Virtual mining on YoBit (VMining): review, reviews, advantages and disadvantages

Virtual mining on YoBit.net was launched by the exchange in 2022 to provide investors with a sustainable alternative income opportunity. The emphasis is on a low barrier to entry, thanks to which not only large investors, but also almost every user can use the service. The editors of Profinvestment.com propose to consider the features, pros and cons of YoBit Virtual Mining.

Virtual mining on YoBit

How virtual mining works on YoBit.net

The Yobit.net exchange offers a method of virtual mining, in which investors buy a so-called miner, and through it they earn a certain percentage of tokens daily. Revenues are currently paid in MINEX tokens, which can then be converted into Bitcoin (BTC), Ethereum (ETH) or any other cryptocurrency supported by the platform.

Payments are made daily in the format of the exchange's native token, MINEX, so users receive profits every 24 hours. According to the plan, the value of the currency will continue to increase so that the meaning of mining is not lost. The increase in the price of the MINEX token is supported by specially developed technology. Its features:

• When a user buys a miner, 90-85% of bitcoins are sent to support MINEX in the MINEX/BTC trading pair.
• Each new acquisition of a miner (except for the Micro 2 option) increases the support price in the MINEX/BTC trading pair by 4 satoshis.
• 10% of the value of any miner is used to buy back one more Yo exchange token in the Yo/BTC pair.
• YoPower: there is an opportunity to buy additional power for your miners, cost: 10% of the current cost of the miner, expressed in Yo tokens.

Additionally, the exchange provides a couple more opportunities related to virtual mining. So, for each purchase of a miner by a referral, the referrer receives 5% of the amount. And for publishing screenshots of your miners in the topic, you have the opportunity to win cash prizes of up to 4 BTC.

YoBit Virtual Mining! — Buy ​​a virtual miner and get income in tokens every day! — When buying a miner, 90% of btc funds goes to buy support for the Minex in Minex/BTC trade pair Buy it now: https://t.co/4xG8ob2DEQ

— Yobit.Net (@YobitExchange) August 31, 2020

Profitability of Virtual Mining, how profitable is it?

Vmining is suitable for investors of any level, since you do not need to buy the entire miner; yobit provides the opportunity for fractional purchases.

Total for vminig tariffs. The cheapest miner currently costs $110, the most expensive is $58,400.

The average payback period is 2 months, but the higher the rate of the MINEX coin in which payments are made, the lower the payback.

Also a very important point - the price of miners is not static! With each purchase of a miner, except for the cheapest one (micro), there is a 0.1% price increase per miner. This innovation was launched on September 16 and a day later the price increased by 5.2%

How much can you earn from virtual mining?

Profit depends on the power of the selected miner.

For example, the Micro 2 starter package costs 0.01 BTC and brings 18 MINEX daily, which translates to approximately 0.0002 in BTC. Consequently, the purchase will pay for itself in 50 days, after which there will be a net profit of approximately 240 rubles (at the current exchange rate).

Payback periods and daily profitability change in a positive direction when choosing more expensive tariffs.

If we calculate the profitability of the most expensive VIP 2 package: the cost is 4.99 BTC, the daily profit is approximately 0.16 BTC. The miner will fully pay for itself in approximately 31 days (profit - over 200,000 rubles per day). Specific dollar and ruble equivalents, of course, vary based on the Bitcoin exchange rate at the current time.

Rating of services that pay

There are a lot of cloud mining services that pay in 2022. We have chosen reliable companies that have been on the market for many years and have earned the trust of tens of thousands of customers. Choosing the best cloud mining will depend on your priorities.

TOP 16 cloud mining services in 2022:

Company, user ratingAssetsRental periodPaymentProfitability/year

Now let’s take a closer look at cloud mining with investments and reliable sites for 2022.

ECOS

The company is located in the Free Economic Zone for AI and IT projects on the basis of the Hrazdan Thermal Power Plant. The cloud mining service with a registration bonus has a built-in intelligent system for increasing mining efficiency by 10% of the average values.

Pros:

1. Legality - ECOS activities are approved by the state of Armenia.
2. Tax benefits due to location in a free economic zone.
3. Inexpensive electricity, since Hrazdan Thermal Power Plant is a co-founder of ECOS.
4. The best new hardware from Bitmain.
5. Cloud mining on the Russian version of the site.
6. Selection of contracts with different levels of risk, which allows you to create a portfolio of OM.

A special feature of ECOS is that if a client needs access to all services, it is required to undergo verification according to AML and KYC standards.

Some tariffs are provided with an included service fee. Such contracts purchased on an advance payment are accompanied by a discount. Beginners can get answers in the Live Chat of the ECOS website, in a free regular webinar and in the telegram channel.

VIABTC

VIABTC is a large pool for classic mining based on Tencent and dot-com organizations. After connecting an additional Bitcoin mining service in the cloud, the company quickly sold out of contracts.

To see available capacity, you need to either track the offer, or contact the administration and, possibly, sign up for the queue.

Pros:

1. The authority of the company itself, confirmed by the trust of clients from more than 130 countries.
2. Transaction accelerator service.
3. Online calculator.
4. Polite and responsive technical support.

The client's account is protected by 2fa from Google, with separate passwords for logging in and for confirming payment.

Bitdeer

Strategic partners of reliable cloud mining BitDeer are mining pools BTC.com, Antpool and the manufacturer of the best equipment for mining cryptocurrencies Bitmain.

