Ever since the beginning of human era the most distinctive feature among homo sapiens has been the inquisitiveness. This same feature has been the driving force for the wheel of EVOLUTION.
Digging for the resources has been the most pivotal instinct since primitive times and this could be considered as the most vital element for the sustenance and survival of our community so far.
The art of digging came pretty natural to us and soon we expertized this art in our favour for unveiling some most extraordinary treasures of nature, hidden in its womb!!
With increasing awareness and consistent evolution we soon became experts in this art and termed it as “MINING”, but then Change is an inevitable law of Nature.
Lightning in the Clouds
As we became more acquainted to these valuable resources that nature had to offer us, we transcended to a new height and revolutionized the term MINING rendering new dimensions and definition to the term itself.
With extreme technological advancements we are no longer hooked up with physical mining but rather switched to a very advanced version of mining that is VIRTUAL MINING.
Okay! Let’s intentionally spill the beans and introduce you to the mind boggling concept of CLOUD MINING.
Among all the honky dory of environmental threats and debates on adversaries, traditional mining poses to our climate and habitat. Here we are on the verge of cutting edge technology that has completely re-defined the idea of mining.
The very birth of cryptocurrencies led to a competitive grovel towards mining of these cryptocurrencies.
“Bitcoin being the most prominent amongst them.” refer: Barter to Bitcoin.
Before jumping into cloud mining, let’s understand Bitcoin mining first! Bitcoin mining refers to adding the transactions to the block chain.
Even though it looks like a routine procedure, this decentralized procedure is extremely difficult and complex. Starting from bundling up of transactions and verifying them till such block is added to the Block chain, there are a lot of activities in between.
There are many ways to deal with bitcoin mining – by yourselves or by forming a pool for Bitcoin mining or the latest trend “cloud mining”. Cloud mining saves all the hard work of purchasing and maintaining the Bitcoin rigs all by yourselves.
In fact, it is the USP of the Cloud mining that Bitcoin mining rigs are set up and maintained at a remote facility which is owned by the Bitcoin mining company.
Cloud mining is where the user or customer needs to buy the mining capacity without having any of the mining hardware and software, power availability and bandwidth etc. on their own computer.
Now, to reach for the clouds you need to build your firm base on the ground. So before stumbling on the idea of Cloud Mining, we need to straighten our understanding about virtual mining and the concept of how these virtual currencies are acquired.
By the first footfall of the cardinal cryptocurrency, that is evidently Bitcoin by an anonymous individual or a group of individuals by the name of Satoshi Nakamoto from Japan, the fate of these cryptocurrencies were already programmed. The program dictated that these cryptocurrencies could be obtained through mining of a specific crypto code that is generated by the program itself.
The mining or virtual digging of cryptocurrencies involves decrypting of this encrypted code, however it’s not as sweet as it sounds, the reason being the process of virtual mining involves cumulative rendering of computing powers in gigantic proportions at super-computer levels.
A fair idea of this could be drawn by the fact that all Google servers worldwide represents only 1% of the total Bitcoins mined on the entire earth.
The need for such huge computing congregations is just to decrypt the code fastest. The Miner who is able to solve the puzzle in the first place are awarded with Bitcoins.
Now let us take a glimpse of mining titbits at a micro level, this juvenile concept of virtual currency poses various questions for an ordinary man encountering this technological revolution for the first time.
Establishing this mining setup is a costly affair since it invokes high level of computing power that claims a lot of cost and energy. This involves an array of computing system to generate the power that is competitive enough to match up the pace of the co-miners.
To manage the complete mining affair single handedly was both costly and unviable considering multiple miners with similar computing power. Thus this gave birth to the concept of unifying miners with potential mining powers generating a boost towards virtually excavating cryptocurrencies.
This invokes a huge amount of technological and infrastructural investment. These impediments brought miner to a conclusion of converging the mining powers both monetary and technology wise. This was the very emergence of the concept of CLOUD MINING.
How does it work?
There are three types of cloud mining which are as below:
Hosted mining: Here the user leases the mining machine which is hosted by the cloud mining company.
Virtual hosted mining: Here the user creates virtual private server and install it in his own mining software.
Leased hashing power: Here the user leases the hashing power without having any device like physical or virtual computer. This is the most common type of cloud mining and hence most popular method.
