Wikicoin Alex Morris

Is Cryptocurrency Dead? Why Are Bitcoin and Altcoins Hitting a Snag?

📚 Wikicoin
While the bearish market is reigning supreme, U.Today tries to determine whether this is the end of cryptocurrencies. What’s the reason behind the downtrend?
Is Cryptocurrency Dead? Why Are Bitcoin and Altcoins Hitting a Snag?
Contents

A new yearly low

Is crypto dead? What is happening to cryptocurrencies today? Bitcoin’s turbulent week has recently been on everyone’s lips — the flagship currency has dipped to a new low, and news outlets are struggling to keep up with Bitcoin’s dramatic plunge, which is already poised to be the third biggest sell-off in history. That means that the king of crypto lost almost 80 percent off its December’s high. This marks Bitcoin’s worst string of losses in its whole history. The most concerning fact is that there is no clear indicator of what caused this dramatic crypto rout. Last time such a major sell-off happened, the Mt. Gox exchange, the biggest cryptocurrency exchange at that time, was hacked, causing a frenzy in the cryptocurrency market.

At the time of writing this article, Bitcoin is still struggling to breach the $5,000 mark. As a result of this crypto rout, more than $50 bln of Bitcoin’s value has been wiped off in a snap.

A new yearly low

Last Thanksgiving, the phrase ‘Should I buy Bitcoin?’ was probably one of the hot topics during family dinners. CNBC has recently estimated that Bitcoin is down by more 45 percent since last November. On Nov. 20, the flagship currency hit its 14-month low of $4,048. Steve Ehrlich from Wall Street Blockchain Alliance claims that many ordinary people who earlier felt dismissive about crypto started experiencing FOMO (‘fear of missing out’) when Bitcoin became part of pop culture.

Altcoins are experiencing the same woes

Bitcoin Cash fork turns messy  

After Bitcoin kissed goodbye its new ‘stablecoin’ status, falling down below the $5,000 range, many altcoins followed the same trend. Bitcoin Cash (BCH) even ceded ground to Stellar Lumens (XLM) that subsequently became the fourth largest cryptocurrency by market capitalization. However, this doesn’t mean that XLM wasn’t affected by Bitcoin’s downfall — its market cap lost nearly 300 million in the nick of time. It’s just that Bitcoin’s offspring, which recently underwent a hard fork, turned out to be such a weak competitor. At the time of writing this article, Bitcoin Cash regained its fourth place, but the gap between the two currencies is not significant, which means that they will continue seesawing until the market settles.

Ethereum is inching closer towards double digits

Still, there was another major development on CoinMarketCap: XRP dethroning Ethereum as the second biggest currency. The battle for second place on CMC is nothing new — XRP already dethroned Ethereum back in September during its unprecedented surge caused by the xRapid rollout. This time, however, XRP is firmly holding grip, surpassing Ethereum’s market cap by more than $3 bln. At press time, Ethereum is sitting at $134.90, but there is a looming possibility that Vitalik Buterin’s creation, which was once predicted to make Bitcoin obsolete, may indeed test double digits if this negative trend continues. The fact that Ethereum had the sharpest drop is not quite surprising — as U.Today reported earlier, Buterin doesn’t rule out the possibility that Ether could become worthless.  

Ethereum is inching closer towards double digits

Altcoins remain in the green, refusing to die     

Going beyond the top 10, one can notice that CMC has already listed more than 2,000 coins. Does this milestone mean that the market is booming? Well, not exactly. As CNBC reported earlier, there are more than 800 dead cryptocurrencies that are worthless and abandoned. Moreover, only a minor share of coin offerings managed to exceed their initial valuation.

Still, at press time, some top 100 altcoins made sizable gains over the last 24 hours with Aurora (AOA) being the biggest gainer.

Altcoins remain in the green, refusing to die    

Possible reasons behind the collapse

It might be challenging to grasp what was behind the decline as the whole cryptocurrency market remains in the doldrums.

