In this guide, we seek to answer the question of what are the legit cloud mining companies in 2020. Due to the declining difficulty and falling crypto prices, we provide reasons why should you enter the cloud mining market. We also dedicate a part of the article on judging a good cloud mining company, as well as how to hedge against the scams.
In this review, we propose platforms that are safe, including Genesis Mining, Hashnest, Hashflare, Hashing24, OxBTC, Mining Rig Rentals, and Bitdeer.
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Why Cloud Mining Right Now?
Looking at the comments in the social media, one might be led to believe the crypto industry is on its last legs. However, the thing about cryptocurrencies is that volatility is a given. With falling prices, the market tends to correct itself through supply, which is happening right now. Currently, mining difficulty is on the unprecedented decline, with many miners exiting the stage.
Hash rate is somewhat falling as well, freeing a lot of space for new players to enter the market. This is where cloud mining jumps into perspective, as you need a quick way to cash in digital coins. Investments in mining equipment are large and can cost you your entire savings. By renting out an already-established farm, you are supporting the market and making a profit immediately at the same time.
Bitcoin mining is expensive and drains your electricity a lot. Thus, instead of dedicating an entire section of your house towards mining, choose a cloud gig instead.
How to Judge a Good Cloud Mining Company?
Although now is a good time to invest, it is important to pick up good apples from the bunch. There are many scams going around at the moment, as people like easy money. Thus, you should use our list below to seek out genuine businesses that provide an actual service. Here are some indicators of a good Cloud Mining company:
- Has actual mining farm (pictures available and confirmed)
- Company has headquarters
- Responsive support team
- Years of successful business
Moreover, free cloud mining programs are not necessarily profitable ones. Though you may not invest anything when engaging in free mining BTC activities, often you receive very small returns. At the same time, you may risk your confidential information, as no one would give coins for free.
Although we warn against using new platforms, there are few that can really disrupt the market. BitDeer is one of them, coming as a business supported by one of the largest mining pools in the industry – Bitmain. Crypto equipment giant stands behind this project, which should be enough for anyone when it comes to the security of invested funds.
At the moment, the cloud platform works with Bitcoin only, which is understandable, given that Bitmain supports bitcoin technology. Ethereum cloud mining programs are not available, nor are other altcoins at the moment. As seen below, you have quite a large selection of contracts to choose from.
Each of these contracts works its price out depending on the chosen Antiminer equipment. Thus, ready your crypto calculator and seek out best deals by combining BTC’s price, difficulty, and hash rate offered. Read more about Bitdeer in our Bitdeer cloud mining review or go and purchase cloud mining contracts directly.
The Mining Rig Rentals is a P2P platform where miners offer cloud services directly to interested parties. The platform itself is safe so it is up to you to choose a genuine offer. However, through a rating system, it is easy to distinguish scammers from real deal gigs. The marketplace is quite large, with numerous cryptocurrencies available for mining.
However, we do advise extra caution here when choosing a gig for your cloud mining investments. Bitcoin mining contract might sound lucrative but the offer itself is from an anonymous pool. Works out the details on what type of equipment are they working with. Also, hash power should correspond to the difficulty rate, to determine whether returns are adequate. Cloud mining calculator is invaluable here, as there are many ads to choose from.
It does not get bigger than Genesis Mining in terms of crypto cloud mining platforms. One of the first-ever businesses to open their operations to the general public, Genesis Mining is the leader of the industry. With headquarters based in the British Virgin Islands, the off-shore firm offers services since 2013. The procedure of payments is done through a registered subsidiary in Iceland, where mining farm is located at the moment.
Management is upfront of the “About us” page while the site offers a video featuring the actual mining farm. However, you would be really lucky to snatch up one of its contracts. It seems they are out of stock most of the time.
Currently, Bitcoin and Ethereum cloud mining programs are part of the portfolio, together with Dash, Litecoin, Zcash, and Monero. As one of the best cloud mining 2019 platforms, there is no reason why would situation change in 2020.
This particular cloud mining platform uses Bitmain technologies to work out its mining operations. Users can purchase a contract for an unspecified amount of time and earn coins through cloud mining. The company operates since 2014 and has been in the game for a while now. With Bitmain Tech being the parent company, Hashnest is part of the giant mining pool, including Bitdeer and OxBtc.
