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.
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
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
- 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.
- 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.)
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.