Nuvoo Mining: A Complete Review
To invest in a cryptocurrency mining firm is the dream of many people.
But the challenge remains to get the right mining company that actually does the coin extraction business.
So, today, I will be reviewing Nuvoo Mining in this post, which promises to be well detailed but concise.
Nuvoo Mining is a cloud mining company that has been in existence since 2016.
They offer their equipment to users for mining in exchange for a fee.
You will find out more about Nuvoo Mining, its products and services, and the benefits of using this mining company today.
Good to go?
Let’s get at it immediately.
In a bid to make it concise as I promised, I will discuss Nuvoo Mining under these subheadings:
- Who is Nuvoo Mining?
- Nuvoo Mining Products and Services
- Pros and Cons
- Is Nuvoo Mining a Scam?
Who is Nuvoo Mining?
Nuvoo Mining is a Canadian cloud mining company that was founded in 2016 by Martin LeBlanc.
They specialize in hosting high-density computer hardware, which requires substantial access to power and cooling.
………….which requires substantial access to power and cooling.
How do they deal with this?
Well…Electricity for data centres is generated from a hydroelectric power station that uses energy from renewable sources.
For the cooling, the cold tundra region of Quebec, Canada, is ideal for efficient mining machine performance.
This way, they offer cost-effective solutions to cryptocurrency miners.
The idea of the company came about when many people, who could not afford the expensive equipment for mining, wanted to be involved in the network and start getting the cash for the future.
They are aimed at newbies in the cryptocurrency world as well as at experts and large scale entrepreneurs.
Nuvoo strives to enroll the top currencies in the industry and to make them available in the community.
They mine cryptocurrencies such as Bitcoin, Litecoin, and Ethereum using the SHA 256, Scrypt, and Ethash algorithms.
You can choose to mine any cryptocurrency but, just like in Genesis Mining, the profit will be counted in Bitcoins.
This is because Bitcoin is the most popular cryptocurrency, which will most likely grow in value.
Their customer support is available in both English and French, and the company website works 24/7.
With facts about the company known, next is to find out the products and services they offer.
Let’s go find out in the next section.
Nuvoo Mining Products and Services
Just like I said earlier, Nuvoo Mining offers opportunities for beginners and for those who wish to maintain their growth in the cryptocurrency industry.
Nuvoo mining customers are offered the following services:
- Cloud Mining
- Dedicated Miner
- Collocation Miner
- Affiliate Program
Cloud Mining (Mining Contracts)
Nuvoo offers cloud mining services in the form of packages.
They started with the Bitcoin open-end packages, which are for an indeterminate period and extended to 2 years packages for Ethereum and Litecoin.
‘Open-end’ means that the customer will benefit from the profit that will be generated by the contract as long as the mining is profitable.
For Bitcoin contract, there are 2 categories:
- Bitcoin 20 Months Radiant
- Bitcoin 12 Months Standard
The Bitcoin mining packages range from Trainer ($4.7) to Royal ($18,894); the more expensive the pack you choose, the more your daily earnings.
They charge a 0$ maintenance fee and a daily energy fee of 0.17$ per 1TH/s for all plans in both packages.
There is a link to the earnings calculator that you can use to calculate the potential earnings in accordance with your investment package.
Bitcoin 20 Months Radiant
Bitcoin 12 Months Standard
How It Works
So, for you to purchase a cloud mining contract ‘in just two clicks’ (as is Nuvoo website), you have to register.
This is done by providing your contact details on the required fields and by choosing a Username and Password (this ensures the security of your account).
When you complete the registration, you have to choose the type of cryptocurrency you want to mine and finally choose the pack you want to buy.
Payment options include:
- Credit card (Visa / Mastercard) — [Minimum (USD 100) Maximum (USD 1000)]
- Cryptocurrencies: Bitcoin
- Bank wire transfer for all transaction of $1001+
NOTE: In some rare cases, some issuing banks may charge additional fees from customers who purchase Bitcoin or Cloud Mining services via Credit Card.
