“Give a man a fish, he eats for a day. Teach a man to fish, he eats for a lifetime.”
With this in mind, ViaBTC just opened up a little over 6000 cloud mining contracts for a state-of-the-art facility that will host Antminer S9s with a contract that is good for as long as the miners remain profitable.
With the fact that Bitmain doesn’t (to my knowledge) have plans to introduce a new miner in the foreseeable future because they run billions of dollars worth of S9’s around the world, this contract presale won’t last long. Here is the email I received this morning:
Going to their website, I found the following S9 presale contract:
S9 Contract Detail
About Antminer S9
S9 is currently the most advanced and power-efficient bitcoin mining rig which guarantees the longest life cycle for a miner. Visit Antminer’s site for more details;
1 TH/s per SHARE;
Power consumption & electricity cost
100 Watt per SHARE; 0.216 USD per day per SHARE (0.09 USD/KWH);
Electricity cost of cloud mining contracts might fluctuate due to policy change. ViaBTC reserves the rights of adjusting electricity fee.
6% of the mining income will be charged as management fees, which cover the costs for mining farm maintenance, deployment, repairs, staff expenses, emergencies, risk prevention etc;
Maintenance fees of cloud mining contracts might fluctuate due to policy change, operating costs and miner maintenance etc. ViaBTC reserves the rights of adjusting maintenance fees.
The miners will mine in ViaBTC pool which adopts a PPS+ method. The mining income will be the theoretical PPS+ yields which won’t be affected by the operational conditions of miners;
If you have purchased S9 cloud mining contracts, you can switch between mining BTC and BCH as you wish.
The mining income, deducted by management fees and electricity costs will be the actual yields.
The daily electricity cost will be calculated against the BTC/USD rate from mainstream exchanges.
The daily income will be settled at 0:00 AM Beijing Time (GMT+8) the next day;
Mine 1 BTC get 2 NMC for FREE;
Redemption of miners
To guarantee efficiency, all miners will run in high-standard facilities and in ViaBTC pool. Redemption of miners and change of mining pool are not available for the contract;
Termination of contract
The contract will be terminated automatically when there’s zero actual yields for 10 consecutive days. ViaBTC will redeem all contracts priced with the remaining value of the miners at the time. All miners will be owned by ViaBTC;
ViaBTC has the right to terminate its cloud mining contracts, if such termination has arisen from Force Majeure, directly or indirectly owing to any causes or circumstances beyond its control, including Acts of Nature, Governmental orders or restriction, war, warlike conditions, revolutions, strike, lockout, fire and flood.
Price fluctuation is frequent for cryptocurrency and the mining difficulty will be adjusted frequently. Price drop and increase of difficulty will lead to a drop of mining income per SHARE. ViaBTC won’t promise a 100% ROI whether on cryptocurrency or fiat money terms. Please evaluate the risks you can handle before investing in cryptocurrency mining;
ViaBTC reserves the rights of final explanation for this contract.
They also posted a Q&A about their cloud-mining service, which is posted below:
1. Do you charge any fee for cloud mining contract?
Yes. Besides the daily electricity cost, we will charge a 6% management fee from your mining income. Maintenance fees of cloud mining contracts might fluctuate due to policy change, operating costs and miner maintenance etc. ViaBTC reserves the rights of adjusting maintenance fees.
2. What is management fee?
Management fee covers the costs for mining farm maintenance, deployment, repairs, staff expenses, emergencies, risk prevention etc.
3. Will the price stay the same for each batch?
The miners we purchase for cloud mining contracts will have different prices due to changing purchase price, electricity costs, mining difficulty and market price. As a result, the price for each batch will slightly fluctuate.
4. Where are your mining farms?
Our farms are located in Inner Mongol, Sichuan, Sinkiang of China with the low electricity cost. We’d like to give site tours if you are interested.
5. Which pool are you using for cloud mining?
Our cloud mining contracts are mining in our own pool – pool.viabtc.com which adopts a PPS+ payout method. It allocates BOTH block reward and transaction fees (which now accounts for up to 10% of block reward) to offer much higher mining income.
