Emerging cloud server cryptocurrency mining service Splitt's rapid growth
Recently launched cloud server cryptocurrency mining service, Splitt is now making the heads turn in the global crypto community. Designed to make cryptocurrency mining user-friendly and safe for all, Splitt has secured an investment of well over $5 million from more than ten thousand investors over the last three months.
Splitt, a recently launched cryptocurrency mining service equipped with a cloud server, is now taking giant strides towards becoming a highly preferred choice amongst the crypt mining enthusiasts around the world. Following its mega launch in August, Splitt has done well to secure close to one hundred thousand users and ten thousand investors in less than three months. Official sources have revealed that the company has already received an investment of more than five million for further development of the business.
As a result of drastic increase in the number of miners, bitcoin mining has become extremely competitive these days. Along with this growing competition, the bitcoin network has increased the difficulty level of solving the puzzles. As a result, it has become necessary now for the miners to up their game to stay in the race.
The crypto cloud of Splitt meets these challenges by offering mining services with ASIC integrated chips. This is considered to be the latest breakthrough in crypto mining because it is faster compared to the traditional GPU and CPU mining, and consumes less power. Splitt cloud mining requires no specialized hardware as it utilizes shared processing power from data centres.
Thousands of users have recommended Splitt as their crypto mining alternative because of the following features.
- Flexible multi-algorithm cloud mining
- No pool fees, no waiting for equipment and no system crashes
- Hashpower is purchased and is retained for the whole contract duration.
- Dedicated to transparency and discloses everything to the public
- The company can be located easily and its representatives attend a number of events regularly
- Mining a number of different cryptocurrencies from scrypt and proof of work algorithm coins as well as ASIC and GPU...
What a Crypto Mining Scam Looks Like
Whether it’s Power Mining Pool today or Bitconnect yesterday, the crypto space is festering with parasitic scams and opportunistic swindlers. The conditions are ripe for them and there’s money to be made.
Among the dangers, Bitcoin mining scams are a tough one to identify and parting the good from the nasty can be tricky. Mining scams are wrapped up in an already technically demanding task of Bitcoin mining. They are billed as a consumer-friendly method for building exposure to Bitcoin mining, and when run like this, they really do provide value for investors looking to diversify.
Legit Bitcoin cloud mining pools are too often buried in search results and outranked by throngs of fly-by-night operations. Finding the legit pools can be a tall order and require sifting through Reddit posts and Bitcointalk forum entries.
With that said, there are legit mining operations out there. As always, do your own research and stay skeptical as we settle and develop this wild frontier. For now, let’s take a look at what a crypto mining scam looks like to hopefully better prepare us to identify the key red flags.
Cloud Mining Pools and Ponzi Schemes: A Match Made in He….
Let’s take a moment to clear up what a cloud mining pool is and why they attract Madoff-like Ponzi schemes faster than ants at a picnic.
What’s a Cloud Mining Pool?
A cloud mining pool is the most hands-off version of crypto mining you can get. They allow a participant to rent or lease hashing power not directly owned by themselves. The rented hashing power is then pooled and paid out proportionally to the members (after fees and operational costs).
A traditional mining pool instead requires participants to supply their own hashing power and pool it with other miners. The participant owns and operates their own hardware and contributes to the pool’s overall hashing power.
The critical difference between a cloud mining pool and a traditional mining pool is the ownership of the hardware.
Cloud mining: you don’t own the hardware (hashing power).
Traditional mining: you own hardware (hashing power).
Why pool at all? In short, block rewards become more difficult to obtain as overall hashing power of a particular blockchain increase.
Take Bitcoin as an example. There was a time in Bitcoin mining when a standard CPU could mine whole blocks itself. Gone are those days. Bitcoin mining is now big business with plenty of stakeholders leveraging their resources into the security of the blockchain.
Miners with serious hashing power make it improbable for small miners to reasonably expect block rewards. Their hashing power is just not enough to compete.
The solution: gather together all these smaller players and pool their hashing power. Miners in a pool no longer compete for blocks of their own, instead, they work together and proportionally share the booty.
What’s a Ponzi Scheme?
It’s theft, let’s just clear that up. If you’re in a Ponzi scheme you are either being robbed or doing the robbing yourself.
A typical Ponzi scheme involves enticing participants to invest their money into a fund or investment strategy that has seemingly guaranteed returns. In reality, and with variation, the returns are not gained by real-world trading or superior business acumen. Conversely, new investments to the funds are distributed around existing investors and represented as market returns.
Ponzi schemes require a constant flow of new investment to keep the machine moving. Once things fall apart or new investment slows, the scheme is often revealed for what it is. In the world of crypto Ponzi schemes, a collapsing Ponzi scheme is followed by a hasty exit scam.
Keep in mind that Ponzi schemes thrive in times of economic expansion and speculative bubbles. Capturing collective optimism is pivotal to its success. Bitconnect is a choice example of the market fervor getting the best of investors.
Identifying the Red Flags of a Cloud Mining Ponzi Scheme
Firstly, the duck test. If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.
