All About BTC, LTC, ETH mining as well as other alternative crypto currencies
There are a lot of Bitcoin faucets, Litecoin faucets, Dash faucets and faucets for a lot of other alternative crypto currencies that give away small amounts of free crypto currency to users, however when we talk about Ethereum there aren’t any or almost any to be precise. So here comes EtherFaucet, a new free Ethereum faucet that gives away users free Ether coins and all you need to have is a wallet address where the coins will be sent to. Of course like any other faucet this Ethereum Faucet gives away only a fraction of an ETH coin and you need to make multiple requests (once every 10 minutes) until you collect at least 0.1 ETH and then you can actually cash out the collected coins to your wallet. The catch is that you need to spend some time on the website to collect the minimum amount before it is sent to your wallet, but that is the idea of all faucets as they are supported by banner advertisements. So making users spend more time looking and most of all clicking banner ads is what they want to do in order to actually be profitable for the site operator and in order to continue operating and giving away free Ether coins to users.
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.
With Bitcoin’s blockchain data files already over 50 GB in size and Litecoin’s blockhcain size approaching 7 GB there are some concerns rising about the rapidly growing in size blockchain of Ethereum. While BTC and LTC are already a few years old and established and used crypto currencies, Ethereum is still fairly new and in just little over 3 and a half months the blockchain size has already reached 2.9 GB in size. Now, imagine what will happen in a few years of use with the adoption rate and numbers of transactions increasing… it could easily catch up to the size of the Bitcoin’s blockchain. In fact the amount of data that the blockchains of crypto currencies take is starting to become an issue for everyone that is running a full local node and things will get worse as crypto currencies will need more and more space to store the data on your hard drive. This will make online wallet services and light wallets more attractive, but we do still need a lot of full nodes running in order to secure the network of any crypto currency. So not only the matter about the block size for Bitcoin should be discussed, but also the matter about the total blockchain size and that goes for other crypto currencies as well. It is even more of an issue with crypto currencies such as Ethereum that have faster block times, making them generate more blocks in less time.