All About BTC, LTC, ETH mining as well as other alternative crypto currencies
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.
The cloud mining provider Genesis Mining has X11 cloud mining hashrate back in stock after their initial mining capacity was quickly sold to users. The prices for hashrate remain the same as before and they are for 1 year mining plans with no additional fees for maintenance, everything is included in the price of the hashrate. Currently there is a limit of maximum 100 MHS per X11 contract that you can buy as there is apparently still high demand and a limited supply and since X11 algorithm support requires GPUs it is not as easy to deploy in large capacities like it is with Bitcoin and ASIC mining hardware.
With the recent spike in Bitcoin exchange rate a lot of users started to look again with interest in various Bitcoin cloud mining options as well as for buying Bitcoin ASIC miners. The problem with SHA256 ASIC miners however is that there are not many options available for normal users and with the likes of AntMiner S7 for example you may actually have to wait for a whole month to get your hardware if you order now. So the cloud mining alternative where you get your hashrate immediately and it starts mining for you with the low maintenance fees due to the high exchange rate of a single BTC does seem like the better choice. You should be careful though as this may lead to more scams popping up, so do not trust new services without any history even if they seem very promising. We actually have not stopped cloud mining at all, but now with the high exchange rate of Bitcoin we do have plans to invest a bit more into services that have their prices for hashrate listed in USD and here is what services we are currently using…
– Genesis Mining is the preferred Bitcoin cloud mining service in terms of transparency and reliability and we’ve been using it for more than a year already. The company is trying to run a transparent to its user operation, their teams frequently take part in crypto currency events and they have published information on their mining operations including their hardware suppliers. Their prices are in fixed in USD and you can purchase hashrate with various crypto currencies as well as bank cards and wire. We even have a special promotional code that you can use to get a 5% discount for Bitcoin cloud mining hashrate purchases – CryptoMiningBlog5.
– Mining Sweden is a more recent entry in the Bitcoin cloud mining scene, starting as a smaller mining operation with plans to grow with the help of its users. The service offers Mining Shares that are only for cloud mining and VIP Shares that give you not only cloud mining hashrate, but percentage of the profits of the mining operation. Could be a good long term investment as things a working pretty well for the few months that we have been using their services. Here is an extra 10% discount code from the regular prices in USD that you can use, just enter ms10 during checkout.
– GigaHash is another of the new smaller Bitcoin cloud mining farms that we’ve been using for a few months without trouble and they have been growing. This operation started as a private mining investment and after that offering cloud mining services to broader audience with their mining farm expanding all the time. They have recently announced another expansion and plans to offer some more Scrypt cloud mining hashrate as well as more Bitcoin mining hashrate in the form of fixed term contracts with all mining fees paid in advance.
– HashFlare is another more recent service apparently operated by a bit controversial Bitcoin ASIC manufacturer. We were a bit skeptical and more cautious with this one, but so far a few months since we;ve started using them they are doing well and we’ve had no issues with them. If you want to try it out, here is a promo code for 10% off for purchases over 200 GHS – HF15HLLWN10. This discount code was issued for Halloween, but it still seems to be valid, so you might want to act fast while you can take advantage from it, and another one for 20% off for over 1000 GHS purchases HF15HLLWN20 from the Halloween promo apparently still valid as well.
There are some other services that we have some Bitcoin cloud mining hashrate in such as ZeusHash that had some issues recently and we would not advice to go there or Eobot that we just tested and not found as a great place to invest in cloud mining. It seems however that the new trend is to invest in operations that are backed by Bitcoin mining hardware, but that instead give you interest on BTC that you deposit. One of the latest such offers is the HalleyBTC service powered by Halley China’s Bitcoin minign farms, but there is also Bitmain’s Hashnest PACMiC contracts or HaoBTC etc.