Roger Ver plans to deploy cloud mining, is this BU's chance?

Since Bitcoin.com owner Roger Ver announced that he would soon launch a cloud mining project, people’s emotions have been mixed, with some people announcing that it is a scam, while others have expressed a fairly neutral view.

Fundamentally, Ver’s move contradicts the views on mining expressed by the Bitcoin Unlimited (BU) camp last year, when he wrote on the forum that he did not think Bitcoin mining was a good investment for a variety of reasons, including that everyone can see the Bitcoin price, mining difficulty, electricity prices, and everyone has access to similar mining hardware.

Exploiting the vulnerability

The article also said that only those with advantages in electricity costs and mining hardware can survive in the Bitcoin mining industry. Ver’s statement is raising suspicions that he may have been counting on obtaining AsicBoost technology from Bitmain, which reportedly exploits a fixable vulnerability in the mining protocol and can provide Bitcoin miners with a 20% mining advantage.

Several cloud mining projects have failed before, with millions of dollars in investment gone. If Ver’s Bitcoin.com attempts such a project, it may set off a media frenzy over cloud mining projects.

Opportunities at BU

Others believe that cloud mining projects can increase the generated computing power and help BU gain more signal support.

This is particularly noteworthy, especially considering recent reports of a massive crash in the BU nodes. According to data from Coin Dance, on April 22, the number of BU nodes that were functioning dropped from 649 to 223 in a short period of time. As of press time, the number of Bitcoin Core nodes is 5,764.

However, despite the pessimism surrounding cloud mining, some in the community believe that Ver is a man with great ideas and his cloud mining idea should gain some support.

At this point, it’s unclear whether cloud mining projects will be a good investment for everyone or Ver.

Another argument is that the preconceived assumption that Ver might be doing something unworthy is inappropriate because he is in the BU expansion camp, not in favor of SegWit.