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Diamond Cloud Mining Review

Diamond (DMD) is a longstanding altcoin with an excellent track record of steady price appreciation. One of its value added services is a method of earning Diamonds through cloud mining. It also provides a way to acquire cloud mining shares by pointing an existing rig to a multipool of your choice. These cloud mining shares pay out in Diamonds.

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Diamond (DMD) is a longstanding altcoin with an excellent track record of steady price appreciation.

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One of its value added services is a method of earning Diamonds through cloud mining. It also provides a way to acquire cloud mining shares by pointing an existing rig to a multipool of your choice. These cloud mining shares pay out in Diamonds. The Diamonds can then be used to mint additional ones through Proof of Stake (POS) minting. To begin the process, a direct deposit can be made to a unique BTC address that is linked to the user’s DMD address. The linked BTC address can also be used as a mining username on any multipool, though the service prefers Nicehash/Westhash.

Company Background: Diamond’s credentials begin with its lengthy Bitcoin Talk thread. The thread shows an active and responsive development team and tells the story of the coin which just recently celebrated its second birthday—a notable point in its history was switching its algorithm from Scrypt to Groestl and implementing a 50% annual POS interest rate. There is also a professional website, a forum dedicated to the Diamond community, a Facebook and Twitter profile. The development team can be contacted via any of those means as well as a contact email address. The cloud mining service is part of the overall coin project and run by the same team that continues to develop the coin. Cloud mining support emails are answered by Helmut Siedl. The media spokesman is Aleksander Ray. Operations are based in Manchester, UK.

Value For Money: With the Diamond Cloud mining opportunity you invest once (minimum of $20 or 20 shares), and then you get paid daily (on average) as the contracts have no expiration date. This arrangement will continue for as long as the venture is profitable. In order to keep the venture profitable for the longest possible time, half of the profits get automatically reinvested while the other half gets paid out to investors. Once you receive DMD payments, you can then hold them in your QT wallet and use them to mint more DMD. With DMD’s track record of gradually appreciating in value over its lifetime, there is also a reasonable expectation that in the future the DMD earned today could be sold for a tidy profit, though this is not guaranteed. Additionally, cloud mining shares qualify for occasional DMD reactor payments. The DMD reactor is a large staking (minting) wallet. Because your initial investment will continue to pay daily, and those payments can generate more Diamonds, the Diamond cloud mining opportunity is uniquely positioned as the one time investment that keeps on paying—the gift that keeps on giving. The operators encourage users to view this as a long term investment in Diamonds, not as a way to churn a quick profit. They also clearly state that it is up to each user to do his or her homework to determine if this is a good fit.

Customer Support: The cloud mining website posts a contact email address for technical support issues and questions. Emails sent to that address get answered within 24 hours. The Diamond development team is also active on both Bitcoin Talk and the Diamond forum. The website itself is a bit light on directions and a lot of the important information (such as the 20 share minimum investment requirement) is contained in the terms of use document, itself hard to read because English is not the first language of the Austrian-based developers. However, since emails sent to the contact email address do get answered promptly, one can be up and running within a very reasonable amount of time. Here are a few tips for getting started:

Register a QT wallet address, not an exchange address. In order to participate in cloud mining, you will have to prove ownership of your address by signing a message and entering the signature onto the website.
Once you register your address, attempt to reregister it in order to see the settings tab which allows you to activate it. This essentially refreshes the page.
It helps to have a very fast Internet connection when validating your email address. They only give you a minute to input the validation code.
Plan to invest a minimum of $20 worth in order to begin receiving daily payouts.
Payout Processing: Payments are made in DMD directly to the registered DMD address. Payouts can be made at irregular intervals because part of the process is done manually, however recently payout interval has ranged to twice a day to once every three or four days.

Security: There is no additional user based security provided by the cloud mining website. When you register your DMD address, that becomes the only log in credentials you have. This means the onus is on you to keep your DMD wallet appropriately backed up and encrypted (and it goes without saying that you must not lose the encryption key) so that you do not lose your payouts. At registration your DMD address is linked to a unique Bitcoin address to which you can send payment for your shares. However, the Diamond development team takes security seriously and has implemented an innovative hybrid security protocol for the network. They require that you sign a message using your QT wallet to prove that you own the address. You also need to (very quickly) verify your email address. They want to make sure that cloud mining payouts go to the people who made the investment.

Summary: Diamond cloud mining is an innovative approach to cloud mining. It combines a non expiring contract that you only pay for once with a proof of stake coin that itself can generate new coin. Contracts can be purchased with either a direct deposit or mining on any multipool using your linked Bitcoin address as the user name. Fifty percent of profits are reinvested back into the cloud mining operation while the other fifty percent are paid out to users. Customer support and security are in good working order and the payout coin, Diamond, is a well established cryptocoin with a solid track record. With a minimum investment of twenty US Dollars one can start small and build up gradually to something more substantial if desired.
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