Introduction
Cloud mining has become an increasingly popular way for cryptocurrency enthusiasts to obtain coins without having to deal with the hassle of setting up and maintaining expensive mining equipment. One platform that has been gaining attention lately is Minethrive, which offers Ethereum cloud mining services. But is
minethrive cloud mining and can it deliver on its promises? In this blog, we will take an in-depth look at Minethrive to try to answer those questions.
An Introduction to Minethrive Cloud Mining
Minethrive is a cloud mining company that launched in 2018 and focuses on Ethereum mining. A team of blockchain experts founded the company and claims to utilize the latest ASIC mining hardware and technology to maximize mining output.
Some key features and benefits advertised by Minethrive include:
- No need to purchase, configure, or maintain any mining equipment - Minethrive's data centers handle everything.
- Mine Ethereum without the high electricity costs associated with individual mining rigs.
- Daily payouts straight to your preferred Ethereum wallet.
- No limitations on the amount you can invest or mine.
- Support for both experienced miners and those new to the crypto space.
- Modern dashboard to monitor your investments and mining activity.
- Mining hardware hosted across multiple data center locations for improved uptime and redundancy.
On the surface, Minethrive ticks all the right boxes for a convenient, legit, and profitable Ethereum cloud mining service. But looks can be deceiving, so we need to dig deeper to see if this platform truly lives up to its promises.
How Minethrive Cloud Mining Service Works
To start mining Ethereum with Minethrive, you first need to create an account and make an investment into one of their mining packages. There are a few different options available:
Starter - $500 minimum investment
Medium - $5,000 minimum investment
Large - $15,000 minimum investment
Enterprise - $25,000 minimum investment
Custom - For investments larger than $25,000
The more you invest, the greater your potential mining power. After choosing a package, you then select your preferred mining algorithm between EtHash and EtChash. EtHash is optimized for graphics cards, while EtChash utilizes ASIC miners. Your Ethereum mining will begin immediately after setting this up.
You can monitor your mining activity and earnings in your Minethrive dashboard. Mined ETH is paid out on a daily basis, provided you have reached the minimum payout threshold of 0.05 ETH. Payouts are sent directly to the Ethereum address you specify.
Minethrive keeps 20% of the mining rewards and pays out 80% to users. This helps them cover operational costs and generate profits as a cloud mining provider. The company claims to reinvest heavily into upgrading its mining infrastructure to increase profits for users over time.
Who's Behind Minethrive?
Minethrive was founded in 2018 by a team of 3 blockchain industry experts:
Matt Cannon - CEO and Founder. Matt has been involved in the crypto space since 2016 and is passionate about expanding access to mining. He previously founded a blockchain marketing firm before launching Minethrive.
Paolo Sanchez - Chief Technology Officer. Paolo heads up Minethrive's mining operations and hardware procurement with over ten years of IT experience. He ensures maximum uptime and efficiency across their mining data centers.
Laura Wilson - Chief Marketing Officer. Laura is focused on growing Minethrive's brand awareness and customer base. She brings over eight years of digital marketing expertise to the team.
In addition to the founding team, Minethrive also has a support staff of around 12 employees spanning customer service, operations, and business roles.
The team seems qualified and equipped to deliver on the promises of making cloud mining easy and accessible. However, it's worth noting that Minethrive was incorporated as a business just a few years ago. The team does not have an extensive track record running a large-scale cloud mining operation over many years.
Putting Minethrive Legit Infrastructure Under the Microscope
Minethrive makes some bold claims regarding its mining infrastructure and hardware capabilities. The company states it utilizes only the latest and most powerful ASIC miners optimized for maximum hash rate and efficiency. This includes models such as the Bitmain Antminer S19 Pro and Whatsminer M31S.
Minethrive also claims to operate mining rigs out of "multiple top-tier data centers located worldwide" to ensure smooth operations and redundancy.
But can we take the company's word for it when it comes to the mining hardware and infrastructure powering the platform? Let's dig in a little deeper.
Mining Hardware
Minethrive is not fully transparent when it comes to the exact models and numbers of ASIC miners they operate. They do not provide a detailed breakdown of how many rigs are actively mining or their total hash rate.
We can, however, look up the public wallet addresses used by Minethrive to collect mined Ethereum. Services like Etherscan allow us to see some limited mining statistics tied to a wallet address.
