Are you looking forward to starting crypto coins mining? The traditional mining models are becoming less effective. Often, miners are required to buy expensive mining hardware with enough hashing power to mine top crypto coins especially Bitcoin. This model has one negative impact of locking out people with standard computers from mining lucrative coins. To address this challenge, people are turning to cloud mining services such as TeraBox. These are companies that put together the expensive hardware and lend out the hashing power so that even people with standard computers can mine cryptocurrencies. This is a complete review of TeraBox to establish whether it is the right place for you.
What is TeraBox?
TeraBox is a cloud mining platform started in 2014 to help people who want to mine Bitcoins using standard computers. It is designed with intense Application Particular Incorporation Circuit (ASIC) controlled PCs that are aimed at mining Bitcoins. The company generates a lot of mining hashing power and configures it to special contracts that are lent to miners with standard computers. This means that you can now start mining Bitcoins using the advanced hardware by only paying a small fee.
To start using TeraBox, you are required to visit their website and sign up for an account. Then, you have to identify the right contract that matches the personal mining needs. Note that the charges are based on the contract you select.
The main features of TeraBox
The referral reward program
This is one of the main features that TeraBox uses to attract new users. Under the feature, users in the network are rewarded for every referral they bring to the network. If you introduce a lot of users, it is possible to earn a lot of Bitcoins without mining.
TeraBox quantifies its services in contracts that users can pick and work with during mining. Users can pick mining power of between 1GH/s up to 600,000 GH/s depending on personal mining needs. The main contracts are priced starting from 0.11BTC to 0.16BTC for every 1000 GH/s. At the end of the user contract, he can sell them back to TeraBox.
The mining calculator
The mining calculator is carefully designed and located at the bottom of the user interface to help them make prompt calculations about the given hash power, returns or prevailing performance of a Bitcoin in the market.
Cloud mining coupons
This is a unique feature that targets giving anticipating miners a new reason to join TeraBox. Once one becomes part of the network, he is entitled to regular mining coupons in the form of additional mining hash power. The company also rewards those with exemplary mining performance.
Pros of using TeraBox
- TeraBox has a very strong referral system. This is meant to motivate users to encourage others to come to the network. After referring new users to the system, you are rewarded with an additional hash power and 10% of what they buy.
- They have very effective customer support. When you send them a query, they promise to respond within 2 hours. If they take longer to reply, they indicate that the response never goes beyond 12 hours.
- They provide unique bonuses when miners join the network. Every time that a new miner enters the TeraBox network, a bonus of 2500 GH/s mining power is given. If the new miner buys more hashing power in the subsequent one week, an additional 2500 GH/s is also awarded. This is a very generous rewarding scheme for encouraging people to join and stay in the network.
- Once a user is done with a contract, TeraBox has structured its operations in a manner that it can be extended or bought back. This is a win-win situation for both the service and the miner. The cloud mining service gets back the contract to sell to others while the miner gets back the coins used to acquire the contract.
Cons of TeraBox
- The company operations and ownership are covered in mystery. By failing to disclose the ownership of the enterprise, many people are hasty to conclude that it is a fraudulent scheme. This has the impact of making some potential miners to shy away.
- The cloud mining service only allows users to mine Bitcoin. This means that you cannot mine other emerging top cryptocurrencies such as Ethereum and DASH.
- The charges and user fees are unclear. Though TeraBox provides a lot of hashing power to users, the cost of using the service remains unclear. It is, therefore, very difficult to tell about personal progress after joining the TeraBox network.
- TeraBox social media presence is very poor. A lot of people who have complaints about payments delay or calculations leave their queries on social media, but no replies are provided. This gives the company a very bad image.
- Though TeraBox agrees to buy back contracts, they take very long to mature. A period of about 60-90 days is too long compared to other companies that complete such buy-backs within days.
- While the company’s generous giving scheme is admirable, it has in many cases been contrasted to the difficulties that people experience when trying to sell back contracts. This has led to some people concluding that TeraBox is one of the Ponzi schemes that could easily run away with people’s Bitcoins.
The final take
At a time when cryptocurrency mining is being taken back to the people, companies such as TeraBox have proved highly effective. They are bridging the gap that had been created by the requirement of very expensive mining equipment. While the low charges in the TeraBox network and generous bonus model are very appealing, the mysterious nature of the company has made a lot of people to step back from joining or only make a very small commitment. Their poor response and presence in social media have advanced this suspicion. If you are planning to join the network, it is advisable to do it gradually and only raise the investment after the company details are availed.