Essentially, the users need to log in to any of the legitimate Bitcoin Cloud mining companies and register themselves as users for cloud mining services. These Bitcoin cloud mining companies will need you to pay you out-front fees for buying the hashing power (giga hashes, mega hashes, etc. as your wallet allows).
Once you purchase the mining contracts from these companies, the mining hardware and software located at remote facilities of these companies will start mining the Bitcoins for you and will be paying you the output regularly.
It is like web hosting, only difference being that you will be receiving Bitcoins in your Bitcoin wallet without any efforts, but just with purchased hashing power. However, keep in mind that some of the companies even charge other fees in addition to the initial payment, which will bring down your profitability and Return Of Investment.
This states an existence of a pool that would act as a pit for all technology and mining enthusiasts to pool-in their respective capacity that can be unified and nurtured into a more efficient mining setup.
This unparalleled concept not only ensures more efficiency but also offers a platform for individuals who cannot manage complete mining rig by themselves but then, they are certainly interested to be a part of this mining venture and looking to put a strong feet forward towards the future of money.
COINOMIA is one among those promising platform that can certainly be your launch pad for rocketing to new heights. A platform that would save much of your hassle to manage hefty machinery, acquire adequate resources and domain knowledge and would provide you a ready to mint (mined cryptocurrencies), CLOUD MINING platform exclusively for you.
“Genius is the gold in the mine; Talent is the miner who works and brings it out.” — Marguerite Blessington
Make Your Choice and Your Choice will make you
Alright so after doing sufficient research the only question we stumble upon is,
Now to reach a decisive outcome for this puzzle would be consideration of the fact that this massive computing power comes with a cost! Cost is not referred to monetary alone but also environmental price that should be the first parameter for our evaluation.
Here we stand on the brink of earth where deteriorating environment is the prime threat posed on humanity, we cannot afford to overlook the fact that these mining equipment consume a prodigious amount of non-renewable energy that is unlikely to replenish in the near future
Hundreds of heat exuding computing hardware need to run day-in & day-out to match up the mining pace. This forges a need of setting up an additional mechanism to provide constant cooling to the palpating rigs beseeching more non-renewable energy in turn.
Thus here arises a need for setting up a harmony among technology & nature.
For this COINOMIA has chosen to stride on a middle path.
Since the beginning of our mining venture in 2014, We acquired some pieces of land in South Asian countries that are vulnerable to maximum Sunlight throughout the year. This serves the purpose of our Solar panels installed for harvesting uninterrupted green energy.
COINOMIA has been extremely selective while setting up the mining sites in terms of adequate height from the Sea level ensuring a naturally cool climate which in-turn reduces the cooling expenses while ascertaining enough closeness to the equator to ripe the maximum out of the plentiful available Sunlight.
Not only geographical but these South Asian mining sites holds monetary advantages as well as the cost of power is comparatively less than the Western world. So even if there is any contingency with the solar power supply we can tap into local power sources at an economical price.
These are some convincing factors that would surely narrow down your choices to COINOMIA.
|Name of the company||Technically speaking||Terms||USP|
|Coinomia||SHA256 with specialized ASIC hardware||Yet to start with Etherium and zcash, dealing exclusively in Bitcoins||Most promising company since 2014, rendering capability to start earning even with 0 investment just by referring;
Acquired Alexa ranking 14238 in just 2 years whereas even renowned site like bitcoin.com could reach upto 14788 in the span of 8 years.
|Genesis Mining||SHA256 with specialized ASIC hardware, Scrypt||Maintenance fees is periodically deducted, slower profitability, exchange is not possible for hash rates||Most popular and legitimate cloud mining company, Lifetime contract, 100% uptime is guaranteed, mining farm at Iceland can be confirmed for its credibility|
|EOBOT||SHA256 and scrypt||Periodic contracts, can not sell the hashing power back to the company||Bitcoin mining can be started with lowest possible amount, claims that clients can break even in an year or so.|
|Nice hash||Various algorithms like SHA256, Blake256, etc.||Uses the order book method to match the buyers and sellers for hash power contracts, needs the user to set limits for hash rate which will ultimately decide the time taken for searching the block ultimately impacting your hashing speed||Hashpower marketplace, claims to have lowest rates, you can get paid for every submitted share or contract.|