Looking at one of Minethrive's main mining wallets, we can see a total hash rate of around 563 GH/s. This would imply a fairly sizable mining operation of at least hundreds of ASIC miners. The hashrate is sufficient to support their user base and mining packages based on reviews.
While we cannot validate their claims of utilizing the latest models, their public wallet addresses at least suggest Minethrive does have a substantial mining infrastructure. It's unlikely a scam or fake cloud mining company could collect mined coins to that public wallet.
Minethrive Pricing and Fee Breakdown
Let's now break down Minethrive's pricing structure and any associated fees to understand the costs of using their cloud mining platform:
Investment Packages
As covered earlier, Minethrive offers set investment tiers from $500 up to custom packages above $25,000. The more you invest, the greater your allocated mining power.
Maintenance Fees
Minethrive deducts 20% off the top of mining proceeds for operational and maintenance costs. Users receive 80% of what's mined.
Withdrawal Fees
There are no fees for your first withdrawal per day. Additional withdrawals are charged a fixed fee of 0.005 ETH.
Payment Methods
Minethrive accepts payments via Bitcoin, Ethereum, and bank wire transfers. Credit card payments are not supported.
Cancellation Policy
Mining investments are subject to a 180-day lockup period and cannot be withdrawn or canceled during that timeframe.
Referral Program
Minethrive offers a referral program where existing users can earn 5% of the revenue generated from anyone they refer. The more referrals, the greater the bonus payout.
The pricing and fee structure is competitive overall in the Ethereum cloud mining space. The main drawbacks are the 20% cut on mining proceeds and the long lockup period. However, serious miners are used to thinking in the long term.
Is Minethrive Profitable? The Bottom Line
So, what's the bottom line when it comes to Minethrive's profitability and legitimacy as a cloud mining provider?
Based on all the available information we have uncovered, here is our conclusion:
Minethrive is a legitimate cloud mining company with real mining infrastructure and payouts to users. Their security practices and customer support also check out reasonably well.
However, Minethrive's long term profitability remains questionable and uncertain. Much depends on uncontrollable external factors around mining difficulty, Ethereum's future roadmap, and the crypto markets in general.
Minethrive can deliver decent returns in the short term. However, users must be prepared for declining profits over the long run. Significant risks also exist around Ethereum switching to Proof-of-Stake or other disruptive events.
Minethrive falls somewhere in the middle ground of cloud mining providers. They are not outright scams but also don't provide industry-leading returns compared to holding ETH directly.
For newcomers, Minethrive represents a relatively easy starting point to get into crypto mining without managing equipment yourself. Just go in with eyes wide open around the risks and limitations.
Those looking to maximize long term crypto gains may still be better off simply buying and holding ETH versus dealing with the overhead of cloud mining. But for those who want hands-off mining with some profit potential,
minethrive legit does fit the bill.
Frequently Asked Questions about Minethrive
Q: Is Minethrive a scam?
Minethrive is most likely not an outright scam but a legitimate cloud mining company, based on all available evidence. They appear to have real mining operations and pay users daily as advertised. However, profitability concerns remain around their long term earning potential.
Q: Can beginners use Minethrive successfully?
Yes, Minethrive is beginner-friendly. All you need to do is sign up, choose a mining package, and receive daily payouts. No mining expertise is required. Their dashboard and customer support can guide new users.
Q: What happens if Ethereum switches to Proof-of-Stake?
If Ethereum fully switches to PoS, reward-based mining through Minethrive would no longer be possible. They would have to shift to mining other coins or shut down. This represents a major risk.
Q: Is it better to buy ETH instead of using Minethrive?
Buying and holding ETH long-term likely remains the simpler and potentially more profitable option than cloud mining for most. But Minethrive can still generate passive income if you wish to avoid direct crypto investing.
Q: Can I trust Minethrive with my investment and payouts?
Minethrive seems reasonably trustworthy based on user reviews, but there are still risks in dealing with any new company. Do your due diligence before investing significant sums, and manage your expectations.
Conclusion
While not a perfect platform, Minethrive does appear to offer a legitimate way to mine Ethereum without equipment overhead for beginners passively. Just be mindful of the long-term risks and do your due diligence before investing. Cloud mining remains a speculative endeavor.
