A New Alternative to Cloud Mining?

Bitcoin mining has grown significantly over the past several years due to a number of factors, but chip shortages and supply chain issues continue to delay the delivery of mining equipment, including ASIC miners. In fact, according to CoinDesk, “Bitmain pre-sold over 3 months of inventory in December,” and already sold out through August 2022.

Getting your hands on a new ASIC miner is proving to be difficult, which is leading crypto enthusiasts to look into cloud mining and co-ownership options where users can still make an investment into mining while reaping the rewards.

We have reviewed How to Evaluate Cryptocurrency Mining Rental Services in one of our previous articles, but today we’re going to take a look at co-ownership opportunities, specifically analyzing Mineology.io.

How does co-ownership work?

Essentially, through co-ownership mining, mining equipment is crowdfunded, meaning multiple investors are backing the purchase of a miner. Co-ownership democratizes the investment process by allowing a larger pool of investors to fund the purchase of the miner. Investors then own their share in the miner they invested in and are paid out on a regular basis with the earnings that the miner made. Payments are typically directly proportional to the shares the investor has in the miner.

Benefits to Co-Ownership:

• Buy What You Can Afford: With co-ownership opportunities, you don’t have to pay the big mark-up prices to get a miner running. You can pool your money with other investors and pay a portion of one miner. With Mineology, for instance, you can invest as little as €150 (about $170 USD) into a miner.
• Maintenance-Free Farming: When you purchase a miner, you are also paying for an expert to set up the miner, configure it to a pool, and administer any necessary software updates or hardware maintenance. This eliminates the need for high set-up costs and the expertise to set up the miner.
• Passive Income: Users are paid out for the income their miner makes daily, weekly, or monthly, depending on the company you are working with. It can act as a nice form of passive income over time. You can calculate the earnings your miner will make by using third-party websites like Nice Hash, which will also take into account the hash rate and cost of electricity for the miner. Be sure to evaluate any additional “rental fees” or start-up costs when renting equipment to ensure you will get your ROI.

Considerations with Co-Ownership:

• Don’t Have Full Ownership: With co-ownership, you do not have full ownership of the equipment. You are splitting the purchase with other investors. At the time of writing this article, with Mineology, the investment you make into the hardware would be for life, however, the team is working on adding functionality where you can sell your shares in the future.
• Unable to Tinker: If you enjoy playing with miner settings, or moving from pool to pool, that probably isn't an option with someone hosting the miner. Someone else will be running the machine and have the say on how it is configured.
• Potential Risks: With co-ownership of equipment, you are fully relying on the legitimacy and efficiency of the hosting company. If your miner is down, they are the ones that have to reboot. And if the company runs into any issues, your miners could be potentially on hold. This happened back in 2018 with Genesis Mining.

Mineology Overview

Co-owning mining equipment can be a good alternative to cloud mining or waiting for these huge ASIC mining delays to pass. Mineology is the first co-ownership platform we have reviewed, and while we have not used their services directly, their website does display 39 reviews on TrustPilot, giving them a 4.8-star overall rating. Make sure to evaluate the legitimacy of any mining rental company prior to working with them.

The founder of Mineology, Adam O’Brien, is also a VoskCoin subscriber! And developed his own transparent dashboard where investors can monitor the rewards, payouts, and ROI of their investment. He also created a unique online payment platform designed to be a hassle-free solution for users to automatically receive their share of payment each month.

Check out Mineology’s website to see their current inventory and available equipment. At the time of writing this article, Mineology has one Antminer S19j Pro 100Th available that will be hosted in Texas (USA). Mineology plans to add more miners at a lower electric rate in the near future. You can read more about Mineology in this article from The Crypto Basic.

Thank you to Mineology for sponsoring this article. We have never used Mineology’s services before, nor is this an endorsement. Please do your own research before you decide to do so. This is NOT financial advice. Subscribe to the VoskCoin YouTube Channel to stay up to date on the latest cryptocurrency and mining news and reviews.