Nowadays, the company came up with the PACMiC program for cloud miners. However, most of its popularity evaporated due to the competition of other China-based businesses. Moving out to Hong Kong, the company still works solely with bitcoin, with no altcoins set for the near future.
Hashflare is a British-based cloud mining business, operating globally through crypto and fiat payments. Created by HashCoins in 2015, the subsidiary operates as a cloud mining platform, drawing its supply from the mother organization. Since the company operates under the U.K.’s financial jurisdiction, all accounts should verify their identity at some point. This is a crucial bit of information, as you get legal protection in the process.
Hashflare is similar to Genesis Mining in terms of cryptos available for cloud mining. You have Litecoin, bitcoin, Ethereum, Zcash, and Dash mining contracts. However, the most interesting part about the platform is the fact that you choose the hash rate power. Instead of facing a few choices, you have the freedom to make your own investment at the pace that suits you.
With an office in Dublin, Ireland, this European cloud mining platform offers a safe environment for your investments. They also have an office in Kyiv, Ukraine while the company registered its operations in 2012. So far, it has been business as usual, with complaints are generally personal. No large-scale issues occurred so far and the organization seems to work splendidly for the past few years.
With the initial supplier, BitFury, backing the company, contracts run on actual mining equipment, much like platforms in this guide. Additionally, it is quite possible for Hashing24 to run out of contracts, signifying planned sales and scalable business. At this point, only BTC is available for cloud mining, though altcoins might see their own programs in the future.
Much like Bitdeer, OxBtc is a Bitmain’s connected organization that supplies the market vie bitcoin mining contract. Here, you can even purchase mining equipment directly, shipped from Hong Kong to anywhere in the world. Thus, it is a legit cloud mining business, operating since 2014 quite successfully. Apart from Asia, the platform implements nodes from Europe and N. America as well, to ensure a steady supply of coins.
So far, there have not been any major issues to report regarding the company. Currently, cloud mining platform offers several types of mining power rent programs, involving Bitcoin and Ethereum as cryptos of interest. Most of these contracts require a lifetime commitment though payment is also made once. Rare are situations in which contract renewals occur but they are possible.
Cloud Mining Scams 2020
As mentioned at the beginning of this article, there are many scams out there within the crypto cloud mining industry. It is nothing different from what happened in the past, apart from the fact that fraudsters are getting smarter. We would advise you to deal only with those platforms that everyone knows about, no matter how “profitable” new ones claim to be.
So, how do you spot a fraud from the very beginning? Check out how their marketing works. If their advertising seems like what average Joe would do on Facebook, chances that you are dealing with a scam group. Also, large returns are very hard to get and should not be part of the promise. Statements that say that you are guaranteed some sort of ROI is an obvious red flag.
You can check out forums to see how schemes work by typing these names into your search engine: Fleex, Rapidminers, Cryptomonitor, Micro-BTC, and HashPerium. These promised a large return on investments had inflexible crypto contracts and very unprofessional-looking websites.
Conclusion Cloud Mining 2020
In this review, we answered the question regarding what are the legit cloud mining companies in 2020. Although plagued with scams, the industry is still ongoing, with several; legit options available. We would definitely pinpoint that, although crypto prices are falling, so does the mining difficulty. It is a good time to get into cloud mining, as new players see space opening for them.
tBTC Launches for the Second Time to Bridge Bitcoin and Ethereum
After a failed (but not regretted) attempt, Thesis, the blockchain development company behind Keep Network, has just released the new version of tBTC.
tBTC is simply Bitcoin tokenized in the Ethereum blockchain as an ERC20 token backed by the original Bitcoin. The initiative might seem like another one of the many projects that seek to bring Bitcoin into the smart contract chain. Still, Thesis adds a new -and exciting- ingredient: decentralization.
tBTC is Just Another Bridge Between Bitcoin and Ethereum… But Different
“As far as I know, this release is the first permissionless, censorship-resistant Bitcoin bridge on Ethereum. Anyone can mint $tBTC by connecting to the Bitcoin and Ethereum chains, and no one can censor transactions or redemptions,” said Matt Luongo, founder of Thesis, in a Twitter thread.
This means users can be assured that their funds are not being controlled or guarded by a centralized entity.
