ECOS Cloud Mining: review of cloud mining and mining.ecos.am site, reviews, profitability of contracts + Example and personal experience

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ECOS is a cloud mining service that provides the ability to quickly purchase computing power with a large selection of duration and mining equipment (ASIC Antminer T17 or S17), which is immediately hosted on the ECOS hosting and starts mining cryptocurrency. You can interact with the resource from a PC or mobile device.

Official site: mining.ecos.am. After registration, you will receive a free promo-contract with a capacity of 0.1 TH / s for 30 days for mining Bitcoin cryptocurrency.

Other cloud mining sites: IQMining, CryptoUniverse, Bitluck, Genesis-Mining.

Attention. From 04/02/2020 a new promo-contract was added for testing the service: 1TH for $ 10.

ECOS offers the following contracts:

✅  No service charge – for those expecting Bitcoin to grow.

✅  Standard – for experienced crypto investors.

✅  With the maximum discount – for the budget conscious.

✅  For six months – for novice crypto investors.

✅  And also special offers for 729 days.

Each category has several contracts, different in capacity and, accordingly, cost. Accruals and payments under contracts are carried out 24/7.

The editorial staff of Profinvestment.com has compiled a detailed review of the ECOS cloud mining service, which will help determine the choice of a platform for investing funds.

A customer who has purchased a contract with a capacity of more than 1000 Th / s at a time is considered a VIP customer. He receives a personal manager, constant support in any convenient way of communication, consultations, personal discounts and offers.

In addition, there are several options for business cooperation with the company. You can become an agent and promote the mining services of ECOS. You can sell your computing power by placing your hardware on the platform. Equipment can be purchased from ECOS Cloud Mining.

General information

NameECOS Cloud Mining
Official sitemining.ecos.am
Free promo powerYes, 0.1 TH / s for 30 days
Promo contract1 TH for $ 10 for 59 days
RussianYes
Year of foundation2017
Country of registrationArmenia, ECOS Free Economic Zone
Managing partners of ECOSIlya Goldberg
General Director of JSC ECOSZarmine Zeytuntsyan
Registration addressRepublic of Armenia, Hrazdan, Gortsaranain str., 1/5
The name of the companyECOS-M
Registration number286.120.1048406
VerificationNeeded to expand the limits and remove restrictions when paying by card
Cryptocurrencies available for cloud miningBTC
Available contracts as of 09/01/20201 TH/с, 2 TH/с, 3 TH/с, 5 TH/с, 7 TH/с, 9 TH/с, 10 TH/с, 11 TH/с, 15 TH/с, 20 TH/с, 40 TH/с, 120 TH/с
Duration of contracts180, 360, 365, 720 days
Contract valueFrom 39 to 3959 USD, depending on power and duration
Contract service feesVaries depending on the terms of the contract. There are options for contracts without a service fee.
First chargesBy default, funds are withdrawn to Bitcoin wallets once a month. You can withdraw manually upon reaching the amount of 0.001 BTC, but not earlier than 24 hours after the activation of the contract.
Replenishment methodsBitcoin, Ethereum, Litecoin, Ripple, VISA, Mastercard
AccrualsSHA-256 – BTC
Contactscontact@ecos.am, phone +37460650405, online chat

An example of buying an ECOS contract from personal experience

Here is an example of purchasing a cloud mining contract or equipment in the form of step-by-step instructions:

  1. After registering on the mining.ecos.am website, you need to go to your personal account and click on “Power Purchase” in the left menu.
  2. We run out a contract for the required amount of power (TH / s) or a miner for placement on the ECOS site.
  1. Click “Buy”.
  2. We check the order information and select the type of payment: bank cards or cryptocurrency. For example, we buy a contract for Bitcoin mining using the Sha-256 algorithm: power 1 TH / s (Terahesh per second); the duration of the contract is 365 days; used pool BTC.com; no service charge is charged; the total cost is $ 59.
  1. For example, when buying from a card, payment is made through the arca.am processing center, one of the shareholders of which is the Central Bank of the Republic of Armenia. You need to indicate: bank card number, holder name, expiration date, security code CVC2 / CVV2 Code (it is on the back of the card).
  1. Contracts can also be purchased for the cryptocurrency Bitcoin, Litecoin, Ethereum, Ripple. Cryptocurrency payments are handled by coinpayments.net. To pay, transfer the required amount of cryptocurrency to the specified address within 3 hours.
  1. In our case, we will pay for the contract with the Bitcoin cryptocurrency by making a transfer from the LocalBitcoins p2p exchanger, specifying the address for payment and the amount.
  1. A few minutes later, the transaction received 2 confirmations and the order status changed to “Successful”.
  1. A record about the purchased contract will appear in the “Contracts” section of your ECOS account. The next day, its status will change to “Active”.
  1. 24 hours after activation, the first mining profit was credited to the wallet. Mined in a day 0.00001660 BTC or $ 0.14. The minimum withdrawal amount is 0.001 BTC, i.e. while maintaining the current profitability, the first payment request can be created in 60 days.
  1. To view all charges, you need to go to the “Transactions” section:
  1. The address of the cryptocurrency wallet for withdrawal is added in the sections “Settings” – “Wallets and Withdrawals”:

How much can you earn

112 days have come and you can summarize the subtotals. The total capacity of the test contract is 1.8 TH / s. The net profit for 24 hours is 0.00002660 BTC or $ 0.23. Thus, for 1 TH / s, net profit is $ 0.12 / day, service fee is $ 0.03 / day.

