Posts Tagged ‘cloud mining

genesis-mining-new-bitcoin-prices

The cloud mining service Genesis Mining has just announced new lower prices for its Scrypt and SHA-256 cloud mining options as well as an upgrade from 1 year contracts to lifetime ones. The service has just recently added Bitcoin cloud mining option to the already available Scrypt cloud mining, but the initial prices were not very attractive it has also recently lowered the prices for Scrypt hashrate, but the new prices are even more attractive. In fact they are among the best offered at the moment among cloud mining services and you should be aware of the fact that the prices listed are for lifetime contracts. Starting with Bitcoin cloud mining prices, you can now get 10 GHS hashrate for $9.99 USD (down from 29 USD) or less than a dollar per gigahash, 1 THS for $989 USD (down from 2499 USD) and 10 THS for $9790 USD (down from 21499.5 USD).

genesis-mining-new-scrypt-prices

This bring us to the new prices fot he Scrypt cloud mining that are also final with no extra fees required to be paid and with lifetime contracts, just like the Bitcoin contracts are. With the new lower prices you can get 1 MHS of $17.99 USD (down from 49 USD), 20 MHS for $339 USD (down from 880 USD) or 100 MHS for $1499 USD (down from 3900 USD). While these prices are really looking quite good for the moment and may offer faster ROI, you should still carefully do the math when investing in cloud mining hashrate and then decide if you should go for it or not. With Bitcoin the predictability is easier and you know what you might expect in the future in terms of increase of the network hashrate, however it is already quite hard to mine BTC and the time required for a return of investment before starting to make a profit is longer as compared to Scrypt cloud mining. However investing in Scrypt cloud mining is riskier as it is harder to predict what will happen with the total network hashrate in the next few months, as an example the last month or so the network difficulty has remained pretty stable at one level.

There is also a special bonus, a promo code “CryptoMiningBlog5” that will give you an extra 5% discount on every purchase, valid for both Scrypt and SHA-256 cloud mining hashrate at Genesis Mining, making the prices even more attractive. So if you still haven’t checked the service out, then you might want to do so with the new lower prices that actually make more sense and the mining contracts upgraded from 1 year to lifetime validity.

Update: It seems that the part with “No hidden fees” and everything being included in the price is no longer true for Genesis Mining, that was something written on the price and key features page, but now it is missing after the new price and contract validity updates and apparently there is a reason for that. Taking a look at the service agreement when purchasing hashrate you will see a point where apart from the price you pay for the hashrate upfront, there is now a part about an additional daily fee for the hashrate you have available, below is a quote:

BTC
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the “Fee”):
a. 0.996 USD per GH/s upfront
b. 0.01 USD per 5 GH/s and day, deducted on a daily basis* from the generated Coins

LTC
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the “Fee”):
a. 0.01804 USD per kH/s upfront
b. 0.08 USD per MH/s and day, deducted on a daily basis* from the generated Coins

* if, on any day, Coins generated on one day do not suffice to pay item 2 of the Fee above, the Service Provider may use Coins generated on any day thereafter for such payment.

The additional point about the extra fee deducted from coins mined in the future if the hashrate you have purchased no longer mines enough to even cover the fee is what gives us a bit of confusion. With such condition and lifetime contract duration there should be a clear clarification what a lifetime duration is considered and in the case of the purchased hashrate not being able to mine enough coins to even cover the fees, then the contract should be terminated as apparently there is no point in continuing it any further. The way the service is supposed to handle things in such situation is to stop after the payout is 0 for 20 days (fees are higher than mined outputs).

You can check the Scrypt and SHA256 cloud mining services offered by Genesis Mining here…

hashlet-genesis-gaw-miners

GAW Miners have just introduced a new Hashlet cloud miner – the Hashlet Genesis. The new virtual cloud miner is for mining Bitcoins directly with SHA-256 instead of Scrypt. The Hashlet Genesis comes in a minimum of 10 GHS package that costs $9.99 USD and can be scaled all the way up to 3 THS for $2984.95 USD. The maintenance fee per 10 GHS Hashlet is $0.02 USD per day and currently 10 GHS can get you about 0.08819 USD per day with the Bitcoin network difficulty if you mine directly for BTC. Unfortunately this price is not as attractive as the initial price that the Hashlet for Scrypt had and it does not promise very fast ROI, with the current market conditions you will need to have less than 9% increase per adjustment period of the Bitcoin network difficulty to be able to just get a return of your investment in 1 year time. So making profit with Hashlet Genesis may not be as easy as it may seem and with the other Scrypt-based Hashlets that are already available.

You can find more information about the new Hashlet Genesis cloud mining here…

genesis-mining-scrypt-new-prices

The cloud mining service Genesis Mining has lowered the prices of their Scrypt mining hashrate down from $79 USD per MHS to $49 USD per MHS for 1 year contracts. For 20 MHS contract you will no longer have to pay $1380 USD, but $880 USD instead and for 100 MHS cloud mining Scrypt contract the price is down from $5900 USD to $3900 USD. These prices are for 1 year mining contract and they include all of the fees associated such as for hosting, electricity and maintenance, so there is nothing extra that you need to pay. You can also get an extra 5% discount from the regular price by using the promo code CryptoMiningBlog5

With the current market conditions the only way for you to manage to break even on a small hashrate investment during the duration of the mining contract is if the price and network difficulty for Litecoin remains the same as it is at the moment for 1 year and we know that this is not going to happen. Putting a more reasonable number like 3-5% increase at the current price there is no chance to even ROI in a year with the 100 MHS contract where you get a lower per MHS price. If you are going to bet on an increase of the price of LTC as usual it is better to just buy Litecoins instead of investing in cloud mining service that does not give you promising result when you run the numbers over a mining calculator. As usual when you are considering to invest in either cloud or real mining hardware do your math carefully and then decide if it is worth to go for it or not…

You can check the Scrypt and SHA256 cloud mining services offered by Genesis Mining here…


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