Cloud Mining by the Antmining Provider
Antmining is one of the most common mining providers. Global cloud mining has always been regarded with interest in the cryptocurrency world. After all, it sounds like a pleasant alternative to mining on your own if you don't have enough hardware.
The service provider, Antmining makes use of exactly this principle and offers cloud mining for Bitcoin. Unlike pooling, which benefits all who participate in it, cloud mining invests a small amount to cover several miners.
A big advantage of cloud mining is that you don't need to invest in your own hardware, electricity costs or time. The entire mining process is transferred to a service provider – in this case, Antmining.
How Cloud Mining Works
To do cloud mining, the user registers on the website and selects the product of choice. There is usually an app that offers the opportunity to pre-calculate the price. It is possible to make savings if this is deemed too high.
Much of this choice is determined by the hardware. The price is affected by the quality of the hardware used for the commissioned mining. At the same time, the price is also calculated by the number of desired mining processes.
In the long run, this is a classic process of investment and revenue. The platform retains some of the payments to ensure further development and to have reserves for times when a hardware exchange is required.
How Antmining Works
As users register on the site, they receive a full account. There is an overview of all products and commissioned service(s) along with a daily update of the account balance. In addition to up-to-date information, there is no maximum limit on daily transactions. Any number of additional services can be booked.
Anyone who books a service always enters into a short-term contract, the duration of which amounts to 100 days.
Antimining also operates a referral system. Anyone who recruits a friend as a customer for the service provider receives a higher profit from its own commissioned cloud services.
Allegations of Antmining Being a Scam
In forums, such as BitcoinTalk and on various Reddit threads, there have been accusations regarding Antmining. Users on the Facebook page regularly comment that support is non-existent and that payouts don't happen.
It is noticeable that the operators of the site do not seem to react to these allegations. On their website, they show how many Bitcoins have already been paid in total. In addition, there is a listing in the bitcoin.com forum where users share pay out notifications.
These messages are always copied from the system. Unfortunately, users tend to only copy these messages in the forum without adding any further details. Thus, they don't share any further experience with the platform, such as how smoothly the process was or any suggestions for improvement.
For the aforementioned reasons, it is not surprising that several sites have already become wary of Antmining.
The Verdict – Proceed with Caution
There are some cloud mining providers who have been able to establish themselves well. They are well known in the cryptocurrency world, which means that new platforms are often received with great scepticism.
However, the biggest problem is the fact that many users have reported negative experiences with Antmining. Many have mentioned not receiving promised payments. Therefore, it is worth making a judgement that this provider should be used at your own risk.
If you are curious and would like to investigate Antmining, you should start with small amounts and tread very carefully so that large risks are not taken.