Cloud mining is a service that has existed for many years, almost since the existence of Bitcoin, has undergone several changes and probably what it is experiencing since late 2017 is the most important and radical change in its history.
Bitcoin at the end of 2017 reached its historical high with a value of about $20,000, at that time everyone was trying to understand what it was and why they were missing this great opportunity; it was not the right time to meet Bitcoin. At that moment Bitcoin’s price had risen out of control, it seemed not to stop anymore and many were convinced that it would not stop. Unfortunately, it didn’t end like that.
Just at that moment also the Bitcoin scams reached their peak, we lived the moment when everyone was investing in ICO more or less known without really knowing what was really the project and most importantly, who was behind that project.
Cloud mining at that time had become one of the main and most widespread investments among those who approached the cryptocurrency, it seemed to have found a “safe” method with which to earn money. Unfortunately, it didn’t end like that.
Mining in previous years had given great economic satisfaction to those who had done it and were able to do it, large quantities of coins were produced with low investments and at the end of 2017 those coins were worth important figures. There were people who had earned a lot with little and this attracted many new investors and many smart people ready to cheat these inexperienced investors in the cryptocurrency sector.
2018 was the year in which all those contracts made at the end of 2017, with very significant costs, for contract clauses were closed during the summer period because they were no longer profitable but were loss-making. In a very few days all those investors have seen their dreams of big profits disappearing, seeing their contracts closed and above all they have also seen what had been done until then collapse because Bitcoin and all the altcoins have continued to lose their value day after day.
Probably summer 2018 was the worst time for mining and cloud mining. If we think that the major companies of that time like Genesis Mining, ViaBtc, HashFlare and Hashing24 to name a few, closed the contracts of their customers paid handsomely a few months before we think of the end that did the small companies that were born in that period. Disappeared with their clients’ money.
2019 was a year of strong changes in the cloud mining industry, the leading companies of previous years have been overtaken by new realities that have been able to better interpret the needs of the market and have proposed new conditions and offers much more interesting than others had been able to do until then.
We think that 2019 was a bit the year of maturation and change of cloud mining, the dramatic moment of summer 2018 stimulated something important and probably eliminated some unhealthy situations while a healthy competition imported by some companies was born. Until mid 2019 many people were trying to undermine all the alternative coins, from that moment on they focused mainly on Bitcoin mining and this certainly helped to strengthen Bitcoin’s position on the market. Since 2019 the best companies have been trying to offer contracts and innovative solutions to make Bitcoin mining more profitable, they succeeded.
We liked the change that cloud mining is experiencing, it was necessary for the whole crypto world and today it is finally bringing institutions and large institutional investors closer to crypto and mining. In this evolution there will always be fraudsters because where there are important investments there will always be people who will try to steal the money of others.
Mining Advisor was already in our projects in 2017, we decided only at the end of 2019 that it was finally time to make available to everyone a tool that was born from our years of experience in the field.
2020 will be a very important year for the sector, new forms of mining will be consolidated and the same Bitcoin Halving expected in May will be a stimulus for new proposals and great changes. The sector is evolving and we think it is doing so in a direction where it will no longer aim at easy profits and big scams but will increasingly turn to healthy companies that will propose investments with lower profits but with good guarantees.
We are ready to live this evolution with you.