Scam projects always appear either during a period of rapid market growth or during the time of uncertainty. Right now, after halving, when the market is waiting for the consequences of reducing the mining reward (the results of which will be visible only in a couple of years), the number of unscrupulous companies is increasing. Today we will tell you how to distinguish scam from a real project.
Plenty of advertisement
What do you need to do as a company to earn a lot of money in a short period of time? Attack the market with a lot of aggressive advertising! If you notice that you find a plenty of company ads, which just didn’t exist a month ago, then most likely this is a scam service. Of course, there are exceptions, and perhaps you have witnessed the emergence of a new market leader, but unlikely.
Very cheap prices
If you have met a company that openly declares that they have the cheapest contracts on the market, and the cost of their services is several times less comparing with competitors, then this is definitely a scam. And also if the company promises you a bunch of giveaways, expensive prizes and other bonuses. The cost of the contract includes the costs of equipment, its maintenance, employee salaries and many other costs. If the price of the contract is too cheap - stay away from this company.
The lack of information on the facilities location
If the company does not provide any information on the location of capacities, it is better not to cooperate with it, otherwise, most likely, you will lose your money. It also happens that a company mentions where the office and data center with equipment are located, but at the same time does not publish any photos of the room where mining takes place, nor video from webcams.
ECOS company invests in advertising, but does it gradually. Much more resources are spent on things that are most important for us: updating and maintenance of equipment to ensure the uninterrupted operation of the service; staff training, so that our employee could come for help in any situation. In addition, the development of new products is very important for us. The market is developing very fast and we want to remain competitive in this circumstances. That is why ECOS is in the medium price segment - the cost of our services includes real expenditures on the equipment and employees.
In any case, our customers are much better at reviewing us! Subscribe to our social networks to read some reviews of those people who have been cooperating with ECOS since 2017 and watch a video on how our mining centers work.
We continue to tell you about our wonderful staff! Today’s hero of the “ECOS inside” column is PR manager Darina Ishida. By the way, she is also the author of some articles in which we tell you about cryptocurrency mining in great details
Article writing and illustration about 5 years experience. Lived few years in Japan, 2016 graduated from Tokyo Communication Art. Worked for a while in Japanese company Docomo NTT, telecom sector. Visited many countries of South Asian region.
I am a cryptocurrency enthusiast and I want to know everything about cloud mining solutions – ECOS is the best company offering mining solutions, developing an End to End solution for the management, monitoring and maintenance of the Mining infrastructure which allows us to run a big scale Mining operations very efficiently! Also I highly appreciate its great highly skilled international Team!
ECOS team members are pre-eminent technologists, global business founders, imaginative thinkers, developers, engineers, internet marketing strategist and self-starters.
If you enjoy working in a dynamic, collaborative, and ever-evolving environment, ECOS is the place for you.
I’m a big fan of Ghibli animation Studio – and had a great honor once to talk to maestro Hayao Miyazaki.
About the favorite place
Favorite places – Kyoto (Japan) and Loung Prabang (Laos). Love a spirits of ancient Asian capitals.
May was very eventful! Let's recall the most important events in the world of cryptocurrencies over the past month.
The third Bitcoin halving took place on May 11. This time the miners’ reward decreased to 6.25 BTC for each mined block. The third halving in the cryptocurrency history was the most awaited event in the crypto world - it was celebrated by members of the crypto community around the world. Now everyone is waiting for Bitcoin price to grow. Indeed, the previous two halvings led precisely to an increase of the Bitcoin rate.
The TON project closure
The American court did not allow Pavel Durov to implement his project - and this is very sad. The work on the development of the TON blockchain platform and the Gram cryptocurrency lasted for the past 2.5 years, and the project has managed to attract more than $1.7 billion. Many experts believed that TON would be able to turn the financial world upside down, but this did not happen. But we are sure, that it will take place one day.
Chinese government and miners
“Love and betrayal” - this is how the relationships between the Chinese government and miners might be described! In early May, the Sichuan authorities announced that they would encourage mining companies, but then the government issued the requirement to prohibit crypto mining activities! Recall that Sichuan accounts for 9.6% of the whole bitcoin network. Accordingly, the complexity of the network will be reduced after the disconnection of these capacities.
Goldman Sachs conference
Goldman Sachs is one of the largest investment banks in the world. Last week, the bank held an online conference for its customers, during which its representatives spoke badly about Bitcoin and cryptocurrencies. The reaction of the crypto community was immediate! Twitter was on fire - the Winklevoss brothers started to make fun of the bank’s experts, Adam Beck wrote that “Goldman Sachs aren't the smart money for a few more years” and Dave Hogson said that “Goldman Sachs has risked causing its investors to miss out on one of the best performing asset classes in the past 100 years, never mind the last 10”. It seems that Goldman Sachs experts are really not versed in analytics.
And two days ago, Elon Musk’s SpaceX became the first private company to launch humans into orbit and it was very cool! That day will definitely go down in history as a turning point. And now we know who can send Bitcoin to the moon!
The misadventures of Chinese miners continue. According to 8btc, Yunnan provinces demanded the closure of 64 (!) mining farms, 7 of which are currently under construction. According to the source, the projects were implemented without approval from the local government. According to the same 8btc, some farms are already on sale.
Yunnan, along with the provinces of Xinjiang, Inner Mongolia and Sichuan, is China's cryptocurrency mining leader - together they account for about 30% of Bitcoin's global hashrate.
By the way, the Sichuan authorities also did not stand aside. If you missed everything, here’s a brief retelling: in early May the government announced their intention to support miners, but at the end of the month they said they would punish them and demanded to ban the mining of cryptocurrency.
We don’t know how China’s state policy on cryptocurrency mining will affect bitcoin and its hashrate, but if China turns off its equipment, the complexity of the network will have to drop significantly and other miners will start to earn more.