Pros:

1. A strong team whose members have long been known in the crypto community.
2. Flexible contract terms.
3. Competitive prices.
4. Moderate service fee.
5. Additional rewards for the affiliate program.

The cloud mining pool opens within 10 days after payment is made. This is the average period for which the entire ASIC rental is completed, made up of requests from several clients. Mining takes place directly in the pools.

Bemine.club

Bemine offers classic mining services, a hotel for miners and OM.

Our own development of BeMineOS helps increase machine productivity by 35%, with virtually no increase in energy consumption and premature wear of equipment.

How to start virtual mining on YoBit

To get started with virtual mining on the YoBit crypto exchange:

1. Create an account (the “Registration” button on the main page of the site https://yobit.net/).
2. Confirm your email address by clicking on the link in the email.
3. Deposit fiat or bitcoin into your exchange account. YoBit accepts a large number of fiat and digital currencies through popular payment systems and from a bank card.
4. Purchase a virtual miner on the VMining page https://yobit.net/ru/mining/ by choosing the appropriate option from the six available. Price range from 0.01 BTC to 4.99 BTC. There must be sufficient funds in the account.

Immediately after this, MINEX will begin to be credited in the amount specified by the miner. Credits to your balance occur every day.

Referral program

Ebit rewards those who bring new users. They promise a 20% commission from referral transactions. You will find an affiliate link for distribution in the “Affiliate Program” section. You can get into it using the “Affiliate” link from the menu that appears when you hover your mouse over the login in the upper right corner of the screen.

To encourage referrals, you can create Yobit codes. These are vouchers with a small denomination for transfer to other users. By activating the code, they will be able to top up their balance on the yobit.net exchange. The section with yobit codes is also available from the context menu by hovering the mouse over the user name in the upper right corner of the screen.

User opinions about VMining

Quotes from the Bitcoin Talk forum about YoBit VMining:

“I'd like to hear someone explain exactly how a virtual miner can legally make money for an investor. This is impossible, it looks like cheating."

“These tokens do not exist. You cannot deposit or withdraw them. They are not associated with any blockchain or smart contract. They are a Yobit creation and only exist on Yobit. They cannot be considered cryptocurrencies at all.”

“You give away your bitcoins to earn fake tokens, it doesn’t matter how - through InvestBox or Virtual Mining. Perhaps, if you are LUCKY, you can drop some of those coins off to later gullible people. But most likely, you will simply lose all your BTC and be left with millions of fake tokens that no one will ever buy.”

“It’s strange that this topic is not in the section on fraudulent projects, it belongs there.”

At the same time, you can find a lot of positive reviews and videos online. It is impossible to know how true they are. But it is striking that many reviews are of the same type, with the same expressions and structure.

Faucet (Free Coins) - free coins

If you remember, a year or two ago, Bitcoin faucets were very popular, where you pass a captcha and a couple of sats are credited to your wallet. In those days, I wrote bots for them using iMacros+Javascript . On Yobit, there is something similar, although they are awarded mostly shit coins, which are of little interest to anyone. But, for advertising new coins, this is a good way. Personally, I have never used it, they give very little. However, you can get free coins and immediately put them into dice)

It looks like this:

Advantages and disadvantages

Pros:

• Ease of use. The virtual mining process does not require special knowledge in the field of mining. The user does not need to decide which cryptocurrency to mine, does not need to buy contracts or control the use of capacity.
• The exchange algorithms optimize operation to maximize profits.
• Available service packages. The service offers six different packages, among which everyone can find a suitable option. Moreover, even an inexpensive package brings significant profits.
• Daily payments. There is no need to wait a week or a month to receive earnings in your wallet.

Minuses

• The dubious value of the Minex and Yo tokens distributed in this way. They do not have a public blockchain or functionality, and the rate is formed artificially.
• Many users also have doubts about the operating principle of the so-called miner and the legality of this process. The function is called “another scam” or “investment fraud.”

What is Vmineng? Why yobit and not other sites?

Cloud mining from yobit has several great advantages: low entry threshold (from $100), daily accruals and daily payouts.
Also, the MINEX token in which payments occur has a very high chance of growth, since to protect your investments, part of the funds goes to redeem the token, which gives a stable and sustainable growth of the coin. For cloud mining, Yobit uses powerful computer hardware, which ensures competitiveness in the cloud mining market due to a large amount of cheap power.

Safety

You should be quite careful when reading the rules of the service.

At any time, management can delist any currency without asking users' opinions.

If you had savings in this currency, then within two weeks after its withdrawal you should contact technical support so that they can restore the accumulated money in some equivalent.

Also, it is worth remembering the responsibility for the auctions . After all, each trader himself chooses whether to make a deal or not. Its result after imprisonment will be irreparable.

If, when depositing funds, you indicate someone else’s wallet address and confirm the transfer, it will not be possible to return these funds. So you should be careful when entering personal data and check it several times before confirming the transfer.

For security, there is the following functionality:

• Two-factor authentication;
• Notifications by email when logging in, withdrawing funds;
• Freeze withdrawals if hacking is suspected.

What is the convenience?

There are quite a lot of trading pairs and more than 500 cryptocurrency tokens on the site.

Not every modern crypto platform can boast of a value even close to this figure.

Not all of the presented coins can be purchased for fiat money.

It is also worth noting the fact that it is quite convenient to store all your cryptocurrency reserves on the exchange, because not many wallets can boast of such a number of coins. But wallets are still more reliable (if you have them).

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