Ethereum Ether Cloud Mining Contracts from Genesis Mining

16 Dec
2015

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The cloud mining service provider Genesis Mining has just announced the immediate availability for Ethereum’s Ether cloud mining contracts. Ethereum is a distributed platform that allows participants to write and enforce their own “smart” contracts. It is sometimes also referred to as “Bitcoin v 2.0”. The alternative cryptocurrency protocol was inter-alia developed by Vitalik Buterin in 2013 and received wide support by community and professionals. The first sale of Ether coins (the currency of Ethereum) raised over $15 million (current market cap nearly $100 million).

The new contracts offered by Genesis Mining will be running for 1 year and will switch from Ether to X11 if Ethereum switches from proof-of-work to proof-of-stake which supposedly will happen end of fall 2016 according to Vitalik. The contracts will enable miners seeking to profit from the Ether value and are structured to maximize profit by all fees occurring upfront instead of throughout the life of the contract. The current price for 1 MHS hashrate for mining Ethereum’s Ether coins is $17.99 USD with all fees included in that price for 1 year duration of the contract.

Here is a quick and simple calculation on what you can expect to get with a 100 MHS Ether Cloud Mining contract for the duration of 1 year that you get will all fees included at $1799 USD when running the number through a mining profitability calculator. 100 MHS hashrate at the current Ethereum network difficulty should supposedly get you about 5 ETH coins per day or for 365 days you should expect to get about 1825 ETH coins if the conditions remain the same. With an exchange rate of about 1 USD per Ether coin at the moment you should in theory get a bit of a profit, however if the price doubles or triples in a year time things will be looking much different. Then again if you buy Ethereum Ether coins at the current price and it doubles in a year things might end up in a similar way for you, but at least you have the alternative available.

As far as we are aware this is the first actual service to offer Ethereum Cloud Mining Contracts, though there were some earlier announcements for new upcoming services that supposedly will be offering Ether cloud mining hashrate, but we haven’t seen any of these actually start operating, though there is a service for renting mining rigs already available for some time. The good news is that if you use our special discount code you will also get 5% discount off the regular price for the new Ether cloud mining contracts, so you can get even better deal for the price per GHS – all you have to do is to enter the promo code CryptoMiningBlog5 during the checkout procedure when you order hashrate. Do note that this promo code should also work for the X11 and SHA256 cloud mining contract that the service offers, so do take the advantage of a better price for hashrate should you decide to purchase some cloud mining hashrate at the service.

You can get more information about the new Ether Cloud Mining Contracts by Genesis Mining here…



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4 Responses to Ethereum Ether Cloud Mining Contracts from Genesis Mining

Winter

December 17th, 2015 at 02:42

Good to see support for Ethereum coming from Genesis Mining. I like their approach to support many different cryptocurrencies.

The ROI is ok if you assume that Ether mining will go for the whole year. However, Genesis sweetened the deal by converting 1 MH/s Ether hashrate to 1 MH/s X11 if Ethereum switched to PoS!

It seems almost no one realizes that this is a GREAT bonus, because 1 MH/s Ether on a GPU normally converts to about 0.25 MH/s, so they give you 300% hashrate on top for free! Taking this into account, the deal is IMHO a very good one.

Psimaster

December 17th, 2015 at 21:16

My question is what is a decent Ether wallet?

admin

December 18th, 2015 at 14:11

Psimaster, depends on what you consider as a decent wallet? Every Ethereum client has wallet functionality, though it is in console only mode. Then there are the GUIs that use one of the clients or support multiple ones as a backend – the official Ethereum GUI wallet, AlethOne, Etherwall…

Psimaster

December 20th, 2015 at 16:11

Thanks for the tip admin! Something tells me that just buying Ether at it’s current price will be more profitable in the long run than mining it.

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