All About BTC, LTC, ETH mining as well as other alternative crypto currencies
A few days ago, after a slight delay in the original scheduled release date, Genesis Mining has added Bitcoin cloud mining option to their already available Scrypt cloud mining service and apparently a X11 cloud mining might be coming soon as well. We have already reviewed the Scrypt cloud mining functionality of the service after it has been launched a while ago. The new Bitcoin cloud mining functionality however came with a bit of a redesign of the interface in order to accommodate the new features in a single dashboard, so that you can keep track of all your different hashrate and earnings in a single interface.
Back in June, when we have purchased 1 MHS Scrypt cloud mining hashrate to test the service the price was about twice as high compared to now, but the profitability was about 3-4 times higher. At the moment things are not looking so bright as they were about three months ago, still we are almost halfway getting our investment back. If you invest now however things are already not looking so bright as you might not be able to ROI in the term of the contract (standard 1 year, though there are options available for 1.5 and 2 years with lower price for the extra time) and that is with the difficulty not increasing from the level it is now. It is true that lately the LTC network difficulty has been keeping a stable level, but it is completely unreasonable to expect that to keep forever. The price of LTC is also not that good either at the moment, but if you are going to bet on Litecoin getting more valuable, then you can just buy coins and profit from their price increase later on.
Unfortunately running the numbers with the current price of Bitcoin cloud mining of about 0.006 BTC per GHS ($2.9 per GHS) the outcome is also not so bright as with the Scrypt cloud mining numbers. It is nice that there are no maintenance fees and the price you pay is for 1 year mining contract, but at the current state of things you will barely manage to get a return of the investment if the BTC network hashrate does not increase from its current level and we all know that this will not happen. With an average increase of 15% per readjustment the network difficulty will get to a level that there is absolutely no chance for you to even ROI, let alone profit from a 1 year contract if the price of BTC remains the same. And again if you are going to bet on increase of the price of BTC in the future, then you better just buy Bitcoins now and wait for them to become more expensive.
Now that everyone seems to be moving towards cloud mining services you need to be very careful not to invest in scams that may try to attract with very low price on one hand and on the other to invest when there is very little to no chance of even returning your investment, let alone making profit. After all most of the people that mine crypto currencies do it to make some profit, so do run the numbers carefully through a profit calculator and consider when and where it is worth to invest into. Unfortunately there are quite a few cloud mining services that currently do not seem profitable with the current prices of crypto currencies and the already quite hard to mine them conditions.
Still, if you want to try the cloud mining services that Genesis Mining offers, you might take advantage of some promo codes to make the prices lower and get a chance for faster ROI at least. The guys from Genesis Mining have given us a special 5% discount code – CryptoMiningBlog5 for both Bitcoin and Scrypt cloud mining as well. After this code expires you can still get a 2.5% discount by using the promo code nSO2TE as this one does not have an expiration date and also works for both Scrypt and SHA-256 cloud mining hashrate that you can purchase at Genesis Mining.