ECOS Cloud Mining: All You Need To Know
ECOS cloud mining is seen as a reliable mining company. It has a data center in Armenia with a capacity of 50 MW. ECOS was founded in the year 2017, and since its inception, it has successfully satisfied its users of about 30,000 people.
Before we dig further into what ECOS cloud mining is and how it works, let's take a moment to understand the concept of cloud mining. Cloud mining is a speculative investment, and several mining platforms are at least deceptive–they deceive users by promising unrealistic high returns.
What Is Cloud Mining?
Cloud mining is a process used to mine a cryptocurrency, such as Bitcoin, with the help of cloud mining power without having to run and install the software or hardware directly. People can open an account and participate in the cryptocurrency mining process from anywhere in the world.
Cloud mining is accessible to people across the world for a basic cost, and it reduces challenges such as direct energy cost and maintaining equipment. Miners participate in a mining pool where they buy a certain portion of hash power, and each participant earns a share of the profits generated in percentage to the amount of rented hashing power.
The purpose of cloud mining is to produce currencies based on blockchain technology leveraging cloud computing. It is generally one of the fastest-growing tech inventions where database services, server capacity, file storage, and processing services are accessed on the internet via the cloud.
Without mining, cryptocurrencies can't be produced. Mining is the process used to verify and add transactions to a public ledger referred to as the blockchain.
How Does Cryptocurrency Mining Work?
Local or cloud mining for cryptocurrencies, such as Bitcoin, serves as a means to maintain the safety of the blockchain technology, which is a distributed ledger. This process is also used to generate new cryptocurrency tokens awarded to miners.
This mining operation is carried out by high-powered computers that solve complex mathematical problems. These computational math problems are difficult to solve by hand and are complicated enough to overload even incredibly powerful computers. Miners are expected to verify and add new blocks of transactions to the blockchain. This is done to make sure transactions are accurate to avoid the double-spend issue. Counterfeiting is always an issue with fiat currencies. But generally, once you spend a dollar at the mall, that amount is in the clerk's hands. But this is different with digital currencies. Miners have to use high-powered computers to solve cryptographic puzzles to prevent double-spending in a decentralized manner.
An Overview of ECOS Cloud Mining
Because of the potential of cloud mining platforms to be scams, it is best to research each platform's legitimacy before investing your money into it.
This is precisely where ECOS seems to shine over similar projects in the ecosystem. Due to past activities and its fulfillment, it is one of the few in its niche that can claim a relatively high level of reliability and trust.
As of the time of writing, ECOS has been in existence for five years now. It is a global platform operating out of the Free Economic Zone in Hrazdan, based in Armenia. Hrazdan is identified as a place created specifically to foster startups dealing in new high-tech and innovative technologies.
As one of the bodies that signed the agreement with the government of Armenia to establish the FEZ and a resident of the Free Economic Zone, ECOS doesn't have to spend on import and export customs duties. Neither does taxes on profits, VAT, and real estate have to bother it.
In 2018, the platform gained a further boost in its operational efficiency and profitability when it embarked on a strategic agreement with the Hrazdan Thermal Power Plant. The Hrazdan plant supplied 200 MW of electricity to ECOS data centers which were included in the agreement.
From this, it is obvious that ECOS cloud mining can boldly claim to be a legitimate platform with available resources that make good business sense. Since the launch of ECOS in 2017, it has consistently developed a full-fledged ecosystem consisting of a cloud mining platform, an exchange platform, and a crypto wallet.
Getting Started With ECOS Cloud Mining
ECOS cloud mining is accessible in three variants: Web app, iOS, and Android apps. The app is intuitive and to the point, which makes it easy for both experienced and inexperienced users.
Registering on the platform is also relatively simple and is summarized as follows:
- Fill up a very basic registration form
- Then open the "Purchase Capacity" tab
- Browse through the options available and select the contract that meets your budget and requirements. With the profitability calculator, you'll get useful and accurate insights into how much investment is needed for you to reach your daily or weekly profit goals
- Once concluded, click on the "Buy Now" button. Review the contract parameters before moving on to the next step
- Choose your preferred payment method and pay for the contract
How To Withdraw Money?
Withdrawing funds on the site is relatively easy. To request a withdrawal, you'll be required to go to your personal account. Follow these simple steps to withdraw the funds earned on the ECOS platform:
- Locate the "Wallets and withdrawal" in the dashboard and click on it
- Next, you'll be required to enter and save your wallet address
- The system will prompt you to activate two-factor authentication (2FA)
- Then enter the amount for withdrawal and select a commission and click the "Withdraw" button
ECOS Cloud Mining Сomparison With Home Mining
Creating a mining farm at home isn't an easy task. Mining is associated with high costs and also requires an in-depth understanding of the cryptocurrency industry. Depending on the capacity and manufacturer, the cost of the equipment required for mining goes into several thousand dollars.
