Wikicoin Eduard Ezhov

5 Best Ethereum Cloud Mining Sites in 2018

📚 Wikicoin
Is cloud mining really a scam? Or is it just not as profitable as it used to be? However, cloud mining has been working, and here are 5 best services to try it
5 Best Ethereum Cloud Mining Sites in 2018

Cloud mining appeared approximately in 2013 when cryptocurrencies just started to become really worldwide popular. This business is based on ASICs, special hardware, which was invented to mine digital coins with maximal effectiveness. It can ensure a huge hashrate when working with a certain algorithm.

The most distributed hashing algorithm called SHA-256. This is the basis of Bitcoin and many other cryptocurrencies. The first ASICs were made for mining on SHA-256.

In 2018, there are exists many ASICs for different algorithms. They are mass produced and sold, and this is the reason why the network difficulty is growing so fast. Hence, the miners’ income reduces.

What is wrong with cloud mining?

Cloud mining used to be a quite beneficial business for both ASIC-producers and users. Users could get a cryptocurrency, which did not use to be such popular yet, and companies got a regular revenue. It was quite easier to sell the power of the hardware than use it by themselves. Remember, that five to six years ago nobody knew if cryptocurrencies are going to rise. It was very risky to hold them.

The first cloud mining users got really big passive income. At least those who did not sell the coins until 2017, when crypto-industry went up. That was the reason why such services became in demand in a short time.

In 2018, the crypto industry went down, and the difficulty of the network continued to grow. Mining was getting less and less profitable. Hardware did not work as effective as earlier, and cloud-mining services faced some problems. The main problem is that the role of mining had been totally reduced.

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Ethereum mining

If you are familiar with Bitcoin architecture, you should know, that the reward for a block became twice less every several years. Actually, it is not so bad, because the reward is not disappearing. In the case of Ethereum, the situation is much worse.

Vitalik Buterin, the creator of Ethereum, said many times that mining would become useless in the next few years.  Ethereum developers are going to put some new technologies on the basis of the platform. In 2017, Vitalik said that they are about to start using PoS technology for proving transactions. To put it simply, this means that miners will not need huge calculating power to get a reward. The sense of mining will totally change.

Such a long intro is supposed to explain that mining is not a long-term business in 2018. Some services are still able to get you coins, but it is not as beneficial as it used to be. In addition, many companies are turning out a scam, hence such investments are very risky. You can try to mine some ETH with services listed below, but do not invest too much in expecting a big income. This is not going to happen now.

MiningRigRentals.com

MiningRigRentals Interface

The site was registered in February 2015. In the official group MiningRigRentals on Twitter, there is mention that the resource is located in New York. However, nobody can confirm or deny this, since there is no any information in other resources about that. Who runs the company is also unknown.

The service provides to mine cryptocurrency on following algorithms:

  • SHA256,

  • X11,

  • NeoScrypt,

  • X13,

  • Quark,

  • Lyra2Rev2

The service has a good reputation, and if you are going to try cloud mining, this is probably one of the best options. At least you can be sure that you will get your money, even if you obtained less than invested (this is, by the way, is the most likely outcome).

Minergate.com

Minergate Interface

Minergate.com allows you to mine 14 cryptocurrencies, including Ethereum. The service works since 2014, and still keep paying, unlike many other similar companies. The main advantage of Minergate is an app that you can download and set up on your computer. It makes the service more convenient for users.

20Gh/s is a minimum purchase. That is actually not very much, but some sites allow you to buy less power if you want. Although, despite a small revenue, the most popular complaints about the service is that it is not giving you enough statistics about the mining process.

