Bitmain has launched a cloud mining operation called Mineta which it promises will “save the game” and restore the image of cloud mining that has been tarnished by scams and unprofitable contracts in the past. The service, which offers plans from $40 per terahash on two-year contracts, utilizes Bitmain’s Antminer S17 ASIC miners and opens up the opportunity for anyone to get involved in Bitcoin mining and earning a share in the profits – if they’re brave enough to enter the murky world of cloud mining.
Bitmain’s Less than Impressive Sales Pitch
The Mineta website states that the project is “currently a leader in the cloud mining industry” without offering anything to back up the claim, and as anyone who knows anything about crypto scams can attest, there is nothing like a vague, self-awarded accolade to instill confidence in a project. More non-specific accolades are offered up elsewhere as the company claims that “Many big funds companies say MINETA Bitcoin Cloud Mining is the future of all platforms in the cloud mining industry.” Who are these companies? We aren’t told. What we are told however is that Mineta is “trusted by many companies”, which turn out to be crypto news publications that have been paid by Bitmain to positively review it reviewed the product. Hardly trusted. Bitmain is pitching the product as a “very accessible” form of mining, offering instant mining and instant payouts, with a 5% maintenance fee.
Can Mineta Rescue Cloud Mining’s Reputation?
Cloud mining in general has a poor reputation, and Bitmain’s claim in an email to prospective investors that is has “changed the game in the mining world right now” has to be taken with a pinch of salt until it has been properly put to the test. If they are to succeed they will have to throw off the shackles of the cloud mining companies that have come and gone before them, such as Coinhive, which was notoriously used in cryptojacking attempts; AWS Mining PTY, which was issued with a cease and desist order by Australian regulators; and HashFlare, which shut down after its profit margin collapsed. Bitmain has a big name behind it which might work in its favor initially, but it might face a nervous wait to see if its promise of “a cloud mining service that is very cheap and profitable” bears fruit.