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Bitcoin Cloud Mining With Shamining: Is it Worth it? [Review]

With the Bitcoin price hitting one high after another in quick succession, you’re probably also planning on growing the size of your BTC stash. There are two ways to go about this — you can either buy Bitcoin with cash or mine it yourself. Just in case you were out of the loop, yes, it … Continued

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With the Bitcoin price hitting one high after another in quick succession, you’re probably also planning on growing the size of your BTC stash. There are two ways to go about this — you can either buy Bitcoin with cash or mine it yourself.

Just in case you were out of the loop, yes, it is still possible for you to get into Bitcoin mining. And no, we are not asking you to build one of those power-guzzling, ultra-expensive brick-and-mortar mining setups that require you to spend a fortune on mining rigs, infrastructure, and other associated costs.

With Bicoin cloud mining platforms like Shamining at your disposal, you can get into cryptocurrency mining for just about $100.

In this quick review, we’re going to have a closer look at what kind of mining services Shamining provides, its safety and reliability, how much it costs, and most importantly, whether or not it’s the right choice for you.

What is Shamining ?

Shamining prides itself as a fast-growing Bitcoin cloud mining platform that enables anybody to get into cryptocurrency mining. No technical expertise or prior experience with crypto mining is required, the company claims.

In many ways, Shamining can rightfully claim some degree of uniqueness as it is based on a two-front agenda:

  • It claims to have a robust mechanism to deliver a virtual mining setup with the highest level of financial efficacy along the same line as any other top-performing cloud mining platforms out there.
  • Besides that, it is focusing on adding a fun element to mining and encouraging a higher degree of user-involvement by integrating gaming and animation elements right into the mining process.

Led by CEO Arthur Harvey, the core team consists of five experts overseeing different aspects of mining including compliance with anti-money laundering regulations, the technical aspects of mining, the finances and profitability, and of course marketing.

In terms of infrastructure, Shamining has three data centers in three different parts of the world — one each in San Jose (USA, California), London (UK), and Cape Town (Western Cape, South Africa). The idea behind setting up its physical infrastructure across globally spread out regions is to ensure that the company can diversify resources and optimize costs as and when required.

The choice of locations is interesting in another way. Shamining says all its data centers are located in sunny regions to extract much of its energy requirement using solar panels and wind turbines. In addition to reducing energy costs, this arrangement is also more environment-friendly than relying exclusively on conventional energy sources.

Getting Started With Shamining

From the looks of it, Shamining has indeed done a neat job to make the platform as user-friendly as realistically possible. Getting started is really simple and just requires you to follow three simple steps:

  • Create an account on Shamining.com (requires an email and phone number). and complete the quick verification process.
  • After registration, you will gain access to your account dashboard featuring various tools and options. Click on the “Add Miner” option here.
  • In the new window, move the slider to the desired mining power you have budgeted for and then hit the “Start Earning” button. Make your payment and your Shamining account is now operational.

As of today, the minimum amount you can deposit to get started is $100. The upper limit is fixed at $10,000. Currently, all new users receive a signup bonus of 37% as soon as they make their first deposit.

Contract Types and Profitability

As of today, Shamining offers four types of contracts including CPU, GPU, ASIC, and Individual contracts. The details of each are briefly outlined below:

  • CPU miners: This mining contract gives you a net power of 23,580 Gh/s. The underlying cost is just about $0.0120 per 1GH/s with a fixed maintenance fee of $0.0108 per 1GH/s per day. The profitability is approximately 143%.
  • GPU miner: It offers 94,340 GH/s at the rate of $0.013 per GH/s with a daily maintenance fee of $0.0106 per GH/s daily. Profitability is a little higher at 149%.
  • ASIC Miner: This is the most profitable option among the three and offers 235 849 GH/s at 0.0109 per GH/s. The daily maintenance fee is $0.0104 GH/s. Profitability is 156%.

Thre is also a fourth contract type called “Indivial” offering 471,700 GH/s of power at $0.0106 per GH/S. As of this writing, you have to get in touch with Shamining customer support to purchase this contract.

Note that all of these aforementioned figures depend on variables such as the BTC/USD exchange rate, as well as mining difficulty.

