Cloud mining

FAQ

• ❓ What is cloud mining?

  

  Cloud mining is rent of mining equipment hash power. In this case, you do not need to buy expensive mining equipment and do not bear any risks associated with its breakdown. You do not incur additional costs for the hosting and maintenance of equipment, as well as for any malfunction. When you buy a cloud mining contract, you pay a fixed amount for the use of devices located in the ECOS data center. The main advantage of cloud mining is the quick receipt of BTC to your wallet. You do not need to wait for a pre-order of the mining equipment for more than 6 months and pay for it amounts over $ 10,000.

• 🔨 How does cryptocurrency mining work?

  

  Globally, cloud mining of cryptocurrencies is no different from usual. It also uses computer technology (ASIC farms), which calculates new blocks of the crypto network, for which a reward is awarded. The key difference is that each user is not using their own hardware. Instead, he leases the power of a large company whose equipment mines the crypt, and the tenant receives a commission for this. That is, the miner is only required to buy power according to the tariff. The company providing cryptocurrency mining services is responsible for everything itself: purchases equipment, configures all equipment, maintains equipment, pays for electricity. The only thing that remains to be done for an ordinary user is choosing the optimal tariff plan for him.

• 💰 Is mining really important?

  

  Mining is the backbone of digital currency. It guarantees four main functions: confirmation of operations, protects the blockchain from incorrect data (false transactions, etc.), protects the network from attacks, supports a decentralized network system, an operation carried out by two network users must always be confirmed by participation in a data block. The miner accepts the operation and adds it to the block. Then the coins taken into account in the operation are used in the future. Fraudsters trying to forge blocks are sorted out at the initial stage of block-creation.

• 💥 Why should I start mining with ECOS?

  

  The ECOS mining center is located in the Free Economic Zone of Armenia. Residency in it exempts the company from income taxes, VAT, import and export customs duties, as well as from property and real estate taxes. This allows the company to save not only clients funds but also its own. ECOS entered into a direct agreement with one of the leading electricity suppliers in Armenia, the Hrazdan TPP for 200 MW of electricity at a preferential price. The equipment comes from the leader in the production of miners Bitmain. These and other benefits make ECOS the most efficient cloud mining provider on the market.