GetHashing: Introducing a New Concept for Cloud Mining -

GetHashing: Introducing a New Concept for Cloud Mining


The GetHashing Cloud (GHcloud), is the first decentralized crowd mining platform. The founders and developers of this new service thought to introduce a whole new concept for cloud mining services. By introducing decentralization, they were able to go back to the original ideas presented by Satoshi Nakamoto.

Also read: European High Court Decides Bitcoin Should be Tax Free

gethashing_article_image3_BitcoinistGetHashing was designed by a small group of digital currency enthusiasts with the goal of building a new and original community-based mining platform that was entirely cloud-based and built on top of the blockchain. It is the first fully transparent, community-driven bitcoin cloud mining platform with support for smart assets build on the open assets protocol and a decentralized multi cryptocurrency wallet service.
One forum member explains,

“GetHashing was born as an idea by a small group of crypto enthusiasts with a passion for Bitcoin, cryptocurrencies and the technologies to build a new and unique community-driven platform that’s entirely cloud-based and built on top of the blockchain protocol.”

The Get Hashing cloud peer-to-peer marketplace works without the need for trust or third-party escrow services. By enabling decentralized user accounts built entirely on blockchain technology, and by using the Colored Coins protocol, users can exchange and secure their assets without having to trust a third-party.

The Gethashing Cloud and the Open Assets Protocol (Colored Coins)

gethashing_article_image2_BitcoinistThe Open Assets Protocol allows storing small amounts of metadata on the blockchain, which then can be used to securely represent and manage assets. The protocol uses the Colored Coins technique to represent and manage real world assets on top of the Bitcoin Blockchain.

The notion of Open assets protocol or “Colored Coins” is associated with the idea that individual satoshis can be “colored” to represent a certain asset using the bitcoin blockchain. This protocol essentially tracks the origin and transfer sequence of an asset and with this technique, one bitcoin transaction can be encoded to prove that a certain amount of units of a new asset were issued and are now credited to a given bitcoin address.

Colored Coins allow easy, multi-robust asset management and smart and programmable money. Because smart assets are stored on the blockchain, all information about the asset can be publicly viewed, including the asset issued or destroyed coins, its definition, and all the transactions the asset ever made.

The open assets protocol uses a Colored Coins wallet to create a bitcoin transaction that enables sending units of a certain asset from one address to another, and so on. It allows for real world value to be attached to those units or “digital tokens” by the asset issuer’s promise to redeem them for some goods or services. This notion is very similar to the notion of promise used by the banking system. However, in this case, anyone is allowed to issue their own assets backed by their promises to repay.

Bitcoin is a programmable kind of currency; the bitcoin technology allows for the use of a medium of exchange that can be stored and transferred digitally without the need for an intermediary or third-party. This effectively allows handling arbitrary assets in much the same way that bitcoins are handled. The Open Assets protocol aims to extend these capabilities to dozens of new applications including smart assets.

Some of the potential applications for the Open Assets protocol are:

  • Smart property: Ownership of physical assets can be represented as a token.
  • Decentralized digital representation of physical assets: This allows digitally holding value tied to physical assets.
  • Smart Company stocks: Companies can issue digital tokens representing shares in the company.
  • Smart Bonds: Bonds can be issued with a certain value and repayment schedule, which will be denominated in any form of currency or commodity — including bitcoin.
  • Smart demand deposits: Similar to bonds, except the issuer guarantees to redeem the token for its face value at any time.
  • Emergent currencies: Communities can design their own currencies. Tokens can be issued to be used by the members of communities to give them access to particular information, content, or even a degree of membership that will unlock other features in the community.

To power the platform, GetHashing issued their unique smart asset mining shares. This smart asset is backed by physical hardware and generates income; it allows for the platform to enable decentralized cloud mining.

Security and Proof-of-Everything Concept

gethashing_article_image_BitcoinistThe advantage of using Bitcoin’s blockchain is that it offers features such as robustness and transparency, non-counterfeit ability, immutability, and ease of transfer, thus allowing asset manipulation with unprecedented ease of use and flash-forward security. The user accounts are only stored in the local storage of each user’s browser, including his or her wallet string.

GHcloud delivers full transparency to users through a proof-of-everything concept. All coin generation addresses, payment addresses, transactions, as well as overall hashing power and owned hardware is public information that can be reviewed at any time on GHcloud and the GHforum.

The GHcloud platform also provides a decentralized exchange, where users can trade their assets without having to rely on hot wallets. With this system, the platform doesn’t need to hold any of the user funds or assets. It uses the Atomic-Swap Protocol, which provides seamless transactions between parties using the block chain to securely hold or “escrow” assets and funds being exchanged.