For you to withdraw, you need to accumulate a minimum withdrawal balance (0.002BTC) in your account.
When you have the minimum withdrawal balance, you can withdraw your winnings in your e-wallet account.
Nuvoo does not have a system to create an e-wallet on its website yet; so you will have to create one and connect it to your account to enable you to withdraw your earnings.
You can do this by going to MY ACCOUNT / SETTINGS / WALLETS to link your account with your wallet.
You also have options to register through your Facebook and Twitter accounts.
Not so hard to do, is it?
In the Cloud Mining contracts above, miners buy hashrates packages to mine. The miner’s interest is not in the hardware used but the hashrate.
Let’s say I want to mine now, and I buy the Bronze plan for Bitcoin 20 months Radiant, which costs $270 for 5.00TH/s.
Nuvoo will mine for me at the hashrate I have chosen and pay me my due daily output.
But when you talk about Dedicated Miners, it’s a different game plan.
Here, the miners buy the hardware for mining, and Nuvoo uses it to mine for them. They have the option of choosing ASICs ranging from 700 ASICs to 7000 ASICs.
To do this, you have to request a quote specifying the type of miners you want to install, how many miners ( a minimum of 700), and all the information needed to have a complete quote.
Each ASICs have a specific number of megawatts associated with it.
Colocation mining refers to the practice of housing individual-owned servers, miners, and networking equipment in a third-party data center.
These third-party centers are called Mining Hotels.
So, instead of keeping your ASICs and GPUs( Graphics Processing Units) at your privately-owned data centre or in your offices, individuals and companies can choose to ‘co-locate’ their equipment in a mining hotel.
Nuvoo Mining offers this service to its customers. This is where miners who already own servers rent physical space in Nuvoo data centers to house their servers.
This is just like renting hash rates on a server owned by a hosting provider.
Nuvoo Mining runs an affiliate program too.
After registration, you can find your referral link on the left-hand side of the page or in tools.
Each time one of your referrals buys some hash power, you will receive a commission in hash power.
It works this way:
For Level 1, you will get a 5% commission in hash power.
A 4% commission for Level 2.
At Level 3, 3% commission.
Level 4, 2% commission.
And 1% commission for Level 5.
But you will have to buy hash power for you to receive the team hash power.
Pros and Cons of Using Nuvoo Mining
Nuvoo Mining has the following advantages:
- Low consumption of energy
- Tracking work on web cameras
- Various tariff plans
- Ecological compatibility
- Good customer support
- Open-ended contracts
- Low cost of electricity
- Payments can be made in installments
The disadvantages include:
- Only a limited amount of coins are mined (Bitcoin, Litecoin, and Ethereum)
- No wallet creation function
Is Nuvoo Mining A Scam?
With the presence of various scam mining sites online, one can’t help but ask if Nuvoo Mining is legit or not.
Nuvoo Mining company is officially registered in 2017 in Cyprus under the name NuVoo TM, owned and managed by G. O. Great Offers Direct Ltd.
Their office address is listed as P. Lordos Center, Bloc B second floor, office 203, Limassol, 3015, Cyprus.
They have an efficient mining calculator on their website provided by Cryptocompare, a neutral third party. This provides miners with an idea of their earning potential on each mining plan.
The owners are known and they own more than 10 world-class data centers catering to thousands of customers around the globe.
And with the web cameras, you can track your work.
Well, it is a good thing to invest in Bitcoin and other cryptocurrencies as they are the money for the future.
But be careful where you invest to avoid losing your money.
Yes! Here we are now……
The review is done and dusted.
I promised it will be concise and I kept true to it.
Now, let’s talk; is it all clear? Or you still have some questions?
Have you decided on the coin(s) to mine first?
and which of the contract package to startup with?
I want to hear all about it……
Send a reply right away in the comment section below.
And don’t forget to share this post.
Originally published at https://www.nigeriabitcoincommunity.com
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Nuvoo Mining (2020): A Complete Review was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.