ViaBTC – a Chinese project that includes cloud mining
Digital currency mining is gaining in popularity all over the world. New projects are appearing that allow for the “team” crypto assets mining – to extract bitcoins and “viola” is more convenient, economical and more expedient with the help of special services. One of the prominent representatives of such platforms is the Chinese ViaBTC project.
At the moment, the service supports several common digital currencies, including the leader of the crypto world – Bitcoin. Let us consider in more detail the main characteristics of ViaBTC and the prospects for cooperation with this platform.
Basic information ViaBTC
ViaBTC was launched in May 2016 and is focused on innovative technologies in the field of cryptocurrencies. The company is based in the Chinese city of Shenzhen. Its founder and CEO Young Haipo began his activities on the Hong Kong Currency Exchange, and in 2013 he was one of the first to invest in the developing cryptocurrency Bitcoin.
The ViaBTC platform at first was a cue ball mining pool, and then, starting in November 2016, it began to provide cloud mining services. The development of the company did not stop there: since 2017, the service has the opportunity to mine cryptocurrencies such as Litecoin, Dash, BCH, ZEC and Ethereum. ViaBTC offers its customers the following services:
- Productive mining pools: the use of the innovative PPS + reward method, which provides crypto miners with high profits with an increased level of stability and security;
- Cloud mining contracts: the service provides the opportunity to mine crypts on a high-performance hardware – Antineiners S9, L3 + and D3. In this case, low fees are charged, as well as round-the-clock equipment maintenance;
- Cryptocurrency wallets: the platform provides professional cryptocurrency service services + support for the multi-currency wallet function.
How to start mining on ViaBTC
The registration process on the ViaBTC service is not particularly difficult, even for a novice user it will take no more than a couple of minutes. If you want to join the platform during registration, you will be required to enter the following data:
- Login (from 4 to 30 characters);
- Password confirmation;
- E-mail address.
After indicating this information, you should put a “captcha”, agree to the terms of service and then connect your cryptocurrency wallet to your account. The service also provides for registration using a mobile phone, which provides a higher level of account security. During registration, the user may encounter some problems:
- SMS message doesn’t come to the phone: it may be caused by network congestion, try again after some time;
- A notification is not received by e-mail: the causes of this problem are, as a rule, an incorrect address, a failure on the email server or erroneous marking of messages with spam.
If you still haven’t received SMS and email alerts, you should try to enter a different phone number and a different email address.
To ensure asset security, authorization uses two-factor authentication by default. To enable or disable it, go to the Settings – Password Setting section.
By registering for the service, the crypto miner can proceed with the purchase of mining facilities. It should be noted that the hashrate on the ViaBTC platform is acquired in Bitcoins. The number of blocks mined by the platform is displayed in the statistical pool summary.
As a customer of the service, the user is given access to advanced mining equipment. Moreover, the company promises low commissions for electricity, since the service farms are located in regions with cheap electricity. ViaBTC platform computing power is located in Sichuan, Xinjiang and Mongolia.
At the moment, the service has pools for the extraction of the following cryptocurrencies:
- Bitcoin Cash
- Ethereum Classic;
You can calculate the return on investment right on the site, for this there is a Profit Calculator tool, which is easy to detect by going to the menu with the Tool button.
ViaBTC’s policies are quite scrupulous regarding commissions. The service charges fees separately for maintenance, electricity and management, is present at the service and transaction fees.
The pool also charges a fee for PPS and PPLNS, the fee for PPS is 4% for block rewards and 2% for transactions. The commission for remuneration from new blocks is calculated for 12.5 BTC, and deductions for transactions depend on the user’s hash and the current level of complexity. PPLNS fees are also charged for block rewards and transactions. The used PPS and PPLNS systems also protect crypto miners from the so-called “abandoned” blocks and distribute the mine funds among them.
ViaBTC Customer Support
If a platform member needs help with an account or has questions about the mining process, he can always contact customer support. You can contact representatives of the service via e-mail. In addition, a FAQ section has been created on the site, where answers to the most common questions of users are given.
Cloud Mining Iron
At present, Antminer S9 is considered the most effective hardware for mining Bitcoin, so ViaBTC chose it as one of the three modifications of the machines involved in crypto mining.
As for the rate of return on investment in cloud mining contracts on this service, it depends on the complexity of production and the market value of the crypt. The forecasted period for which investments can be “defended” is from 8 to 12 months. However, ViaBTC does not guarantee a 100% ROI, as market fluctuations are difficult to predict.
ViaBTC provides comprehensive information regarding fees associated with cloud mining contracts. So, in the case of a contract using Antineiner S9, the daily electricity charge is $ 0.216, and the management fee is 6% (it covers maintenance costs, staff costs, risk prevention, etc.). The size of the maintenance fee may vary depending on changes in policy, the cost of operating and maintaining the mining equipment in good condition.
Deposit and withdrawal of funds
Due to the fact that many users often confuse deposit BTC and BCH addresses, the ViaBTC service made them identical in order to ensure maximum protection of the assets of miners.
You can set up automatic withdrawal of cryptocurrencies from your account. To do this, go to the Wallet tab and select the Auto Withdrawal option in the settings, where you can specify the address to which you want to receive daily mined digital assets. In this case, an additional fee for such a transfer is not charged, but the instant withdrawal is taxed by transaction commissions.
Is it worth investing in ViaBTC
ViaBTC is a young and promising company in the field of mining services, it managed to launch several cryptocurrency mining pools and a cloud mining service. ViaBTC provides advanced equipment that can achieve high results in terms of e-money.
The service is also characterized by high-speed transactions and guarantees the start of mining after 5 minutes after the purchase of hashing facilities. Payments are received directly to the member’s account on a daily basis. ViaBTC has gained recognition among many fans of digital currencies with its uncommissioned withdrawal of funds and powerful mining hardware.