Miner Fees Added To Bitpay Invoices
Starting next week, Bitpay announces that they will be having in their every invoices a fee added despite having a high transaction fees over the network. This change will not affect merchant fees either but for every buyer that pays a Bitpay invoice will be automatically given a calculated figure for the estimated network fees or network cost which is part of the overall cost to be paid, as explained by them.
Bitpay Invoices Additional Fees
Due to a rising of cost in Bitcoin transaction over the network, Bitpay will start on March 23 adding a new fee in their invoices. The customizable system of Bitpay's invoices that is API-based is currently used by businesses which able to create and send to customers multiple invoices.
Payees were still free of charge when they received money using service invoice. On the other have, the payers will be having the added miner's fee in their invoices to be paid.
Up until this time, Bitpay is still covering the expense of sweeping and combining Unspent Transaction Output Set or UTXOs which came from invoice payments of BItpay, as explained by them.
Stephen Pair the CEO of Bitpay stated recently the there is a huge rise on Bitcoin mining fees in the network, and that is exponential. The company has been alarmed of the fees covered by Bitpay for customers last February which reaches to 50,000 USD making them to raise a minimal amount in the invoice from 0.04 USD to 1.00 USD. The statement from Bitpay were as follows :
The company added that it was the sweep and combine UTXO's miner fees being paid by Bitpay for receiving addresses. Instead of just distributing the raise over the network, they decided to base it on UTXO's number that the payment came from.
Each UTXO focuses to a solitary Bitcoin address that a wallet could send bitcoins from. It is additionally the piece of a Bitcoin exchange that tells the system how much unspent cash is at each sending address.
Wallets ordinarily have many locations that make up some portion of every installment sent. A run of the mill spend from most wallets can stack many delivers together to add up to up the sum being sent. An installment may just have one UTXO or it could have several these locations.
Bitpay's solicitations will charge for every one exclusively. These charges are included to the receipt top of the payer's own digger expense which starts in the payer's wallet, giving Bitpay no influence over them. The organization conceded:
Technique For Minimal Fees
For clients who are worried about extra system costs on their Bitpay installments, the organization said that they "unequivocally prescribe making Bitcoin buys in bigger additions to counterbalance the cost over a bigger installment esteem".
Also, the organization noticed that: "A great approach to guarantee that you don't overpay or come up short on a Bitpay receipt is to filter the QR code or pay with an installment convention perfect wallet like the Bitpay wallet application".
Bitpay presumed that "This system cost won't significantly affect the larger part of installments made through Bitpay". While buyers will see the additional charge, "our shippers' expenses and estimating won't be influenced by this change", the organization repeated.
EFT Drive Drives Bitcoin For Quick Rebound
On 10 March 2017 after the end of the New York Stock Exchange, SEC or Securities and Exchange Commission dismisses the administer change for the Bitcoin ETF because of administrative concerns. Taking after the declaration, the cost per bitcoin dropped to a low of US$1,020. The cost has since bounced back to the $1,180 check, at the season of composing.
Bitcoin Price Dives Minutes After ETF Ruling
Bitcoin markets took a sharp plunge after the SEC declaration, losing 15 percent of its value an incentive in a matter of minutes. Amid the day the cost had moved to another untouched high for a brief period as individuals sat tight for the choice from the U.S. administrative office. Be that as it may, when the choice was made the decrease began making huge unpredictability and moderate trades. The bitcoin trade Coinbase experienced a blackout amid the occasion yet camed back online soon after the underlying value drop.
A large portion of the bitcoin group crosswise over discussions and web-based social networking appeared to dismiss the news rapidly. Some even respected the dismissal with open arms saying they didn't need the ETF endorsed.
Some Expect 'Proceeded with Volatility and High Volume'
Numerous bitcoin advocates said the cost was required to be unstable after the declaration in any case. "The business sectors are processing the data right now – we expect proceeded with unpredictability and high volume," clarifies the cryptocurrency information site Crypto Compare originator Charles Hayter, specifying his conclusion of the circumstance;
"The SEC dislikes Bitcoin being unchained from all direction, and this move is, basically, a type of buyer insurance," Hayter clarified.
'Substantial Players Sitting on the Sidelines'
Petar Zivkovski, Chief working officer of the bitcoin exchanging stage Whaleclub talked with Bitcoin.com and gave us Whaleclub's supposition of bitcoin markets going ahead.
