In an exclusive interview with the VP of Cryptouniverse, he explained how a miner doesn’t require to make a large investment to start mining. He explained how, with Cryptouniverse, a user can start mining with a mere $50[approx].
1. How did the CryptoUniverse.io project come to be?
Our story dates back to 2015. The crypto industry was just starting to form. For two of my friends and mining was a passion. We would analyze the blockchain technology, cryptocurrencies, and POW-mining, buy and test every video card we could find.
In 2017, we created our first test farm. We started with two rigs only, but two months later we already had 54 rigs, 10 ASICs S9, and were waiting for a brand new L3 to be delivered. By October we set up the second mining farm. Running test farms allowed us to collect a large number of invaluable statistics and get an idea of what works and what doesn’t.
2. When was the company founded and by whom?
We created CryptoUniverse on 14th of February, 2018 – with the same two colleagues of mine who had been in the project since the very beginning. Back then we had a team of 8 people, but in just a couple of months we opened a new office and our staff quadrupled. Then we put all our mining experience and statistics together and built our first fully-functional data center in Kirishi, the Leningrad region. We’ve been expanding ever since. Currently our company currently has 126 employees and we are represented in several countries.
3. Please provide the current rundown on the company. What were the goals of creating CryptoUniverse?
Our initial vision was to introduce more people to the world of cryptocurrency and blockchain. The goal is to build up trust and create a user-friendly, transparent platform where everyone could get easy access to the mining industry.
At the moment, CryptoUniverse offers cloud mining services with a wide range of contracts for any strategy and any budget, and are developing new features as well. We put the needs of our clients first, so we aim to reduce the number of clicks. One of the latest advances is an option to make payments with Visa and Mastercard.
4. Plans for the next five years?
As the number of our clients is constantly growing, we are scaling up. This summer, we plan to open a new, advanced data center. It will be a technopark, where, besides cryptocurrencies, we will be working with AI, BigData, and IoT. Second, we are developing a new platform with advanced features. It will be a space where you can mine, store your earnings, exchange cryptocurrencies, sell and buy mining contracts, and so on.
Besides that, we plan to enter the US market. We will also be working on our side projects – for example, the Mining University, where we will provide relevant knowledge in the field of cryptocurrencies.
5. Where are the Data Centers located?
Our main data center is located in Kirishi, Russia, and the new one will be built in Irkutsk region. We decided to take advantage of the cold Siberian climate and easy access to hydropower. It allows us to save on cooling systems, so we can be more energy-efficient, set low contract prices and, last but not least, to be more green.
6. Talk about your equipment: is it competitive?
Absolutely. We are constantly testing new models of miners in our data centers and offer only those models that proved to be most efficient. For example, last May we bought new miners from Сanaan (AvalonMiner 852, 911 1041F, 1041) and Bitmain Antminers (S15, T15, S17, T17). We are collaborating with major manufacturers of mining equipment: we’ve been working with Bitmain and Canaan, and Innosilicon will join them in the nearest future as our new partner.
7. Can you dispel the myth that to be a miner you need a lot of starting capital for equipment?
Actually, it is not a myth. The mining costs will depend on your strategies. If you build your own mining system, then the required starting capital is high, and so are the maintenance costs. Home-based miners must learn to work with the software, maintain the operating state, provide constant cooling of equipment, and deal with the noise problem. The electricity costs can eat over 50 percent of their income. Cloud mining is way more accessible. When you choose to mine in the cloud, you delegate all these issues to your cloud mining provider.
8. How much capital is enough to become a miner on your platform?
You won’t need a large capital to start mining with CryptoUniverse. The minimum amount of the initial investment is about $50. I am saying ‘about’, because the volatility of crypto market is high, and the prices are slightly changing all the time – sometimes even more often than once a day. However, the contract price is comparable with the cost of going out to a bar. Mining is a more healthy alternative.
9. How can one invest in these platforms?
By buying hashrate, buying miners or investing directly in the company. Buying hashrate is the easiest way to start mining. Buying your own miner is more profitable in the long run, but it is a long-time investment – 2-3 years minimum. In future, there will also be an option of equity participation in buying a miner.
There’ve been many suspicious cryptoprojects lately, and I am aware that many investors are afraid of entering the market because of the fear of losses or fraud. CryptoUniverse stands for trust and total transparency. Our data centers are real and open for a visit to all our clients and potential investors.
10. What cryptocurrencies or payment methods do you use?
We mine BTC and LTС, the cryptocurrencies that have proved to be the most stable over the years. Of course, we accept both of them. There are also options of making payments through SWIFT and the European SEPA system to the IBAN current account. Recently, we have partnered with Connectum – an online bank that has a financial license in Great Britain and acquiring licenses by VISA and Mastercard, which guarantee reliability and high quality of services they provide. So now we accept card payments as well.
11. What guarantees do you offer your clients in terms of security? There have been cases of hackers getting into wallets and exchanges.
We comprehensively approached the issue of security, starting from the choice of building materials for our data centers, to elaborated hack and fraud protection. CryptoUniverse has a unified security and monitoring system with a duplicate alert system. Security and IT-specialists are duty 24/7.
The system is protected from DDOS- and hacker attacks, and the servers are audited every month. To protect the funds, we use cold wallets and encrypted private keys. When someone tries to withdraw money, the system carries out behavioral analysis; then each transaction goes through a manual audit. Yes, it increases the processing time but provides a high level of protection in return. Thanks to this system, there has not been a single disputable situation related to the withdrawal process in the entire history of CryptoUniverse. In addition to all the above, we have 700 thousand dollars in our share capital, so we bear full financial responsibility. We own the land and the buildings, which makes us independent from tenants and also forms a valuable part of our assets.
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.