Crypto Mining Blog

It the last few days we have seen a rapid increase in price of the Ethereum’s Ether coins on the exchanges with the price of 1 Ether coin trying to reach the $3 USD mark and getting closer and close to the price of Litecoin. This has sparked a lot of user interest among users that are new to Ethereum and that have not yet mined it with their GPUs, so we’ve seen a lot of new miners joining the Ethereum mining and a lot of interest in cloud mining for Ethereum as well. AMD GPUs are generally doing better than Nvidia-based ones for mining Ethereum, though you can mine with both. For the moment the only service that is offering Ethereum cloud mining is Genesis Mining with 1 year mining contracts starting at $17.99 USD per MHS. The minimum contract you can purchase is 3 MHS and each contract includes all fees in the price of the hashrate, so there is no additional maintenance fee associated with it. The good news is that you can get an extra 5% discount from the regular price by using our coupon code CryptoMiningBlog5 during the checkout.

– You can get more information about the new Ether Cloud Mining Contracts by Genesis Mining here…

The cloud mining service provider Genesis Mining has just announced the immediate availability for Ethereum’s Ether cloud mining contracts. Ethereum is a distributed platform that allows participants to write and enforce their own “smart” contracts. It is sometimes also referred to as “Bitcoin v 2.0”. The alternative cryptocurrency protocol was inter-alia developed by Vitalik Buterin in 2013 and received wide support by community and professionals. The first sale of Ether coins (the currency of Ethereum) raised over $15 million (current market cap nearly $100 million).

The new contracts offered by Genesis Mining will be running for 1 year and will switch from Ether to X11 if Ethereum switches from proof-of-work to proof-of-stake which supposedly will happen end of fall 2016 according to Vitalik. The contracts will enable miners seeking to profit from the Ether value and are structured to maximize profit by all fees occurring upfront instead of throughout the life of the contract. The current price for 1 MHS hashrate for mining Ethereum’s Ether coins is $17.99 USD with all fees included in that price for 1 year duration of the contract.

Here is a quick and simple calculation on what you can expect to get with a 100 MHS Ether Cloud Mining contract for the duration of 1 year that you get will all fees included at $1799 USD when running the number through a mining profitability calculator. 100 MHS hashrate at the current Ethereum network difficulty should supposedly get you about 5 ETH coins per day or for 365 days you should expect to get about 1825 ETH coins if the conditions remain the same. With an exchange rate of about 1 USD per Ether coin at the moment you should in theory get a bit of a profit, however if the price doubles or triples in a year time things will be looking much different. Then again if you buy Ethereum Ether coins at the current price and it doubles in a year things might end up in a similar way for you, but at least you have the alternative available.

As far as we are aware this is the first actual service to offer Ethereum Cloud Mining Contracts, though there were some earlier announcements for new upcoming services that supposedly will be offering Ether cloud mining hashrate, but we haven’t seen any of these actually start operating, though there is a service for renting mining rigs already available for some time. The good news is that if you use our special discount code you will also get 5% discount off the regular price for the new Ether cloud mining contracts, so you can get even better deal for the price per GHS – all you have to do is to enter the promo code CryptoMiningBlog5 during the checkout procedure when you order hashrate. Do note that this promo code should also work for the X11 and SHA256 cloud mining contract that the service offers, so do take the advantage of a better price for hashrate should you decide to purchase some cloud mining hashrate at the service.

– You can get more information about the new Ether Cloud Mining Contracts by Genesis Mining here…