"We expect a considerable reduction in unpredictability going ahead, both in offering and purchasing BTC. The vast majority of the run upwards from the $750 level was fueled by bits of gossip and hypothesis encompassing the Coin ETF," Zivkovski let us know.
The value appears to have combined from the underlying stun as business sectors have restrained and bitcoin's cost revives. The SEC staff can in any case support a bitcoin ETF after more direction and oversight is considered. Bitcoin defenders who upheld the ETF still appear to be idealistic that an advanced cash store could happen as expected later on, and some could mindless.
Genesis Mining Review
Genesis Mining begun around 2013, and at present it possesses mining farms across the continents of Asia, America and Europe. The specific whereabouts of these farms are privately hidden for safety and security purposes.
Genesis Mining is:
1. Considered legit since it is the most transparent cloud mining company among all.
2. Possibly the champion among all the cloud mining provider for Bitcoin, Ethereum, and other coins.
3. Registered with the SEC for a Bitcoin mining fund
With all these things, we cannot truly say that we can gain profit from Genesis mining. Statements above only shows that it is reliable enough since it honestly gives us the best service we deserve.
Since these mining contracts don’t mature as it is for a lifetime, we can say that you’ll forever be able mine and collect payouts as long as the contract is viable for a profit.
How Does Genesis Mining Work?
Genesis mining’s expertise is building a very good and productive mining rigs, offered for rent to their clients as well as purchasing hash power in a simple and reliable way not having to go through difficult hardware and software steps. The latter is stated in their website.
What you need to do to start mining:
1. Set up an account.
2. Fund your account, after signing up. You can choose between Paypal, Bitcoin, your credit card or you can opt for wire transfer.
3. Select the perfect mining plan for you.
There are three different Bitcoin mining contracts according to it’s price.
1. Gold - Starting with 100 GH/s, the contract is priced at $19. You can already know and understand the basics of cloud mining and its profitability.
2. Platinum- having 2,000 GH/s, it is medium-priced at $340, if Gold was a bit smaller for you.
3. Diamond - the biggest and most expensive of all with 10,000 GH/s, amounting to $1600.
What Coins Can You Mine?
The table below shows the two categories of contracts and the coins that can be mined in each designated contracts. These were available since June 2016.
What is the essence of investing if a profit is not gained? Below is a summary of the profitability of the contract from Genesis Mining which were mentioned in the previous part.
However, certain ever changing factors are always taken in consideration to be able to see results. Factors like coin price, network difficult and hash rate differs every single day. With this, you can read article on mining profitability to gain more information.
1. SHA-256: a payout of 0.37mBTC in every 1TH/s per day and a cost of 0.25 BTC per 1TH/s , therefore a balance is achieved most likely on the 22nd month.
2. X11: a payout of 0.027mBTC in every 1MH/s per day and a cost of 13.6mBTC per 1MH/s,so a balance is achieved most likely on the 17th month.
As long as profits is on the picture of these lifetime contracts, we can expect that a maintenance fee is subtracted all the time.
How is Genesis Mining Different from Other Cloud Mining Providers?
Genesis Mining is differentiated from other cloud mining provides in a lot of ways.
1. It is the biggest and most known among others, contributed to have made mining easy and pleasurable experience to people.
2. It doesn’t have to invest in mining hardware, setting up and even maintenance since it is just online.
3. In line with no. 2, you don’t have to deal with the loud rigs and the heat it gives.
4. No mining pool feels required, let alone choosing a mining pool.
5. You can always choose which coins to mine and be able to split up the total hashpower to different coins.
6. It is good for both average and expert miners, with members more than 300,000 currently on it’s list.
7. Proven to be legit according to research but not necessarily guarantees profits but only proves that it is reliable as a service provider.
The things listed above concludes that Genesis mining is for perfect for cloud miners who doesn’t like to go through bitcoin mining pool choosing as well as setting up a hardware, software and rig at home.
HashFlare Cloud Mining Review
HashCoins who offered hosting for mining contracts on last quarter of 2015 had officially launched also their cloud mining service called HashFlare last 23rd of April 2015. They offered both altcoins and Bitcoin cloud mining services.
HashFlare used a non-stock version of Apollo miner for their Bitcoin mining with SHA-256. HashFlare uses their Ares miner for mining with Scrypt.
