Mining is at the forefront of the security and overall concept of many digital currencies, including Bitcoin and many others.
However, setting up a mining operation is difficult. The upfront cost to make it economically viable is considerable, but it also requires a lot of technical knowledge, ongoing fine-tuning, and a myriad of other activities that many regular users simply don’t have.
This is where solutions such as cloud mining come into play. The following takes a closer look at ECOS – a cryptocurrency investment platform that also offers cloud mining services.
What is ECOS?
ECOS is a company that’s registered in Armenia with its data center facility located at Hrazdan. According to the official website, the company has been fully operational since 2017. It also reveals that it has founded the free economic zone that’s supported by the local government.
In essence, ECOS is a cryptocurrency investment platform for earnings from the best in class digital assets. It has a mission of providing its users with simple, quick, and effective tools for a wide variety of investment strategies, from passive to speculative ones.
It boasts four core products, which include:
- Cloud mining
- Mining Farm
- Cryptocurrency wallet & exchange
- Investment portfolio
Speaking of cloud mining, it’s important to highlight the necessity of carefully vetting the platforms to work with because a lot of them are not trustworthy. According to the official website, ECOS also owns its very own mining farm and has a number of reputable partners. It also has more than 400k registered clients from all over the world.
Commenting on the matter was Ilya Goldberg, Founder & CEO at ECOS, who said:
“We use green energy for our ASICs in the amount of up to 40% of the consumed energy and planning to go for 100% – that’s why we establish contracts with hydroelectric power stations. Our asics are among the greenest in the world”
What is Cloud Mining?
Cloud mining has been a very hot topic for everyone in the past few years. It’s a concept which allows users to take advantage of rented cloud computing power without having to install hardware and all the associated software that’s necessary for mining crypto.
ECOS allows people to participate in Bitcoin mining remotely for a certain cost. In theory, this makes mining more accessible to a broader group of people, regardless of where they are located. Of course, they would still need access to the internet.
To start investing via cloud mining, users have to buy a certain cloud mining contract. This, in essence, is an agreement to rent a certain amount of hash power. The higher the cost of the contract, the higher the amount of power one can purchase.
The website has a calculator which provides some examples of the different contracts that ECOS offers and users can take advantage of.
One of the main benefits of cloud mining is that users won’t have to buy any equipment. Once they purchase a mining contract, they would rent a part of the equipment that ECOS owns and uses to mine BTC every day.
On the homepage of their website, you will find a comprehensive calculator which shows exactly what types of contracts a user can buy, how much money it would cost, the duration of the contract, the hash power rented, as well as an indication of the expected revenue. Of course, this is based on projected prices of BTC in the future, so it’s important to keep in mind that price fluctuation will impact the generated revenue. This is something that impacts every miner, regardless of whether they use rented hash power or they have their own setup.
Of course, ECOS charges a service fee, which is to be expected. According to their website:
“The service charge is the payment for electricity and maintenance by ECOS. The service charge is indicated for 1 TH/s per day. It will be deducted daily from the BTC earning. You can choose a contract with no service charge. However, in this case you will get less hash power.”
Therefore, the service fee would be entirely dependent on the user’s preference and the specified contract.
There’s also a minimum and maximum contract duration that users can go for, as depicted above.. ECOS accepts payments in BTC and other cryptocurrencies, by card and invoices.
As mentioned previously, ECOS also provides a myriad of other services. For more information on ECOS and its investment products, please visit the official website.
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