ViaBTC is an innovation-oriented company that combines cloud mining and cryptocurrency exchange services. It offers its own BTC and LTC mining pools and an advanced deployment technology. If you’re interested in mining some coins, read our comprehensive ViaBTC review and get more information about the company and its offer.
About The Company
ViaBTC is based in Shenzhen, China. It was founded in May 2016 by Yang Haipo, the current CEO of the company. He previously held a development position in FUTU, a Hong Kong stock exchange, and Tencent Weibo (China’s version of Twitter). In 2013, Yang started working with Bitcoin, making him one of the earliest investors and adopters of this cryptocurrency. Between 2014 and 2015, he obtained an in-depth knowledge of the blockchain technology and launched his very own Bitcoin pool. He was a part of the ZeusMiner’s R&D team, which was operated by the same people behind ZeusHash, HalleyBTC, and OXBTC.
ViaBTC started out as a Bitcoin mining pool and extended its services to cloud mining in November 2016.
Through continued development, they’ve also launched a Litecoin mining pool in January 2017.
Recently, ViaBTC has added an exchange platform to its services and also plans on expanding its business further.
How ViaBTC Works
Signing up for ViaBTC is a simple process that takes about a minute to be completed. All you need is a username, email, and password. After you sign up, you can link your cryptocurrency wallet to your account.
When you finish the registration process and add a wallet to your profile, you can choose the amount of hashrate you want to purchase. Hashpower is paid in Bitcoins and all contracts last for a lifetime.
As a ViaBTC customer, you get access to its advanced mining hardware. Moreover, the company promises lower electricity fees because its farms are located in provinces with low electricity costs. It operates farms in Sichuan, Xinjiang, and Inner Mongol, and even offers site tours to anyone interested.
ViaBTC released their second batch of S9 mining contracts at the end of April 2017 (estimated 0.00033381 BTC per SHARE DMR). They’ve provided their users with 3900 TH/s mining contracts, which should satisfy their mining needs until the next batch is released. You can also purchase hashing power with your Bitcoin balance if it holds enough funds to cover the cost.
The Litecoin pool offers the PPS payment method while the Bitcoin pool offers both PPS+ and PPLNS. The payment method for the Bitcoin pool can be changed every 24 hours. ViaBTC payouts are deposited on a daily level, the day after you start mining.
ViaBTC exchange service offers the following benefits:
- Diversified trading pairs include BTC/CNY, ETH/BTC, LTC/CNY, ZEC/CNY, and ETH/CNY. More will be added in the future;
- BTC and ETH available for withdrawal (single withdrawal limit: BTC – 0.01/10, ETH – 0.01/1,000; daily withdrawal limit: BTC – 10; ETH 1,000);
- Zero withdrawal fees for cryptocurrencies. 3% CNY withdrawal fee. Transaction fees are 0.1% for the maker and 0.2% for the taker;
- High-speed matching engines with the capacity for 10k transactions per second;
- Full-dimension protection with HTTPS, 2-factor authentication, multi signature strategy, and cold storage for virtual assets;
- 100% reserves for all fiat and crypto assets;
- TradingView, the professional charting tool;
- Fast deposit/withdrawal routine. Deposits are live on your account within 5 minutes, and withdrawals are processed instantly;
One of the greatest advantages of ViaBTC is that it incorporates cloud mining, a crypto exchange, and its own mining pools into its services. Hence, its customers can find almost everything they need for any kind of cryptocurrency endeavor in one place.
ViaBTC automatically cancels every account that doesn’t receive a single payout for 10 days in a row.
Furthermore, it takes some extra steps to protect your account and your privacy. ViaBTC uses HTTPS protocol to encrypt your data and works with 2-step authentication. The company is very straightforward when it comes to its fees. ViaBTC charges separate fees for maintenance, electricity costs, and pool.
Fees are a bit higher than usual because of PPS+ and PPLNS. These payment methods protect miners from orphan blocks and bad luck and allocate a share of mined coins to each miner. Transaction fees are also allocated to the miners according to their share of hashrate.
If you need any assistance with your account or mining, you can reach customer support via email. You can also browse through the FAQ section on the website, but it’s not so well-organized or informative.
Plans & Pricing
As we’ve already mentioned in this ViaBTC review, the company doesn’t provide you with the price of hashpower in advance. If you want to make a deposit and check out the prices, you can use your Bitcoin wallet or pay in CNY via bank wire transfer. However, the company offers a detailed insight into additional costs and estimated yields. The electricity fee is 0.12 USD and is charged daily. The management fee is 6% and it’s deducted from your mining income. It covers maintenance, staff expenses, risk prevention, etc.
There are also pool fees for PPS and PPLNS. The PPS pool fee is 4% for block rewards and 2% for transactions. The Block rewards fee is calculated for 12.5 BTC and the transaction fee depends on the users’ hashrate and difficulty. The PPLNS fee includes the block rewards and flexible transaction fees, amounting to 2%.
The second batch of S9 mining contracts is charged 159$ per TH/s, with an electricity cost of 0.12$ per TH/s/day.
As far as the exchange service is concerned, ViaBTC features zero withdrawal fees for cryptocurrencies and 3% CNY withdrawal fee. Transaction fees are 0.1% for the maker and 0.2% for the taker.
- 3 services in one company
- Access to different mining pools
- 2-step authentication
- HTTPS protocol for data encryption
- 99.9% uptime guarantee
- PPS+ and PPLNS payment methods
- No cryptocurrency withdrawal fees
- Low electricity fees
- Connection to the infamous ZeusMiner