Mining digital currency used to be far more fun and profitable compared to what it is right now. Whether you mined at home, bought a contract from a cloud mining operator or even rented another miner’s hashrate, there was usually a chance to make a small profit in a short timespan. With the falling Bitcoin price, the mining landscape has changed drastically, and a lot of digital currency enthusiasts are looking for other options to make money.
However, several companies involved in selling or renting out mining hashpower are making tremendous efforts in order to make digital currency mining more appealing. Some companies are offering lower contract prices [by slashing maintenance fees to a bare minimum]. Yet BetaRigs, a service where miners can buy and sell mining power on the open market, is trying something entirely different.
BetaRigs – Renting Other Miners’ Hashrate
When it comes to mining at home, most miners either stuck with mining one coin – such as Bitcoin, Dogecoin or Darkcoin – while others diversified their mining portfolio. In order to do so, you would need to own a decent mining operation, which requires a hefty chunk of investment capital. As Bitcoin and altcoin prices started declining over the past year, platforms such as BetaRigs started appearing, giving mining hardware owners a new platform to create some form of passive revenue.
By letting miners sell [a portion of] their mining hashpower, a new breed of market was born. True to the decentralized nature of digital currency, BetaRigs users can conduct peer-to-peer transactions on the open market to buy and hashrate for multiple specific mining algorithms, such as SHA-256, Scrypt, Groestl and X11/13/15.
Unfortunately, services such as BetaRigs were not spared from the decline in Bitcoin and altcoin values, and the platform owners had to come up with a new feature to attract more people. As a result, BetaRigs recently announced a new contract rental feature allowing BetaRigs customers to rent out mining power to customers of the cloud mining platform Mintsy.
Mintsy – Digital Currency Cloud Mining
For those of you who have never heard of cloud mining platform Mintsy, allow me to explain where they are coming from. Back in September of 2014, a joint venture between digital currency exchange platform Cryptsy and innovative digital payment solutions company DigitalBTC was announced, which resulted in the birth of the Mintsy cloud mining platform.
Even though the Mintsy cloud mining platform is currently still in its beta phase, the partnership with BetaRigs will allow the company to wrap up beta testing and transition to a fully operational business. Needless to say, given the current digital currency cloud mining situation, this is a gutsy move by the Mintsy owners, and it will definitely be interesting to see how this will play out.
In fact, BetaRigs customers will have the option of trading and splitting up their hash rates. For example, if you have a Bitcoin ASIC miner at your disposal, you could split up the machine’s total hashpower into two or three or four different mining contracts. This feature will be made available thanks to Mintsy technology merging with the service offered by BetaRigs.
The partnership between betaRigs and Mintsy comes at an opportune time for the mining rental platform, as ownership of the service changed hands little over a month ago. Unfortunately, that transition didn’t go as smooth as planned, and the platform experienced some operational issues as part of the transition. later on, several platform upgrades caused additional downtimes, forcing the BetaRigs owners to refund their customers.
Websites : https://www.betarigs.com/