Of course, many have heard about mining as a way of mining cryptocurrencies through mathematical calculations. Given the many problems associated with mining, not everyone can afford it. In such cases, there is an alternative – cloud mining, which does not require its own equipment. The option has become so popular that even Binance has integrated it into its functionality.
In this article, we will explain the essence of cloud mining and tell you how to choose the best service.
What is cloud mining
In fact, cloud mining repeats the procedures of traditional mining in terms of confirming transactions, writing blocks, and receiving rewards. The difference is in the technical part. The beauty of cloud mining is that you don’t need to own mining hardware. All you have to do is rent computing power from a contractor and… earn your coins!
At the same time, you do not need to spend money on equipment maintenance, its repair, electricity, etc. It is also not necessary to have technical knowledge in order to understand all the intricacies of mining. Ideal option for beginners!
How to choose a cloud mining provider?
But how to choose a service that will consistently pay out profits and will not disappear from the radar after buying a contract? We have prepared a small guide and tested one of the popular services according to our criteria. You can use them when evaluating other services.
So, we will talk about the factors of choice using the example of the ECOS provider. We chose this service because it has been on the market for a long time, there is a lot of information about it, a lot of reviews, and the company provides various products for mining without using personal equipment offline.
Legality
Legality is the most important selection criterion when it comes to finance. Cloud mining is no exception. First of all, we are interested in documentary evidence of the existence of the company. In one of the media articles, we managed to find an agreement between the Armenian government and ECOS on granting permission for the operator of the Free Economic Zone. This also confirms the provider’s statements about the absence of taxes due to being in the FEZ.
Another sign of the legality of the company are mentions in popular and local media. For example, in the case of ECOS, this is “News Armenia” and the article “ECOS invests more than $1.6 million in Armenia and is looking for a new site in Yerevan”.
Variety of products
Most often, companies bring one product to the market, and if the audience appreciates it with money, then they create other products and services. Therefore, one of the criteria for choosing a cloud mining company may be the availability of other services from the company.
ECOS is a good example in this regard, because the company provides a whole ecosystem consisting of different products that cover all the needs of a crypto investor:
- Cloud mining
- Hosting
- Purchase of equipment for mining
- Wallet
- Exchange
- Investment portfolios
- NFTs
This number of products tells us that the company has long-term goals and that it has development finance (which is a sign of stability for our payouts).
The authority of the company and reviews
The same laws apply in the cloud mining market as in the traditional financial market. And here the authority of the company comes to the forefront. Authority implies what partners the company works with and what public opinion about it is.
For example, ECOS was created on the initiative of the Armenian government, and the ECOS Free Economic Zone appeared together with it. The company also works directly with the Hrazdan TPP and Bitmain. Therefore, users trust the company more, because such reputable organizations will not work with scammers.
You should also pay attention to the reviews and ratings of professional media. We trust reviews from Trustpilot. According to them, the company has 4 points out of 5. With 450 reviews, this is a good result, given that most of the reviews on the Internet are negative.
If we talk about professional media, then publications about ECOS in Forbes and Cointelegraph deserve trust.
Price policy
The company’s pricing policy should not arouse suspicion, because if prices are too low or too high, then this is one of the signals of the company’s desire to work for a short time and “go into the sunset.”
In this regard, ECOS occupies the lower limit of the average market price due to the absence of taxes and direct agreements with equipment and electricity suppliers.
You can independently calculate your income from investments on the company’s calculator on the website. It takes into account all the variables that can affect your income and provides an estimate.
Well, we couldn’t help but contact ECOS and ask for some kind of bonus for our readers. The company kindly provided you with a free contract for a month when you signed up through our link. Therefore, you can also check the service in practice!
Conclusion
We have provided tools for you to check the service before investing, we hope that they will help you find your provider that will bring you income!
And finally, a gift from us!
Use promocode HELLOECOS and get a free mining contract for 5 days! (Buy any product on the website and save your the bitcoins mined with the promocode)
A cryptocurrency investment platform that will help you start earning Bitcoins!
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