In short, tBitcoin is a Bitcoin token with the same philosophy as Bitcoin, with very similar features to Bitcoin, only it runs on Ethereum. Thus, concerns about funds centralization and the possibility of an third party exercising some kind of censorship are addressed, as Vitalik Buterin pointed out:
I continue to be worried about the fact that these wrapped BTC bridges are trusted…..
I hope that they can all *at least* move to a decently sized multisig
— vitalik.eth (@VitalikButerin) August 17, 2020
The demand for Bitcoin tokens on Ethereum is high, especially considering the growing popularity of this blockchain after the DeFi boom. In wBTC alone, a centralized but popular tokenized version of BTC, there are more than 818 million dollars or 77860 BTCs locked up.
A Long Way to Success
tBTC had a rough start. After its first release, a bug that led to the introduction of untested functions into the code led developers to pause the project when it was only two days old. The new version, which Luongo refers to as rc1, corrected this problem and added important improvements over its predecessor:
5/ There are a number of differences between rc.1 and rc.0, which we shipped in May. The big ones are
1⃣ a guarded release, including a supply cap schedule for the first 9 weeks
2⃣ additional audits
3⃣ removing the team’s ability to pause new deposits after 6 months
— Matt Luongo (@mhluongo) September 22, 2020
Luongo and his team are optimistic, but also cautious: To avoid possible damage, they decided to set up a supply cap system that will increase over time to reach the 3000 BTC enclosed. Also, Luongo assured that he would put his investment in the project to have more skin in the game.
Who said that DeFi was not for bitcoiners?
FEW Brings Out DeFi Risks: Ethereum Proponents Caught Planning to Dump on Investors
Airdrops have apparently become the next big thing in DeFi as means of “fair” distribution of tokens of fresh projects.
The first one to really catch the attention of the masses was Uniswap with their UNI governance token. Everyone who used the platform received a minimum of 400 UNI tokens. At the time, many people sold their share to cash in some “free money.”
Another project to do so was MEME Protocol that airdropped around 350 MEME tokens, currently worth about $350,000 to the first few members to join their Telegram group. As CryptoPotato reported, that stack was worth around $700,000 at the peak price of the token.
Today, a bunch of screenshots of conversations between some of the most popular ETH influencers and proponents in what was apparently supposed to be a closed Telegram group shows their plans to create a worthless token with the sole intention of pumping its price. “An experiment,” as they called it.
FEW – Bringing Crypto Back to the Wild Wild West
Crypto Twitter is exploding today with screenshots of conversations between some of the most prominent ETH proponents, such as Anthony Sassano, DeFi Dude, and many others.
The goal was simple – create a group of 50 “smart people,” airdrop a bunch of tokens to them and watch them shill it away. A few screenshots, allegedly from the conversation between some of the members reveal what was going on:
“First we get the members, then we airdrop, then – we figure out what the fu*k we’re doing.” – DeFi Dude said. Not shady at all.
Anthony Sassano was caught saying that they “need people to dump on.” Another screenshot reveals DeFi Dude answering to a message saying, “… and we pump it, legally.” Sure, there’s not much context to this, but is this the expected behavior of people who’re supposedly helping this community move forward?
The group discussed how they intended to do something like MEME because they (or at least some of them) missed it. As CryptoPotato reported, Anthony Sassano was part of the MEME Protocol airdrop as well.
Many of the people involved in the initial FEW 50 explained their actions after the fact. Anthony Sassano said that all of it was a “joke” and urged people not to buy the token as “it’s worthless.”
Further in the thread, he explained that people attacking him “is just shitty… people who know me know this is just my sense of humor and was a joke. But it’s going to circulate and be taken out of context regardless.”
Other members of the first FEW 50 largely expressed the same idea – that it was nothing but a joke.
And here’s what a lot of people have a problem with. Speaking on the matter was Udi Wertheimer, who said:
these GOD-TIER eth influencers were screaming for 2 months about how rich they became farming potatoes
how come they had to burn their reputations issuing some crappy nothingcoin NOW after making trillions of dollars?
or were they LARPing all along? hmm https://t.co/WfPBUpRWJF
— Udi Wertheimer (@udiWertheimer) September 22, 2020
The problem is that most of those people have a serious following and a lot of regular users consider their authority and reputation. Whether they wanted to be in this position of power is entirely irrelevant. Once you get to a point where your voice is heard and listened to, it’s nothing but common sense to be responsible.
