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Zcash Cloud Mining Review – Free Contracts, Profitability, Best Contracts

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In this article we will review Zcash cloud mining. We will explain what Zcash cloud mining is, where to find trusted cloud mining companies for Zcash, if there is any free Zcash cloud mining, Zcash cloud mining profitability and much more. We will cover these subheadings.

  • What is Zcash Cloud Mining?
  • What trusted sites do Zcash offer Cloud Mining contracts?
  • Is there free Zcash Cloud Mining?
  • Zcash Cloud Mining Contracts
  • Zcash Cloud Mining Profitability
  • Zcash Mining Algorithm
  • Zcash cloud mining on Reddit
  • Zcash Cloud Mining US Bitcoin Cloud Mining
  • Best Zcash Cloud Mining Site

What is Zcash Cloud Mining?

Zcash cloud mining means that you buy or rent equipment from a company that operates and maintains the mining equipment for you. You get your mining reward and the company either takes part of your mining reward or a cost upfront to run and maintain the equipment.

What trusted sites do Zcash Cloud Mining offer?

The only companies that have offered Zcash cloud mining are Genesis Mining and Hashflare. Both of these companies are considered legitimate among the online community.

Is there free Zcash Cloud Mining?

Minergate offers a free software that you can download and my direct Zcash directly on your computer. This is not profitable if you have a laptop but can be profitable if you have a gaming computer with good graphics card, especially if you have cheap electricity. In the screenshot below you can see when we mine Zcash with Minergate in April 2019.

Minergate Zcash Cloud Mining Review

Zcash Cloud Mining Contracts

Only Genesis Mining and Hashflare have offered Zcash cloud mining contracts. Genesis Mining 2-year contract with maintenance fee included. Hashflare did offer 1-year Zcash cloud mining contract with maintenance fee included.

Zcash Cloud Mining Profitability

In March 2019, there are no available Zcash cloud mining contracts to calculate profitability.

Zcash Mining Algorithm

Founder and CEO of Zcash Zooko Wilcox-O’Hearn and his team of cryptographers and researchers spent three years working on an alternative that would fix a key problem with bitcoin – privacy.

Zcash cloud mining on Reddit

ZcashMiners subreddit

ZcashMiners subreddit covers everything about Zcash mining, including cloud mining. 

Link: https://www.reddit.com/r/ZcashMiners/ 

ZEC subreddit 

ZEC subreddit is about Zcash and not about cloud mining in particular. 

Link: https://www.reddit.com/r/zec/ 

Zcash subreddit 

Zcash does not exist anymore and has moved to a private community.

Link: https://www.reddit.com/r/Zcash/ moved to https://forum.zcashcommunity.com/

Zcash Cloud Mining VS Bitcoin Cloud Mining

  • Zcash and Bitcoin are both Proof or Work. However, Zcash uses the Equihash algorithm, which is not compatible with ASIC equipment, a high-powered mining commonly used with bitcoin. Instead, Zcash relies on RAM requirements, making it incompatible with ASIC. This allows Zcash miners to use a more basic setup, including CPUs or GPUs, which decreases potential startup costs.
  • It is more anonymous and private than Bitcoin.
  • Zcash and Bitcoin mining are the same which is 12.5 units per block. However, the USD value differ between them.
  • Zcash was created with a founder’s reward. Distributed to stakeholders are like investors, advisors and employees. This occurs for the first four years, and after this time, miners receive the full 100 percent of the award.
  • Zcash uses a different Proof of Work than Bitcoin. Zcash’s, Equihash algorithm, relies on RAM and is not compatible with ASIC equipment which is used for Bitcoin mining. Because of this it is possible to use CPU or GPU from a personal computer to my Zcash.

Best Zcash Cloud Mining Site

There are no cloud mining contracts on the market. However, you can choose to extract Zcash with Minergate’s software.

The post Zcash Cloud Mining Review – Free Contracts, Profitability, Best Contracts appeared first on Cryptocoinzone.

Source: https://www.cryptocoinzone.com/cloud-mining/zcash-cloud-mining-review/

Blockchain

Binance Responds to Allegations That Its U.S. Arm Is a Scheme to Avoid Regulators

In an Oct 29 article in Forbes, reporter Michael Del Castillo shared the details of a leaked slide deck outlining Binance’s operational plans for the United States. The article alleges that it planned to create a corporate structure designed to “intentionally deceive regulators and surreptitiously profit from crypto investors in the United States.” The presentation, […]

The post Binance Responds to Allegations That Its U.S. Arm Is a Scheme to Avoid Regulators appeared first on BeInCrypto.

