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Posts Tagged ‘Genesis Mining promo code’
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…
A few days ago, after a slight delay in the original scheduled release date, Genesis Mining has added Bitcoin cloud mining option to their already available Scrypt cloud mining service and apparently a X11 cloud mining might be coming soon as well. We have already reviewed the Scrypt cloud mining functionality of the service after it has been launched a while ago. The new Bitcoin cloud mining functionality however came with a bit of a redesign of the interface in order to accommodate the new features in a single dashboard, so that you can keep track of all your different hashrate and earnings in a single interface.
Back in June, when we have purchased 1 MHS Scrypt cloud mining hashrate to test the service the price was about twice as high compared to now, but the profitability was about 3-4 times higher. At the moment things are not looking so bright as they were about three months ago, still we are almost halfway getting our investment back. If you invest now however things are already not looking so bright as you might not be able to ROI in the term of the contract (standard 1 year, though there are options available for 1.5 and 2 years with lower price for the extra time) and that is with the difficulty not increasing from the level it is now. It is true that lately the LTC network difficulty has been keeping a stable level, but it is completely unreasonable to expect that to keep forever. The price of LTC is also not that good either at the moment, but if you are going to bet on Litecoin getting more valuable, then you can just buy coins and profit from their price increase later on.
Unfortunately running the numbers with the current price of Bitcoin cloud mining of about 0.006 BTC per GHS ($2.9 per GHS) the outcome is also not so bright as with the Scrypt cloud mining numbers. It is nice that there are no maintenance fees and the price you pay is for 1 year mining contract, but at the current state of things you will barely manage to get a return of the investment if the BTC network hashrate does not increase from its current level and we all know that this will not happen. With an average increase of 15% per readjustment the network difficulty will get to a level that there is absolutely no chance for you to even ROI, let alone profit from a 1 year contract if the price of BTC remains the same. And again if you are going to bet on increase of the price of BTC in the future, then you better just buy Bitcoins now and wait for them to become more expensive.
Now that everyone seems to be moving towards cloud mining services you need to be very careful not to invest in scams that may try to attract with very low price on one hand and on the other to invest when there is very little to no chance of even returning your investment, let alone making profit. After all most of the people that mine crypto currencies do it to make some profit, so do run the numbers carefully through a profit calculator and consider when and where it is worth to invest into. Unfortunately there are quite a few cloud mining services that currently do not seem profitable with the current prices of crypto currencies and the already quite hard to mine them conditions.
Still, if you want to try the cloud mining services that Genesis Mining offers, you might take advantage of some promo codes to make the prices lower and get a chance for faster ROI at least. The guys from Genesis Mining have given us a special 5% discount code – CryptoMiningBlog5 for both Bitcoin and Scrypt cloud mining as well. After this code expires you can still get a 2.5% discount by using the promo code nSO2TE as this one does not have an expiration date and also works for both Scrypt and SHA-256 cloud mining hashrate that you can purchase at Genesis Mining.
– You can check the Scrypt and SHA256 cloud mining services offered by Genesis Mining here…
Genesis Mining is a relatively new and interesting Scrypt cloud mining service provider that has apparently been operating for a bit over a month already, so we have decided to give it a try and have been testing it for a few days already. The company behind the service is apparently registered in Bermuda (the address is listed on the website), though interestingly enough the agreement when purchasing hashrate says “This Agreement is governed by German law”. It seems that Genesis Mining has already attended some Bitcoin and crypto currencies related conferences as sponsors or speaker, and the fact that they have been around for a while and that they are actively developing the service makes them seem more trustworthy. Though as usual we advise caution when checking out new services of this type as you may never know for sure, so never invest more than you can afford to lose.
Genesis Mining offers the ability not to mine only Litecoin, but also multiple other Scrypt crypto currencies such as DOGE for example with user control what to be mined. There is an option to be payed in Bitcoins as well, with the service automatically mining the most profitable coins for you and exchanging them for BTC. Also you get to receive your earnings on a daily basis directly sent to your wallet, definitely an advantage over some other alternatives that do have weekly payments for example. Another good thing is that there are no hidden fees to pay such as percentage from your earnings for hardware maintenance or electricity bills, you pay a fixed price for the hashrate you want to rent and it is yours for a period of 1 year.