Now, Sassano argues that this is the “first” joke that he made, and it will get him “cancel” without actual merits… that people are calling him out without context.
How much context do we really need, though? For me, personally, it looks like a bunch of people with serious influence over the Twitter masses attempted to create something they knew could net a lot of cash, got caught, and are now desperately trying to save their reputation.
If it truly was a joke, why not make it public from the get-go? Why wait for people to leak those screenshots before giving any explanation?
The token didn’t really reach the market, but some people created a fake and listed it on Uniswap – that’s likely irrelevant.
But what if those FEW 50 people went through with everything they planned? What if they created a token that people could purchase? What if they started talking about it on Twitter? What if its price really did explode (as they clearly intended based on their conversation)? What if their airdropped tokens were suddenly worth six figures? What if no one leaked those screenshots?
These are questions that we can’t really get an objective answer to, and each one of us has to make their own conclusions.
Sassano has since said that he burned his tokens to prove that he’s not “going to dump” on anyone.
Since this screenshot is going to circulate like crazy I want to get one thing straight – it was me making a joke when this group was just a few people.
— Anthony Sassano | sassal.eth ⛽ 🏴 (@sassal0x) September 22, 2020
He’s also said that “I was planning to donate any money that I got from it to Gitcoin (believe that or not).”
The most logical question about this is how you’d get any money if you didn’t “dump” on someone?
It’s entirely possible that all of this was a joke. It’s entirely possible that no one of those involved in this actually planned to scam people out of their money. But that’s not what matters.
What matters is the fact that reputable people with serious standing in the community shouldn’t even consider being involved in some shady, behind-the-curtain plays like this one, regardless of whether they think it’s a joke or not.
Transparency is one of the main and inherent postulates of the technology that we’re all supposedly “in it” for. And this goes against it directly.
Worst of all – these kinds of “jokes” set crypto back. It shatters the beliefs of anyone who thinks that we’re out of the Wild Wild West years of the industry when people were single-handedly moving markets. We’re right there in the center of it, it’s just a new narrative.
No one can take away the contribution of most of these people to the field. It’s just that you can’t afford to make jokes of the kind. Or, at least, you shouldn’t.
This article is entirely the opinion of the author.
Equals Takes £3.16 Million in Losses for H1 2020, Focusing on B2B
The Group’s B2C business was heavily impacted by COVID-19 restrictions.
Equals, formerly known as FairFX, has published its interim results for the first half of 2020 ended on June 30, reporting an after-tax loss of £3.16 million. The company was profitable in the similar period of the previous year with £445,000.
However, the forex provider’s loss for H2 2019 was £5.81 million, meaning there was a 46 percent reduction in after-tax losses for the latest year half compared to the past six months.
Finance Magnates earlier reported on Equals’ revenues for the same period, but the latest numbers give a much deeper understanding of the company’s performance.
The total revenue of the e-banking and international payments group stood at £13.8 million. Though, the revenue generated from the B2B streams was £9 million and the rest from B2C businesses.
EuropeFX Now Supporting PayPal DepositsGo to article >>
Compared to the reported numbers from the first half of the previous year, the company’s B2B revenue increased 32 percent year-on-year while the B2C revenues went down by 29 percent. This decline in the B2C business was mainly due to the impact in this sector by the uncertainties caused by the Coronavirus.
Moving from B2C to B2B
The Group also highlighted that it is shifting its focus from the legacy B2C travel money business to the B2B revenue streams.
Additionally, the company pointed out that its international payments business remained resilient in Q3 of 2020 with £3.8 million, compared to the previous quarter’s £3.5 million.
“We believe it is testament to the quality of the business and the resilience of our B2B focused model that we are reporting both an increase in revenue and decrease in underlying expenditure against the headwinds posed by a combination of Covid-19 and the changes forced upon the business as a result of the demise of Wirecard,” Equals Group CEO, Ian Strafford-Taylor said.
“Our revenues continue to grow against this unprecedented backdrop and we have not yet completed our exercise of cost savings which will benefit the second half of the year.”
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