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Mining Ether Just Got a Whole Lot Cheaper
9 May2016
Ethereum is one of the fastest growing cryptocurrencies next to Bitcoin. Just a few months ago, the price was $1, then it shot up to $13 and today it has settled at just under $10. This rapid growth excited investors who were eager not to miss out on another hyper-growth investment opportunity.
While some choose to invest in Ethereum directly, many are turning to Cloud Mining to enter the market. Genesis Mining, the world’s largest cloud mining provider and first Ethereum cloud miner, announced today a significant decrease in their price to mine Ether.
Starting today, the price will be $37 per MH/s, reduced from the current rate of $44 per MH/s. Discussing this price change, Genesis Mining co-founder and CEO Marco Streng stated, “Every day, we are working to reduce operational costs to mine on behalf of our 200,000 customers and every time we have the opportunity to provide greater ROI potential and value to our customers, we are honored”.
Following the price reduction announcement, Genesis Mining released footage of their Ether cloud mining farm, Enigma, which is the largest Ether cloud mining farm in the world. You can view the newly released footage here. CTO of Genesis Mining, Stefan Schindler stated “The reason we are able to continue reducing the price for our customers is due to heavy optimization of the Enigma farm and economy of scale. We are proud of bringing Ether Mining mass deployments to a next dimension with Enigma.”
Like all cryptocurrencies, the future of Ether remains uncertain, but the tone of the conversation surrounding Ether is different than almost any other cryptocurrency. Discussing the excitement, Streng stated, “We believe it is headed to the moon and we are building a rocketship to make sure our customers do not miss out”.
Should you decide to purchase some Ethereum cloud mining hashrate you can get an extra discount from the already lowered regular price by using our special promotional coupon code CryptoMiningBlog5 during the checkout.
– To purchase Ether cloud mining contracts at the new discounted rate from Genesis Mining…
- Publihsed in: Cloud Mining
- Related tags: Enigma, Enigma Mine, ETH cloud mining, ETH Genesis Mining, Ether cloud mining, Ether Genesis Mining, Ethereum cloud mining, Ethereum Genesis Mining, Genesis Mining
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12 Responses to Mining Ether Just Got a Whole Lot Cheaper
Jaxpro
May 10th, 2016 at 10:42
IMHO this is a rip off. I did some calculations and here is what i found : 50 MH is 1850$ @ Genesis Mining, on the other hand, 50 MH would get you ~4.5 $ per day ( current diff & price ). So if there is no change in diff/price you need ~411 days to ROI, that’s kinda long for ROI, and above that, your contract with Genesis is only for ONE YEAR !!!! Which make it impossible to ROI.
Even worse, let’s assume their ETH farm is 100 GH/s for example, and also let’s assume they sell it all. Most likely they gonna take the money and build another, bigger, 200 GH/s farm, which gonna make way worse for everybody including their own customers. Note that difficulty now is 2x+ what it was 2 months ago.
So if you realy trust the future of ETH and you don’t want to build your own rigs, best way as i see it is to buy ETH from market and wait for price jump.
thorthehammer
May 10th, 2016 at 14:43
It is a rip off. Buy ETH if you believe in it.
malandante
May 10th, 2016 at 18:42
It is not only about roiing. If you get a 100 MH/s rig, it costs 3700 and will produce around 215 ether in one year according to Karl Diab’s calculator with difficulty increase. If you buy ether directly you will get 395 ether at actual prices. Plus if you got the ether in hand now you can take advantage of it for trading when price goes high and get a good profit.
Giulliano Chiappin
May 10th, 2016 at 19:34
Are you guys taking in consideration the Genesis Ethereum contract don’t have any fees?
I did the math, and the profit is good enough. I’m investing!
Hans Tretino
May 10th, 2016 at 19:43
I’m very impressed with this footage. Congratulations, Genesis.
Jaxpro
May 10th, 2016 at 22:25
@Giulliano Chiappin
1MH ETH takes about 11-12 w from the wall including not only the GPUs but rest of the system too, meaning 9-10 $ per 1 MH per year @ an avg 0.1 $ per Kw. did my math on R7 370 which gives 15MH for max 150 w, meaning 10w per MH< then adding another 1-2 w for every MH for rest of the sys and to compensate PSU efficiency. u can get R7 370 for 130$ + 10$ for electricity that's total 140$ cost for 15 MH, they cost 555$ to buy from cloud.
thorthehammer
May 11th, 2016 at 04:36
Suckers (or shills…) born to Genesis every minute I guess
Giulliano Chiappin
May 11th, 2016 at 05:25
@JaxPro
You are telling the prices from you reality. Because you pay these prices for the energy and the GPU doesn’t mean other people have the same opportunities than you.
Many people invest in Genesis and are happy. Many people don’t invest and give reasons as you told. Anyway, any generalization is stupid. These prices from your simulation are only from your reality.
Bensam123
May 11th, 2016 at 22:27
You can buy hash from real miners on MMR or other such rental services or just buy off a exchange. Don’t pay for massive commercialization of coins. This just bloats the difficulty and hurts everyone except Genesis.
PT Barnum
May 17th, 2016 at 07:40
Genesis Mining is a scam and they employ shills (Giulliano) to talk them up and pay off blogs (count how many times this one for example mentions them).
The reality is you are better off building your own rig or buying one off eBay or OpenBazaar, or just buying the ETH outright.
There is just about no place on Earth where the cost of mining your own ETH are more than what Genesis charges.
Go on Youtube and there are plenty of videos pointing this out. But “a sucker is born every minute” and flashy marketing videos reel them in where real math and reason doesn’t.
GSJ
May 23rd, 2016 at 04:48
Is this a blog on crypto mining or just another advertising avenue for Genesis? Wish blog poster would be honest and let us know the truth.
ROI Is just too long for Genesis to be worth the investment.
Josué Delgado
September 23rd, 2016 at 04:40
I started investing and is much more profitable than bitcoin. I’m fascinated …