All About BTC, LTC, ETH mining as well as other alternative crypto currencies
A few days ago, after a slight delay in the original scheduled release date, Genesis Mining has added Bitcoin cloud mining option to their already available Scrypt cloud mining service and apparently a X11 cloud mining might be coming soon as well. We have already reviewed the Scrypt cloud mining functionality of the service after it has been launched a while ago. The new Bitcoin cloud mining functionality however came with a bit of a redesign of the interface in order to accommodate the new features in a single dashboard, so that you can keep track of all your different hashrate and earnings in a single interface.
Back in June, when we have purchased 1 MHS Scrypt cloud mining hashrate to test the service the price was about twice as high compared to now, but the profitability was about 3-4 times higher. At the moment things are not looking so bright as they were about three months ago, still we are almost halfway getting our investment back. If you invest now however things are already not looking so bright as you might not be able to ROI in the term of the contract (standard 1 year, though there are options available for 1.5 and 2 years with lower price for the extra time) and that is with the difficulty not increasing from the level it is now. It is true that lately the LTC network difficulty has been keeping a stable level, but it is completely unreasonable to expect that to keep forever. The price of LTC is also not that good either at the moment, but if you are going to bet on Litecoin getting more valuable, then you can just buy coins and profit from their price increase later on.
Unfortunately running the numbers with the current price of Bitcoin cloud mining of about 0.006 BTC per GHS ($2.9 per GHS) the outcome is also not so bright as with the Scrypt cloud mining numbers. It is nice that there are no maintenance fees and the price you pay is for 1 year mining contract, but at the current state of things you will barely manage to get a return of the investment if the BTC network hashrate does not increase from its current level and we all know that this will not happen. With an average increase of 15% per readjustment the network difficulty will get to a level that there is absolutely no chance for you to even ROI, let alone profit from a 1 year contract if the price of BTC remains the same. And again if you are going to bet on increase of the price of BTC in the future, then you better just buy Bitcoins now and wait for them to become more expensive.
Now that everyone seems to be moving towards cloud mining services you need to be very careful not to invest in scams that may try to attract with very low price on one hand and on the other to invest when there is very little to no chance of even returning your investment, let alone making profit. After all most of the people that mine crypto currencies do it to make some profit, so do run the numbers carefully through a profit calculator and consider when and where it is worth to invest into. Unfortunately there are quite a few cloud mining services that currently do not seem profitable with the current prices of crypto currencies and the already quite hard to mine them conditions.
Still, if you want to try the cloud mining services that Genesis Mining offers, you might take advantage of some promo codes to make the prices lower and get a chance for faster ROI at least. The guys from Genesis Mining have given us a special 5% discount code – CryptoMiningBlog5 for both Bitcoin and Scrypt cloud mining as well. After this code expires you can still get a 2.5% discount by using the promo code nSO2TE as this one does not have an expiration date and also works for both Scrypt and SHA-256 cloud mining hashrate that you can purchase at Genesis Mining.
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.