In this article, we will talk about the situation of Cryptocurrency Mining. As we all know that the market situation now is on the downturn and is heavily affected mining. Because the mining profits are less while the price of currencies is also decreased, more than that is the spike of the difficulty cost. At the same time, the huge concern is the intense electricity cost is higher than the income, has caused the unworthy of electricity. Therefore, we will see that a lot of self-home mining gradually unplugging the rigs. Furthermore, this is including medium to big companies that provide mining services either buy/sell hash rate known as ‘Bitcoin Mining Farm’ are facing the same problem. With this factor, many miners cannot afford to pay dividends to the customer and eventually suspended payment.
A case study from Global webiste
source : https://www.genesis-mining.com/pricing
Talking about large cryptocurrency miners that many people may well know, such as Hashflare and Genesis Mining, which based on a cloud mining concept. Where customers can buy the mining power or hashrate and choose the algorithm to mine under the package available. As attached example packages above.
Customers will receive a return, which will be paid in the currency of Bitcoin. However, as we have seen so far, the payback period from user consciousness is not worth it. The contract is usually suspended for the reason for electricity. From last updated payment status on September 29th of Genesis Mining has announced the launch of prepaid package maintenance fees, which will result in customers to receive full money without deducting daily maintenance fees, but this is a sign of insecurity.
Hashlare has a similar concept as Genesis Mining referred from an official announcement of hashflare stated that, during the downturn market, the monthly income from selling contracts of the user has been lower than the operation fees. After the deduction of the service fees, payouts amount of clients went on a ‘No income’ state. Accordingly, the operation status of Hashflare has been suspended the SHA-256 as announced on Hashflare facebook fan page on the 20th September 2018.
Source : https://www.facebook.com/HashFlareGlobal/posts/1743402749046796
Another example of a Cloud Mining website is the Eobot. Eobot is providing packages for clients to choose is buy hash power and mining any altcoins that is available on the website. Clients will receive the payouts as the coin that has been chosen to mine. Clients can then convert to BTC as desired later on. The exchange rate is based on the real time. Hence, it would not be worthy if the market is on the downside. According to the word of mouth of users, the overall status of Eobot payouts has been strugglely paid some. By observing the status of the number of coins that probably does not add up.
source : https://www.eobot.com
source : https://zmine.com
ZMINE use graphics card as the main mining method for mining. Due to the fact that the graphics card is more flexible than the ASICs and can be adapted to the system designed by ZMINE in order to facilitate the optimization of each graphics card, for effective results. In addition, ZMINE also focuses on mining various currencies predicted through systems that have the fundamental requirements of each currency matched against the set value. To earn the most profitable coin when it comes to converting to Bitcoin and payouts to the customer. ZMINE have a team of technicians who will observe and monitor 24 hours a day if there are any problems or downtime. The system will determine the issue location and display on the monitor screen. Therefore, the technician can get to the location and solve the problem immediately. If the device is damaged. ZMINE provides the replacement equipment to replace the damage while waiting for repair or claim to reduce benefits loss for customers.
Moreover, ZMINE has an internal system that designed to reduce the burden cost on customers. By providing an internal mining system, mining pool, mining networks, as well as supplying additional equipment to complete a mining rig. In addition, ZMINE continues to study and develop systems to make this mining model even ‘cost-effective’. In order to maintain confidence for customers. For this reason, ZMINE still able to make the payouts to customers as stated in the company’s policy every month. Although the percentage is even less. Meanwhile, other mining companies will gradually shut down or cancel the payment.
From the rise time of mining, a typical perspective of people about mining was a simple matter that anyone can do. But when it comes to this situation. You have to have a really strong management system to pass this time without having to unplug.
Learn more about ZMINE click! https://zmine.com