We Regret To Inform You That The Chinese Government Has made It Impossible For Us To Continue Ripping You Off

I've had this passing fancy over the years for cloud mining over at Eobot since around 2013. I actually joined in their first year and have treated my involvement there as more of a hobby that builds some coin in ones that I wouldn't have the chance to mine otherwise, at not with the old SHA-256 ASICS I still have.

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One cool thing is that I could point the last Antminer S-7's I have there for a while and build some GHS or coin quickly. It hasn't been a bad play lately as mining direct for Bitcoin has gotten worse than watching the grass grow.

In the past couple of weeks I've been moving stray coin in out of there and working toward getting some external STEEM flowing into my wallet here for powering back up. I cashed out a bunch of Z-Cash I accumulated into my local wallet and bought a couple Eth-Hash contracts at Genesis Mining, which also pays out in STEEM. The plan here was to have as many incoming streams as possible for increasing Steam power.

This morning I got a blunt email from the proprietor of Eobot informing us all that with the current Chinese crackdown on Bitcoin and it's related activities, the possibility exists that they may have to terminate cloud mining contracts early unless whoever holds their mining equipment will let them ship it out of country. Holding my breath is probably a bad idea i would imagine.

The first thing I have to say is that I was always under the impression that Mr. Eobot owned his own mining equipment. I'm not sure what the strategic advantage to housing mining equipment in China does for a cloud ming operation, but obviously were now seeing the downside to this strategy.

I will give Eobot credit for staying in the cloud mining game for as long as they have. I've seen more than a few that have simply ran with the money, but they've been around for a while and do pay almost immediately in my experience.

I suppose the reason for this rant is to wonder how many more "we regret to inform you emails" we all might start seeing as the price of Bitcoin continues to fall because of China. How many cloud mining operations, exchanges and other miscellaneous crypto sites are going high tail it because the fast profits have slowed due to the Chinese governments' actions?