ECOS offers contracts for different periods of work. Take an annual contract of 9 TH / s for $ 266.55. The actual profit is now $ 0.12 per 1 TH / s. Total contract profit: 9 TH / s * $ 0.12 = $ 1.08 or per year: $ 1.08 * 365 days = $ 394. We get profit: $ 394 – $ 266.55 = $ 128. The investment will pay off in 246 days, and then profit is generated. All calculations are given as of 05/04/2020 and taking into account the invariability of the bitcoin rate and profitability.

About ECOS

ECOS company was established in Armenia in 2017. In October 2018, she signed an agreement with the government of the country, allowing the formation of a Free Economic Zone, which would facilitate the development of IT startups in Armenia related to artificial intelligence and Blockchain.

Currently ECOS-M includes several interconnected products:

✅  Cloud mining. On the territory of the FEZ, more than 200 MW of power has been allocated to build an industrial mining center with thousands of computing units.

✅  Intelligent mining management system. It optimizes the operation of computing power, raising the level of cryptocurrency mining by 5-10%, and also allows you to control the process 24/7.

✅  Miners containers. They represent a convenient solution for organizing a data center. Each container holds from 100 to 550 ASIC miners, there are variations for different climatic zones. If necessary, containers are equipped with electro-automatic equipment, autonomous heating, fire-fighting systems, video surveillance, etc.

✅  Information and educational forum Armenian Blockchain Forum.

✅  ECOS ID. A system that takes into account the KYC and AML policies for identifying the identity of users. Users with an identified account have access to the full range of services.

✅  ECOS wallet. A tool for storing and managing cryptocurrency assets.

Registration on the site mining.ecos.am

To start ECOS cloud mining, go to mining.ecos.am and click the “Register” button in the upper right.

Enter your email create, mobile phone and password. You need to confirm the phone number (enter the number, click the “Verify” button next to this field, enter the code from the SMS. Password must contain at least 8 characters, numbers, upper and lower case letters. Accept the terms of the user agreement and click “Create an account”.

Go to e-mail and follow the link from the letter to confirm registration.

After that, you will be taken to your personal account. You can go straight to Settings to keep your account secure.

Then you can click the button “Two-factor authentication” on the right and connect it using the QR-code and the Google Authenticator application. Then each time you log into your account, you will need to specify the code from this application. This measure significantly increases the level of security.

Personal Area

Sections that are included in the personal account on ECOS Cloud Mining:

  1. Personal information (opened by clicking on the avatar at the top left). Here you can set a photo, and when you click the “Edit Profile” button, you can specify your full name, residence address, date of birth, links to social networks, passport data. The address and passport data are needed for verification – it allows you to remove the restriction on withdrawal of funds when paying with a card and expand the limits for withdrawing Bitcoins.
  1. Cloud mining. The section displays the current balance, funds earned for today, the total available hash rate, a daily profitability graph, information about the Bitcoin exchange rate and a list of purchased contracts.
  1. Purchase of capacities. Transfers to the page where all currently available contracts are located.
  1. Mining equipment. The service provides an opportunity to buy ownership of ASIC miners. After purchase, ASICs are hosted on ECOS hosting. On this page, you can see the list of devices you own, the total hash rate, and daily profitability.
  1. Add device. Here you can connect your own device to the pool or buy a new one. To purchase, you need to select the ASIC model, the number (from 1 to 20) and set the turn-on time. Then pay for the purchase using cryptocurrency or bank card. And on the “Connect your device” tab, you need to select its model (if you don’t know, you don’t have to choose) and set the specified settings on the ASIC: worker and URL. Then click “I configured” and wait some time (about an hour) for the device to connect.
  1. Transactions. List of incoming and outgoing transactions.
  2. Settings. Options related to security and two-factor authentication. Also, using the buttons on the left, you can see the activity history and specify the wallets for withdrawal. So far, you can only mine BTC, and withdraw accordingly too. But it is planned to add Litecoin, Zcash, Ethereum, Ethereum Classic.
  1. Help. Translates to the support page, where answers to common questions are available (in English only).

Using the last button, you can log out of the account.

Purchase of a contract for cloud mining ECOS Cloud Mining

Video instruction on how to buy a contract on the ECOS website:

You can buy a contract for ECOS Cloud Mining either from the main page, or from your Personal Account using the link “Purchase capacities”.

Select the option you are interested in and click “Buy Now”. Some options may already be sold out.

Review the order information. It includes:

✅  Type of cryptocurrency (so far only Bitcoin on the SHA256 algorithm).

✅  The amount of computing power.

✅  The duration of the contract and the exact date of its start / end.

✅  Mining pool (so far only BTC.com is available).

✅  Service charge (the amount is indicated on the basis of 1 Th for 24 hours).