There is a built-in earning calculator in the dashboard that you can use to estimate profitability for the mining power you purchase. The miner you purchase will be visible in the “Your Miners” section and it will include all key data about your mining activity.

Deposit and Payout Options

You can purchase your contract using a credit card, through your bank account or even via Bitcoin. 

Payment options available:

  • Credit card (Visa or MasterCard).
  • QIWI payment system.
  • Direct bank account transfer
  • Bitcoin.

As for your earnings, the newly mined BTC is deposited into your wallet every day. You can withdraw funds from your wallet as soon as it has BTC worth $10 in it. Withdrawal options include: 

  • Bank transfer (IBAN format accounts supported).
  • Bank cards. 
  • Bitcoin wallet

Bitcoin Cloud Mining With Shamining: Pros and Cons

Pros:

  • It’s easy to get started. User interface is also optimized for users of all experience levels.
  • Low investment required – you can get started with just $50. 
  • 24×7 customer support. 
  • Real-time data about your mining activity.
  • Operates under the guidelines set by regulatory bodies such as the FCA, ASIC, and CySEC.

Cons:

  • Only supports Bitcoin mining.
  • No anonymity because you have to go through the mandatory verification process (but that’s a cost you have to pay for any service that involves strict anti-money laundering protocols.)

Conclusion

Overall, Shamining appears to be a decent platform that makes Bitcoin mining accessible to pretty much anybody. Of course, you have to take all necessary precautions while using it given that investments in cryptocurrencies in any form (including your investments in Bitcoin cloud mining) always carry a certain element of risk.

However, with Shamining, you can get started with very minimal investment to first check whether or not the platform lives up to your expectations. That way, it appears to be relatively safer than many of its rivals.

Check out the official Shamining portal for additional details.

  • Disclaimer:  All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Shilpa is a network engineer and management graduate who is deeply passionate about artificial intelligence and blockchain technology. She has been associated with several leading science & tech publications throughout her career as a journalist and columnist. Full-time foodie, semi-skilled musician, wannabe novelist.

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Source: https://beincrypto.com/bitcoin-cloud-mining-with-shamining-is-it-worth-it-review/

Blockchain

Cardano Multi-Asset ‘Mary’ Update Launches to Mainnet

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Late on Monday, March 1, Cardano announced the successful upgrade of the network stating that it is a key milestone in its ongoing rollout.

It added that the update introduces core Goguen features of native token functionality and multi-asset support. Goguen is a major upgrade stage on the Cardano roadmap which introduces smart contracts and the ability to build dApps.

Multi-Asset Mary For Native Tokens

According to an IOHK blog post, native tokens will bring multi-asset support to Cardano, allowing users to create uniquely defined custom tokens and carry out transactions with them directly on the blockchain.

The ‘Mary’ upgrade enables the ledger’s accounting infrastructure to process not only ADA transactions but those that simultaneously carry several asset types. It added that native support grants distinct advantages for developers as there is no need to create smart contracts to handle custom token creation or transactions.

Developers and now create tokens on Cardano for everything from NFTs to tokenized stocks or commodities, and according to Token Tool, there are already over 1,400 of them. It appears that they are just being created for experimental purposes at the moment as most of them do not have a purpose.

The blog post explained that, unlike Ethereum’s ERC-20 standard, tracking and accounting of custom tokens on Cardano is supported by the ledger natively:

“Because native tokens do not require smart contracts to transfer their value, users will be able to send, receive, and burn their tokens without paying the transaction fees required for a smart contract or adding event-handling logic to track transactions.”

ADA Price Update

ADA has surged in price in the run-up to the upgrade, so much so that it has usurped Binance Coin and taken the third spot on the market cap charts according to CoinGecko.

At the time of press, ADA was still correcting with a 2.4% decline on the day to $1.22. Its all-time high came on Feb. 27 when the token topped $1.45 briefly. Over the past 30 days, Cardano has made a whopping 240% and since the same time last year when it was priced at a lowly $0.05, it has surged over 2,500%.