- Overview - Table of Contents
- HashFlare History
- Trust Rating
- Price Rating
- Maintenance Fee Rating
- Dashboard Rating
- Payment Reliability Rating
- HashFlare Referral
All hardware has been provided by the parent company with data center of 2 Megawatt. Sergei Potapenko was the founder of HashCoins and it was located in Talin, Estonia on the year 2013.
Looking at the data information, HashFlare is on top with 10K customers as of June 30, 2015 and counting who uses their cloud mining services that generates hash rate of over 1 PH/S.
One of the newest company in cloud mining services is HashFlare and they have both Scrypt and SHA-256 mining services offered. Considering that they are that new on this industry, they don't have this long list of payouts also of records that you can track but hopefully in few months time there could be a long list of it and for me it is not an issue.
They are revealing their company's physical address as well as the list of the members of their team with photos in it on their websites which is a plus factor for assurance. You can also avail one of their feature to switch mining pool, though there is no evidence that a contract is actually mining on pointed pool on some cloud mining companies.
Even if there are photos of their members and shared photos of Scrypt mining operation and their data center up to this date but they don't have any shared photos of their operation in Bitcoin mining. One of their representative told everyone that Ares racks looked better than that of Apollo's racks but for my mind they can just request for their technical guys to shoot photos from the miners, doesn't matter how it looks like.
1 PH/S is equal to over Nine hundred Apollo V3s, that implies that they should be having ninety racks of ten. When the time came that I have concrete proof on their mining capacity I will change my trust rating to higher value. So please check on the review and score overall.
HashFlare is one of the most expensive offers in terms of mining contracts with approximately 0.00178 BTC/GHS and its the price upon writing this review. Based on my experience, there is a company of cloud mining service that is only 1% higher than the price rate of HashFlare which made them second so far. In terms of rounding it off, HashFlare ties with the most expensive contracts in the industry of cloud mining services.
HashFlare offers discounts considering of their high cost contracts. One example on that on was during summer of 2015 with a 10% discount for purchase of 100GH/S or higher and another 20 percent off when purchase of 5TH/S or higher. So when it is successfully bought, they can enjoy lowered price to their contracts. HashFlare also has a very low price fee for maintenance and that makes them an affordable cloud mining contracts.
Maintenance Fee Rating
HashFlare.io have the lowest maintenance fee to offer even if they are second in the most expensive cloud mining contract, of course not counting the no-fee cloud mining companies maintenance fee. A remarkable rate of USD 0.03/GH/month might be because they are seated in Estonia where electricity is very cheap and is next big comfort than no-fee.
This drop of maintenance fee will drop more considering that they will be using Uranus miners in the future where they continue to use Apollo technology for the meantime, assuming also that they materialize in the future. Knowing that they have a low maintenance fee, it will be a huge impact on the mining earnings and the return of investments as well.
HashFlare has an astonishing mining interface and you can check it when you already have an account after sign up. In terms of usability, for me I would rank them as 1/3 of the other cloud mining companies even if the services they offered is not the same with the other top mining companies. When you try to withdraw your payments it will be very smooth also and a two factor authentication of email will be sent to you.
What makes the dashboard cool is the graphical representation of your earnings overtime, balances, mining pool allocation and as well as revenue per day per terahash. The reports review is incredibly laid out for you. I personally appreciate the mining pool allocation feature of HashFlare, like most companies of cloud mining offers selectable mining pool and will be forcing you in choosing a singe pool.
Payment Reliability Rating
After the deduction of maintenance fees as expected, they gave me the exact revenue and HashFlare on my account made payments on time. It only takes 15 minutes to appear on my Bitcoin wallet funds when I tried withdrawing in from HashFlare and that means they have a very fast service that will cater your transaction into the block chain right away upon requesting for withdrawal.
Hash Flare also has been on top with the highest referral bonus percentage on overall cloud mining companies where they offered 10% referral bonus. Even if they do not offer any sign up bonus when you sign up into their website, they do offer some special offers as mention above. HashFlare overall is a very solid in giving special bonuses and the generosity is on top with the other cloud mining companies.
HashFlare might not be the best cloud mining company to trust with and their cost may not be fine compare to others, they do have a lower maintenance cost and a very solid bonus on referrals which edges them from others.