The concept of cloud mining cryptocurrency often rewards the crypto scene more than we usually anticipate. While the mining pools obtain revenue for their general effort in providing for online mining, their services do not go unrewarded. Carrying out Bitcoin mining in the cloud has a load of benefits for the crypto enthusiasts. Aside from the evading power interruptions, there are other types of costs that cloud mining s helping us evade. In this post, we get to list one such service and determine its viability as a safe cloud mining platform.
What Is TeraBox?
Terabox is a cloud-based mining platform that aims to provide users with access to mining power (GH/s) with the most competitive rates the market has to offer. The mining service will incorporate using the most advanced mining equipment to offer greater efficiency and low cost for bitcoin mining process to the users.
Terabox mining equipment will include powerful ASIC machines that are specifically designed to mine bitcoin at a much efficient rate. On the other hand, the machines will be in use to solve the blockchain algorithm which results in the reward of bitcoins. Additionally, the extra hashing power generated will go into the sale to the users through the bitcoin mining contracts which have their value in GH/s. That means the more GH/s a user has, the more bitcoins he is able to mine.
How TeraBox Lease Bitcoin Cloud-based Mining Hardware Works
The mining process will occur in four steps and Terabox apparently details that the bitcoin mining will only take 5 minutes with no relying on expensive hardware.
The user will first need to purchase the cloud-based GHS through credit card options or cryptocurrency. Once with the GH/s, the bitcoin mining can start and consequently, it means they generate according to the mining power in use. With the mining process in close, the payout automatically transacts to your account or goes into a re-investment strategy in place. A further outlook of the mining information includes
- Total GHz-316,294,000
- GHs available-127,661,251
- Price of BTC per GHs-0.00001
- Bitcoin Price-$8,913.45
With the use of advanced mining equipment, Terabox promises the following advantages to using their cloud mining operation.
- Sizeable profits since the low-priced GH/s and lack of maintenance or electricity charges means maximum profits for the miners
- Simple interface for the users to register and start mining at just the click of a button
- The available support that responds to queries within an hour or twelve
- Affordable prices for the mining power due to the competitive nature of the providers
- Real-time dashboard for the participants to check on their mining operations and results
- A referral program that allows a 10% commission on the hashing power for each referrer's purchases.
At first Terabox.me offer a piquing interest in the world of cloud mining. However, before you hastily sign up, there are plenty of red flags you should consider before taking that action.
For starters, the mining payouts are not listed and this is a huge downside since it indicates signs of a probable scam. While we can’t verify this since we are not customers, there is additional evidence of potential scams from other reviews online. The wisest action would, therefore, be to best avoid finance such investments.