Is it worth Mining Bitcoin yourself or with a Mining Contract – Beware of Scams!
The arms race in the Bitcoin mining industry has resulted in a huge shakeout of providers. Most of the Companies that were producing their own ASIC’s have either folded or moved into cloud mining where they run equipment on behalf of the client – but the growth in cloud mining has led to an increase in scam artists. Bitcoin ASIC’s of 2016 are just to costly for retail consumers to have plugged into their own homes – and too noisy – the latest machines sound like a jet engine. If you want to buy Bitcoin mining equipment there are only two producers worth looking at – and one doesn’t....
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For Bitcoin cloud mining, names quickly come to mind such as Cex.io or PBmining. But what about on the Scrypt side of the spectrum? Genesis Mining plans to change just that. Before going over what makes Genesis Mining stand out, what are some of the benefits of having your hash power the cloud versus setting up your own rig? Well, for one, you don’t have to set it up. Even for experienced miners, it’s a hassle to buy parts and assemble the parts; make sure everything is working, etc. After that, you have to somehow isolate the heat and noise coming from usually multiple graphics cards....
Welcome back to another Bitcoin News in Review, where we feature our top stories of the week here on CryptoCoins News. This week (11 May - 18 May) we looked at two of the biggest scams in the mining community, saw trouble at the Bitcoin Foundation, looked at some Dogecoin tidbits, and more. Be sure to check out our video and read the articles below on this Bitcoin News in Review. [youtube http://www.youtube.com/watch?v=kteZqvX4V3w?rel=0]. Butterfly Labs, LSM Labs, and Other Scams. CCN exposed the scam mining company - LSM Labs. The cryptocurrency mining industry is full of scams, with the....
TimeToBit was an elaborate scam all along. The cryptocurrency mining industry is a strange place. Here, we live by the "guilty until proven innocent" maxim. Anything and everything about a mining company falls under question, and if the tiniest thing seems off, we conclude that the company is a scam. And unfortunately, it seems like that's just way it has to be. Mining scams are a dime a dozen. Some companies don't even try to hide the fact that they're scams. Others, however, are a lot more clever. This is how I, and so many others, were conned by TimeToBit. How They Did It. June 25, 2014....
Lloyds Bank has issued a stark warning as crypto scams spike by 23% this year, revealing that victims are losing an average of £10,741. The report highlights the alarming trend of two-thirds of these scams originating on social media platforms. The data underscores the urgent need for increased awareness and regulatory measures in the cryptocurrency […]
Genesis Mining recently announced a new type of cloud mining contract that will let users mining Ethereum. It was only a matter of time until one of the cloud mining providers started looking at Ethereum contracts sooner or later. These new Ether Cloud Mining contracts will run for one year, and offer some interesting alternatives when the digital currency switches to Proof-of-stake. Ethereum has been getting a lot of attention in recent times, ever since the digital currency had launched a few months ago. Especially the technology powering the Ethereum network – that allows for the....