Canada’s Vault of Satoshi to Test Cloud Mining Market

Stan Higgins
May 13, 2014 at 22:50 UTC
Updated May 29, 2014 at 13:53 UTC

Toronto-based digital currency exchange Vault of Satoshi has announced it plans to launch a cloud mining service beta test.

The Managed Mining Contracts program offers one-year ASIC rentals, the company said in a 13th May post on reddit. Hashing power can be purchased in packages starting at 10 gigahashes (10 Gh/s), which cost $70 for the year.

Notably, VoS will also host rented bitcoin nodes for every 150 Gh/s plan sold. The company plans to deploy the nodes in data centers in Europe, the US and Southeast Asia, among other regions.

VoS director of marketing Adam Cochran told CoinDesk the company has already begun receiving requests to join the beta group. He framed the company’s decision to launch the cloud mining and node hosting service as a way to reinvest revenue while supporting the broader bitcoin network, adding

“We believe in cryptocurrency, and we want to do our best to make services that are transparent, reliable and built with a sense of security.”

Plan outlines

VoS is pitching the beta test as a way for people to invest in bitcoin mining without having to purchase hardware.

In its announcement, VoS outlined plan costs from 10 Gh/s to 150 Gh/s, with discounts varying depending on the order. The company said that contracts worth more than $10,000 per year could qualify for additional price reductions.

Customers should note that VoS reserves the right to change prices without notice, and that customers can avoid price fluctuations by signing multi-year contracts.

VoS is accepting payments via credit card, PayPal, wire transfer or BTC, LTC and DOGE. Customers of the exchange may opt to use their on-site balances to make payments.

Cloud-mining boom

Given the high entry costs for consumers looking to mine digital currencies, cloud mining offers a potential alternative that provides hashing power without the need to purchase mining infrastructure.

Recent news suggests that the market is moving to provide greater cloud mining services to interested parties.

This week, bitcoin mining ASIC processor and systems manufacturer CoinTerra announced that it would offer hosted mining contracts ranging from 200 GH/s to 1 petahash (PH/s). Like VoS, CoinTerra added cloud mining as an additional option to its existing services.

Further, earlier this month, cloud mining host CloudHashing announced a merger with HighBitcoin, an enterprise ASIC hardware designer, forming a new firm called PeerNova. The new company will continue to offer cloud mining services.

Cloud button image via Shutterstock