All About BTC, LTC, ETH mining as well as other alternative crypto currencies
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 seems we’ve been using Genesis Mining’s cloud mining services for two weeks already and have decided to do a short update on our experience with the service after our initial impressions form the service that we’ve shared earlier this month. You can see the list of transactions and payments we have received so far with 1 MHS worth of Scrypt hashrate at the service and the full hashrate set to BTC payments, so whatever the service has mined gets converted to Bitcoins and we get payed in BTC at the end of the day. As you can see from the numbers there are some days with better results than others, but you can get a good idea on what to expect as an average and be able to do the math multiplying the numbers for more megahashes if you are interested.
On a side note, the service as also started accepting DOGEcoin as a payment method for hashrate, though if you convert the 1 MHS price of $180 USD to DOGE the amount you get is quite big – 561909 DOGE (over half a million). And of course you already have the option to allocate the cloud mining hashrate that you purchase for mining DOGE in the control panel should you be interested in that. Initially the prices that Genesis Mining had for the Scrypt cloud mining hashrate were quite good, but with the latest price drops of the Scrypt ASIC miners you could be able to purchase Zeus-based ASIC miners for half the price for the same cloud mining hashrate. So this is something to consider as well when thinking about the possibility to go for the easier way of cloud mining, where you will not have to deal with actual hardware installation and management, including power usage, heat and noise generated by actual Scrypt ASIC miners.
You can also use the following up to date promo code to get a 2.5% discount of the regular price nSO2TE should you decide to try out the service yourself.
The Scrypt cloud mining service Scryptcc was one of the first to start offering Scrypt cloud hashrate using GPUs for mining alternative Scrypt-based crypto currencies and paying its users in Bitcoin. The service was quite interesting when they’ve launched, but had some issues from the start and they were a bit slow in fixing things, but lately they seem to have improved. In fact we’ve seen some similar services come and go and this one is still here and without having some major hiccups like others had. The interesting thing was that up until recently they were still using only GPUs for mining Scrypt and thus the profitability was not good at all. However there is a new announcement that they have started adding Scrypt ASICs in their new data center and report that profitability has started to get better again. Currently the price of 1 KHS is ~0.000324 BTC or about 0.324 BTC per Megahash worth of Scrypt mining hashrate at the service, so definitely not the best price. According to the profit calculator available on their website buying 1 MHS of cloud mining hashrate at the moment you can expect to break even in about 152 days. This is not the best deal we’ve seen for sure, but not the worst either.