EOBOT Cloud Mining Service: Review

Eobot is a cloud mining service that supports mining for SHA256 and Scrypt algorithms and currently supports cloud mining of 21 different cryptocurrencies including BTC, ETH, LTC, STEEM, DOGE, XRP, DASH, RDD, BTS, CURE, XEM, XMR, ZEC, FCT, BCN, REP, LSK, MAID, and GRC. It also features a real-time cryptocurrency exchange that allows users to exchange any supported crypto between each other.

It was founded in 2013 in Los Angeles, California.

The cloud mining service offers cloud mining rental contracts from between 24 hours up to 5 years and supporting a range of mining rigs from the Antminer S series to S9 Machines. The benefits of using this service are therefore comparable to those attained when using any other cloud mining service where a user does not need to buy costly mining hardware and to maintain it or to invest in cooling other.

It provides rental for mining hardware and the rented EOBOT hardware can be used to mine cryptocurrency into the renters' account through the MyPool application. With this hardware and application, users can mine at 0% maintenance fees and can even mine cryptocurrencies not supported by EOBOT. To rent this hardware, 1 TH/s for SHA256 algorithm costs 0.0030 BTC (2.63 USD) and 1 GH/s for Scrypt algorithms costs 0.2BTC (175.58 USD). The customer does not need to wait for the payout period as the coin mined will appear on their account immediately.

Eobot is currently boasting of 2316252 user base and millions of API hits every day and over 8 PHS of SHA-256 mining capacity running and sold to users. Other features include the ability to select any displayed cryptocurrency as a payout option. Eobot also runs a faucet to allow users to earn free cryptocurrency and they have the option of users renting hardware for scientific and medical applications.

The application can also be accessed on Android and iOS devices.

Investment cost of Eobot cloud mining service

Customers can invest as little as $10 with this service. They can also choose to invest in fractions of the cloud instances.

The price of renting a mining rig or machine on Eobot depends on hash power of the target equipment with the charge being $0.00021 GH/s daily for the 4GH/s Antminer S9 miner rig plus a 34% maintenance fee which is added to the rental charge. The fees are all deducted from the final payout the client receives.

At Eobot, the maintenance fee is always a percentage of the mining fee and as expected, will change over time. As can be seen, this turns out to be a high maintenance fees compared to other services. In fact, both the maintenance and cloud mining fee may total to around 50% of the user's earnings. However, the actual amount will depend on the many gigahashes per second (GH/s) users require, and what model of Antminer hardware (a type of ASIC) mining runs on.

The coin is removed from the list of mined coins when the fee reaches a 100% on a particular mining rig and for a given cryptocurrency. The same should treatment applies for the case of fees to each customer -- they advise the customer to disconnect and cancel the contract. For instance, as the difficulty of Bitcoin (their SHA-256 follows Bitcoin difficulty) has increased over time, it is now not feasible to mine with ASIC Antminer Models S5, S7, and S9 through Eobot because the fees have clocked 100%. The fee for using S15 is 50% and for S17 is 34%.

Deposits and withdrawals

For withdrawals, customers are not allowed to withdraw any fiat but only crypto. The same case applies for deposits where customers can only pay for the mining hardware in cryptocurrency and not in fiat or any fiat deposit methods. The restrictions for fiat deposits and withdraw is due to regulations in the region they operate.

Since there is a native exchange, one is able to exchange their crypto if they wish to withdraw a different type of coin or altcoin from the one they mined. The same case applies that a user can deposit a different crypto or altcoin and exchange it with another to mine a different coin. The exchange charges a flat fee of 5% fee for every trade during the exchanging of coins and tokens. Withdrawals and deposits are also subject to separate mining fees depending on the blockchain in which the tokens are hosted or operate.

The minimum withdrawal limits are, for instance, 0.002 BTC, 0.05 ETH, and 0.1 LTC, while the maximum withdrawal limit depends on the user's verification level starting at $2,000 per day and $100000 USD for deposits.

Cryptocurrency exchange

Their crypto exchange is helpful for those users who plan to switch the coins they are mining or those who want to withdraw a different coin from the one mined. The charges are 5% for every trade.

Cloud Folding and Seti projects

The two are projects where clients of EOBOT can rent hardware for medical research and for charitable activities.

Security and transparency

With regards to security and transparency, Eobot utilizes email 2FA as its standard, and users can also opt for Google 2FA or Authy. It also runs a bounty program for identification of bugs, through HackerOne.

Eobot also displays all of "hot wallet" funds they are holding, and this is updated every 60 seconds. Eobot also has a cold wallet which balances they do not display. The cold wallet is isolated from the Eobot's code base and acts as an option of last resort in case of a hack, to reimburse affected users in an exchange hack. The Eobot’s main wallet is also a separate cold wallet from the emergency fund cold wallet just described.

On March 20th of this year, the exchange suffered a hack and lost $42000 USD due to their own issue with accepting XRP deposits but user balances, it said had not been affected and that Eobot would cover the loss from their own wallet reserves.

The social tool link also provides a detail of the countries from which Eobot  customers are mining crypto or running active contracts.

David Kariuki

David Kariuki likes to regard himself as a freelance tech journalist who has written and writes widely about a variety of tech issues that affect our society daily, including cryptocurrencies (see cryptomorrow.com and coinpedia.org); climate change (cleanleap.com), OpenSim and virtual reality (see hypergridbusiness.com). He is currently pursuing a MSc in Environmental Management at Open University. He does write here not to offer any investment advise but with the intention of informing audience, and articles in here are of his own opinion. Anyone willing to use any opinion here as advise to invest in crypto should obviously take own responsibility and accountability of their losses (or benefits) thereof. You can reach me at eqariu@gmail.com or david@cryptomorrow.com

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