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The Canada-based cryptocurrency exchange Vault of Satoshi yesterday release the dividend-producing Bitcoin investment, called Divcoin.
Divcoin is the first ‘coin’ mining pool and offers a new approach to cloud mining by eliminating the need to bind users with contracts. Instead, the contracts are replaced by the Divcoin where each Divcoin mines Bitcoin.
Simply put, VoS will mine Bitcoins and pay out daily dividends to coin holders. Meaning users will not only save money by not having to buy mining equipment, but also time since they could easily buy and sell Divcoins as needed directly from their VoS account, all without any binding obligations.
Divcoins are available for purchase from June 20, 2014 to both current clients and the general public at www.vaultofsatoshi.com.
The dividend-producing investment is perfect for users who aren’t too thrilled about the idea of binding contracts. Mike Curry, Co-Founder of Vault of Satoshi, explains:
“With Divcoins, we can offer the upside of joining a mining pool, without tying our clients to a fixed contract. This enables users to buy and sell coins as they please, and enjoy daily payouts – dividends – with Divcoins.”
Divcoins will be added with increasing demand. The beta program, which was launched June 20, will start by issuing 5,000 coins, sold at $5.00/coin that can be bought with US and Canadian dollars and Bitcoin, of course.
Each coin will represent 1GH/s of mining power and a fee of 0.00028 BTC per Divcoin, per day is applied (i.e. $0.28 CAD in maintenance/electricity costs will be removed per 1000 coins per hour). When this amount exceeds the profit, the coin will stop returning.
According to VoS, Divcoin is the affordable option for people who want no-strings-attached mining by charging approximately $US 50 per month for 10 GH/s without contract compared to fixed contract mining which usually costs around $US 108 per month for the same mining power.
The expected daily payout for coin holders will be a net average of $0.02168 CAD in BTC per 1 GH/s. The dividend will decrease over time in parallel with increasing Bitcoin difficulty. Nevertheless, with the current difficulty, Divcoins are expected to produce returns for the coin-holder for up to 1.5-2 years. When mining is no longer profitable, the “contract” naturally ends.
For more information go to: https://www.vaultofsatoshi.com/divcoin
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