✅  If available, you can specify a promotional code that gives a discount.

Pay for the order with one of the options offered: bank card, BTC, ETH, LTC, XRP. You can also contact support and suggest your payment option.

Click “Confirm”. If a bank card is selected, the page of “Ameriabank”, an Armenian bank, will open, through which you can make a payment from any VISA or Mastercard to the ECOS address.

If cryptocurrency is selected, a page with details will open. It is necessary to transfer the required amount of funds to the specified address within 8 hours. Allowed to translate in parts, they will be summed up. Each transaction requires 2 miner confirmations. The payment ID is indicated at the bottom of the page; it can come in handy in case of payment problems, so it’s best to keep it. You can transfer using a QR code through a mobile wallet.

Profit withdrawal

The funds received can be withdrawn from ECOS Cloud Mining to any Bitcoin wallet convenient for you. Specify in the settings, in the “Wallets and Withdrawal” section, your BTC address.

As soon as the minimum amount of 0.001 BTC has accumulated on the balance, it can be transferred to a cryptocurrency wallet or reinvested by purchasing another contract. The reinvestment function is available in the Personal Account, on the dashboard. You need to click the “Reinvest” button, and when there is enough cryptocurrency on the balance, the contract will be bought automatically.

There are no restrictions on the frequency of withdrawal, but it is more profitable to withdraw larger amounts, because a commission of the Bitcoin network is charged for each transfer. The maximum withdrawable amount is 10 BTC. To receive the earned funds to your wallet, you must click the “Withdraw now” button in your Personal Account.

Profitability

The profitability of mining on ECOS depends on many factors: the rate of the cryptocurrency, the current complexity of mining, the state-set electricity prices in the region, the cost of supporting and maintaining devices. Maintenance costs are included in the service fee for those contracts where it is indicated, but the company cannot influence the complexity of mining and the exchange rate of the currency in any way. Therefore, even the minimum fixed profit cannot be guaranteed.

Before purchasing a contract, the user must analyze the current market situation himself, use mining calculators and assess whether the game is worth the candle.

Let’s analyze the potential profitability of a 360 days contract with a capacity of 5 TH / s, which costs $ 299 and does not have a service fee. Using the mining calculator, you can calculate that approximately 0.7 USD will be received per day (we take the current rate of $ 7800 as a basis). Therefore, in 360 days, the user will receive $ 252. This is a losing strategy. Do not forget to make calculations before purchasing any contract and remember that the cryptocurrency rate can always fall, reducing or nullifying your profit.

Referral program

Thanks to the ECOS Cloud Mining referral program, you can receive from new users 10% of the value of the contracts they have purchased. Any participant who has purchased a contract that is not related to promotional tariffs gets access to the referral section.

The system allows you to generate one or several referral links. You can post them on websites, blogs, mailings to friends or clients, on forums, in social networks. Using multiple links allows you to keep track of which source the most referrals are coming from. You can follow the progress of the referral program using a special table. It specifies the following parameters:

✅  unique code related to the link;

✅  date of link generation;

✅  the number of transitions and registrations on it;

✅  the number of purchases of contracts;

✅  what kind of encouragement is due to the referrer;

✅  the total income of the referrer from a specific invitee.

To get the opportunity of such passive income, you need to register on the site and buy any tariff plan, with the exception of promo.

Advantages and disadvantages

Pros: ✅

✅  Reliable company.

✅  Large selection of tariffs.

✅  Various payment methods, including a bank card.

✅  There are no service charge contracts.

✅  The ability to buy mining equipment or add your own.

Cons: ❌

❌  The referral program is available only after purchasing the contract.

❌  There is no automatic calculation of the profitability of contracts in accordance with the current rate and complexity.

❌  So far, only Bitcoin can be mined.

❌  Help is in English only.

❌  You cannot buy a contract for a certain amount of capacity.

Questions and answers

Where is the ECOS data center located?

In the Republic of Armenia, in the city of Hrazdan.

What kind of mining equipment can I rent?

Antminer T17 (38Th); Antminer T17 + (58Th); Antminer S17 + 64.0 th / s.

When will accruals begin after paying for the cloud mining contract?

The next day.

What is the profit and what is the minimum withdrawal amount?

In the cryptocurrency Bitcoin (BTC). The minimum amount is 0.001 BTC.

Is the profit accrued in real time?

No, every 24 hours.

Is ECOS fixed income?

No, the profitability of cloud mining depends on many factors: the rate of cryptocurrencies, service and electricity charges, etc.

Which company sells cloud contracts: ECOS or ECOS-M?

ECOS-M

Is ECOS-M a legal company or a scam?

Yes, it is a legal company, registration number 286.120.1048406

Does the equipment (ASICs) in data centers really exist and work?

Yes.

Conclusion

ECOS Cloud Mining is a good time-tested cloud mining service that, with a serious approach and favorable circumstances, can bring profit. Among the company’s partners are such giants as Bitmain, BTC.com, Blockchain, Cisco, Rostelecom, MikroTik. Unfortunately, like any other cloud mining service, ECOS cannot guarantee profitability as it depends mainly on external factors.

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