ViaBTC Review

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ViaBTC review cloud mining

About ViaBTC

ViaBTC is a cloud minining company founded in May 2016 and based in China. The company’s mining rings, the Antminer S9 and the Litecoin Miner L3, are some of the most advanced and efficient mining rigs in the market today. ViaBTC has also developed the world’s top Bitcoin mining pool and serves over 100,000 users worldwide.

ViaBTC Contracts: ViaBTC offers Bitcoin cloud mining and Litecoin cloud mining contracts.

Other Contracts: If you are looking for Ethereum cloud mining, DASH cloud mining, Zcash cloud mining you should check Hashflare or Genesis Mining.

ViaBTC Bitcoin Cloud Mining

  • 1 TH/s = $199
  • Bitcoin cloud mining uses the SHA-256 algorithm.
  • BTC Management Fee: 6% Per TH/s Per Day
  • Electricity Cost: $0.144 Per Day

Running time

ViaBTC S9 contracts are lifetime contracts, meaning that they will run as long as they are profitable.

Profitability

We purchased 1 TH/s on December 8, 2016. After 16 payouts, we have 0.010113 BTC in our account, which equals a net payout of 0.00063 BTC per day. According to our calculations, it will take 333 days to break even on this contract.

Other contract details

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.

ViaBTC S9 cloud mining contracts allow you to switch between mining BTC and BCH at any time.

ViaBTC Litecoin Contract

  • 1 MH/s = $9.90
  • LTC Management Fee: 6% Per MH/s Per Day
  • Electricity Fee: $0.144 Per Day
  • Litecoin cloud mining uses the Scrypt algorithm.

Running time

Lifetime

ViaBTC Payouts

All mining profits will be calculated and allocated on an hourly basis, and you will automatically receive payouts between 10:00 to 18:00 (GMT+8) every day. In order to switch on ”Auto Withdrawal,” go to ”Wallet” in the navigator bar and set a default wallet address to receiving your daily mining payouts.

You can also order an instant withdrawal at any time, but you will need to pay a necessary transaction fee, while auto withdrawals are free. ViaBTC offers payments in Bitcoin, Bitcoin Cash, Litecoin, Dash, and Zcash.

ViaBTC Pool supports three payment methods: PPS+ (default) PPLNS and SOLO.

PPS+ (Pay Per Share Plus) is an enhancement of the conventional PPS method, with an additional allocation of transaction fees. With PPS+, the pool pays the miners for each valid share they submit – like the pool is ”hiring” them –  therefore, miners will enjoy a stable payout. The pool bears all the risks of bad luck and orphaned blocks, hence a higher fee. Transaction fees will be allocated to miners by PPLNS as below.

PPLNS (Pay Per Last N Shares) is calculated by the proportion of miners’ hashrates in the pool’s total in the last N difficulty rounds, when a block is found. Transaction fees will be allocated to miners. The pool also charges a small fee for daily operation and maintenance. With PPLNS, the miners’ payouts are connected to blocks found. Miners may face unstable yields, but will enjoy higher payouts in the long run.

SOLO all block reward will be allocated to the miner who mined the block. The pool charges a small fee for daily operation and maintenance.

 

You can choose whichever method you prefer based on your risk tolerance by visiting “Settings.”

ViaBTC Profitability

The payout rate for our ViaBTC contract as of December 8, 2016 was 0.00063 BTC net earnings per day. On October 18, 2017, approximately 300 days later, we had received a total payout of 0.120 BTC. (Our initial investment was 0.2 BTC.) If the payout rate remains stable over time, we will break even on our contract after 421 additional days – a total of approximately 721 days. Thus, cloud mining with ViaBTC was not a better investment than actually buying Bitcoin in 2017.

 

Note: The mining difficulty has risen about 4 times during the period we have calculated for.

Support and Security

You can contact customer support via email at [email protected] The ViaBTC website also has a FAQ. The company does not provide a phone number to call for support. There are no known security issues with ViaBTC. For added security, 2-factor authentication is required by default to sign in.

Pros and Cons

Pros

ViaBTC’s Antminer S9, manufactured by Bitmain Technologies, is currently one of the most advanced and power-efficient Bitcoin mining rigs today and guarantees the longest life cycle for a miner. The ViaBTC Pool is also among the largest Bitcoin mining pools. The pool was launched on June 5, 2016.

Furthermore, ViaBTC has an excellent platform that monitors real-time data on hashrates, users and miners with a clear graphical demonstration. Additionally, ViaBTC publishes references for miners with pool data on blocks, luck, orphan rate and more. ViaBTC offers distributed, high-concurrency and high-availability services with a 99.999% uptime guaranteed.

The Market feature for buying and selling contracts is another advantage of ViaBTC. The three different payment methods in the ViaBTC Pool also offer flexibility for miners.

Cons

 

The profitability of ViaBTC is not as high as other cloud mining companies such as Genesis Mining and HashFlare. The company is also lacking in support channels.

Conclusion

We have not yet finished our contracts with ViaBTC; we will give a final review once completed. Thus far, we do not believe that ViaBTC is as profitable as other investments, such as actually purchasing Bitcoin.

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