ViaBTC's Cloud Mining Service Receives Mixed Response – newsBTC


A Bitcoin mining pool which supports Bitcoin Unlimited has lately been criticised for offering cloud mining services.?

ViaBTC, as the company is called,?has lately announced that it will allow more people to join its Bitcoin mining pool in return for small investments in its mining equipments. On the other hand, ardent Bitcoin Core fans, who have already shown their displeasure with the Bitcoin Unlimited proposal, have turned themselves against such services.
ViaBTC?claims that it has set up a 2.4 PH/s data center running on Bitmain?s AntMiner S9 mining equipment. The total hashing power of ViaBTC?s cloud mining infrastructure can be bought by individuals and companies to be a part of the Bitcoin Unlimited mining community, and gain a portion of the mining rewards as a return on investment. However, the Bitcoin Core followers haven?t taken this development lightly. Some have even labeled the ViaBTC?s cloud mining service?as a scam. ?
Scams aside, cloud mining is an attractive way to encourage more participation in cryptocurrency mining operation while offsetting the overhead costs of running a data center. Interested miners can invest a small amount to buy hashing power from the cloud mining infrastructure provider, thereby saving themselves from the hassles of buying and maintaining mining hardware. It is much more affordable for the users and the operators recover a significant portion of their infrastructure costs through the sale of mining contracts. While in theory, it is one of the best options for mining cryptocurrencies with higher difficulty levels (like Bitcoin), few rogue operators have given the whole sector a bad name. ?
In order to ensure the interests of the mining pool is protected, ViaBTC has announced that the redemption of miners and change of mining pool is not possible for contract holders. Once the sale of ViaBTC cloud mining contacts picks up, the support for Bitcoin Unlimited is also expected to go up, strengthening its position against Bitcoin Core.??

Ref: ViaBTC on Medium | Qntra | Image: NewsBTC

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Gautham has an eye for anything new. He has been part of multiple startups and his current project focuses towards the social good sector. An entrepreneur, engineer and enthusiast (bitcoin, of course), he has been moonlighting as a writer for multiple publications and currently writes at NewsBTC. Find him on twitter as @gautham_n and on facebook at /gautham.nm


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