But even if you have a big budget, one miner will not be enough. For uninterrupted mining, up to 4-5 miners are usually purchased, which surpasses the $10,000 mark. Also, you might not be able to purchase equipment because there is a shortage of microchips. Nonetheless, after purchasing the equipment, it has to be installed and connected, and not everyone understands how to do this.
Another area to pay attention to is the cost of electricity. The chances are that spending on electricity alone can offset your entire profit, which is one reason many prefer mining rigs that consume less power.
Combining these factors, independent mining is even more effective for most people because it is easier, safer, and profitable to mine bitcoin with the help of cloud mining.
Some ECOS Competitors
ECOS has been in the market for a long time, and during this period, many competitors have stepped in and out of the industry. But ECOS cloud mining stands up to the competition with its partnership for the supply of electricity and equipment, low entry threshold, tax incentives and no government duties, and the legality of the platform. ECOS has integrated other services beyond mining into its offering. It includes a crypto exchange and a wallet which its competitors do not have.
IQ mining is one of the innovative cloud mining platforms you can rely on for mining Bitcoin and a wide range of altcoins (around 150). It combines cloud mining with forex trading tools by using different algorithms. IQ mining has amassed thousands of investors in the last four years and has mining farms in different locations such as Georgia, China, Russia, Canada, Algeria, and Iceland.
Some features of IQ Mining include:
- Estimated yields in the range of 145% for each contract
- Miners can receive payouts daily for different plans in the currency associated with the contract
- Users have access to the cloud mining income calculator for determining the expected returns
Another noteworthy cloud mining platform is Genesis Mining. It was developed in 2013 and is one of the largest cloud mining companies focused on Bitcoin mining projects. The platform is trusted by over 2 million customers worldwide. Genesis Mining is the biggest hash provider in the case of cryptocurrencies. It is exceptionally easy to use in making deposits and withdrawals during the mining process. It has mining farms across ten different locations such as Estonia, Sweden, Iceland, Greenland, and the United Kingdom.
Genesis Mining is part of the top cloud mining sites as a result of its profound features. Miners have 100% assurance of uptime, thereby avoiding possible loss of time in mining. Its customer support is swift, and problems faced by beginners in cloud mining are quickly resolved.
The platform allows flexible deposit and withdrawal through different mediums such as debit cards, crypto wallets, and wire transfers. But it is important to note that Genesis Mining does not allow instant payouts of funds. You can only withdraw when payouts reach a minimum amount.
What You Can Genuinely Expect
According to ECOS, it has data centers that can accommodate hundreds of thousands of high-performance mining rigs. ECOS partnered with the world's leading mining rig manufacturer, Antminer, to source equipment directly. It claims to use the Antminer—the S19 Pro.
The company doesn't offer a general tariff package, and for this reason, users are allowed to customize contracts any way they want. Minting Bitcoin on this platform starts with an initial investment of $49. There are two major types of contracts available: one with a service fee and one without.
Contracts with a service fee rely mainly on the contract parameters you choose, and users are required to pay extra for the mining rig, electricity, infrastructure monitoring and maintenance, and software. Also, the higher your hash rate, the higher the fees. On the other hand, contracts without service fees include all associated costs upfront.
As of this writing, the minimum payout on the ECOS platform is 0.001 BTC which means you must make at least 0.001 BTC before you are able to withdraw funds to an external wallet. How profitable you become depends on a variety of factors such as the contract duration, the value of BTC, the cost of electricity, and the mining rig model you choose.
ECOS Cloud Mining Pros and Cons
ECOS cloud mining offers its users a wide range of advantages. These features include:
- Legality – ECOS cloud mining has a transparent record since inception and is legally established, so there are no risks for you
- Affordable electricity – ECOS has a strategic and active agreement with Hrazdan for the supply of up to 200 MW of electricity at a reduced price which makes its operation efficient and profitable
- Tax incentives and no government duties – ECOS cloud mining center is located in the Free Economic Zone of Armenia and is exempted from paying taxes, making it even more profitable
- Wide range of contracts
- Modern equipment and powerful hardware
- 24/7 customer support
- ECOS also brings along more services to the crypto ecosystem, including a crypto wallet and an exchange.
- Stable withdrawal of funds low initial investment starting from $49
- Real-time data about your mining activity
- Limited to Bitcoin mining.
- Difficulty understanding what the platform is about due to less information available to users
- The company charges commissions for its services
- Income isn't guaranteed due to the volatility of Bitcoin
Frequently Asked Questions
What Are The Products of ECOS?
The products offered by ECOS include services such as ECOS Mining which is a service that allows investors to rent Bitcoin mining equipment. ECOS Wallet provides users the opportunity to exchange and store digital assets in one place. ECOS Exchange. ECOS Portfolio is used for investing in digital asset portfolios.
How Long Does It Take to Confirm a Withdrawal?
Withdrawals from ECOS are confirmed within 24 hours by the administrator, and time limits increase on weekends because withdrawals aren't confirmed within this period.
Is ECOS Cloud Mining Legit?
As of legality, it is one of the first legal providers of cloud mining.