MASS Industrial Miner are releasing an equity token. (MASS Token), providing access to our cloud mining platform. For each token held hashing power will be allocated each month. The user can select between Ethereum and Bitcoin. MASS is launching an ICO to enable the procurement of ASIC mining equipment at wholesale prices. A Memorandum of Understanding has been signed for this equipment, with expedited delivery.
The MASS API will enable other mining operators to integration with our platform, enabling the token to become universally used for cloud mining across the world. Cloud Mining is the process of cryptocurrency mining utilising a third party’s processing power. Like MASS, this type of mining enables users to mine cryptocurrencies without purchasing and managing the hardware. Mining rigs are housed and maintained in a data centre facility; the customer simply needs to register and purchase mining contracts or shares.
As a team we’ve all considered subscribing to cloud mining services in the past, the consensus being that the 36 to 60-month contracts have discouraged us from proceeding. A combination of individual circumstances, i.e., ‘can I afford a monthly charge of $xxx in 3 years?’, and moreover, uncertainty in the cryptocurrency market and the stability of the cloud mining provider.
Cloud mining operators are now facing the problems of organisations with exponential growth. Ecomomies of scale, such as poor customer service and poor general administration, leading to high attrition rates. Further potential negatives are the percentage of coins earned deducted from your reward, then further fees for sending to a wallet, or restriction on the amounts to be released.