(Ping! Zine Web Tech Magazine) – Methud (Method, Inc.) has finally finished their OpenStack-based bitcoin mining cloud, set to launch fully on May 1st 2014. Methud is currently taking pre-orders on mining contracts, powered by their ultra-secure cloud, featuring military-grade encryption and other major security upgrades. The Bitcoin industry has had it’s fair share of security issues over the past year, including the massive failure of MtGox’s exchange service, once thought to be one of the most secure wallet services online.
Methud has set out to create the ultimate cloud mining service, based on high-end security and performance. “It’s not a secret that Bitcoin has some major security flaws when incorporated with unexperienced service providers. Having provided military and medical IT services for over a decade, we have figured out a solution to solve these issues by using the private networking suites that OpenStack boasts”, says Methud founder and CEO Joe Torres. “Working with some of the most knowledgeable miners and cloud engineers has helped us a great deal when it comes to protecting our user’s information and earnings”, he added.
In July 2010 Rackspace Hosting and NASA jointly launched an open-source cloud-software initiative known as OpenStack. The OpenStack project intended to help organizations offer cloud-computing services running on standard hardware. The community’s first official release, code-named Austin, appeared four months later, with plans to release regular updates of the software every few months. The early code came from NASA’s Nebula platform as well as from Rackspace’s Cloud Files platform. Methud has contracts available in 3, 6, 9 and 12 month increments and unlike most cloud mining providers, has it’s own secure private pool available to users who would like to experience their powerful security platform. Miners also have the option to mine in their own external pools as well. Methud’s infrastructure is hosted in Equinix’s Phoenix teir-1 facilities, for an extra boost of security.
“One thing that I think sets us apart from most mining providers is our ability to build our own hardware, instead of relying on outside hardware suppliers to fulfill our customer’s requests. This will keep us on a steady climb instead of having to take a pause in the middle of a major mining rush”, says Methud’s VP John Capillari. While the value of bitcoin has plummeted over the past few months due to some major industry changes and crashes, Methud’s leadership believes there will be a major rise in the near future that will lead to a mining rush.
Time will tell what Bitcoin will bring to the world economy but it is safe to say that many online retailers have decided to stick with the currency, even during tough times. The world’s interest in getting their hands on this new currency is still a hot topic and cloud mining providers like CloudHashing and Methud are planning on bringing this opportunity to the masses.
Methud plans on launching in a few other Equinix facilities in the near future if things go as planned and expanding their cloud by the Fall of 2014. Other mining and exchange services are looking at possible security upgrades as well, heading into what could be a major bitcoin rush once again. You can bet they will be checking out each other’s advancements over the next few months to buff up security for customers.
MtGox & Bitcoin Security Flaw – http://spectrum.ieee.org/tech-talk/computing/networks/what-you-need-to-know-about-mt-gox-and-the-bitcoin-software-flaw
MtGox loses $460 Million In User’s Bitcoins – http://www.wired.com/2014/03/bitcoin-exchange/
Securing Your Bitcoin Wallet – https://bitcoin.org/en/you-need-to-know
OpenStack Created By NASA & Rackspace – http://en.wikipedia.org/wiki/OpenStack