In a recent article, Fortune determined three main reasons why Bitcoin keeps struggling, and why cryptocurrency investing is becoming less popular:

  1. While relations with the SEC haven't been exactly smooth, it got past the boiling point on Nov. 16 when the US-based securities watchdog cracked down on two ICOs that operated without obtaining a license. Many believe it's only a stepping stone to further regulatory clampdown. The Bitcoin craze led to another phenomenon known as the ‘ICO bubble’ when numerous startups raked in tons of money while having nothing but a white paper.

    Possible reasons behind the collapse
  2. The Bitcoin hard fork. The hard fork didn't bring anything good to the table. While forking seems like a mundane practice in the crypto space, the messy fork still dominated the news cycle, supposedly being one of the driving factors behind the recent crypto rout.

  3. The decline in cryptocurrency mining. Such giants as Nvidia and AMD already jumped the ship after releasing quarterly earnings reports that showed a sharp decline in the cryptocurrency sector. While the timing of these reports doesn’t exactly coincide with the recent crypto rout, it is just another match that ignited the great powder keg.

Finally, there is also the opinion that cryptocurrency market is simply showing its true colors, playing into the hand of the many crypto doomsayers who still believe that Bitcoin doesn’t have any value.

The drop in price could only be the tip of the iceberg

Notably, there was one currency that performed better than its competitors — XRP. Actually, the coin, which is constantly slammed by critics as too centralized, even managed to bounce back in the middle of the bearish trend. This is not necessarily a good thing for Bitcoin, the very first decentralized digital asset. The reign of centralized currencies in the likes of Ripple may shoo away institutional investors from Bitcoin (the recently announced delay of Bakkt’s Bitcoin futures could be the first warning sign). The main power of Bitcoin consists in in its decentralization, but the world of crypto, ironically, is getting more centralized. Obviously, the fact that decentralized cryptocurrencies are crashing doesn’t help, and it might be an indicator that the completely decentralized financial system will remain nothing but a pipe dream of ardent Bitcoin evangelists.   

Here’s what industry bigwigs are saying

Traditionally, November is a bullish month for Bitcoin, but the current bloodbath shows that it’s rather unlikely that 2018 will follow suit.

According to Forbes, cryptocurrency trader Altcoin Thoreau believes that this is not the end of Bitcoin’s decline, and a further drop is expected since the bottom hasn’t been reached yet. Speaking of short-term predictions, he states the prolonging bearish trend that started right after Bitcoin reached its peak, may continue up to 2020 (until the Bitcoin halving). Meanwhile, he also believes that there are several catalysts that could propel the market’s growth. There are high hopes that Bakkt, an ICE-backed cryptocurrency trading platform, will be a boon for the market’s further growth. However, the CEO of Bakkt has recently made an announcement about the postponement of the much-anticipated Bitcoin futures launch. Binance’s CEO Changpeng Zhao also recently made an appearance on CNBC’s Crypto Trader, claiming that they are ‘not really’ worried about the market woes — they are still profitable, and there will be a catalyst for a bigger market growth.

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Sooner or later, something will trigger it,” CZ said      

Meanwhile, Arthur Hayes, the CEO of Bitmex, doubles down on his bearish prediction, claiming that Bitcoin may plunge even lower. Just like Thoreau, he is certain that the trend will continue in 2019, and BTC testing the $2,000 range is a viable possibility.  

Even amidst the cryptocurrency market crash, there is also a place for bullish predictions with Adam Back, who spearheads Blockchain startup Blockstream, claiming that Bitcoin could reach a whopping $500,000 if a flippening scenario between Bitcoin and gold translates into reality. That forecast was made in response to Charlie Lee who earlier drew parallels between Bitcoin and gold.

Still, these predictions are very far-fetched, and given that Charlie Lee is the brother of a well-known crypto permabull Tom Lee, these predictions should be taken with a grain of salt. Tom Lee already had to lower his year-end Bitcoin prediction to $15,000 ($25,000) since the current market sentiment doesn’t look promising. The same goes for Mike Novogratz who was recently ridiculed on Reddit for not being consistent with his predictions.    

Of course, the infamous crypto baron John McAfee who earlier made an outlandish claim that Bitcoin will hit $1 mln by 2020, stands his ground, asking everyone to ‘relax’ and wait for a glorious ‘winter’ since this bearish market seems like a mundane situation, judging by his own experience.