Minergate has a profit calculator that allows you to roughly predict the income. Actually, that is a popular tool, but even independent calculators cannot be accurate in predictions, because there are too many factors. The calculator on Minergate is obviously overstating, so you should not

OxBTC.com

OxBTC Interface

OxBTC.com is a Chinese company that was run in 2014. This is actually one of the best services if we are talking about the cost of the power. There are four cryptocurrencies available for mining here:

  • Bitcoin

  • Litecoin

  • Ethereum

  • Zcash

As you may know, Bitcoin business is illegal in China. This is probably the reason why OxBTC.com only accepts cryptocurrency as a payment method. In addition, you cannot get to some pages of the site outside of China. The service is kind of restricted for foreign users. However, it is still paying, which makes it quite better than many other cloud mining sites.

Nicehash.com

Nicehash Interface

We could not avoid Nicehash in this list. It is probably the most popular Ethereum cloud mining service in 2018. The location of the company is unknown, but the site is good localized and operates in three languages. It has been working since 2014 and still has not turned out to be a scam.

In 2018, many users note that withdrawal is taking a long time. Obviously, the company has problems with scalability. The only available payment method is Bitcoin. You cannot even pay with Ethereum or Dash. In addition, you have to be kind of technically savvy if you are going to use Nicehash. It is totally not for newbies, because you have to be familiar with the main principles of mining to understand how the site works.

Hashflare

Hashflare Interface

Hashflare is a UK-based company that used to be probably the most promising cloud mining service about two years ago. Unfortunately, in 2018 the company is about to lose all of its users and followers.

Hashflare is not just a cloud mining site. It is a big company that produces its own ASICs. That is why many people thought the business would be very profitable. The company has a few data centers and special employees to keep the hardware in good condition. You can even rent a particular machine and pay for the time it is working for you. The problem is that recently the service just stopped paying.

The difficulty of the network became so huge that mining with the existing hardware is not profitable already. It is important to note, that we are talking about SHA-256 coins.

As for Ethereum, it is still available for mining in Hashflare. This is, actually, why I put the company in the first place of this top five list.

They made a mistake with SHA-256 ASICs, but it is still one of the purest mining services in 2018. They have an official FB blog and they do not hide their location and real names. All of this makes Hashflare one of the best options to try Ethereum cloud mining. However, if you are going to invest in cloud mining in 2018, you will likely lose your money even with a good company. This is just not the best way to deal with cryptocurrency now.

Wikicoin
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Coins in Crypto Piggy Bank: Past-ICO Review

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As Internet banks have gained acceptance, so could crypto banks, but are we really ready for a crypto bank now?
Coins in Crypto Piggy Bank: Past-ICO Review

Crypto Bank? Isn’t that just more centralization in a decentralized industry? Short answer, yes. Crypterium bills itself as the first crypto bank that is positioning itself to be the first major crypto bank within the next five years, when the so-called-according-to-the-promo-video crypto-banking revolution occurs.

In the video, Director of Investor Relations Austin Kimm states that traditional banks will still exist, but the crypto platform will offer so much more in terms of instant transactions, few to zero fees, and much fewer regulations in the way people can get loans. While this might have your attention, let’s run the numbers.

Financials

In a very long ICO from Oct. 31, 2017 to Jan. 6, 2018, Crypterium raised $51 mln, surpassing its goal of $47 mln.

The ERC20 token known as CRPT was launched on the exchanges on Jan. 22 at the initial price of $2.02. It subsequently fell quickly to $0.96 by Feb. 5. It continued on a downward trajectory to its current price of $0.51 at the time of writing.

While, this could be an expected downturn for a utility token, according to Kimm, CRPT is a cross between a utility token and an investment token that should, “bring token holders value as the price rises.”

That value has yet to be seen. Despite the plummet in price, the market cap is at $41 mln, but daily trade volumes are paltry at only $448,000. Note, there are currently 400,000 registered users with Crypterium.

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Team: mix of skills

The team has a mix of skills, but most notably in payments, general business and fintech.

Austin Kimm- Director of Investor Relations & Co-founder

Kimm is an experienced CEO in the insurance industry, worked in such regions as UK, Australia, Russia and the Czech Republic. He currently is involved in many side projects related to fintech and crypto as an advisor. He is also the founder of a successfully sold 24-hour fitness club in the UK - Kimm Health & Leisure Ltd;

Steven Polyak- Co-founder & Advisor

He is currently the CEO of ArcPay since January 2018.