6. Why don’t you mine yourself if cloud mining is profitable?
As it requires huge amount of investment for large-scale deployment of mining farms, we’d like to give away a part of our mining profits to users to dilute our risk as “not putting all eggs in one basket”. And also, we want “decentralization” in mining too so that global users will all have an easy chance to take part in mining.
Purchase & Profit
1. How to buy a cloud mining contract?
Choose the contract and amount you want to order and pay the order with your balance at ViaBTC account.
2. Can I pay with cryptocurrency?
You can purchase contracts with your balance at ViaBTC account (please fund your account if there’s short balance). The contract will be activated immediately after we confirm receiving your payment. The mining income will be paid out from the NEXT day of your order.
3. How to calculate my mining income?
Our cloud mining contract applies to a PPS+ method with ViaBTC mining pool. Your income will be the theoretical PPS+ payouts calculated against the current difficulty and shares of your order, deducted by daily electricity cost and management fees. Please refer to here for calculation;
4. When will you allocate the mining income?
The daily mining income will be paid to your account at 00:00 AM the next day;
5. Why does daily mining income fluctuate all the time?
Mining difficulty of the network will change all the time and market price is fluctuating too, which will lead to change of electricity cost. As difficulty keeps increasing, the mining income will be declining in the long run. So the sooner you start mining, the more cryptocurrencies you will mine.
6. Do you support merged mining for contract?
Yes, if you have mined 1 BTC, you will also get 3 NMC for FREE; mine 1 LTC and get 900 DOGE for FREE.
7. How to set payment coin for S9 contracts?
You can set payment coin in “Settings” – “Contract setting”.
8. How do you calculate my profit after changing payment coin？
All your mining profit will be calculated on an hourly basis and settled at the first minute of the next hour. The hourly profit for the time you switch will be calculated as follows:
If User A switch mining BTC to BCH at 12:59, he/she will get the BTC mined in the past hour at 13:01 while his/her BCH mining yield will start and be calculated from 13:01;
If User B switch mining BTC to BCH at 13:02, he/she will get the BTC in the past hour at 14:01 while his/her BCH mining will start and be calculated from 14:01.
Contract term and ROI
1. How long can I get my money back and how much more can I mine?
Based on the current mining difficulty and market price, the estimated time for ROI will be around 8 to 12 months. Mining income after that will be your pure profits. But we won’t guarantee 100% ROI or profitability as market swing is hard to anticipate. You need to evaluate possible risks for investment. But compared to speculation, mining will be a more sustainable and lasting investment in cryptocurrency.
2. How long is the term for cloud mining contract?
Cloud mining contract is on lifetime term as long as it is profitable.
3. Why would a contracts be terminated it is on lifetime term?
Even though your contract is on lifetime term, your mining profit may not be able to cover electricity fee and management fees due to drastic difficulty increase or price fluctuations. The contract will be terminated automatically when there’s zero actual yields for 10 consecutive days. ViaBTC has the right to terminate its cloud mining contracts, if such termination has arisen from Force Majeure, directly or indirectly owing to any causes or circumstances beyond its control, including Acts of Nature, Governmental orders or restriction, war, warlike conditions, revolutions, strike, lockout, fire and flood.
4. What would happen to those miners after termination?
After termination, ViaBTC will redeem all contracts priced with the remaining value of the miners at the time and attribute money to all users accordingly while all miners will be owned by ViaBTC.
5. Can I terminate or redeem my contract before termination?
Sorry, early redemption is not yet support.
6. Will my money be at risks if I invest in cloud mining?
As a cryptocurrency investment option, cloud mining contract is also of certain risks. Price fluctuation is frequent for cryptocurrency and the mining difficulty will be adjusted often. Price drop and increase of difficulty will lead to a drop of mining income per SHARE. ViaBTC won’t promise a 100% ROI whether in cryptocurrency or fiat money terms. Please evaluate the risks you can handle before investing in cryptocurrency mining.
***This article is for informational purposes only, due to the volatile nature of cryptocurrencies***