, but a bit controversial one – HashCoins. So far it seems that the service is working just fine and is paying out, but be careful with larger investments in cloud mining hashrate here just in case. If you want to try it out, here is a promo code for 5% off for purchases over 250 GHS – HF15SMMR5P2 or 20% off for purchases over 2500 GHS – HF15SMMR20P2.


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