All About BTC, LTC, ETH mining as well as other alternative crypto currencies
Low crypto currency exchange rates, difficulty for Bitcoin and Litecoin going down, more Scrypt ASICs getting cancelled… in a situation like this how can you actually make profit mining, especially if using a cloud mining service? Well, the good news is that most of the cloud mining services are still up and running with ROI times just getting even longer than before, so it is hard to talk about actually getting a profit at the moment. At the same time however some services that promised long term contracts with maintenance fees included in the price are struggling to survive – bad planning expecting the price of BTC to skyrocket short term or well planned long-terms scams, it is hard to tell. The fact is that at the moment it may not be the wisest idea to invest in cloud mining hashrate, especially if you are not going to be paying for the hashrate with cash, but with coins that you have already mined or purchased at higher price.
– Genesis Mining remains one of the preferred cloud mining services thanks to being more transparent and open on their hardware partners and mining farms and who is actually behind the service, and also by offering some innovative and interesting features to miners. Their prices may not be the best out there, but at least they are here to stay long term.
– Bitcoin Cloud Services is probably the closest competitor with very similar terms to PBMining and prices for the hashrate. There were some concerns about the service when it launched, but it is still here a few months later, paying daily and offering attractive terms. Though since the business model could also be the same as PBMining if you have concerns you might want to go for other alternatives as well.
– Scrypt.cc is one of the first Scrypt cloud mining services from back when Litecoin was still profitable to mine with GPUs. We’ve had some issues with the service when we started to use it, then later on they were apparently resolved, but their services are not among the most attractive as they still rely mostly on their GPUs farms.
– PBmining has been having some trouble for the last few weeks with claiming to be a result of blackmail and operators personal data about the service operators leaking. As a result the service is apparently a “failing business” in their own words and “recovery is trying to be made”, no more hashrate is being sold and weekly payments are at just about 5% or less of what they should normally be. If you were among the early users fo the service you might have made some profit, but for people that joined PBmining in the last weeks it could be a serious loss. It is not clear if all was due to bad business planning or if it was a scam, note that the website is still online and there are still some payments being made, but that could also change at any time.
– GAW Miners is a company that started selling ASIC miners, then moved into cloud mining and are now moving to the next step – introducing their own crypto coin and building an whole ecosystem around it. They are essentially moving away from cloud mining services and moving to another business that they see as a better and more profitable alternative, we are yet to see how things will develop on the long term.
– Hashie is a relatively new service, but since they have partnered with the AMHash mining farm and started reselling their hashrate they have become a good place to get hashrate from. They were confirmed as an official partner by AMHash, a large mining farm operated by ASIC manufacturers, so their trust level has gone up and the price they have for AMHash hashrate is currently very good compared to other similar services.
– Hashnest is service for buying cloud mining and renting actual hardware miners operated by Bitmain, another ASIC manufacturer. The service had some issues in the past, but it stil running and trying to improve. They have announced a market where users can trade hashrate and get a better price per GHS, but even though you might be able to get a good price for the hashrate their maintenance fees have been quite high.
– ZeusHash has transformed from an ASIC manufacturer to cloud mining service provider, but unfortunately since they are not making their own hardware anymore and they do rely on other partners for the mining hardware their terms are far from the best. What they do try to do is to attract users with various incentives, some of which may work well, others not, but in the end people want to make money from their investment in cloud mining and this service may not be the best place for that at the moment.
– Chabat Mining is another new service that has been grown quite a bit lately by offering very attractive Scrypt cloud mining hashrate prices, but with the not so favorable situation for LTC at the moment it is questionable how wise it is to invest in Scrypt cloud mining at the moment. We’ve been having some strange issues with the service’s website, like often not being able to actually see our current mining status, but no issues with payments so far.
– CEX was one of the first large could mining farms, however with their maintenance fees going higher and higher the profitability of the service has gone down significantly. So at the moment you can say that it is more like a large crypto currency exchange with some cloud mining options available to make something extra when trading with hashrate and not only crypto coins.
Yesterday, during the Black Friday, when everyone was looking for discounts GAW Miners have introduced something new – the HashStaker. The successor of the Hashlet you may say, but instead of cloud mining the HashStaker will be doing colud staking, generating you profit from the PayCoins that you will store in it over time. So it all sounds like an wallet for a PoS coin that you need to hold in your wallet to get additional revenue in the form of staked coins over time. So HashStakers are essentially cloud based wallets and they require coins to start staking, but you need to purchase space for the specific amount of coins in your cloud wallet that you will store for staking at $9.95 USD per PayCoin strage space in the HashStaker for 3 months or $17.95 for 6 months. The first HashStaker is for PayCoin, GAW’s own crypto currency, but apparently they do plan to add HashStakers for other crypto currencies as well. In order for you to use the HashStakers you would also need to purchase some PayCoin and then leave the coins inside the staking wallet for the duration of the period you have choosen – 3 or 6 months. So you will not only have to get a HashStaker, but also get some PayCoins either from the ICO or when the PayBase platform launches and then store them inside the HashStaker, so that it will start to stake for you. Also there will be an option available for Hashlet owners to upgrade to HashStaker announced soon.
