Category Archives: cloud mining

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Bear Market Devours Cloud Mining Farm Giga Watt

Bitcoin cloud mining firm Giga Watt has declared Chapter 11 bankruptcy, leaving in its wake USD 10-50 million of unpaid liabilities. The cryptocurrency cloud mining industry and the mining industry, in general, is in an intractable situation due to the severe bear market of 2018.

The price of Bitcoin has declined from USD 20,000 to less than USD 4,500 in the past year. During the same time, the total cryptocurrency market cap has plummeted from a peak of USD 813 billion to USD 147 billion as of this writing on 22 November 2018. This price crash has drastically reduced cryptocurrency mining profits, to the point that in November 2018 numerous Bitcoin miners appear to be shutting down their rigs. In October 2017, Bitcoin’s network hash rate peaked at 60 Exahash/s several times but has now been slashed to 35 Exahash/s. That means there is 25 Exahash/s worth of rigs out there that simply cannot mine profitably at the current price level of Bitcoin.

Cloud mining needs higher profit margins than regular mining to function as a business since there must be enough profits to divide up between both the users and the cloud mining firm.

Giga Watt is leaving unpaid bills of USD 310,000 for a utilities company in Douglas County, Washington and owes Neppel Electric nearly USD 500,000. The top 20 creditors alone are owed USD 7 million but in total there is USD 10-50 million of debt owed by Giga Watt. To put this in perspective, Giga Watt only has USD 50,000 of assets, likely due to a long period of time where mining was not profitable, forcing the firm to burn through investor’s money to survive. Also, the depreciation in value of cryptocurrency mining rigs likely led to its total assets reaching such a low number.

Under the Chapter 11 bankruptcy laws there is a chance Giga Watt could reorganize and survive but that is up to a judge to decide. Surprisingly, the Giga Watt website is still operational and offering products, with no indication that the firm has declared bankruptcy posted on the site. This could perhaps be part of the liquidation process, with the company selling off its mining equipment to pay off a fraction of debts owed.

 

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PR: Emerging Cloud Server Cryptocurrency Mining Service Splitt Experiences Rapid Growth, Attracts 10,000 Investors in Less than 3 Months

Bitcoin Press Release: Recently launched cloud server cryptocurrency mining service, Splitt is now making the heads turn in the global crypto community. Designed to make cryptocurrency mining user-friendly and safe for all, Splitt has secured an investment of well over USD 5 million from more than 10,000 investors over the last three months.

November 14th, 2018 – Splitt, a recently launched cryptocurrency mining service equipped with a cloud server, is now taking giant strides towards becoming a highly preferred choice amongst the crypt mining enthusiasts around the world. Following its mega launch in August, Splitt has done well to secure close to one hundred thousand users and ten thousand investors in less than three months. Official sources have revealed that the company has already received an investment of more than five million for further development of the business.

As a result of drastic increase in the number of miners, bitcoin mining has become extremely competitive these days. Along with this growing competition, the bitcoin network has increased the difficulty level of solving the puzzles. As a result, it has become necessary now for the miners to up their game to stay in the race.

The crypto cloud of Splitt meets these challenges by offering mining services with ASIC integrated chips. This is considered to be the latest breakthrough in crypto mining because it is faster compared to the traditional GPU and CPU mining, and consumes less power. Splitt cloud mining requires no specialized hardware as it utilizes shared processing power from data centers.

Thousands of users have recommended Splitt as their crypto mining alternative because of the following features:
• Flexible multi-algorithm cloud mining
• No pool fees, no waiting for equipment and no system crashes
• Hashpower is purchased and is retained for the whole contract duration
• Dedicated to transparency and discloses everything to the public
• The company can be located easily and its representatives attend a number of events regularly
• Mining a number of different cryptocurrencies from scrypt and proof of work algorithm coins as well as ASIC and GPU mining
• Three-tier affiliate program and a lucrative bonus system

All Splitt users also have the opportunity to boost their mining contracts every week by winning Splitt Points. Moreover, the company is currently looking for a name for their Mascot and the winner coming up with the same will receive one thousand Splitt Points.

As part of the company’s global expansion plan, Splitt has recently opened a fully operational office in Thailand. The office is headed by Certified Bitcoin Professional Mr. Taradon Kriwichet, who is available alongside his team on a daily basis to help the visitors. Interestingly, a high percentage of investors that have contributed to Splitt are from Thailand. Investors from Ghana, Italy, Germany, and Russia have also contributed generously.

“We are happy to let you know that we have received an investment of more than $5 Million to grow our business. We have been unstoppable in the recent months, with more than 95k users and 10k investors,” said a senior spokesperson from Splitt. “Now, we also have a fully operational office in Thailand and much more is expected in the near future.”

As a rapidly growing industry player, Splitt takes part in a number crypto conferences and forums all over the world. In the recent months, the company actively participated in three key industry events and the next one is coming up soon. In October, Splitt representatives conducted a successful workshop and networking conference in Ghana.

Splitt has an ambitious future plan that includes opening a Splitt Cafe in Thailand in January, 2019. To cater a rapidly expanding pool of users, the company has recently fine-tuned their web presence. The Facebook Fan page of Splitt has also been rebranded. More latest news and updates about Splitt is available at https://splitt.co/en/news.

Mentioned below are the upcoming summits to be attended by Splitt:
• Ghana Summit No. 2 – 24 November 2018 – Miklin Hotel Conference Room (Contact John Kaakyire – 0249791008)
• star2 Italy’s First-Ever Summit (with special Italian translator for Speaker CBP Taradon) – 01 December 2018 – Savoy Excelsior Palace Hotel – Contact Mr. Alex Vicini – 3296752612)
• star2 Thailand Summit No. 4 – 16 December 2018 – Viva Garden Hotel (Contact Mr. Taradon Kriwichet – https://t.me/splittchat_th)

To stay up-to-date with all latest developments, Splitt users are encouraged to subscribe to the company’s Telegram Group at https://t.me/splittchat_en. The company requests all their customers to take part in an event survey by visiting the link https://splitt.co/en/forms/eventsurvey.

To find out more about Splitt, please visit https://splitt.co/en/.

About Splitt

Splitt offers a user-friendly alternative to cryptocurrency mining from home at any time. It is suitable for amateurs as well as cryptocurrency experts working on a larger scale. The cloud mining service offers a fresh alternative to traditional means of cryptocurrency mining. The company’s priority is to offer a standardized, highly reliable, and high-performance cloud computing environment in all of the 15 cities they serve at present.

Media Contact
Contact Name: Gerald Snief
Contact Email: gerald.snief@splitt.so

Splitt is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

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Image Courtesy: Splitt

The post PR: Emerging Cloud Server Cryptocurrency Mining Service Splitt Experiences Rapid Growth, Attracts 10,000 Investors in Less than 3 Months appeared first on BitcoinNews.com.