All About BTC, LTC, ETH mining as well as other alternative crypto currencies
After using the scryptcc cloud mining service for a over two weeks already we are ready to draw our final conclusions about it. Initially the service seemed very promising with a few things that needed to be fixed and some extra polishing of the already available features, so we had high hopes and have invested into it until going up to 400 KHS worth of Scrypt mining power. We were buying from the second batch of 100 MHS (total of 200 MHS or 200000 KHS) were sold by the service provided to users and we have also reinvested our earnings into more kilohashes. And as expected when the second 100 MHS batch was sold out the price per KHS started to increase as you had to buy from other users that are selling their already purchased hasrate. As predicted this meant that if you went early and bought from the “cheaper” KHS you could also profit by selling them later at a higher price, along with the earnings you will get by them mining for you.
Everything seemed to work fine and we’ve received our mined earnings every 10 minutes into the account balance, though we’ve noticed some bugs and have reported them to the support. We got response from the support that they will look into them and even suggested some workarounds. That was during our first days of use of the service, so we were not aware that the support will be so bad in terms of not fixing anything ad even not responding anymore to our numerous reports about the fact that the problem still exists two weeks after our initial report about it. We suspect that other users have also reported these problems and they are still not being addressed and we got only promises and excuses that the service is still in Beta and the reason for issues is that. Now, more than two weeks have passed since we started testing the cloud mining service and the issues still persist, so we were fed up and decided to sell our KHS and stop using the service. When money or crypto coins are invested into some service or product you expect to get something worth these money in return, and apparently we are not getting proper support, so we better stay away…
Selling the 400 KHS hashrate that we’ve had purchased in the service along with the profit from mining for this time, we ended up making about 0.05 BTC profit which is not bad. However we wanted to invest into more Scrypt hashing power as well as to continue using the service for longer periods of time. With this level of support, or the lack of such, we have decided to get out of the service with small profit and not risk having a more serious issue that will have to wait for who know how long to be resolved and that could lead to loosing money or coins. Our final advice is to stay away from the scryptcc cloud mining service and if you have already purchased some KHS there you might want to sell them and reinvest the coins into another more reliable and better service. We have done that and are already trying another alternative services and may revise our conclusion in a few weeks of time if there is some improvement.
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…