Another dimension into cryptocurrency mining

When bitcoin began to gain momentum and people got opened to the concept of mining, many woke up to it setting up their own little mining rigs at their place of convenience. But as difficulty increased, it became unprofitable to privately run a mining rig. Then came cloud mining. Cloud mining is basically buying a contract from a commercial scale mining rig. These are companies that go the extra mile to optimize operations to incur the minimum cost possible and produce at the optimum. They offer contracts to everyday people where hashpower is sold. The people who bought this contract will be paid yields according to the hashpower they got with some deductions based on the contract terms (for maintenance, energy, cooling, etc).

However, cloud mining has not done as well as many people suppose. The difficulty levels, price fluctuations and deductions turned many off. In some cases, the mining companies were labelled as scam on some social networks because of the outrage. But for those who are still interested in mining, there is a third option.

The concept is very simple; you buy an actual mining hardware, you send the hardware to the company’s farm to host. They receive and host your hardware on their mining farm and regularly send 100% of the payouts from your hardware to your wallet.

The name of the company is Nova Elysion, headquartered in Novi Sad, Serbia. The founder is Philipp Steiner. The company has 5 arms of its operation; Nova Elysion (which is the network and community platform), Black Diamond (which is the manufacturer of mining hardware), Zeus Systems (the hosting platform), Elysion Store (which is a physical store that buys and sells cryptocurrencies for cash) and Elysion Academy (which will be for education in the blockchain field). Zeus Systems has space for 10,000 GPUs and 2,000 Antminers in their farms. The Elysion Store opened its doors in June 2018 in Novi Sad, Serbia. There anyone can buy or sell cryptocurrencies for cash with a 5% fee per transaction. However, there is a limit of €2,000 per person per day or per transaction. Available cryptocurrencies in the store include bitcoin, ETH, litecoin, ripple, bitcoin cash, zcash, monero, EOS, tron, NEO, dash.

The framework for mining with this company is quite simple. It begins by buying an hardware. They would prefer that a customer buys the hardware through their subsidiary, Black Diamond. However, if a customer opts to buy from somewhere else, they would accept the equipment as long as it fits into their farm. After buying the hardware, it is sent to Zeus System to install and host. Also, this is not compulsory or an automated choice. The customer can choose to have the hardware sent to his/her house. Sending the hardware to Zeus Systems grants the opportunity to optimize with the already established farm there. After the hardware is installed, the customer gets 100% of what the purchased hardware mined. Payments to the company will not be taken from the mined coins, it will always be separate via bank transfers, bitcoin or ether. If the mining hardware is purchased from Black Diamond, they give a 3 years warranty on the product.

Nova Elysion has an affliate system. Each registered customer of Nova Elysion receives a private link that can be used to invite others. For every purchase by invited customer, a commission of 5% (or 7% for VIP members) is given to the member who invited. VIP status can be purchased for €120 annually or acquired when a turnover of €20,000 euros is reached by the member. Also, customers receive a one-off bonus every time a certain turnover level is crossed. Commissions are paid through bank transfers in fiat.

Back to the mining, mined coins are distributed in wallet created at the backoffice of the company’s platform. The procurement cost for the hardware is a one-time payment. The company is focused on mining ETH, bitcoin and Zcash. However, there are a total of 40 cryptocurrencies to choose from, like monero, siacoin, ethereum classic, invictus, etc. There is also the ability to choose an option where the most profitable coin will be mined for the customer.

The hardware belongs entirely to the customer. There is an official invoice from Nova Elysion for each and every purchase made. After trying out for 3 months (according to contract with Zeus Systems), the customer can decide to host the hardware indefinitely with Zeus Systems or have it delivered to the desired address by the customer. When the delivery address is sent by the customer, the hardware is sent. There is also an option for this in terms of hardware buyback. To save time, costs and earnings, the customer can just sell the mining hardware to Nova Elysion and take the money instead.

Hosting fee and other payments to Nova Elysion can be paid separately with fiat, bitcoin or ether. This is to avoid customers from selling their mined coins when they are not ready to. Commissions of affiliates will be paid 5th of each month (unless it falls on a weekend or holiday, which would mean the next working day). Commissions will be paid in fiat (euro) to bank account. The hosting charges are fixed and there is insurance of the mining farm against fire, water and theft hazards. Nevertheless, security is taken seriously with video surveillance, security personnel, system surveillance and virtual security against hacker attacks. Repairs and part replacements will be carried out on the hardware as at when due. There is also professional consultancy available for customers concerning how to choose to set their mining hardware for optimum profitability.

Finally, this is not an investment advice, neither is it a financial advice. This is just information. If this interests you, do your own research (DYOR) and make decisions based on your own research. This is just to introduce an option for cryptocurrency mining to you. Check out the company website and their subsidiaries Black Diamond and Zeus Systems.

Cheers!

Another dimension into cryptocurrency mining was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.