GAW & Zenminer Cloud mining operations have been ‘indefinitely put on hold’ [sic]
That is the message that greets the Zenminer cloud users while logging into their portal. Zenminer cloud informs the logged in users that this is a move to protect the user’s value and to reduce risk. The reasons given are these two, as shown in the image on the right:
- Continued mining places customer’s value at risk
- Customers mining efforts at risk
Thanks to all of the factors mentioned below:
- Bitcoin Roller Coaster Price fluctuations
- Unstable Market Conditions
- Diminishing Bitcoin Value
- Unbalanced Cost of Maintenance and Power
These factors could otherwise be called — Market Realities.
Zen Cloud most certainly made cloud mining famous. Neither doubting it, nor denying it. More importantly, Zen Cloud made cloud mining affordable for the not-so-technical users. Zen Cloud offered both Bitcoin newbies as well as advanced users a way to start cloud mining with investments as low as $5, sometimes even lower than $5. But there is a cost that comes with democratizing unstable technologies. Bitcoin Cloud Mining is one such technology and it has its costs which can be summed up in one word — Risk.
Cloud mining businesses have suffered badly in the past few months. Ever since the Bitcoin price crashed to levels below $250, cloud mining hasn’t been profitable (or likeable) as much as it once was.
Cloud mining won’t be profitable unless the bitcoin price is at $320 and above, according to CEX.IO. But the reality is that the difficulty of mining Bitcoins will increase proportionately when that happens, too.
Is There Any Hope For Zen Cloud Mining Users In The Future?
Helpfully, Zen Cloud has added this piece of information — which is equally comforting and confusing at the same time.
as the bitcoin value and market evolve, GAW and Zen Cloud mining operations will strategically adjust to meet those market conditions.
As a ZenMiner Cloud Mining user for about 3 weeks now, I am hoping for the following:
- That the value of Bitcoins appreciate
- That the unstable Bitcoin Market becomes stable
- That the market realities change to ideal scenario for cloud mining
- That the cost of electricity goes down
- That the price of Bitcoins increase, as and when the difficulty goes up
This way my mining efforts can become profitable, by a few more Satoshis everyday.
This is the Opinion part. Not about ZenMiner Cloud.
This article is not just about ZenMiner Cloud Mining. We have seen cases in the past like CEX.IO suspending their cloud mining operations. This article is about (& for) all the Bitcoin and Altcoins cloud mining companies.
The Market realities will exist. The risks variable is a constant. The grass stays green in the spring and turns brown in the summer. Cloud mining as a business cannot shut down every time the grass turns brown. It is in the best interest of Cloud mining businesses to creatively innovate a way to generate value when the grass is brown. aka Transparency.
Image Credits: Screenshots from ZenCloud Portal.