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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!
The last few days the guys at GAW Miners have been teasing us with something new and big coming, and there were already some interesting news like the purchase of the domain name BTC.com and the acquisition of a controlling stake in cloud mining provider ZenMiner. The big news that we were waiting for however is the introduction of the Hashlet, or as they call it the world’s first digital cloud miner – a new project that is apparently designed to help miners to actually make profit mining crypto currencies. The idea of the Hashlet is that you purchase a digital miner, no need to pre-order, and it is instantly activated and starts mining for you. There will be no shipping costs or waiting time for some hardware to arrive, it will be activated instantly and controlled online though the web interface of ZenCloud and you should be able to easily upgrade it or even sell it.
Hashlets, the world’s first Digital Cloud Miners (DCM), will be hosted in a reliable datacenter with 99.9% uptime guaranteed. So you will not have to deal with all of the issues associated with managing of hardware miners such as noise, heat or power issues or worry what will you do with an ASIC miner hardware once it gets obsolete and cannot generate enough to even pay for the electricity it uses. Hashlets are supposed to be constantly upgraded and remain state of the art in order to keep them profitable as long as possible with the maintenance cost decreasing over time and not increasing. Purchasing a Hashlet will also get you exclusive access to the ZenPool, a new multipool designed especially for the Hashlet with the best possible profitability and zero mining fees. It also seems that you will be able to also trade your Hashlets in a dedicated marketplace, so if you decide you no longer need the miner you should be able to easily sell it to someone else that is interested.
The idea of the Hashlets seems really good as it should bring all the best parts of hardware miners forward, and leave behind all their limitations, so a great choice especially for new miners. It is what cloud mining should be for miners that want to move from actual hardware miners to the cloud mining, making things easier to use and manage and above all to actually make profit mining now. Let somebody else manage the hardware for you and save you all the trouble and focus on the mining and making profit, something that has become quite hard lately with the BTC ASIC miners and even with the currently available LTC ASCIs as well. One thing is for sure, you can place your trust in GAW Miners and their Hashlet digital cloud miners and know that they will not disappear like many new cloud mining services that have appeared lately and have turned out to be scams. That is why we are already waiting with a lot of interest for the specifications and prices to be announced for the new Hashlets, something that should happen later today, and also to try them out and report our own experience. So stay tuned for more information as it becomes available and meanwhile you can take a look at the details that have already been revealed.
Update: The Hashlet is now out in the wild and you can already purchase some. It seems that the initial interest was so big that the users brought down the whole Shopify network briefly. And now for the prices, each MHS is available for $15.99 USD and you can scale it up to 100 MHS and then buy multiple Hashlets of up to 100 MHS as well. These prices of the Hashlets are already cheaper than anything you can currently purchase in terms of the price per MHS you get from a Scrypt ASIC miner. Also the current maintenance fee is $0.08 USD per MHS.
– For more information about the new GAW Miners Hashlet Digital Cloud Miners…
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.