ECOS Mining (mining.ecos.am) is a cloud mining solution which claims to be working with popular firms in and around the crypto sector. The details of the parent company of this platform is unknown and the general anonymity around this firm is mysterious to say the least. Mining contracts offered by this firm ranges from $30 all the way up to tens of thousands of dollars.
Crypto cloud mining is an exciting sector which constantly draws in a lot of newbies who are looking for easy ways to generate revenue. However, the landscape of the entire business is changing at an alarming phase and things are not as simple as they appear.
So, before impulsiveness and excitement cloud your judgement, go through our detailed review which covers all the aspects of this firm and it will help you make an informed decision.
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How does ECOS Mining Work?
In theory, the operational model of ECOS Mining is easy and simple to understand. The main intention of this firm is to provide a way for the retail investors to get started with mining without having to deal with any and all of the technicalities involved. They do so by raising money from the investors for buying the necessary equipment and charge maintenance fees on top of that.
During the specified period, the returns generated from the machinery will be sent to the investors. Crypto mining was a very profitable venture a few years ago, but don’t assume that you can make considerable passive income from it nowadays. Ever since the early 2017, the entire mining niche is different and due to the rising costs and cut throat competition, it is hard for the retail investors to even reach breakeven point on their initial capital.
So, be extremely careful if you are indulging with mining activities and have a proven plan or else a single mistake might put a big dent on your bank account. This platform makes bold claims about being a transparent organisation, but their narratives do not add up.
For starters, any data about the owners of this firm is kept hidden and the information about their employees are scarce as well. Crypto mining sector is filled with scams and it is very difficult to trust any entity which does not remain transparent. After all, it is your money and you should do your best to ensure the security of the funds in the first place.
Mining Contracts and Conditions
There are a wide array of mining contracts offered on their platform. The initial capital required to get started with them is as low as $30 and on the maximum side, you can buy contracts upto $7,000 plus. You just have to select the amount of Th/s you want, the maturity period and then if you like the pricing of the plan, you can buy it on the spot.
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One of the main issues with their mining plans is that, given the current amount of difficulty and costs involved, most of their pocket friendly mining plans tend to carry negative returns. Moreover, they never mention the pool fees or the electricity costs. So, at the end of the day, the true expected returns are unknown and given the volatility of the cryptocurrency markets, it is not wise to get involved without knowing all of the metrics present.
There are discounts available on selected contracts, but given the risks involved, it might not be worth buying them. In short, do not let impulsive buying get the best out of you, instead make all the calculations beforehand and proceed with them only if you see positive returns.
Referral Program
One of the popular ways of monetizing the traffic is through affiliate program and this firm realises the importance of marketing pretty well. If you own a blog or have access to any kind of web traffic in the crypto sector, then you can use this firm to increase your income exponentially.
However, do note that on an ethical level, you have to only promote offers you personally have benefitted from and if you engage with any kind of questionable practices, your account will be banned without any kind of notices. The commission rate is said to be around 10% of the cumulative sales driven by the promoters and from time to time, there might be other perks as well. Referral program by itself is not something which is evil, but if you abuse the program and use it to make money by misleading the clients, then it will be harmful.
Testimonials and Client Feedback
Testimonials are one of the most reliable ways of measuring the reputation of online products and services. Sadly, many times the creators of shady services create false narratives and fake comments using bogus user profiles. So, as a safe way to navigate around them, do not trust any positive comments which appear too good to be true and if it has a referral link attached to it.
Below are the comments made by users on Trustpilot forum, check them out and you will get a clear understanding of the business model of this platform.
BTC com has confirmed that they do not have any co-operation with ECOS and they have confirmed that ECOS doesn’t mine on their Pool as well.
ECOS should confirm on what pool they are mining.
Sunny (Bitmain)
Finally a service that is actually legit! I bought 1TH/s which runs for 3days now. Although it would have been profitable for me in a span of a year, high maintenance fees 0,13/day make it difficult to make a profit. However everything is transparent, legal and working and if you buy enough hash power it may even be profitable.
Domain Insights
Thanks to the courtesy of alexa.com and whois.com, we were able to get a pretty clear idea about the demographics of this website and they are as follows.
Domain – Ecos.am
Registered on – 02/10/2017
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Expiry – 02/10/2020
Alexa Global Rank – 254,744
Rank in Bangladesh – 10,168
Target Audience – Bangladesh and Iran
ECOS Mining Review Conclusion
ECOS Mining is certainly not an easy to recommend mining solution. Though they have been around for a couple of years, their reputation is not at par with the other alternatives. Given the number of legit platforms available, we strongly recommend you to stay away from this firm or else you might end up burning a hole in your pocket.
The fee for placing ASICs on the ECOS site is not only a payment for comfort (no need to bother with cooling and endure constant noise at home), but also an investment in profit growth – ASIC uptime on their site is guaranteed to be higher, so you get more money.
Mining at home is always a lot of problems. ASICs are noisy, heat up, you have to constantly worry about uptime, electricity bills are absolutely monstrous. Placing ASICs on the ecos site allowed me to finally forget about these problems and just make a profit.
ECOS allows you to buy ASICs at reasonable prices, considering that you also do not need to worry about whether the ASIC will come to you and when. The connection and setup fee, of course, could be lower, but given the professional overclocking (and therefore – high performance) and the ability not to worry about the device anymore, it’s still quite good.
A very reliable company that has been on the market for many years and honestly fulfills its obligations. I have been buying cloud mining contracts from ecos for several years now, during this time, I have not had any problems with the withdrawal of funds or anything like that, ecos is a very reliable service.
Placing an ASIC with ECOS turned out to be the best mining decision I’ve made in the last three years – instead of stress and time spent monitoring and changing settings, I now just get rewarded. My mining problems are now ECOS problems.
Ecos is a great choice for those who want to cover all their cryptocurrency needs with one application. This is a very feature rich application, although I only use a wallet, ecos offers a lot more, including investment and mining.
Ecos allows you to make money quite easily, even without special knowledge in the field of cryptocurrencies. They created a great product – crypto portfolios, which allowed me to generate good passive income.
For me, ecos has certain disadvantages. The first disadvantage is the limited number of coins for exchange, the second disadvantage is the inability to replenish the deposit from a bank card. But despite this, I regularly use this platform for investing and exchanging cryptocurrencies, I hope that the developers will improve this application in the future.