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In an Oct 29 article in Forbes, reporter Michael Del Castillo shared the details of a leaked slide deck outlining Binance’s operational plans for the United States.

The article alleges that it planned to create a corporate structure designed to “intentionally deceive regulators and surreptitiously profit from crypto investors in the United States.”

The presentation, dated from 2018 just before the launch of Binance.US, indicates that crypto’s leading exchange intended to set up a “Tai Chi entity” stateside to draw regulators’ attention while funneling profits to its parent company and not exposing it to enforcement.

As Del Castillo put it,

“while the then-unnamed entity set up operations in the United States to distract regulators with feigned interest in compliance, measures would be put in place to move revenue in the form of licensing fees and more to the parent company, Binance.”

Part of this strategy would reportedly be to teach users how to evade geographic restrictions while “technological workarounds were put in place.” The article made an immediate splash.

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Binance’s CZ Responds

For his part, founder Changpeng “CZ,” Zhao quickly responded with a series of Twitter statements. He called the article FUD and said that the accusations in the report are incorrect:

“the document was not produced by a Binance employee (current or ex). Anyone can produce a strategy document, but it does not mean Binance follows them.”

He added, “Binance has always operated within the boundaries of the law, and Binance has very strong collaboration with many notable law enforcement agencies worldwide.”

The issue of whether a company employee produced the deck was further called into question by Del Castillo, who responded to CZ’s Twitter thread.

CZ’s rebuttal was followed by a video statement from Binance.US CEO Catherine Coley early the next day. Coley was unequivocal in her defense of the company:

“the notion that Binance.US would do anything to undermine the ability of anti-money laundering and US sanctions enforcement to detect illicit activity is patently absurd and directly counter to who we are as people.”

She highlighted a few “factual inaccuracies” in the article, including the fact that Binance.US is not a Binance Holdings subsidiary and has made no payments to the larger entity. Coley also noted that Binance.US had sacrificed growth and revenue in order to “do things right.”

News questioning the credibility of the world’s largest cryptocurrency exchange has, perhaps predictably, been unwelcome in crypto circles. Many dismissed the article as sensationalized journalism in search of clicks.

One Twitter user, who describes himself as a supplier of legalSec audits, summarized well:

“this is a good piece of journalism marred by bad spin. What is being described here is not a law evasion strategy but a plan to comply with U.S. laws in a maximally profitable way rather than to just exit the U.S. market completely — if this is ‘evasion,’ so is most legal structuring.”

Source: https://beincrypto.com/binance-responds-to-allegations-that-its-u-s-arm-is-a-scheme-to-avoid-regulators/

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Blockchain

First Mover: Bitcoin Heads for 24% October Gain as US Election Countdown Begins

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Bitcoin was lower around $13,400 though on track to gain 24% in October, an impressive performance since U.S. stocks declined 1.6% on the month and gold slid 0.5%

“With the U.S. election just days away, we are going to have to be patient when it comes to headwinds lifting BTC to new multi-year highs,” Matt Blom, head of sales and trading for the cryptocurrency-focused financial firm Diginex, wrote in a note to clients. 

In traditional markets, European stocks fluctuated and U.S. futures pointed to a lower open. The dollar was steady in foreign exchange markets and 10-year U.S. Treasury yields rose 0.01 percentage point to 0.83%. 

“Our short-term risk-appetite indicator is firmly in negative territory,” said Jean-Francois Paren, head of global markets research at Credit Agricole CIB, in a note to clients, according to Bloomberg News

Market Moves

There’s an undercurrent in the crypto industry where true believers like to paint the future of money as less about, well, money than about truth and exposing the flaws and failings and abuses and wrongs of the traditional financial system and economy.

It’s not just about getting rich. It’s about reimagining the entire system, starting from scratch with state-of-the-art technology and fresh ideas, a complete reset

It’s also about convincing everyone else that the mission is worthy, perhaps inevitable – on the right side of history. 

Such is the backdrop for the latest monthly letter from Dan Morehead, a former Goldman Sachs derivatives trader and hedge-fund manger who now runs the cryptocurrency investment firm Pantera Capital in San Francisco. 

