SHA256 Mining

Mining Sweden – Bringing transparency to Cloud Mining

New cloud mining sites are appearing regularly. Many are looking like obvious scams. Hashocean recently launched using staff photo’s copied from another company. Multimine.net launched and seemingly disappeared within a couple of weeks.

Combine these with recent high profile failed or ponzi collapses such as Hashie, PB Mining, AM Hash, Rockminer and the future and/or reputation of cloud mining is at the lowest ebb ever. Out of all the cloud mining companies we’ve tried, only Hashnest and SCloud have stood the test of time. Even Hashnest shut down the miners for several days when BTC was hovering around the $200 mark.

Our usual advice is to make sure you undertake due diligence before investing any money in these companies. Look for contact details, transparency of ownership (very difficult to find in the crypto world), details of hardware (certified photo’s videos etc).

Once you decide to try a new cloud mining company out, invest in a starter pack up to $50 (or a free test account) and so limit your exposure as much as possible. Once payouts start make sure you check the forums and news sections to keep track of any changes in difficulty, BTC price etc.

We’ve heard good news (and also sceptical comments) about a new mining platform Mining Sweden, whcih is attempting to bring transparency and legitimacy to Cloud Mining.

The platform was launched via crypto forums hashtalk, bitcointalk and litecointalk and others. Whilst there are still questions about hardware and farm size we decided to try out Mining Sweden on a small scale and up to now payouts have been as regular as clockwork.

Mining Sweden is concentrating on SHA256 mining and pays out weekly. We’ve had 2 payments (both exactly on time) and the site is moving to daily payments at some point. The ROI from buying their VIP Shares is longer at 300+ days but they do offer a 25% share in company profits after 1 year when you buy these limited edition VIP shares.

Again – please do your own research and don’t invest money you can’t afford to lose. We’ll keep this post updated with our own progress using these sites.

PoolAxe could be the answer to your mining software woes!

Configuring your mining array can be fiddly and frustrating. I’ve personally used cgminer, bfg miner and UI’s such as macminer and Asteroid with varying degrees of success.

Fall over pools sometimes don’t kick in or overclocking can be difficult to set up. To solve these endless configuration headaches Cryptaxe have come up with an all-in-one miner monitoring, configuration and control suite.

The exciting part is that the software is available (in beta form) for LINUX, OSX and WINDOWS.

You can also monitor your configuration and miners with the accompanying Android app.
Join in with the beta at www.cryptaxe.com

x11 Coin Cloud Mining at Crypto Coins Trade

Trade all your coins
One cloud mining operation sneeking under the radar is Crypto Coins Trade.

We are well down the road with the larger cloud mining services such as CEX.io, scrypt.cc and zencloud. With a turbulent market it is important to buy and sell at the right time and x11 coins could be something to explore as an alternative to SHA256 and Scrypt.

The site enables you to try before you buy with 5khs of free mining power for 10 days and allows mining of SHA256, Scrypt and interestingly X11 coins. You can buy mining power with paypal and (like other sites) trade your mining power with other users once purchased.

The site looks to be well run and we’ll report back on ROI in a future update. Find out more here.

Major Miners Altcoin Mining Pools

beatlecoin

For the first in our series of Mining Pool reviews we’re looking at a newcomer to the scene. Major Miners offer (from what i can gather) – 5 alt coin mining pools:

http://hkc.majorminers.com/ HongKongCoin (SHA256)

http://pcn.majorminers.com/ ProCoin (Scrypt)

http://bea.majorminers.com/ Beatlecoin (Scrypt)

http://lyc.majorminers.com/ Lycancoin (Scrypt)

http://vmp.majorminers.com/ Vampirecoin (Scrypt)

The homepage at Majorminers.com is a simple wordpress blog and the first thing i noticed was an absence of links to the mining pools. You can find them by rummaging around but a simple menu or category list would certainly help.

The pools cater to some of the lesser known ‘fun and profitable’ altcoins. All the pools look fairly stable although could do with a few more miners, so point your equipment at some of the pools listed above and give them a try.

They have a 1-2% fee and offer 10% block finder rewards on some coins. Data centres are located in Europe, Asia and East + West Coast USA.

About the currencies:
Beatlecoin – (BEA)The main appeal seems to be the limited number available. Only 1 million coins will be issued. More info at the Beatlecoin website.

HongKongCoin – Following the success of Auroracoin (the cryptocurrency of Iceland) HongKongCoin (HKC) is a SHA256 algo coin designed for quick business transactions in Hong Kong. There is also a specially designed App on the website to facilitate trading use.

ProCoin – (PCN) – Is limited to 1 Billion coins and claims to be a business friendly coin. 2% of the coins are being given away in a pre-mine during March/April 2014. More details here.

And whether you choose to call them fun, ridiculous or bizarre we have Lycancoin & Vampirecoin. Lycancoin is a cryptocurrency for lycanthropy & werewolf enthusiasts. It was designed as part of a 3 coin set which includes Vampirecoin and Zombiecoin. The danger of the ‘wacky’ crypto’s is that they really need a reason to exist. We’ve seen with Flappycoin how quickly alt crypto’s can start to devalue and struggle.

For the remainder of 2014 I think we’ll see a thinning out of the multitude of cryptocurrencies with only the strongest business models surviving. There’s always a chance, however, that something will survive against the odds. Dogecoin is living proof of that!

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