Gleb Markov- Chief Operating Officer, Co-founder.

Chief Executive Officer at PayQR International Ltd. Experienced serial entrepreneur in the field of fintech (Bonus Club, OOO Technologii, PayQR International Ltd.), Mass Media (EKinoT - Watch Movies Online, GamePlayTV (Perviy Igrovoy TV Channel), Game-Man IT magazine). He has a wealth of experience in electronic payments, an obvious boon to running a crypto bank.

Vladimir Gorbunov- Financial director, Co-founder.

CEO and Founder of Workle, he is also an advisor to Cryptoindex.io.

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Banking a la crypto

Crypterium will offer patrons the following services similar to a full-scale traditional bank but in the cryptosphere:

  • Purchase and sale of BTC, ETH, XRP, LTC, Dash, XEM, NEO, MIOTA, XMR, etc.

  • International transfers to any bank account, including bank cards.

  • Conversion and exchange between assets.

  • Direct payments for services such as telephone, utilities, fines, loans, taxes, Internet, etc.

  • Automated payments using direct debit.

  • Transaction history data (including sorting services such as filters and payment categories.)

  • Currency operations in fiat.

The technology is all about mobile payments, so no swipe or chip cards needed. However, while this could be a major advantage for some developing companies, Americans still love to write checks and the Germans and the Japanese still love to pay with cash. It will take a long time for mobile crypto payments to catch on. Technology change over is also a major hurdle that prevents tech from taking off, because change costs money.  

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Bitcoin Growth Has Always Been Organic, Why Panic Over Ad Bans?

Bitcoin does not need marketing or glitzy adverts, so why should ad bans effect it?
Bitcoin Growth Has Always Been Organic, Why Panic Over Ad Bans?

 

Two recent hit out at the cryptocurrency market have come from major players in Internet usage, that of Facebook and Google. When these announcements were made, Bitcoin price was affected negatively.

However, it is strange that it happens that way, as, even stated by these companies, the target of the ban is not Bitcoin, and any of the major coins, it is the scams. There are hundreds of dodgy ICOs, coins, scams and other dubious cryptocurrency businesses out there, but it has all but been unanimously agreed that Bitcoin is not one.

In fact, even if Bitcoin was targeted in this ban, it should not have much effect as the growth of Bitcoin over the years has been almost solely organic.

Bitcoin is not the target

In Google’s recent statement on their ban of crypto adverts, they stated:

“This year, we updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).”

While this is a board swipe at an entire market, the goal of the ban is to protect individuals from being scammed by the dubious side of the burgeoning market.

Similarly, with Facebook, they stated that the ban on adverts is aimed at those “not operating in good faith.”

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, many companies are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”

Thus, it is quite clear that Bitcoin is not the target of these beans, and that it has proven itself not to be dubious. It may be risky, but these moves by Google and Facebook are not to mitigate risk, but to protect from scams.

Bitcoin doesn’t even need adverts

Additionally, for those who have been inundated with Google and Facebook ads surrounding the crypto market, when was the last time a Bitcoin ad was seen? The decentralized coin has no marketing department, no content team pushing different campaigns, it is a coin that has garnered its reputation organically.

The Bitcoin brand has grown of its own accord, so, even if there was a ban on it’s advertising, really, there would be no effects to feel.

Still, Bitcoin’s price is taking a hit on this news, but really, it should be seen as positive news because the amount of dodgy and deceitful coins impersonating Bitcoin will be taken down and pushed to obscurity. Tags: Google, Facebook, Advertising, Ban, Bitcoin

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CryptoTips: Four Ways to Store Your Bitcoin

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Since Bitcoin is digital, it’s difficult to figure out how to store in a safe and convenient way. We’ve outlined the four most common types of Bitcoin wallets.
CryptoTips: Four Ways to Store Your Bitcoin

Though written with Bitcoin in mind, many altcoins can be stored in all four ways as well.