The missive includes a clever table intended to demonstrate just how succinct, concise, laconic, crisp, efficient, compact, etc. that Bitcoin founder Satoshi Nakamoto was when he penned the white paper that served as the intellectual, logical, economic and mathematical foundation for the original and still-largest blockchain-cum-cryptocurrency.

Nakamoto needed just 3,192 words for the blueprint, or less than a tenth of the book of Genesis from Hebrew and Christian sacred texts. The number is half as many as it took to pen the U.S. Constitution and about 1% of Adam Smith’s seminal Wealth of Nations.

words

Word counts of seminal texts, compared with Satoshi Nakamoto’s Bitcoin white paper.
Source: Pantera

Blockchain for Dummies, a dumbed-down instructional book on blockchain, needed 20 times as many words to explain the technology as Nakamoto’s white paper

But aside from pointing out the elegant genius of bitcoin’s (possibly?) pseudonymous founder, the essential crypto viewpoint is one of trying to look at the world in just the right way. According to Morehead, the following chart offers a key reminder that as global economies bounce back from the coronavirus-triggered lockdowns earlier this year, the loss of output remains severe:

economy-2

Chart showing lasting impact of economic loss.
Source: Pantera/Goldman Sachs

The point was to illustrate the lack of context for Thursday’s U.S. government report that the world’s largest economy surged 33% in the third quarter, as the lockdowns eased. To put it in market terms, it was perhaps the biggest dead-cat bounce in world history, measured in dollar terms. 

With the economy in shambles, the thinking goes, massive stimulus will be needed from the government and Federal Reserve, eventually debasing the dollar and pushing up prices for bitcoin. (Deribit, the biggest cryptocurrency options exchange, just listed a contract that allows traders to bet on a price rally to $40,000 next year, triple the current price.) 

Morehead wrote in the letter that a recent rush into bitcoin by big players like PayPal, MicroStrategy and Paul Tudor Jones might ultimately give more big players cover to follow. 

This isn’t about greed, or the future of money. It’s about right and wrong, or rather who’s right, and who’s wrong.  

“A movement doesn’t succeed because of its initial leader,” Morehead wrote. “Rather, it’s the first follower and the subsequent followers who make it work. The more who join in, the less risky it is to take part in it. Those who were on the fence before, have fewer excuses as the movement grows.” 

For anyone wondering, Pantera’s full monthly newsletter clocked in at about 3,130 words. For what it’s worth. 

Bitcoin Watch

godbole-oct-30

Bitcoin daily price chart showing support at $12,500.
Source: TradingView

While the market environment is currently not conducive for bullish price action in bitcoin, the cryptocurrency is unlikely to see a meteoric fall, according to analysts.

“Given the upcoming U.S. elections, and meltdown in the legacy markets, traditional investors will maintain a risk-off mindset,” trader and analyst Nick Cote told CoinDesk in a Telegram chat.

Some observers say the U.S. could face a constitutional crisis if Democratic candidate Joe Biden wins by a thin margin and President Donald Trump tries to cast doubt on the results. The election uncertainty, coupled with coronavirus resurgence in the U.S. and across Europe, has triggered risk aversion in stock markets this week and applied brakes to bitcoin’s price rally.

The anti-risk mood could prevail at least till Nov. 3. As such, Patrick Heusser, senior cryptocurrency trader at Crypto Broker AG, is calling for caution on the part of short-term speculators. “I am expecting an increase in volatility and would be careful with setting stop losses too tight,” Heusser said. “Traders should maintain a low risk profile right now.”

Bitcoin is currently trading in the red near $13,300, representing a 1% drop on the day. Should the risk aversion in traditional markets worsen, the cryptocurrency may revisit support at $12,500-$12,000.

“If prices were unable to hold the bullish throwback [bull market pullback] to $12,200-$12,000, the focus would shift to next major support levels at $11,100 and $10,800,” Cote said.

That said, a price crash looks unlikely, as major central banks are already printing massive amounts of fiat money, and the cryptocurrency is currently backed by a strong bullish narrative of increased institutional participation. 

Besides, if there are widespread lockdowns and renewed economic slowdowns, central banks are expected to step in with additional stimulus, fueling inflation fears and boosting demand for bitcoin, according to Cote.

All things considered, dips in bitcoin could be short-lived.

On the higher side, the June 2019 high of $13,880 is the immediate resistance, followed by the next daily resistance block at $15,800-$16,000. There are large offers near $14,000 on cryptocurrency exchange Bitfinex, according to Heusser.

