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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).
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 CoinsLTC
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…
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…
This is something hat you normally would not expect to happen, to see the prices of cloud mining hashrate to increase instead to get down as time passes, but we are seeing this happening in the last days with more than just one service. Normally the price of cloud mining hashrate should decrease over time as the network difficulty increases and as better hardware becomes available (higher performance and lower power usage). It seems however that lately there is so much interest in cloud mining from users that the already available services are having hard time meeting the demand for hashrate. The normal result in this case is to temporary increase the price, so that the number of new users should be lower, at least until you get enough capacity in terms of mining hardware to cover the demand.
A good example is the GAW Miners Hashlet that has generated quite a lot of buzz when it was launched with a price of just $15.99 USD for 1 MHS worth of Scrypt mining hashrate. At this price per megahash it was really attractive option to invest into and the result was a lot of hashrate being purchased by miners. Apparently the demand from users was so high that the price has been increased first to $19.99 USD and then a second time a bit later on up to $24.99, a price that is over 55% higher and not that attractive anymore. This means 55% more time to ROI now as compared to the initial price that the early adopters got when buying Hashlets and in the world of mining this is really significant increase.
But it is not only GAW, another big cloud mining service, namely PBMining has also done something similar and unlike with LTC the Bitcoin difficulty does not temporary drop, but continues to steadily increase. Previously the service was selling 1 GHS hashrate for 0.0029 BTC, but their latest price has been increased to 0.0033 BTC. Not so significant increase as in the case above, but still going up by about 14% is not little and definitely not something that you would normally expect to see. This is actually the first time we are seeing an increase with that service and we’ve seen them stopping to take orders at times when the available hashrate from the supposed ASIC mining hardware in the backend has depleted.
Another similar example is the service called Bitcoin Cloud Services that has also increased the rate of their rate for 1 GHS worth of Bitcoin mining hahsrate. Their previous price was at 0.0026 per GHS, right after they were temporary out of stock for a bit and were not selling hashrate. Their current price however has been increased up to 0.0029 per GHS which is probably the most attractive Bitcoin cloud mining price that you can get at the moment.
With other cloud mining services such as Cex.io for example there hasn’t been too much of a change, but there the price per GHS is driven by the users that trade on the website’s exchange. Of course because of that fact the prices there tend to be higher than on other competing services such as some of the ones mentioned already. Other services such as CloudHashing than tend to remain pretty expensive and don’t update their prices often are not having such problems, so that they don’t get the need to increase the prices further. All this however seems to point to the fact that there is an increased demand from users for cloud mining services, especially ones that actually can deliver relatively quick ROI and miners can thing about getting some profit investing in them. As a result we expect to see some more competition in the cloud mining services especially now when many ASIC manufacturers are also working on offering cloud mining services along with their new and upcoming mining hardware.
- Published in: Cloud Mining
- Related tags: bitcoin cloud mining, BTC cloud mining, cloud mining, cloud mining prices, cloud mining services, Litecoin cloud mining, LTC cloud mining, scrypt cloud mining, SHA256D cloud mining