At WariHash, we are building a “Hash Market”. A hash market is an online marketplace where you can buy and sell hashing power. In this article, we will explore the benefits of buying hashing power through a hash market, rather than a traditional cloud mining provider.
Cloud mining has, in the past, been the center of many scams. The main problem with cloud mining that has enabled scams to proliferate is that you cannot independently verify whether the cloud miners are providing you with actual hashing power. With cloud mining, you sign up to buy a certain amount of hashing power at a certain price, and the cloud miner gives you access to their online console containing your wallet. As you “cloud mine”, your wallet is credited with the cryptocurrency that were mined.
The problem with this is that the cloud miners may not be mining at all. They may simply be buying cryptocurrency on the market and depositing them to your wallet, while pretending to mine. Worse yet, they may not even have those cryptocurrencies at all, and are just crediting your wallet account internally in their systems with funds they don’t possess. This was the case with GAW Miners and many other similar scams. You simply have no way to know whether this is happening because most cloud mining providers give no way for you to verify that the hashing is happening.
With a hash market, such as the one we provide at WariHash, we give you the ability to point the hashing power wherever you want. This means that you can point the hashing power to a reputable mining pool, which will independently verify the hashing power and handle the pay out of the mined cryptocurrencies for you. If you are technically capable, you can even point the hashing power to your own mining pool and verify the hash power yourself. Thus you can always be certain you are getting what you paid for.
Another advantage of a hash market is the ability to mine different cryptocurrencies on the same mining algorithm. For example, when you purchase hashing power for the SHA256D algorithm, you can either mine BTC, BCH, BSV, or any other cryptocurrency that uses the SHA256D algorithm. You simply point it to the mining pool that is used to mine those specific cryptocurrencies. Most Cloud Mining providers do not give you this option.
Lastly, our hash market at WariHash provides hashing power on demand as you need it. Cloud mining providers will lock you into a 1 month or 1 year contract, but at WariHash, you can purchase hashing power for hours or 1 day at a time.
Currently at WariHash Alpha, we are providing users with the ability to buy hashing power for SHA256D ( BTC/BCH/BSV) and Scrypt (LTC/Dogecoin), with Ethash (ETH/ETC) coming soon. You can sign up now to get 100 fee free orders when we launch our Beta. If you are a miner looking to sell hashing power, sign up for our mailing list to be notified when we launch our sell side system!