Cryptotip #1

Web wallets are probably the simplest and most convenient way to store your Bitcoin. When you store your coins on an exchange, you’re essentially using a web wallet that somebody else (the exchange) has access to. For security, consider a service that does not actually have custody of your Bitcoins. For example, Blockchain.info offers a web wallet whose private key is known only to you. That means they don’t have any access to your Bitcoins. It also means if you lose your logon information, they can’t help you recover your coins. If your computer is compromised, it’s possible to lose your Bitcoin through keylogging or “man in the middle” attacks.

Cryptotip #2

Software wallets are another common way to store your cryptocurrency. A number of these are available, but some are proprietary (closed source). That’s not necessarily bad, but it does mean that some element of trust is involved. For the greatest security, use open-source software wallets like Bitcoin-Qt or Electrum. Always encrypt your wallet and back it up, and make sure you don’t lose your passphrase. If your wallet isn’t encrypted, is encrypted with a weak passphrase or your computer is compromised, it’s possible for hackers to access your funds.

Cryptotip #3

Hardware wallets are among the most secure type of Bitcoin wallet. There are different kinds, but they generally look similar to a small USB stick or keyfob. These wallets store your private seed in a special way that makes it inaccessible to hackers. Hardware wallet makers boast that their wallets are safe to use, even with a compromised PC. Sending funds is as simple as loading a small software program on your PC, entering the transaction information and then confirming the transaction by pressing a button on the hardware device. Hardware wallets, such as the Ledger and Trezor, require you to write down a long sequence of random words when setting up the device. If you ever lose the device, your wallet can be retrieved using those “seed words.” Be sure you keep them in a safe place. Make sure you update your firmware frequently, because both Ledger and Trezor have discovered vulnerabilities and issued patches accordingly.

Cryptotip #4

Paper wallets can be generated using certain open-source programs and will create a Bitcoin address and an associated private key. This information is then printed out or copied down and kept in a secure location. Some users will even go so far as to etch their private keys onto a piece of metal in order to ensure fire-resistance. For those less competent at metalworking, there are devices such as the CryptoSteel which provide an easier way to store your private key in a fire-proof way. Make sure your wallet generator is open-source and trustworthy, and generate your wallet on an offline PC. If your computer is compromised and connected to the Internet when you generate your wallet, it’s possible for hackers to steal your private key.

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Has Storj Really Changed the Principles of Cloud Storage?

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How has the cloud storage disruption ICO fared since raising $30 mln?
Has Storj Really Changed the Principles of Cloud Storage?

Storj is one use of Blockchain that has garnered a bit of attention for its use-case, but how has the cloud storage disruption ICO fared since raising $30 mln?

Being founded in 2014, Storj has become one of the first Blockchain-based projects on the P2P protocol for secure cloud storage. Its ICO organized in May 2017, has successfully ended by reaching the hard cap of $30 mln. The value of the proprietary STORJ token has grown two-fold, and the daily token turnover continues rising.

Despite the fact that some of the team’s plans haven’t been realized yet, Storj holds appeal to the target audience: thousands of people worldwide reap benefits from this platform. Let’s trace the history of its development from the moment of official ICO to the current moment.

The main ideas behind Storj

Storj shakes the organization of cloud storage to its core serving as an open-source, decentralized file storage environment. The fundamental technologies underlying Storj are encryption, file sharding and hash table on Blockchain to organize file storage in a peer-to-peer network. The main aim of developers is to provide rock-solid security of cloud storage without breaking user’s bank.

Project creators have taken off the beaten track to solve the problems of traditional file storage systems like Dropbox and Google Drive:

  • harsh limits of data storage;

  • unexpected outages and poor bandwidth restricting the access to user files;

  • privacy issues – the company that stores user’s files can access them.

To deal with these problems, Storj implements P2P network and establishes a redundant and safe storage of files with the help of decentralized distribution of assets.