Somehow, Bitcoin always stays there (and some people can’t stand it)

Does all this turmoil mean that cryptocurrency is dead? Not exactly. Since Bitcoin is basically a utopian idea that turned into a billion-dollar industry overnight, everyone and their uncle have already called it a ‘Ponzi scheme’ and predicted its demise. The rejection of Bitcoin ETFs, Goldman turning its back on Bitcoin and finally the recent drop in price are all supposed to be the sign that BTC will never recover from its current predicament, and cryptocurrency naysayers in the likes of Nouriel Roubini are certainly having their field day.

Somehow, Bitcoin always stays there

Let’s recall the 2011 article written by Tim Worstall that states how Bitcoin will never go mainstream due to its extreme volatility and numerous issues connected to its liquidity and security. The article was published when Bitcoin was trading at $15.5 — now it’s at $4,500 (even considering the recent decline in price, that’s almost a gargantuan increase). Of course, that’s not an attempt to poke fun at Worstall and his ludicrous predictions — there have been hundreds of articles with the same connotation over the last seven years that try to diminish the cryptocurrency future (even the Economist came up with a 24-page piece on how Bitcoin is inherently useless).

Will cryptocurrencies crash? Of course, such a possibility exists, but it pertains to any industry in the world. Think that Bitcoin is a bubble? Take a look at a myriad of Silicon Valley startups that were deemed to fail from their very inception, but you won’t see any articles (or at least very few of them) about the global tech industry coming to a head. While the nascence of Blockchain that its number one use case could be the reason behind this ‘bias’, the relentless slander directed at cryptocurrencies represented the attempts of traditional economists to remain relevant in the world that is inching closer towards decentralization. Blockchain is on track to reshape many industries (from healthcare to real estate), making any intermediaries obsolete.

The bottom line

If you are a run-of-the-mill investor, you should take everything you read on the Internet with a grain of salt since there is too much bias, depending on who’s side you pick. As the cryptocurrency market is losing billions, Bitcoin critics are rejuvenating, but cryptocurrency evangelists believe that investors shouldn’t be deterred by the prolonging bearish trend, bracing themselves for a great influx of institutional money. The same pertains to the majority of other altcoins that usually follow Bitcoin’s lead.    

One thing is certain: the market is inching closer towards greater centralization and Bitcoin is losing its main power, which completely contradicts Satoshi’s vision.

Decentralization

Wikicoin
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Patrick Thompson

Robinhood Launches Cryptocurrency Trading

Robinhood trading app has launched their cryptocurrency trading service.
Robinhood Launches Cryptocurrency Trading

In a blog post that came out today, Robinhood trading app announced that cryptocurrency trading was now being gradually rolled out to California, Massachusetts, Missouri, Montana, and New Hampshire users. The launch comes one month after Robinhood announced that they would be adding cryptocurrency trading to their exchange.

Currently, only a limited number of users have access to cryptocurrency trading on Robinhood and they are only capable of trading Bitcoin and Ethereum. In a statement Robinhood released in January, Robinhood mentioned that cryptocurrency trading will be accessible by more users and more coins would be tradeable in the future. Although cryptocurrency trading is not available to all Robinhood users at the moment, every Robinhood user has the ability to track 16 cryptocurrencies through Robinhood – Ripple, Litecoin, Dogecoin, and Bitcoin Cash being a few of those currencies.

In addition to the cryptocurrency trading announcement, Robinhood announced a new communication service that allows users to discuss cryptocurrency; Robinhood’s “Feed” will allow users to discuss news and market swings. Robinhood says Feed is already available for a limited number of users and that the platform will evolve based on user feedback.

Although Robinhood’s cryptocurrency trading is up and running, it does not allow users all the abilities they would have on a cryptocurrency exchange. Robinhood currently does not allow users to transfer their existing coins to Robinhood to trade; Robinhood does this to prevent money that was illegally obtained from entering the Robinhood exchange. Robinhood also does not allow their users to withdraw their coins, however, the company says they plan to allow users to withdraw their coins from Robinhood in the future.