The standard cloud hashrate plans offered by Genesis Mining are for 2 MHS, 10 MHS and 50 MHS, though there is an option that allows you to set a custom hashrate like for example 1 MHS. For the purposes of our test we have purchased 1 MHS worth of Scrypt hashrate in order to try out the service and report our experience with it. The payment types currently accepted include Euro, USD as well as Litecoin or Bitcoin. 1 MHS of Scrypt hashpower currently costs 0.291 BTC, though when you increase the MHS you can get better price per MHS, so for example 10 MHS will cost you 2.585 BTC and 50 MHS will cost you 11.308 BTC. The page for ordering hashpower has an option to enter a promo code as well, you can use the following up to date promo code to get a 5% discount of the regular price CryptoMiningBlog5. This code does give you a good opportunity to test out the service starting with one or just a few MHS at a better price than the standard one.
After we have purchased our 1 MHS hashrate for testing it took less than an hour for our payment in Bitcoins to be processed and our hashrate to be credited in the account. After you get the purchased hashrate credited into your account you have to setup the way you want your hashrate to work for you. By default it is set to 100% Auto (BTC) mode, so that you will mine various coins and get them sold for BTC and get payments directly in Bitcoins every day. You have a nice and clean interface with dials where you can set in percentages how you wish your hashrate to be distributed and in what crypto currency you want to get paid. You can for example use your hashrate to mine for Litecoin or DOGE along with a few other crypto Scrypt-based currencies such as AUR, FTC, LOT or MEC. Interestingly enough an option to get payment in Darkcoin has also just been added, meaning that what you have mined gets sold for DRK and you get the amount sent to your wallet.
Although this easy to use interface does look very nice it lacks something very important and that is some information about current profitability. This is a must have feature in order to give the users of the service some information on what could be the best option for the moment based on the current exchange rates. At least some approximates would be nice, otherwise people would have to track manually all of these currencies to see what to mine all the time in order to get the maximum profit, or the idea here is just to choose the Automatic BTC option and not care much. An estimate on profitability based on the last 24 hours of mining would be nice to have and very useful, for the purposes of our tests we have decided to start with 100% to get payment in Bitcoins, even though this may not be the most profitable option on the long term. We are also going to try out mining with the other options as well.
The main dashboard also is clean and nicely structured giving you a brief about your current hashrate, last payment in USD as well as the total payments for the last 7 days again shown in USD. Below that you can find a chart with the daily earnings you get each day for roughly the last month. What we are missing here is an option to see the total earnings you have received since you have started using the service, something that is really useful. Another nice feature that we would want to have here is not only earnings calculated in USD, but also in BTC for example to go along the USD estimate. The service does daily payments, though so far it takes more than another half of day to get your daily payment for the previous day and this can use some improvement.
And now a bit more about the return of investment you can expect and the actual profitability of the Genesis Mining cloud mining service according to our tests. For the 1st day (actually less than 12 hours) we have received a payment of 0.45 USD or actually 0.00070292 in BTC. The second day was a bit better with a payment of roughly 0.97 USD or 0.00152639 BTC. The third and fourth days were even better with 1.30 USD or 0.00202339 BTC and 1.25 USD or 0.00197630 BTC. Considering the fact that for our 1 MHS worth of Scrypt hashrate we have paid 0.21387012 BTC by using a discount code and taking into account the earnings from the last two days as a reference we will need about three and a half months to break even. This of course will be true if the current profitability remains the same as it is now, meaning that we are going to have a decent profit for the rest of the contract period that is 12 months in total. Without the discount however and at the current standard price for 1 MHS the break even time will be close to about 5 months of the daily profitability remains the same.
So far our general impressions from the service are positive, even though it still can use some improvements in terms of functionality and a speedup in the time it takes to get your earnings would also be nice. It would also be nice to have some sort of a contact/support section for actual customers, so that you would not have to use the generic contact form on the website in case of a problem or question. We are going to continue using the service for the next year until our contract is over, so you can expect more reports about the service as we are ready to share more of our experience using it. Considering the fact that there are still not many options to go for a Scrypt cloud mining service, this one is definitely worth keeping an eye on.
– For more information and to try out the Genesis Mining Scrypt could mining service yourself…