All About BTC, LTC, ETH mining as well as other alternative crypto currencies
The second batch of 100 MHS that was released for sale at the Scryptcc cloud mining service by the service providers has been completely sold. This means that currently all of the trades of KHS going on at the exchange are between users that have purchased hashrate and as a result the exchange rate has started to go up. The initial price per KHS was 0.00144444 BTC and now the cheapest price you can purchase has gone up to 0.00144998 BTC per KHS and will probably continue to increase if the demand goes up. The Scryptcc hashrate provided by the service is total of 200 MHS of Scrypt mining power out of which we have purchased some extra KHS going from the 239 KHS that we’ve already had to 404 KHS as a part of our testing of the cloud mining service.
With the current exchange rate per KHS at Scryptcc going up means that if you purchase hashrate now the break even in time will be longer than if you have purchased a few days ago. The return of investment time of course also depends on the current profitability of the alternative crypto currency being mined by the service and the Income Calculator reports 174 days at the moment. Today we also got a message from the support that they are working on some of the problems we have reported, so hopefully in the next few days they will be finally able to resolve the issues that are more of an annoyance than something serious, but still need to be fixed. We’ll keep you updated on the progress of our testing as for now we are going to keep reinvesting what we earn from the 404 KHS that we currently have purchased. If the price per KHS continues to get higher we may also decide to sell some hashrate as so far we have only been purchasing KHS, as this is a good way to make some extra and quick profit, unless of course the service providers decide to add another batch of 100 MHS for sale.
The scryptcc cloud mining service is pretty much the first more serious Scrypt cloud mining service appearing on the market and it has already drawn some attention to it. While the service is still in beta, some things are left unknown for the users and there are some bugs to fix and the people behind the service are not acting very fast on these unfortunately, things look promising and the mining process seems to run stable and be reliable enough for investing in some KHS to give it a try. But the big question here is how profitable actually is to rent KHS there? According to the scryptcc Income Calculator you can expect to break even in something between 90 and 180 days and the time varies often when you check the results from the calculator. The problem with the Income Calculator is that it uses static values assuming that everything remains as it is at the current moment – KHS price, crypto profitability etc. and that may not be true over a long period of time such as half a year for example. Still you can get some sort of a general idea on what to expect.
We decided to do some calculations on our own however. According to the calculator our total investment for buying 234 KHS at the moment is going to be 0.33799896 BTC ($212.94 USD), so this is the amount fo coins we need to mine with the rented hashrate. The daily income we can expect from the 234 KHS is 0.00173981 BTC, and if we are going to be mining with 234 KHS directly litecoin we are going to earn 0.07341 LTC per day with the current Litecoin difficulty. If we convert the 0.07341 LTC to BTC at the moment we get 0.00184793 BTC, so if they are mining directly LTC they will be loosing money (they probably mine DOGE or similar more profitable than LTC alternative crypto). So by using the scryptcc cloud mining service you will be better of than having a mining rig at home mining directly LTC, because you will not have to buy the hardware, set it up, pay electricity bills and deal with the heat. It might not be as profitable as mining DOGE or another more profitable than LTC crypto, because they do subtract some percent from what you are earning as a maintenance fee, but you don’t have to do anything yourself either. So things are looking pretty good so far…
Times quickly goes by and we have already used the scryptcc cloud mining service for a few days and can share more about our experience with it. So far we are left with somewhat mixed feelings, on one hand the service itself works find and stable, every 10 minute session you are getting your earnings from the purchased cloud hashrate available in your Balance from the purchased hashrate. On the other hand there are some annoying bugs that are not being fixed and the support knows about them as we’ve reported them a few days ago, as probably other users of the service also did the same. The Break In Time continues to vary quite a lot, changing based on the current profitability of the crypto coins being mined by the service. In general it is normally hovering about 180 days, but we’ve seen going down to 90 days and going up to 230 days at times.
One of the most annoying bugs that the the guys behind the scryptcc service haven’t resolved yet is related to trading when you want to trade all of of the available BTC for KHS, the rounding apparently sometimes gives wrong result and you need to manually edit the value for the trade to be executed. We’ve noticed and reported that issue soon after we started using the service, but it hasn’t yet been resolved. On the trade page the trading chart is also not working properly and the last date on it is 17th January, another bug that the support is aware of and hasn’t been fixed yet. There are other small issues we’ve stumbled with as well that we have reported and that haven’t still be resolved. The excuse we get is that they are still in Beta and will fix it when they can – not very professional response and approach, and though these are no serious issues they can get annoying and can drive you away from the service, especially if another better similar service appears as there is currently no viable alternative available for scrypt could mining.
So far scryptcc has sold about 152000 KHS (152 MHS) worth of Scrypt hashrate to users from their available mining hardware and have available on the market about 48000 KHS (48 MHS) left on the trade market. This is their second batch of 100 MHS hashrate. We are mining hardware getting released for sale by the service providers at a price of 0.00144444 BTC per KHS, and we expect that after the available hashrate gets traded the price may start to get up, unless there is a third batch of 100 MHS. So far the trading is not that active as in order to sell some hashrate you need to set a price lower than 0.00144444 BTC per KHS, but this should change as soon as the big sale order gets completely traded. The idea to buy now and not go for the long expecting ROI, but instead mining some coins then selling at a higher price your KHS after a week or two is also an interesting option to consider.
So far we’ve been reinvesting into KHS all that we have earned from mining and our cloud mining hashrate is currently 237 KHS, up from the 232 KHS that we’ve purchased initially a few days ago. What we don’t like is that so far you can only fund your Balance with BTC and your earnings form the purchased Scrypt mining cloud hashrte are also being payed to you in BTC. It would’ve been nice to have the option to use LTC as well, saving you the trouble to go through an exchange. Another thing that we do not like much for the moment is that there is no statistics or information about the crypto currency that is currently being mined. Some sort of a news and updates section would also be nice, there is a forum, but there is not much activity there yet not only by users, but by the team behind the service as well. There is chat functionality built into the website, but there are not timestamps for the messages, so you have no clear idea how old they may be when you open it up. We know the service is still new and in Beta, but we as users of the service want to see that things are actually happening and improving as we continue using it, and so far we are not seeing that happening yet. Maybe the team is busy with the backend or the hardware, however this does not mean that they should not put effort into improving the frontend of the service and the user experience in general. Still we are positive that things will move in the right direction, even though they appear to be a bit unprofessional at the moment, so we’ll give a bit more time before drawing conclusions.