Over 1 mln users have signed up for early access to Robinhood’s cryptocurrency service. On the Robinhood trading app, users can buy and sell Bitcoin and Ethereum commission-free.  Upon mentioning plans to implement cryptocurrency trading, Robinhood’s user base grew to 4 mln users.  This means that the 1 mln users in line for early access to Robinhood’s cryptocurrency trading service represent 25 percent of Robinhood’s entire user base. The day Robinhood announced they would be providing cryptocurrency trading services on their platform – Jan. 25, 2018 – Bitcoin price was $11,600. Today – the day Robinhood launched their cryptocurrency trading service – Bitcoin price has dropped to $9,924.

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Thomas Hughes

The Crypto Market Is Going South. Ethereum Is No Exception

Christine Lagarde stated that central banks should “consider the possibility to issue digital currency”
The Crypto Market Is Going South. Ethereum Is No Exception

Christine Lagarde, the Managing Director at the International Monetary Fund, stated during a speech at the Singapore Fintech Festival (Nov. 14) that central banks should “consider the possibility to issue digital currency.” She also mentioned that despite being “not entirely convinced” of the benefits of cryptocurrencies, there may be a use for government-backed tokens.

These Central Bank Digital Currencies (CBDCs) would aid “financial inclusion,” “security and consumer protection,” and “privacy in payments.” Whether or not this will have an effect on the current crypto market remains to be seen; in the meantime, all major digital currencies are dropping, Ether included.

Charts at a Glance

Charts at a Glance

ETH/USD was trapped between two trend lines, but now it seems like a clear direction has been chosen, at least for the short term. The pair has dropped 8 percent during the last 7 days and broke below the bullish trend line, so the next destination is most likely the support zone around 190 – 192.

If the pair reaches the mentioned support zone, I expect to see a bounce for two separate reasons: the level acted as strong support last time it was touched, and the Relative Strength Index is already below its 70 level, indicating oversold. A return above the bearish trend line would invalidate this scenario.

Support zone: 192 - 190

Resistance zone: 205 and both trend lines

Most likely scenario: drop into support followed by a push higher

Alternative scenario: break above 205 without a touch of support

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Coinbase’s Achilles Heel: Customer Service

Opinions
In the beginning there was Coinbase and not much else...
Coinbase’s Achilles Heel: Customer Service
Contents

If you plan on going into the business of handling other people’s money, then you would better have a strong focus on customer service, because if people can’t get their money, then there will be hell to pay. I can speak from experience.

First crypto exchange

Coinbase was the first exchange that I used for cryptocurrency. It was referred to me by a friend, it was quick and easy, and most people were using it, so it was trusted. I used it for almost a year without a problem except for the Bitcoin Cash caper, that is a story for another time, until just this past week, when I made a withdraw to my bank account.

Now, let me preface the story with the following: I routinely make withdraws from my crypto wallets at Coinbase and use ACH transfers to my bank account. Since December, the time to do this has decreased from almost nine business days to one day, despite the emails saying it could take between two to four days for the transfer to complete. Therefore, I knew it would only take one day.

Transfer gone awry

I made the transfer on a Friday in the morning and I expected the money to be there in the afternoon. The afternoon came but the money did not.

I thought, well my bank is always lazy on Fridays and pending transactions never clear until Monday sometimes Tuesday, another thing to get me up on the soapbox. It was the weekend, I decided to wait it out. Monday came and went and there was nothing.

On Tuesday, I called my bank, thinking the problem was on their end; however they had no incoming transactions. The problem is coinbase. I thought to myself, great, I heard all the horror stories about their customer service. I called and was baffled that phone support does not handle issues like missing funds. When money goes missing, I am sure you want to talk to a person on the phone, am I right? I mean my transfer never arrived, I want answers and I want them now. So, I sent the email to support. To my surprise, I got an email a few hours later. It read:

Hi, Eric.

I’m very sorry for any trouble with this.

When you place a sell order or withdraw USD to a US bank account, the money usually arrives within 2-4 business days.

Again, I apologize for the trouble. Thank you for using Coinbase.

Regards,

Coinbase Support

That seemed rather copy paste. I wanted specific facts and dates. I pressed on and sent another email inquiring further. Coinbase responds, unbeknownst to me at the time it would be the last response I received:

Thank you for your message.

