ECOS Cloud Mining Company Review: Is It Legit for Canadians?

ECOS is a cloud mining service based in Armenia. ECOS has more than 100,000 global users and has mined over 6500 bitcoin so far. You can purchase a cloud mining contract or a bitcoin miner from ECOS and they will do the hard work of operating the miners for you. ECOS also has a crypto exchange and a number of crypto index funds you can invest in. 

How does it work and how to use the platform? 

To mine bitcoin you need to purchase specialized bitcoin miners. These can be costly and expensive to run. They’re also loud and generate a lot of heat. Most people do not have the room or the money to run bitcoin mining rigs. This is where cloud mining comes in. Companies like ECOS house the mining rigs for you. They set up the miners, run them, take care of electricity costs and maintenance. All you need to do is buy a cloud mining contract from them, pay service fees and receive bitcoin in your account. 

On the ECOS website, there is a cloud mining calculator where you can adjust the parameters to suit your needs. There are no packages, so instead, you can customize your contract to suit your budget. 

You can adjust the duration of your contract, the amount you want to invest, and the price that you think bitcoin will be at the end of your contract. 

The longer your contract, the slower the hashpower of the bitcoin miners. The higher the hashpower, the higher your service fees. Therefore, the longer your contract, the less you will pay in fees. 

The BTC forecast is important. Say you want a contract for 45 months (3.7 years). You must ask yourself what you think the price of Bitcoin will be in 3.7 years because this figure affects the profit you can receive. The higher the price of BTC the more profit you will make. 

The price is how much you want to buy the contract for. Underneath, it will show you how much bitcoin you can mine by the end of your contract. Be warned though, that bitcoin mining is mostly profitable in a bull market. So let’s look at some calculations and see if this contract is worth it. 

In the above example, for $450 USD, you will mine 0.0186 BTC in 45 months, if you think the price of BTC will be $90,000. For $450 today at the time of this writing, $450 will get you 0.0152 BTC, so buying this mining contract would get you 0.0034 more BTC. However, if the price of BTC does not reach $90,000 and is only $46,000 in 3.7 years, then the contract will get you only an additional 0.0012 BTC than if you were to buy bitcoin today. So your profits really do depend on the future price of bitcoin, which no one can predict. 

You therefore must be careful when using this calculator to see whether it is worth purchasing, or if you’d be better off buying bitcoin today. The lower the price of bitcoin, the more you can accumulate.

The profit the calculator shows is quite misleading. In the above example, with the BTC forecast set at $90,000, the calculator shows a profit of $1675, but this profit is calculated based on bitcoin being $90,000 at the end of your contract. The calculator shows that you can buy 0.005 BTC for $450 if the price of bitcoin is $90,000, or you can buy the contract instead and mine 0.018 BTC. But it doesn’t take into account the price of bitcoin today. As we calculated, you can buy 0.0152 BTC for $450 today. The contract would only get you an additional 0.0034 BTC – or $100 USD. 

Of course, the higher your initial investment, the more profit you will make. But for smaller amounts, it seems you might as well just buy bitcoin today instead. 

Is ECOS Mining safe? 

ECOS is a reputable cloud mining company that has been around for five years. They have more than 100,000 customers worldwide and have worked with the Armenian government to set up the Free Economic Zone, an area with financial incentives for tech companies and startups. ECOS has a proven track record of providing a good service with many satisfied customers.

ECOS Features

ECOS offers a number of features including the cloud mining contracts, cloud mining hardware packages, a crypto exchange via an app, and a crypto wallet. 

ECOS bitcoin miner packages allow you to buy a bitcoin miner yourself and have ECOS host it. This is a good option if you have a large amount of capital to invest in bitcoin mining but no room to host the miners yourself. 

The benefit of buying the hardware rather than a cloud mining contract is that the hardware will usually have higher hash rates, which means you can potentially mine more bitcoin for the same price of a cloud mining contract. The starting price for these miners is quite high, however.

Mobile and desktop app

The ECOS crypto exchange is available as an iOS or Android app. The app has a 4-star rating on both Google Play and the App Store. 

There are more than 240 cryptocurrencies available, and a unique aspect of ECOs’s crypto trading platform are the indexes. ECOS has grouped together a number of cryptocurrencies based on the category. For example, metaverse coins, exchange coins or DeFi coins, You can invest in these indexes and your money will be spread amongst all the coins within that index. This is a great way to spread your risk and diversify. 

Additionally, you can buy and manage your cloud mining contracts in the app as well, making it easy to manage your crypto investing in one place. 

You can also buy miners within the app as well. 

With ECOS, you can only deposit bitcoin. You can buy crypto using a third party provider with a credit or debit card, but depositing bitcoin to your ECOS wallet is the cheapest way. Once you have bitcoin in your wallet, you can buy a mining contract, mining hardware, or trade for other cryptocurrencies. 

The desktop platform is simple and not as visually impressive as the app.

However, it is easy to use and see exactly how much bitcoin you are mining. You can also buy additional hashrates for your cloud mining contracts to boost your profits. 

From your dashboard, you can view all your withdrawals and deposits, buy miners, and view your account settings. 

Registration and verification

Since you cannot link your bank account to ECOS, there is no need to KYC. This means that setting up an account is quick and easy. 

First, go to their website and enter your email address. 

Next, verify your email and then enter your phone number.

Then, create a password for your account.

Now, you can login to your account and start buying. There is no additional verification process. 

Prices

Since ECOS is in the Free Economic Zone, they have a number of tax incentives that trickle down to the customer. They also have partnerships with electricity suppliers, which further reduces costs. Services fees are therefore small at just 0.065 USD/ TH/s. The longer your contract, the lower your TH and therefore your service costs. 

There are no claim fees or withdrawal fees and your service fees are deducted from your BTC profit, which is added to your account daily. 

If you would like to purchase a bitcoin miner from ECOS, they currently have ASIC miners available from Bitmain, Inosilicon and WhatsMiner. The SJ19 Pro will set you back $12050 USD or $15166 CAD. ECOS will set everything up for you, so there are set up fees involved. In total, to purchase one of these miners and have ECOS set it up and host it for you, the cost will be $12910 USD or $16249 CAD.

Quality Of The Customer Support 

ECOS has an excellent customer support team. Upon registering, we received an email almost instantly from one of their account managers asking if we had any questions. The ECOS support team is responsive and quick to help you with any questions. 

Conclusion

It is debatable whether cloud mining is profitable or not. In some cases, while the price of bitcoin is much lower than its all time high, it may make more sense to simply buy bitcoin and hold it. The difference you make in profit from cloud mining might be so small that it’s not worth going through the hassle of buying a contract and paying service fees.

On the other hand, buying bitcoin miners and allowing ECOS to host them for you might be a good deal. Bitcoin miners typically can last up to five years and you may mine more bitcoin in that time than you can buy right now for the same price. You will have to wait a few years for it to start paying off, but it could make sense as a long term investment.

It’s important to therefore work out all the costs involved before making a choice to purchase either of these mining options. But one thing is for sure, ECOS is safe for Canadians to use. It is a reputable company with many happy customers. If you decide on using them, we highly appreciate it if you use our referral link. It helps our team to provide such detailed reviews.