STORJ Token: then and now

The token sale was held in May 19-25th, 2017 and ended with reaching the crowdfunding goal of $30 mln. 500 mln tokens (25%) were sold at the rate one STORJ = $0.5. Today one STORJ equals $1.04709.

Contributors managed to receive minor returns since ICO. The initial token price has grown twofold, and it gained value towards ETH and BTC:

  • 2.09x – USD

  • 0.62x – ETH

  • 0.59x – BTC

Daily STORJ token turnover is $12,995,300.

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About STORJ Team

Storj is a US-based team that includes about 30 members (opposed to 18 at the beginning of its history) and was founded by Shawn Wilkinson and John Quinn. Recently, the former Docker CEO Ben Golub has joined the company as a new Executive Chairman to kick things off and promote further growth. Since Storj is an open-source platform, it’s being steadily improved and developed by tens of users from GitHub and other third-party contributors. Besides, farmers from all over the world share their hard disk space, which allows for network growth with minimal overhead.

STORJ Development Path


In the presentation published in November 2017, Storj team has provided a roadmap with the plans for the nearest future, as well as more long-term goals. Let’s check which of them were implemented:After the main token sale, the project has been evolving at a moderate rate. Today, the number of users and farmers must have slightly increased, though there are no statistics concerning the current amount of API users. In March 2018, the farmers shared 150,000 nodes in more than 200 countries and territories.

·   Automated Farmer Payouts– the payouts aren’t instant yet and are distributed on a monthly basis.

·   Streaming– not introduced yet.

·   CDN– not introduced yet.

·   Multiple bridges– not implemented yet.

·   Private cloud FTP service– was introduced.

·   Improvement of business formula– today, it’s pretty simple: the users rent storage space paying for bandwidth to farmers providing hard disk space.

·   Farmer score displayed in Storj Share– launched in March 2018. The new algorithms of farmer ranking and node reputation were introduced. Farmer reputation is shown in Storj API.

·   Better resource management– recently, Exchange Reports were introduced to check whether file transfer was successful or failed. That helps for ranking farmers and the facilities provided by them.

·   NAT Traversal– was introduced recently.

Shifting from Bitcoin to Ethereum Blockchain was a step in the right direction: it allowed for better transparency and reliability of operations. The team is also going to offer better mobile device support, basic and extended user permissions and dynamic scaling.

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What Storj offers to solve the problems of cloud storage security?

The main technology that made Storj stand out from the crowd is file sharing: this is a zero-knowledge cloud platform that distributes data over multiple storage nodes and doesn’t let node owner see neither the file nor the file type. Reed-Solomon erasure encoding breaks the files into shards (a file can be re-created from only half of its shards) that can be stored across multiple nodes and be additionally backed up on other nodes.

What drives the development of the platform is not team’s effort, but rather collective farming: thousands of contributors from all over the world share their hard-drive space for reward in STORJ tokens. Theoretically, this approach can make Storj one of world’s biggest storage platform without even maintaining a data center. However, it’s unlikely to outperform the industry giants like Amazon Cloud– industrial servers and data centers are simply more redundant and advanced than storage environment provided by individual users.

Bottom line

After the ICO, Storj has experienced a slow growth, though it has the potential for development, which is proved by the fact that it earned endorsement from online digest creators. It has been enlisted in the Top 10 Hot Storage Startups, labeled as a 100% malware-free solution by Softpedia, and included in the list of ‘10 cryptocurrency startups to watch in 2018’ by Tech Startups.
Apparently, Storj is behind the time when it comes to implementation of new technologies they promised to leverage. Probably, project creators need to reinvent their business model and change the strategy of development. Even an open-source project cannot evolve with the effort from third-party contributors only: the official dev team should be extended to boost the speed of technology elaboration. What the platform lacks for sharpening its competitive edge is strategic partnerships that would attract potential customers and provide creators with expertise.

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WE Gonna Teach You Blockchain !

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