Archive for the ‘Cloud Mining’ Category


The cloud mining service Genesis Mining has lowered the prices of their Scrypt mining hashrate down from $79 USD per MHS to $49 USD per MHS for 1 year contracts. For 20 MHS contract you will no longer have to pay $1380 USD, but $880 USD instead and for 100 MHS cloud mining Scrypt contract the price is down from $5900 USD to $3900 USD. These prices are for 1 year mining contract and they include all of the fees associated such as for hosting, electricity and maintenance, so there is nothing extra that you need to pay. You can also get an extra 5% discount from the regular price by using the promo code CryptoMiningBlog5

With the current market conditions the only way for you to manage to break even on a small hashrate investment during the duration of the mining contract is if the price and network difficulty for Litecoin remains the same as it is at the moment for 1 year and we know that this is not going to happen. Putting a more reasonable number like 3-5% increase at the current price there is no chance to even ROI in a year with the 100 MHS contract where you get a lower per MHS price. If you are going to bet on an increase of the price of LTC as usual it is better to just buy Litecoins instead of investing in cloud mining service that does not give you promising result when you run the numbers over a mining calculator. As usual when you are considering to invest in either cloud or real mining hardware do your math carefully and then decide if it is worth to go for it or not…

You can check the Scrypt and SHA256 cloud mining services offered by Genesis Mining here…


Yesterday we’ve told you about the new announcement coming from Bitmain about their acquisition of the service that is now called Hashnest and about their plan to start selling cloud mining hashrate via the new platform. They have already started selling the initial offering of 4 Petahashes worth of hashrate powered by AntMiner Bitcoin ASIC miners today and we have already purchased 100 GHS to try out the service. Initially the price per GHS was supposed to be 0.0016 BTC, but it has apparently been lowered to 0.00135 BTC making the offer more attractive even though the maintenance fee is still at about 37 percent which is a bit higher than we would want to see it. But since the maintenance fee is quoted in USD per GHS with increase of the Bitcoin price the fee percentage should get down to a more acceptable level. With the new price per GHS and the current maintenance fee with a more moderate 10% average increase of the Bitcoin network hashrate you can expect to see a ROI in less than 8 months, not that great, but not too bad either, especially compared to some other recently launched alternatives that we’ve covered. So while not great profitability wise, that offer does not seem that bad either compared to many of the available alternatives and even compared to the initially announced higher price per GHS. The hashrate you purchase will be valid and mining for as long as the mined coins are more than the fees collected by the service, so the downside could be if the hashrate you purchase becomes unprofitable in less than 8 months.


We have purchased 100 GHS for 0.135 BTC just to test out the service and to give out some firsthand experience. It seems that Hashnest does need to do some more translation in English and improve the translation of some of the already translated in English texts. Also the statistics you get is not very detailed and the graphs for the hashrate are not for your own hashrate, but for the overall hashrate of the cloud mining contracts offered through the platform from the provider UMISOO. So currently the Miner Status page is not very informative apart from the data in the table you get about your purchased hashrate and the “Unassigned Earnings” which apparently is the amount you have mined so far. Other than that you should know that in order to purchase Bitcoin mining hashrate from Hashnest you should first deposit Bitcoins in your account and then you can pay with them for hashrate. The confirmation of the transaction and the availability of the Bitcoins in your account is pretty fast and after you have them in your balance the purchase and allocation of the paid hashrate apparently happens instantly. We’ll see how the service will continue to evolve, but it seems that it needs some work on the user stats for the new cloud mining functionality and the rest is apparently already working quite well.


KNCMiner has announced that they are starting to offer for a limited time Bitcoin online mining contracts powered by the company’s mining hardware located in their Clear Sky mining farms in the polar region (KNC Cloud). The currently available contracts are three – 1 THS for $1995 USD or about 1.99 USD/GHs, 3 THS for $5495 USD for about $1.89 USD/GHs and 5 THS for $8995 USD or about 1.79 USD/GHs. The duration of all contracts is only 6 months however and not 1 year as you might expect however at these prices and with the current market situation these cloud mining offers are highly unprofitable and there is not much point to invest in them. Normally you would expect to see really good offers for cloud mining from an ASIC hardware manufacturers, but apparently this is not the case with KNC’s offers for the moment.

Running the numbers through a Bitcoin profit calculator shows that 1 THS contract for 6 months at the current Bitcoin price and network difficulty will not even ROI if the difficulty remains at the same level at it is at the moment. With no difficulty increase, which is of course impossible, you would need more than 7 months just to ROI, let alone make some profit. And if you take into account an average difficulty increase of about 15% the numbers will never be in your favor with these prices and just 6 months contracts. Again if you are going to bet on the fact that the price of Bitcoin will rapidly increase by the end of your 6 month contract, then you will still be better of betting on just buying Bitcoins now and investing in these mining contracts. It seems that some companies in the crypto mining business have forgotten why people mine in the first place – to make profit, and if it is even just for fun… well what fun is it to invest in a cloud mining service that has no chance of even returning your initial investment.