Gethashing decided to build a platform that will grow with the community to become self-sustained by its members. While the traditional cloud mining business model seems to be broken by the need for trust or third-party services, GetHashing introduces a whole new model of crowd cloud mining entirely built around the blockchain technology and the Open Assets Protocol.

What do you think about the Gethashing alternative to centralized cloud mining? Let us know in the comments below!


Source & Images

Nuno Menezes

Nuno Menezes is a Portuguese Bitcoin Entrepreneur and a crypto currency’s enthusiast supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies. Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.

  • Your article does not even mention what miners GetHashing is using. The collective started with Bitmain Antminer S5 miners hosted in China, later moving half of them to US. GetHashing is commended for a transparent hosted mining operation but has never been as cost effective as just buying S5 hash at Hashnest. Maintenance fees at GH are higher than Hashnest and reduce profitability.

  • Cyberdexter

    GH has been a lot more profitable than mining with S5’s on HashNest especially in the first half of 2015. The payouts have declined with the increase in mining difficulty which was anticipated. That’s why GH is cycling out hardware now while bringing in the S7’s which will result in 2 reductions to the maintenance fee until the end of the year. HashNest is limited to Antpool only and your claim doesn’t hold up if you compare GHX profitability for the last 10 months vs Antpool’s performance which was more than poor for several months.

  • Well written, thanks! Nuno did a great job with this article.

  • suchmoon

    Get hashing and its forum are the most unethical, hypocritical people there are. They promote a proof of Everything operation, yet hide aspects of their mining farm and data center from the users. They have even gone as far as insulting and attacking a member who asked for access to the farm. They engage in unethical attacks on projects that are in direct or indirect competition with their own. Their involvement in these attacks has ended up costing some of their members of their community losses due to their advice. They lack empathy, understanding, and want to have their own centralized community where if your not in the “IN” your an outcast and must pay the price of their wrath.

    You can not trust an organization like this, if they are willing to unethically get involved in attacks against their own competitors or allow such attacks to happen what will they do when it comes down to ethically handling your account.

  • suchmoon

    @Cyberdexter: Do you have proof of your business, such as a business license? Can you provide the paperwork for your business and it’s data centers in the United States to prove you are complying with the new Taxation on Bitcoin Mining in the United States? Can you set up a meeting at your United States Data center where your potential clients can actually visit the location and see the miners working?

  • suchmoon

    Yes Cyberdexter is correct, the overall Maintenance fees for a mining operation with 500 TH/s should be way lower than that of an 80PH/s mining operation. So, it would seem he still has not clearly explained why Maintenance fees at GH are higher than Hashnest. So we can agree that their claims to be more profitable than their competitor are false as usual.

  • Cyberdexter

    Hey @@suchmoon:disqus GH is being incorporated in Gibraltar which has taken longer than we expected. However, you know us and we wont have a problem sharing any information like we’ve done for the last 10 months. We’re also in compliance with current US laws. Visiting the DC is not an option, you know that as it has been discussed on the forum. However, there is videos and images of our hardware on the forum, youtube and co (you know that too) ;)

  • Cyberdexter

    I actually doubt that you are suchmoon you’re just trolling.

  • daffy

    > what will they do when it comes down to ethically handling your account.

    Just replying to this. quote. And the real suchmoon would know this already. We don’t have accounts everything is done on the blockchain. Every owner of GHX colored coin has the coins in their OWN wallet. We don’t store customer information or for that matter any information about the people invested in GHX.

  • Jon Scott Boroughs

    Leroy Fodor is that you, you old scoundrel? Had some free time from failing at Stakeminers to come over here and spread FUD? Hope it gave you some satisfaction posing as someone else and being a hater.

  • Aether

    Your not the real suchmoon (BCT and GH). He doesn’t write this way and if he does have accusations, he backs them up with links or proof.
    Your either Carmelo and Leroy from the looks of it, with the generic long winded language, that has grammatical error in it. Both operators guilty of horrid ponzi’s in crypto-land that the GH AND BCT forum’s showed the public.

  • Matt Johnson

    Leroy Fodor? Why are you trolling someone else’s thread? Don’t you have a scammy stake mining site to steal peoples money from?

  • GoDennyGo

    I’ve been trying to signup at your forum but your system is not sending emails (I tried two separate email providers to make sure it wasn’t a spam issue). Anyways, I also bought some GHX and that aspect of the site seems legit so far!