Blockchain Experts: Mine ZCash But Be Cautious
Hashflare joins in offering Zcash mining contracts even as caution is emphasized.
Though some exchanges have put the first permissionless decentralized cryptocurrency that allows users to completely hide not only the value of their transactions, but also their identity to trade on their platforms. However, while a few cloud mining sites agreed to offer mining services for the currency, the best way to acquire the new currency is by mining until enough tokens become available on exchanges.
According to BitClub’s Joby Weeks, Zcash has been one of the most anticipated projects in the digital currency industry in the past year. He says to Cointelegraph:
“They have assembled a dream team of top cryptographers and security experts who came together to build the most secure and private Blockchain imaginable.”
Hashflare in its announcement says:
“While many consider Zcash a censorship-free solution to Bitcoin publicity issues, we are also evaluating it as another crypto-investment mining possibility.”
Currently, the annual ROI of Zcash mining equals 200%, and we are ready to launch the presale of mining contracts for $4.20 per 0.1 H/s. The launch of mining will occur before 21.11.16, however, the total amount of hardware for Zcash mining is limited. Each contract will last for 1 year (from activation) and will not have any additional fees.
Genesis Mining and Toomim Brothers have offered similar and limited number of varying contracts too.
A word of caution
When asked if he considers ‘cautious’ as the best word of advice for anyone seeking to get involved in ZCash, Weeks said:
“Yes. There are bugs to work out still. That’s why they had a slow start for the first 34 days.
Instead of buying Zcash coins, I have been buying mining hardware to mine the coin. If the coin goes bust, I can point the power back over to mine ETH or whatever else.”
But he doesn’t think the coin is likely ‘go bust’ because, “The smartest minds in the crypto space are working on the project.”
A Fintech consultant, Jack Gavigan, noted on his Twitter page that Zcash is an experiment and experiments frequently don’t produce the expected or hoped-for an outcome. He stressed on the watchword: Caution. One of his tweets says:
“There's a lot of hype and excitement about Zcash, but also, major risks. The New crypto could prove susceptible to as-yet-undreamed-of attacks.”
Hashflare shares a similar view. Its states:
“We consider Zcash a high-risk high-reward investment solution and recommend you to look through the idea, team, and technical aspects of the cryptocurrency on the Zcash official website.”