There are 32 billion tokens circulating out of a maximum supply of 45 billion giving the asset a market cap of $38.8 billion at current prices.

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Source: https://cryptopotato.com/cardano-multi-asset-mary-update-launches-to-mainnet/

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Blockchain

Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports which claimed that Miami was considering putting 1% of its treasury reserves into Bitcoin.

In fact, a few weeks ago, the city official had also claimed that Miami was looking at crypto-regulations in the state of Wyoming and Wisconsin, among others, to take a step towards enabling crypto-payments.

Mayor Suarez is in the news again today after he responded to Treasury Secretary Janet Yellen’s comments on Bitcoin, the world’s largest cryptocurrency. Speaking to the media at the recent NYT DealBook Conference, Yellen claimed that Bitcoin is an “extremely inefficient way of conducting transactions.” Further, the Treasury Secretary also raised serious questions about Bitcoin’s use for illicit finance and its energy consumption.

Yellen’s remarks, however, didn’t come as a surprise to Miami’s Mayor.

“It doesn’t surprise me at all that a Treasury secretary would find a decentralized potential currency to be hostile to a currency that they control.”

According to Suarez,

“For people who invest in Bitcoin, the allure is precisely that: It’s not backed by a central government. So it’s not manipulatable by the central government.”

During the said interview, Suarez also shot down questions about the risk associated with the world’s largest cryptocurrency. When asked about investing in an asset class that has long been known for its volatility, the Mayor remarked that Bitcoin is an asset class that is still being studied, and not something Miami is jumping right into. “Bitcoin is worth studying and worth looking at,” he concluded.

While Mayor Suarez’s bullish comments on Bitcoin aren’t a surprise, it is worth highlighting that his latest comments were a direct response to statements made by the United States’ Treasury Secretary, a development that highlights the gulf that is appearing between local officials and the country’s biggest financial decision-makers.


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Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin

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Blockchain

Nigeria’s Vice President makes a surprising case for Cryptocurrencies

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Nigerians bounce back with a defiant response to the government’s Bitcoin ban

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A contradictory statement has recently been made by Nigeria’s Vice president Prof. Yemi Osinbajo, concerning the recently imposed Cryptocurrency ban by the country’s Central bank. The Vice President explained at the CBN bankers committee economic summit, that digital currencies are an inevitable part of the country’s economy.

Prof. Osibanjo makes a fair case for digital currencies

He reckoned that as opposed to banning Cryptocurrencies entirely, employing care and prudence could favor the technological developments that are byproducts of the emergence of digital currencies.

“We must act with knowledge and not with fear, we must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects or any of the criminal acts that may arise as a consequence of adopting or taking any of these options.” He explained.

Taking to Twitter to share the aforementioned keynote speech at the summit, he went on to emphasize the impending innovative shift that the country would make when digital currencies dominate the financial market.

As he puts it :

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“Cryptocurrencies in the coming years will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine, so we need to be prepared for that seismic shift.”

Nigerians respond to the government’s  “theatrics”

The Crypto-community in Nigeria has responded to the Vice President’s speech in sarcastic unison, as they await a turnaround of events to carry out the job of clearing their doubts. Similar theories have sprung up, following the country’s Cryptocurrency ban, in which banks were prohibited from partnering with Cryptocurrency firms to process payments. 

Many have suggested that the government’s decision to ban Cryptocurrency is birthed out of the fear of the decentralized nature of digital currencies, which were efficient for the ‘EndSars’ protesters to bypass bank restrictions and continue with their march against police brutality.

Nigerians cling to P2p trading to help combat government policies

It remains to be seen what the future holds for the country, whose younger citizens have helped to boost and profit from the booming industry of Cryptocurrency investment and trading, among other Crypto-related activities from their end.

In the meantime, for Cryptocurrency trading platforms like Buycoins, the show must go on. Users of the platform have since returned to their roots as the platform employs a third-party app to facilitate peer-to-peer trading.

Even though this could potentially affect the speed at which transaction is processed, Nigerians have reaffirmed that sticking to the available option is still less risky than storing their money in a traditional bank.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/nigerias-vice-president-makes-a-surprising-case-for-cryptocurrencies/

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