Bitcoin Cloud Mining Service Collapse Exposes Customer Data
A bitcoin mining service called Cloudminr.io has collapsed, resulting in the loss of bitcoins, the publishing of personal user information and accusations of fraud. Over the weekend, the main Cloudminr page was altered with an offer to sell a list of passwords, email addresses and usernames for 79,267 individuals. One thousand entries from that list were published on the site at the time. The website is currently offline. Cloudminr, which its owners previously said was hosted in Norway, had been offering mining contracts since November of last year. The service drew criticism for its....
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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....
At the Hasher's United conference in Las Vegas, Genesis Mining unveiled their Project X platform as the next evolution in their cloud mining service. Marco Streng, the CEO of Genesis Mining, gave an excellent rundown of Project X as well as a teaser video. Genesis had a booth at the Inside Bitcoins conference as well as Hasher's United and created quite a presence at the shows. One of the hallmarks of Genesis Mining is that they have always been fairly transparent with their data centers, showing pictures, videos and at times live video feeds of the centers. At the Hasher's United....
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....
Bitcoin mining service CEX.io has announced it will suspend its cloud mining activities. The company stated in a 12th January blog post that it is no longer profitable, blaming declining revenues amid a dropping bitcoin price. CEX chief information officer Jeffrey Smith told CoinDesk that operations would resume if the price of bitcoin climbs above $320, calling the move "temporary". The suspension comes after CEX customers experienced disruptions to their cloud mining service, which the company at the time attributed to third-party complications. Smith said that the two issues are....
Bitcoin mining company BitFury is looking to enter the cloud mining market. BitFury has given no indication as to when its proposed cloud mining offering would launch. However, it outlined how it would provide hardware to partners, only adding supply based on demand, rather than selling hashing power without limit. CEO Valery Vavilov told CoinDesk: "We are working on such a solution for the cloud market." The statements follow hints made by the BitFury CEO at the The North American Bitcoin Conference in Miami earlier this month, when Vavilov discussed the "opportunity" he saw in the....