GAW Miners have been getting some criticism when they have announced the Hashlets earlier this year as a different form for cloud mining, and now they will probably be getting some for the HashStaker. What they are doing however is not just announcing some random products hoping that they can make miners happy with them by giving them the chance to make some profit, they are creating a whole ecosystem for the miners and users of their crypto currency. You can think about the PayCoin as an altcoin that comes with the services and support it needs to actually succeed and not only with empty promises about a bright future by some random new developer. Now, do note that there are no 100% guarantees for that, but the chances that PayCoin has to actually be a successful one and take space among top crypto currencies compared to many other altcoins, especially ones with very short lifespan, are much higher. Unfortunately it all comes with the cost of some centralization, but that could be the necessary evil to make thing run smoother and problem free in the case of PayCoin. If everything works out fine we could see PayCoin ranking among the top crypto currencies, but we don’t think that it would be able to replace BitCoin, but why not be a viable alternative. Bitcoin has a different philosophy and goals behind it, very different from what PayCoin is and promotes, but that does not mean you should ignore PayCoin if you are in crypto currencies just to make profit. It is up to you to decide what will you do with PayCoin, like it or not, invest in it or not, but don’t dismiss it without first checking out what it is all about and not just PayCoin, but the ecosystem that GAW is building around it to support it such as the HashStaker and PayBase. Try to look at the whole picture and not just to focus on the marketing messages.
One thing that is clear already regarding the mining of Bitcoins and what is also happening with Litecoin mining is that it is getting centralized in the hands of large mining farms and is getting harder and harder for the average small home miner to make it. So looking for other alternatives is not a bad idea and as usual the recommendation not go all in for a single thing as crypto currencies are still risky investments and you better be safe than sorry. We are going to be checking out the PayCoin, HashStaker and PayBase to see how well they will work out together, so stay tuned for more information from our experience with them.
It is time to again do a quick check on what the latest prices for cloud mining hashrate are at the various Bitcoin and Litecoin cloud mining services that we are using and testing to get an overview on where the deals are the best. Do note that we are not listing all services as some are really pointless to list due to the way too high prices for hashrate (Cloud Hashing) or ones that actually do not want to sell you hashrate (KNC Cloud), even if their prices may seem attractive. We are listing services that have been available for a while already, so the chances that any of these may turn out to be a scam are lower, but be aware that there is always a risk for this. So our advice when investing in a cloud mining service is to not do it in just one, but instead spread to multiple services and never to spend more than you can afford to loose.
Bitcoin cloud mining services:
– Bitcoin Cloud Services – 0.0014 BTC per GHS, 5 years, no pool fee, no maintenance fee, automatic daily payouts
– Genesis Mining – 0.0021 BTC per GHS (0.001995 BTC – extra 5% off with promo code CryptoMiningBlog5), unlimited contract, $0.002 USD per 1 GHS daily maintenance fee, automatic daily payout
– PBMining – 0.0014 BTC per GHS, 5 years, no pool fee, no maintenance fee, automatic weekly payout
– Hashie – 0.0012 BTC per GHS, unlimited contract, $0.00163 USD per 1 GHS daily fee, manual payout, has an exchange to trade hashrate
– Hashnest – 0.001125 BTC per GHS, unlimited contract, $0.0022896 USD per GHS per day, manual payout
– GAW Miners – 0.001847 BTC per GHS, unlimited contract, $0.002 USD per 1 GHS daily maintenance fee, option to sell hashrate, manual payouts
– ZeusHash – 0.002357 BTC per GHS, unlimited contract, $0.0023 USD per 1 GHS daily fee, manual payout
– CEX.io – 0.001898 BTC per GHS, unlimited contract, $0.0035 USD per 1 GHS daily fee, manual payout, has an exchange to trade hashrate
Litecoin cloud mining services:
– Genesis Mining – 0.04771 BTC per MHS (0.045325 BTC – extra 5% off with promo code CryptoMiningBlog5), unlimited contract, $0.05 USD per MHS daily fee, can choose payment in altcoins, automatic daily payout
– ZeusHash – 0.04239 BTC per MHS, unlimited contract, $0.058 USD per 1 MHS daily fee, manual payout
– Scrypt.cc – 0.04936 BTC per MHS, unlimited contract, no extra fees, has an exchange to trade hashrate
– Chabat Mining – 0.02278 BTC per MHS, 1 year contract, no extra fees
– GAW Miners – 0.01847 BTC per MHS, unlimited contract, $0.08 USD per MHS daily fee, option to sell hashrate, manual payouts
It seems that Hashnest has significantly lowered their maintenance fee, but that is not helping them much in selling the rest of their Bitcoin cloud hashrate with the last 0.5 PHS seeming hard to sell after the service had some trouble with the reporting and/or functionality (still has?) of the mining hashrate provided by their partner UMISOO. The maintenance fee of the cheapest GAW Miners Hashlet (the MultiHashlet) is very close to what is the expected daily mined coins when converted to USD at the moment. Some of the services probably need to revise their hshrate prices with the increase of network difficulty in mind as it is harder to lower the maintenance fees without the upgrade to newer and better hardware.