An Overview of the Current State of Bitcoin Cloud Mining
Earlier this year, the leading Bitcoin Crypto Exchange and Cloud Mining service provider Cex.io had suspended Bitcoin cloud mining services citing a drastic plunge in the cryptocurrency's price and an increase in network difficulty. "Mining with using User's Gigahashes can be stopped by CEX. IO if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient." Other cloud mining companies are also feeling the pinch of the falling price of Bitcoin. Founded in 2013, CloudHashing has put its ambitious expansion plans on hold in the wake....
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Cloud mining service providers have been facing hard times ever since the Bitcoin price dropped below $320. Whereas major Bitcoin cloud mining service providers had to shut down operations for an undisclosed amount of time, new companies started appearing all over the internet. XScrypt is one of those cloud mining companies, but it looks like the “company” has gone bust after multiple issues with payouts. Running a cloud mining company is not as easy as it may sound. Not only does a cloud mining operator need access to mining hardware — either self-hosted or remote — but there are tons of....
GAW & Zenminer Cloud mining operations have been 'indefinitely put on hold' [sic]. That is the message that greets the Zenminer cloud users while logging into their portal. Zenminer cloud informs the logged in users that this is a move to protect the user's value and to reduce risk. The reasons given are these two, as shown in the image on the right: Continued mining places customer's value at risk. Customers mining efforts at risk. Thanks to all of the factors mentioned below: Bitcoin Roller Coaster Price fluctuations. Unstable Market Conditions. Diminishing Bitcoin Value. Unbalanced Cost....
Cloud mining is risky business. Bitcoin mining in general can be risky business, but cloud mining in particular requires a lot of trust. Essentially, you are sending someone money on the promise that they will send you more money back. There is a lot of talk about hardware and cloud mining and state of the art facilities with giant server racks filled with powerful ASICs. At any given service, those things may or may not exist and few things can be done to make sure they exist. Hashie.co, a cloud mining service that claims over 40,000 users, has suspended operations. Users have lost their....
In the world of cloud-based bitcoin mining, you never know what you are going to get. Most operators should be scrutinized and researched thoroughly before signing up as there are definitely some legitimate operations. However, there are quite a bit of shady practices as well in the cloud mining space. Recently, a lot of discussions have been aimed at....
Cloud mining is the answer to risks associated with Bitcoin mining as it is no longer feasible to invest in a personal mining setup and risking it not to pay off. MinerGate, one of the oldest multi-currency mining pools, enters into a partnership with a BitFury associate Hashing24 to provide its clients true cloud mining experience. Cloud mining is the answer to risks associated with Bitcoin mining as it is no longer feasible to invest in a personal mining setup and risking it not to pay off. Cloud mining on the other hand lets one earn their first Bitcoins within a matter of days without....