– Omkar Godbole

Token Watch

Bitcoin (BTC): Cryptocurrency’s price rally spurs increase in transactions just as end of China’s rainy season prompts bitcoin miners to pare back, creating congestion and pushing up transaction fees to the highest in 28 months.  

Bitcoin Cash (BCH): Crypto exchange OKEx, still paralyzed by founder’s arrest, details plans for how to handle November hard fork.

Uniswap (UNI): Uniswap’s $40M governance vote closes on Halloween and some holders fear for price

Harvest Finance (FARM): DeFi yield aggregator boosts bounty to $1M from $100K for information leading to return of $24M in funds siphoned via this week’s exploit.  

Ripple (XRP): Blockchain payments firm put $9.3M into partly-owned remittance giant MoneyGram in 3Q. 

Analogs

The latest on the economy and traditional finance

ECB signals further stimulus ahead to prop up struggling economy (WSJ

Central banks were net sellers of gold in third quarter for first time in decade as prices neared record (Bloomberg) 

Small-cap stocks buoyed by bets on Biden-led stimulus (WSJ

Swiss bank Credit Suisse targets share buyback up to $1.6B even with loan-loss provisions running at 8 times the 10-year average (WSJ

Sales of $5M-plus homes in New York’s The Hamptons quadruple in third quarter as rich New Yorkers flee city (WSJ)  

Exxon Mobile to slash 15% of global workforce, including 1.9K jobs in U.S., as anemic economy dents oil demand (WSJ

Tweet of the Day

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Source: https://www.coindesk.com/first-mover-bitcoin-heads-for-24-october-gain-as-u-s-election-countdown-begins

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Blockchain

ETH Gobbles Up Larger Share of Genesis Loan Book as Trading Firms Feast on DeFi Summer

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Decentralized finance (DeFi) reshaped Genesis Capital’s portfolios over the summer.

The firm, owned by CoinDesk parent company Digital Currency Group, saw the share of bitcoin in its loan portfolio drop as a percentage of total loans. The share of ether loans increased by five percentage points to 12.4% of the loan book quarter-over-quarter. (To be clear, loans across asset classes increased quarter-over-quarter but ETH loans now take up a larger slice of the pie.)

According to the lender’s report, this was mainly due to liquidity mining on DeFi protocols such as Compound, Aave and Uniswap. DeFi interest rate arbitrage drove Genesis clients to borrow ETH and stablecoins to “lever up liquidity mining strategies,” the company wrote. 

“We haven’t seen it to this degree,” CEO Michael Moro said of previous quarters’ ETH-to-BTC ratio. “As a percentage, BTC loans just didn’t grow fast enough to keep up with the other coins.”

The clients who are lending their assets out through Genesis are high-net-worth individuals, hedge funds, family offices and other asset managers, and they generate returns of 5% to 13% on those loans, Moro said.

Firms that borrow from Genesis are hedge funds, quantitative trading firms, crypto exchanges, other crypto lenders and crypto operating companies such as bitcoin ATM firms. 

Active loan originations at the firm increased by 50% to $2.1 billion in the third quarter, which was less than the 118% quarter-over-quarter increase that Genesis saw at the end of the second quarter because the second quarter increase had come after the March Black Thursday crash. The lender also saw a record $5.2 billion loan originations in the latest quarter, more than doubling the $2.2 billion for loan originations in the second quarter.

The firm is also soon launching an institutional lending API for exchanges and other firms that want to offer yield on crypto deposits to their retail customers. The first exchange to use the service will be DCG-owned Luno, and there are five or six other exchanges in the pipeline, Moro said.

Total trading volume in the third quarter was $4.5 billion, down from $5.25 billion in the second quarter but up by 285% from the third quarter last year. Around 90% of spot trading transactions and 30% of spot trading volumes happen through Genesis Prime’s smart-order routing engine, Moro said.

The firm is also aiming to offer agency trading or aggregated access to exchanges with passthrough execution, from about a dozen exchanges.

Genesis also saw $1 billion in derivatives trading total volume, which was up from $400 million in the second quarter. 

In the near future, Genesis also plans to offer capital introduction for family offices seeking crypto hedge funds that have the strategies, fee structure and asset exposure to fit their investing needs. 

Source: https://www.coindesk.com/eth-gobbles-up-larger-share-of-genesis-loan-book-as-trading-firms-feast-on-defi-summer

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