I sincerely apologize for this inconvenience.

Based on our records, your transaction is currently in process and it should arrive within 2-4 business [days] from the time that you have initiated the withdrawal.

Thanks for your patience.

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Poor excuse for service

So tell me something I didn’t know before? Ok, so I gave it till the end of the week and it never showed. I followed up with several emails and never received a response. Oh, I performed another transfer and it went through in one day. My money is clearly missing and Coinbase doesn’t seem to care about it one Iota.

For the time being, as Coinbase rides the wave growth they can hide behind the billion in revenue they make, but it only takes one mistake that is not rectified to lose a customer, and there are finally more alternatives to Coinbase out there. If Coinbase continues to have this terrible customer service, then it is going to lose customers to other exchanges, just as it lost me, and soon my friends, too, who stand in solidarity with me.

A word of warning

When you manage other people's’ money and you lose it, you better make good and pay it back, otherwise, you lose credibility and customers. Goodbye, Coinbase!

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Past-ICO Review: POS and Failing Fiats Dive Company Success

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More options to pay with crypto are coming with software and hardware
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One of the major problems that cryptocurrencies have been facing is how to transact quickly and how to buy things in the physical world. For example, in the US the banking sector is very slow compared to crypto, it takes usually one business day for transactions to settle and if it happens over a weekend, then you are waiting until Monday. There are several other companies out there, which are offering debit cards and crypto accounts that can be used to make purchases in the real world. Pundi X is one of these companies. It has a POS terminal and a “credit card” that will allow users to transact instantly. The token is ERC20 and also connected to NEM, due to the high use of NEM in Asia, where the company is based in Malaysia.  

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Financials

On Jan. 21, 2018, Pundi X had its ICO, which lasted 90 min and raised $35 mln. Its token entered the market at $0.0001023 on March 22. The price climbed up to $0.01532 on May 14 and then dropped before climbing up again to $0.015259 on June 17 before, suffering at the hands of the bear market and crashing down to $0.001921 at the time of writing. Despite the fall in token price, the market cap has skyrocketed to $182 mln.

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Team

Zac Cheah- CEO & Co-founder

Cheah is the former W3C Chair of HTML5 Interest Group. He was a scholarship recipient at Sweden KTH for an M.Sc in computer science and Norway NTNU for an M.Sc in Security. Cheah spent 12 years in tech in the browser and mobile gaming market. Despite working in the game industry, he has assembled a strong team to meet the needs of the company in terms of tech development, payments, finance, and banking.

Pitt Huang- CTO/COO

Huang is an entrepreneur who sold his first Groupon-like company at the age of 25. He has started and sold several businesses, including a 200 person company. Huang studied a B.Sc Engineering at Xi’An Polytechnic University.

Constantin Papadimitriou- President

Papadimitriou has 17 years’ experience as founding CEO of two Indonesian fintech companies- Infinetworks and E2Pay. He has an M.Sc in Computer Science from Purdue University and B.Sc Computer Science from the University of Tulsa.

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Tech

Besides developing a Blockchain, the Pundi X is also building the POS hardware and “credit cards” to go along with the system. There are several payment terminals available from the company to buy, sell, and take payments for crypto in exchange for goods.

The technology seems appropriate for what Pundi X is attempting to do, and the delivery of thousands of POS devices shows that there is substance behind their efforts. Recently, the Pundi X blog just announced the following:

  • The Pundi X POS is set to make its debut in Colombia and South America following the signing of a distribution partnership with Colombian investment fund Manticora Capital.
  • One thousand Pundi X POS devices will be progressively rolled out across Colombia over six months to a specialist, general retailers, and hospitality businesses by Manticora Capital, which has its headquarters in Medellin.

The entire team has substantial experience in both technology and finance, which has been helpful to the start-up. With partnerships in place, and the hope for larger partnerships to be forged. Pundi X has been very successful so far and are delivering on their promises. It appears that they are on track to hit the Q4 goal of delivering 20,000 POS units, with the expansion into South America and the Q1 2019 goal of having 50,000 units in service. It is finally nice to see a company achieve success in the hard-hit cryptosphere.

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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
Contents

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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