All About BTC, LTC, ETH mining as well as other alternative crypto currencies
We haven’t written anything about ZeusHash for quite a while, since their partnership with Halley China, a large scale mining operator among the top in China. Well, today they have made an interesting announcement that made us take another look at their new offering as it sounds quite interesting and promising. It is a new cloud mining contract for a limited period that has no maintenance fees and at the end of the contract’s period you get your investment returned to you plus you keep what has been mined. The new cloud mining contract is called VGHS as Batch I VGHS hashrate is being sold for a period of 30 days at a price of $2.999 USD per VGHS. The price per GHS is a bit high for a 30 day period, even with maintenance fees included, but considering that after a month you will get back what you have paid for the hashrate plus what you have mined for that period of time it may not be a bad deal at all.
So what is the catch here? Well, the new VGHS cloud mining contracts from ZeusHash do seem more like an investment plan or a loan that users can give to the company and get the mined coins as an interest (currently it means you get about 3% interest for one month). This way the company has 30 days to operate with the money invested by the users before returning them back. It seems that lately this kind of offers are more beneficial for both users and mining operations as they offer more security and less risk than traditional cloud mining deals. So will this bring ZeusHash back in the game or not, it depends on how they manage to work things out with their new offer, but it does seem like an interesting alternative to other offers already. For the ones that are more interested in the traditional plans for Bitcoin cloud mining, there is a one week promotion starting today with a 10% PRICE CUT for Halley GHS that are still being offered.
ZeusHash hasn’t been doing that well in term of their cloud mining offers on their way moving from a Scrypt ASIC manufacturer to a cloud mining service provider. They stopped offering LTC mining contracts with the downtrend of Litecoin and because of their use of aging and not so efficient in terms of performance and hashrate hardware (especially after cancelling their Volcano project) leaving some unhappy customers that might have invested in LTC cloud mining contracts. The service moved to offering only BTC cloud mining, but there they also had some issues with their initial mining hardware, apparently due to it also not being the most efficient resulting in smaller profits from mining due to high maintenance costs. Then some mining farm facility issues and moving between new “Batches” of mining hashrate with different not so attractive prices and slightly better maintenance fees.
Today ZeusHash has announced that they have partnered with HalleyChina, apparently one of the big players in the industry who owns a TOP 3 mining farm in China (and you probably have not heard about them), and as a result they are offering a new Bitcoin mining contract called Halley GHS. The prices for the new contract seem much more reasonable than their previously available Batch III hashrate priced at $0.889 USD per GHS and the maintenance fee is now further down, making the new Halley GHS finally an interesting offer from ZeusHash. For orders below 1 THS you can purchase at a price of $0.339 USD per GHS (around 0.00155 BTC per GHS with the current exchange rate) and if you purchase 1 THS or more you can get a price of $0.299 USD per GHS or around 0.00135 BTC per GHS or prices that are among the best for cloud mining hashrate at the moment. The maintenance fee is currently set at $0.0016 USD per GHS for the Halley GHS cloud mining contracts. What we hope however is that this partnership will not end up being bad for the users like some other Chinese cloud mining partnerships ended in the last few months.
Earlier this month Zeushash has stopped all Scrypt cloud mining contracts due to the maintenance fees exceeding the mined coins for a long period of time. Today the service has warned its user that the same can happen with their Bitcoin cloud mining contracts as well. This is a direct result from the low Bitcoin price that was observed lately along with the relatively high maintenance fees of the service. As per the contract terms the Bitcoin cloud mining contracts can be stopped if the fees are higher than the profit for a period of 10 days. If this happens, though not seeming that likely today as the Bitcoin price has been recovering a bit, it would essentially mean that the ZeusHash platform will not be offering anything to the tens of thousand customers it claims to have. ZeusHash still sells GHS cloud mining hashrate, though they are warning users not to purchase any hashrate for the moment. If they stop offering Bitcoin cloud mining after they stopped with Scrypt, then this would essentially mean that the service will have nothing to offer to its customers.
At the moment it seems that other cloud mining services may start having trouble with the profitability, so they either need to optimize their operations or there is a chance they may get out of business. Most of the cloud mining services offering “Lifetime” cloud mining contracts do come with a term that if the maintenance fees exceed the profit made from the mined coins these contracts can be terminated. So as a result the user interest in cloud mining services has decreased quite a bit lately, the same goes for the purchase of ASIC mining hardware and even building GPU mining farms. There is however a chance that this not so favorable situation at the moment may actually end up helping the whole crypto currency ecosystem by helping normalize things after the very rapid growth that we have observed in the past year… we’ll have to wait and see.