Scryptsmining.com: Interview With Scrypt Based Mining Company
Scryptsmining.com is a website that offers shares of their mining operation at cryptostocks.com. These shares earn you weekly dividends on their large mining operations each and every week. The stocks can be sold back at any time but with the high rate of return, it is unlikely anyone would want to do that. I got a chance to interview the coordinator of the company: Anita with questions about the business.
What is your name and position at Scryptsmining.com? Also, tell me a little bit about the company
My name is Anita and I’m coordinator of the scryptsmining.com project. A group of Chinese businessmen invested into ASIC hardware named the Gridseed, which have been on the market for a month. This hardware allows us to mine bitcoin and litecoin together or separately, We have selected to mine litecoin based currencies as it is more profitable right now.
We have decided to return the part of our investment by issuing a shares at cryptostocks.com Each share grants access to 50kh/s worth of mining equipment. This way potential investors do not have to buy costly equipment; instead they are given a chance to participate in SCRYPT mining with any budget. We also take care of maintenance and setup, which is tricky because Gridseed ASICS require knowledge to setup and operate. We have three data-centers in china, where our hardware is located.
What advantages does scrypt cloud mining have over SHA-256 cloud mining?
Scrypt Mining on ASICs is a completely new technology. Quite a few companies claimed they are working on it, but only Gridseed seems to have a working product available for the purchase right now. With only 5 W of electricity per 350 kh/s, it is much cheaper then GPU mining and lets you mine litecoin based currencies. Our business model is to switch mining pools meaning that software tracks the most profitable currency at the moment and mines it.
This means more profits against LTC currency.
Other advantages for cloud mining for the shareholder:
1. no need to worry about electricity costs.
2. no need to think about initial setup
3. no need to maintain software and hardware. We cover all those issues for just 8% of the profits, giving out 92% of the income to our shareholders.
What makes your site unique compared to some other cloud mining sites?
Well, let’s take a comparison to other sites. We charge 0.8 BTC per 1 MH/s of mining power, however, scrypt.cc charges 1.57 BTC according to their site. Dividends should be the same while initial investments are lower, this is because we maintain our hardware in china, where electricity is cheaper.Second reason is the fact we work with the Gridseed manufacturer directly. We had a volume discount on the hardware, so the hardware price is the lowest possible.
What are the advantages to mining Scrypt based coins over SHA-256 coins?
The main advantage right now is that SCRYPT ASICs are just hitting the market, difficulty is rising, but it still is very profitable to invest. As we know from bitcoin experience, the most profits are generated when ASICs are just released. Put pool switching mining into equation, which sometimes gives more than 250% in profits against LTC, and you get a pretty good investment opportunity. In fact last week we did 8.47% return of investment.
In your experience, are the gridseed ASICS more rewarding than GPU mining?
First of all it is, of course, power consumption. Asics are always better then GPUs because their only task is to calculate on a certain algorithm.
If you mine on GPU, you know that its a daily routine task. Maintaining more than 4 GPU at one computer requires you to check the software every 15 minutes, because it freezes for no reason, in addition to that you always have to check core temperatures on each gpu to make sure it’s not overheated. We burned quite many GPUs last year when maintaining our old style SCRYPT Rigs. ASICs offer stability of work.
ASICs are remarkably quiet and run on very low temperatures compared to GPUs.
We have software set up, which monitors hash rate on each unit, so if there is a problem, we can spot it within minutes.
I got a chance to purchase a share of the company that got me 50 Kh/s worth of Scrypt mining. When I woke up this morning, I was pleasantly surprised to see my dividends already in my account, in an incredibly fast and timely manner. I have been unable to mine for the entire time I have been involved with cryptocurrencies, and Scryptsmining gave me (a broke full time college student an opportunity to have fun mining with a low budget.
Mining with scryptsmining.com is both fun and rewarding. Mining Scrypt based currency rather than SHA-256 currency can bring in more profit and is a brand new technology. The Gridseed ASICs are a remarkable first generation Scrypt miner. With a very low power costs in china and the ability to not have to setup any software or equipment, scryptsmining.com offers an amazing opportunity for people who want to get involved with mining but do not have the money to put down on an expensive rig. Scryptsmining.com offers the same hash power you would get from a $1000 rig for a fraction of the cost, they have plans to fit any budget and fuel and desire to mine.
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