It is evident the bitcoin ecosystem is divided into two camps right now. On the one side, there is Bitcoin Core, the primary branch of cryptocurrency development. But do not discount Bitcoin Unlimited, as the concept is gaining more traction every week. ViaBTC, one of the newest mining pools, decided to launch a cloud mining product. As one would expect, this means customers will support Bitcoin Unlimited mining.
A Smart Move By ViaBTC To Up The Ante
Not too long ago, ViaBTC became one of the fastest-growing mining pools in Bitcoin history. Even though they support Bitcoin Unlimited, a lot of miners switched over their hardware to this new pool. However, the hash rate has dropped off recently, and it seemed people were flocking back to other mining pools all of a sudden.
Now that ViaBTC has launched their own cloud mining product, the game will change yet again. All cloud mining contracts run on Antminer S9 hardware, as it is the most energy-efficient Bitcoin miner to date. A total of 2.4PH/s is available for purchase, a number that will increase as new hardware comes online.
Units are sold as shares, where every share represents 1TH/s. This means a total of 2,400 shares will be made available for this first batch. Every share is subject to 100W power consumption, costing 0.84 CNY/day in fees. Additionally, there will be a management fee of 6% for all mining income. Speaking of which, the income is generated based on PPS+, which is not affected by the operational conditions of mining hardware.
Cloud mining is a very risky business, as it can become unprofitable to mine Bitcoin overnight. ViaBTC plans to terminate all contracts if there are zero yields for ten consecutive days. If the contract had not expired by then, ViaBTC would redeem all contracts priced with the remaining value of its miners. That said, all hardware will remain the sole property of ViaBTC, though.
According to the blog post, every share is priced at 0.21 Bitcoin. Mining earnings are paid out every single day and sent back to the wallet address from which the original share purchase is made. This means customers should refrain from using an exchange portfolio or any other Bitcoin service they do not have the private key to.
While this may seem like just another cloud mining option, ViaBTC is taking a very smart approach towards getting more support for Bitcoin Unlimited. Every block mined by the pool will increase the adoption of Bitcoin Unlimited. With a dedicated cloud mining offer, ViaBTC can quickly become one of the largest mining pools in the coming months.
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