The duck test isn’t scientific by any standard but can be used to leverage your gut feeling to identify early warning...
Plattsburgh New York considers rolling out tougher rules for crypto miners
Plattsburgh, New York, is considering bringing in stricter requirements on commercial cryptocurrency mining farms operating in the city.
Patrick McFarlin, a councilor of Plattsburgh's Common Council, proposed a new law last week that aims to introduce "zoning regulations" for commercial crypto mining activities. According to an update from the council Friday, a public hearing will now be held on Oct. 25 to determine whether to follow through with the proposal.
The suggested zoning rules cover a variety of categories such as fire safety, heat, nuisance abatement and special use permits. If approved, crypto mining farm operators in the city would immediately be required to keep the ambient temperature inside their facilities within 120 degrees Fahrenheit (48.8 degrees Celsius) at any time.
Should the average daily temperature outside the facilities be less than 40 degrees F (4.4 degrees C), mining farm operators must ensure that "no more than...
Ukraine Has No Plans to Regulate Crypto Mining
Ukranian miners can now be at ease, as officials have stated they have no intention of regulating the popular crypto mining.
Up until now, cryptocurrency miners in Ukraine have been living in fear and uncertainty. Crypto mining companies worried they would be fined, eventually, or that somehow their equipment could be seized.
However, officials from the State Service for Special Communications and Information Protection of Ukraine have clarified the department currently has no interest in issuing regulations for cryptocurrency mining. A representative from the Office of Effective Regulation, Igor Samohodsky, emphasized crypto miners have been operating in the shadows, fearful of the repercussions.
Ukrainian crypto miners are allegedly generating more than $100 million a year which would generally attract authorities, but not in Ukraine. The country has proven to be extremely crypto-friendly, going as far as erecting a statue in Satoshi Nakamoto’s honor. The plans were announced earlier this month, and the statue is expected to be where once Lenin’s stood.
There have been reports of a proposed stated-issued cryptocurrency, earlier this year. In a statement released by Ukraine’s security council, The National Bank...
Industria
Ethersoft, an established crypto mining and service company in South Yorkshire, United Kingdom. We have been offering cryptocurrency services and mining contracts for Bitcoin and Ethereum to the public for the past 12 months with great success. We now look to expand our operations through organizing and implementing an ICO – launching the ERC20 “Industria” Token. We have worked hard on developing our brand “Ethersoft”. We are a transparent company that encourages all clients to come see our operation and meet our team. We have conducted major media campaigns in South Yorkshire and have had excellent results from our efforts. We have a dedicated team of professionals to lead Ethersoft with the launch of the “Industria” Token. Our Vision At Ethersoft, we believe in turning renewable energy into Cryptocurrency by means of Cryptocurrency mining. Cryptocurrency mining is highly profitable when done on a large-scale basis and it is essentially the process of turning electricity into digital assets. In today’s environment, Cryptocurrency mining is done globally. What we offer is an eco-friendly, more profitable and a renewable powered form of Cryptocurrency mining.The TechnologyThe technology is simple, controllable and has an excellent record of accomplishment. Not only is mining crypto currencies with renewable energy ecologically friendly, but it is also more profitable. Ethersoft mines all scalable and profitable Cryptocurrencies. The decision as to what secondary currencies to mine will be made by automated algorithms. These will choose the most profitable option available at any moment. Ethersoft is also flexible about the mining pools it uses, depending on payouts and liquidity among other factors.Our approach is simple, by utilizing renewable energy as a major energy source for our mining operations, our savings will be tremendous. What we save with renewable energy will be passed on to our miners, making Ethersoft one of the most profitable mining operations within the UK. Why Industria Will Be a Successful TokenThe key to a successful ICO is to have an ecosystem in place that the Tokens created by the ICO will be used in to buy services and trade goods. This will produce a value and usage for the Token.Value is determined by the amount of people within the ecosystem and outside of the ecosystem that will utilise the currency for buying and trading. This provides a demand for the Token, which in turn adds a value to the Token.We at Ethersoft already have the ecosystem in place with our current mining operation and the services we offer. Our Industria Token is a collateralized Token, meaning Industria is secured with assets (mining equipment, coins mined, renewable energy equipment, and land/building). These factors provide the Token with a real-world value.The Token will be used as a currency within the Ethersoft ecosystem to purchase services; such as mining packages, exchange services and merchant accounts. Clients must first purchase Tokens in order to purchase Ethersoft services.As the cost of mining altcoins increases, the value of the Tokens will also increase. As Ethersoft expands operations, the Token will increase in value due to additional mining and renewable equipment backing the Token.We expect that within 12 months from the ICO launch, Industria will be actively trading on most platforms.https://i.imgur.com/Tu2Cv7O.pngThe TeamThe team of Ethersoft amplifies success. With a wide range of talents, years of combined experience and a driven desire to win, Ethersoft’s team is ready for any challenge.Nicholas Green – Managing Director – Chief Financial OfficerNicholas has 8 years business experience within the finance and energy industry. For 5 years Nicholas...