All About BTC, LTC, ETH mining as well as other alternative crypto currencies
Genesis Mining has announced that will start to offer Bitcoin mining contracts starting Thursday, August 28th 2014 or with other words tomorrow. The new Bitcoin mining contracts will be introduced at very competitive prices starting at as little as $2.15 per GH/s according to the company. And the pricing is transparent: there are no additional fees or hidden costs. Up to now Genesis Mining has been offering only Scrypt cloud mining and we’ve been using the service for quite a while already and testing it, our initial impressions can be found here.
Genesis Mining has been open on what hardware they are using to back up the cloud mining hashrate they sell to users and also is one of the few companies into the cloud mining business that allows the user some control on what currency to be mined/payed in such as LTC, DOGE or BTC for example. Similar functionality should also be available to the Bitcoin cloud mining users who will be able to choose to mine other SHA-256 coins such as Peercoin or Namecoin for example. If you are wondering about the supplier of the Genesis Mining of Scrypt ASIC miners, it is ZeusMiner and the company that they have partnered for the SHA-256 mining hardware is apparently Spondoolies-Tech.
We do plan to purchase some Bitcoin cloud mining hashrate as soon as it becomes available and to do a short review of the new BTC mining functionality that should be introduced tomorrow, so stay tuned for our first impressions.
Update: 28th has passed and the Bitcoin cloud mining functionality is not yet available, it is not wise to announce a date and then not to deliver the promised things on it. Furthermore there is not a single word on either Twitter or Facebook about why and when we are actually going to see the functionality available. This is the easiest way to loose the users trust – promising and not keeping your promises, and not giving an excuse on you were not able to!
It has been over a month since we’ve published a price comparison of the Bitcoin and Litecoin cloud mining services that we are using, testing or seem like a good option, as well as some that are probably not going to ever ROI for the term of their contract with the current difficulty and price, so that you can compare the different options better. Also it seems that there are still not that many easy to use Scrypt cloud mining services available and with the exchange rate of LTC going down it is getting interesting as it seems that most Scrypt ASIC hardware manufacturers are already moving to start providing cloud mining services as well.
Bitcoin cloud mining services:
– Bitcoin Cloud Services – 0.0028 BTC per GHS, 5 years, no pool fee, no maintenance fee
– PBMining – 0.0029 BTC per GHS, 5 years, no pool fee, no maintenance fee
– CEX.io – 0.0036 BTC per GHS, indefinite, no pool fee, has maintenance fee
– Hashop.io – 0.0069 BTC per GHS, 2 years, no pool fee, maintenance electricity fee
– Cloud Hashing – 0.00875 BTC per GHS, 1 year contract, pool and maintenance fees
– Cointerra Mining – 0.00876 BTC per GHS, 1 year contract, pool and maintenance fees
Litecoin cloud mining services:
– Scrypt.cc – 0.11199 BTC per MHS, indefinite, no pool fee, no maintenance fee
– Genesis Mining – 0.138 BTC per MHS (5% off with promo code CryptoMiningBlog5), 1 year, no pool fee, no maintenance fee
And a word of advice about Lunamine, it seems that the service has the lowest price per GHS, however in the last few days withdraw requests have not yet been processed and since this is still a very new service you should be careful should you decide to invest there! Also note that lately CEX has reached a lower and more attractive price with lowered maintenance fees and the other advantage is the exchange where you can trade your hashrate, ScryptCC also has an exchange where you cans ell your purchased hashrate, unlike with the other services. Cointerra and Cloud Hashing are still keeping higher prices that do not get updated with the increase of the BTC network difficulty, so they still do not seem that attractive with their expensive 1 year contracts compared to other services, even though with them you should not worry about possible scams.
It has been a month already since we have purchased a 100 GHS Bitcoin cloud mining contract at Lunamine, the service that probably has the current lowest price per GHS for BTC cloud mining. For our 100 GHS BTC mining contract we’ve had to pay 0.25234804 or a little over 0.0025 BTC per GHS and currently the price is still pretty much the same just some hours before another network difficulty increase. For the past month we have mined with our 100 GHS we have already reached almost 33% return of the initial investment in the hasrate, definitely not bad for just a month of mining. Because of the steady increase in the Bitcoin network hashrate it will not be just 3 months for the full ROI, but more like 4 months, depending on the speed of difficulty increase, but even 4 months is not bad at all. Thought he actual profit after that will not be very big for our 100 GHS as long as the mined coins are more than the fee for electricity at the service the mining contract will continue to run. And we’ve already calculated that it will take at least 8 months if the price remains the same and the difficulty increases with about 10% at each readjustment, so probably the lifetime of 100 GHS contract will be about a year. If you get more hashrate however the lifetime of the contract will be even longer. Do note that this service is still very new, so we still advice caution if investing in it and as usual a word of warning – do not invest more BTC than you can afford to loose.