The cloud mining company, Nuvoo Mining, has been making a lot of noise in the crypto community as of late. It's very understandable as some of the larger competitors are struggling to keep up with demand. For example, Genesis-Mining currently the largest cryptocurrency cloud mining provider is completely out of stock with all of their contracts. Even worse, their customer service has been struggling heavily with customer support tickets not getting answered, taking months for a response. When looking at their Facebook page, angry comments flood their posts. A few months back Genesis wasn't the only company struggling as many exchanges, wallet providers also weren't prepared for the massive surge with new users as the price of bitcoin hit record highs. However now that things have settled down, issues like backed up support tickets should be resolved and it isn't. There is one company that in fact has kept up with demand, handling support very promptly, and offering a great service.
In 2016, Nuvoo Mining started operating hardware in Canada. Nuvoo specializes in hosting high-density computer hardware in the cloud mining markets, which requires substantial access to both power and cooling. For starters, all their mining farms are operated with hydro-power electricity. This enables much lower overhead costs for the company and at the same time allows increased profits for their users as contract fees are much lower. It's a win-win and gives a leg-up on the competition. Nuvoo offers both bitcoin and Litecoin mining contracts at discount prices and they also rent out mining farms for those interested in starting their own cloud mining business.
TYPICAL ISSUES MINERS FACE
The reason Hydro-power is so important is because when someone is mining cryptocurrency like bitcoin, the process is done with specialized hardware called "Application Specific Integrated Circuits" or "ASIC" for short. These ASIC's are extremely compute- intensive consuming massive amounts of energy from the Proof-of-work hashing algorithm.
The way it works is new transactions are added to bitcoins blockchain every 10 minutes by the computers that are mining. During this process while new transactions are being created, miners are not required to trust each other. The only thing miners have to trust is the code they are running with the same set of rules attached that each miner must follow. So when a person sends bitcoin from their digital wallet, this will only get verified when each miner confirms that the transaction is true and follows the set to the rules attached. Therefore each miner does not need to trust one another.
With Proof-of-Work (PoW) as miners are gathering transactions to prepare the next block, only one of these blocks will ultimately be randomly selected to link to the blockchain. This random selection in the distribution network is a very difficult process to achieve. As a result there is a difficulty level that constantly increase to ensure only one block is selected every 10 minutes. This also means with more difficulty comes more energy consumption.
It's spectacular to think the amount of energy needed to process just one bitcoin transaction could also power 28 homes in the United States. The whole bitcoin network could power 5,878,445 homes. The carbon footprint is outstanding and only getting worse, unfortunately. As a result companies have been turning to other sources to power their mining farms so they in return can accumulate more profits. A vast majority of mining companies, for example China, which mines a very large portion of the Bitcoin network uses coal factories to power their mining farms. However this doesn't really help our carbon footprint.
The Nuvoo team are brilliant as they were able to get hydro-power to power their mining farms. Now although their can still some downsides to hydro such as emitting small amounts of methane, it's still much better in terms of cost and carbon footprint than the alternative. It's also extremely better for Nuvoo Mining as this cut costs by almost half as you can see in the picture right below.
Cloud Mining Contracts
When you buy a cloud mining contract you are making a agreement for a set length or time. In this agreement you decide on a set amount of hashing power to which you will have dedicated towards mining the cryptocurrency of your choice. Now when you buy the contract you also agree to pay certain fees, fees companies charge for the costs of running the dedicated mining hardware the user is renting. These fees are all in the contract so you know exactly what your paying. For instance, HashFlare will charge $0.00035 per day for each G/H (a measured unit of hashing power) you own. So if you buy a contract for 200 G/H's you pay about $0.07 cents per day in fees. Now that doesn't seem like a lot but if you were to buy 200 G/H's, that is only getting you about $0.14 cents a day so technically that's half your profit going to fees.
Nuvoo Cloud Mining Contracts
Nuvoo's cloud mining contracts are currently discounted with their current promotion being offered for a limited time, starter contracts are starting at about $67 down from the normal price of $140. With this package users get about 622 G/H's of dedicated hashing power 24/7 until the contract expires. Although some bitcoin contracts don't expire, instead they are left "open ended" meaning until your hashing power is no longer profitable which can take a couple years. These types of contracts are the best because you can triple or quadruple your original investment. If crypto prices are rising during your contract you can even make 10-fold. It's a pretty amazing alternative investment strategy.
(Starter contract provided by Nuvoo)
Their mining contracts that can be purchased are priced all the way up to the Royal Contract for $16,000 which is discounted from the regular price of $34,000. These are amazing discounts to take advantage of because they usually don't last long as everybody jumps at the opportunity. That gives their users almost 50% in savings.
(Royal contract by Nuvoo)
Also as a reminder, if your interested in the turnkey solution offered by Nuvoo Mining, they rent out mining farms with all the tools needed to succeed for those of you who want to start their own cloud mining business and start selling hashing power. This service is actually very interesting as they are the only company currently offering this turnkey service.
If your interested in getting your first Cloud mining contract, Nuvoo is a great platform for beginners and non-beginners. What really makes Nuvoo stand out as a great company is there communication with their users. They respond to support tickets within 48 hours, they host weekly webinars which allows you to meet the company and get familiar with their processes and goals. They are growing rapidly and now is the time to get a contract if your interested in another form of a investment. Their platform is simple to use and offer great tools to help with you succeed. If you have any questions feel free to send us a email and we will be glad to help. (email@example.com)
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