As readers of my blog know, I am going to only promote products and services that I myself use or invest in. I wanted to offer an update to the cloud mining contracts that I recently purchased. Cloud mining works differently than traditional mining in that you just do not purchase any hardware to do the mining for you. This means you do not incur large electricity expenses associated with owning your very own machine. It is all performed by others and you are simply buying into a pool. When I started them on May 23rd I wasn’t really too sure what to expect.
Since 2 weeks have passed I figured I have a very good level of data and info to supply a solid report. The initial contract I started was with Hashing24. They simply offer Ethereum Bitcoin Trade Btc USD EUR. The actual way it works jointly with them is you buy whatever hashing power you desire (for more on that see my post “mining”). They have got plans which can be as low as 100 GH/s and expense as little as $18. Because they offer indefinite contracts, you have to pay a small daily maintenance fee of $.033 per 100 GH/s.
The upside to Hashing24’s model is the fact that once you pay your upfront amount you can theoretically collect daily payments forever. In that manner it is a lot like buying a sudden annuity.
Inside the interest of full disclosure I purchased 4500 GH/s ($800). Right after the daily fees are subtracted and, depending on the value of Bitcoin, I make around $7 per day. When we extrapolate that out it would be about $210 monthly with a break even point of just over four months. That’s not too bad a good investment because everything after month four could be pure profit. One thing also to keep in mind would be that the mining difficulty improves down the road that will eat in your profits.
On May 25th I decided I needed to start an agreement to mine Ethereum. The Ethereum blockchain technology has been embraced by virtually all of the crypto companies and that i actually think that it will 1 day pass the need for Ethereum Bitcoin Trade BTC USD EUR. It currently about 50 % its size having a market cap of $20,505,000,000 when compared with Bitcoin’s $41,888,000,000.
I purchased my Ethereum cloud mining contracts through Hashflare.io. At first I purchased 35MH/s and later on to chose to add another 15MH/s. The contracts are for one year. Hashflare also lets you change the portion of hash power you desire in each pool. When you see one pool performing better, it is possible to put a higher percentage into that certain.
The cost for 50MH/s was $1,090, but I got more bang for my buck because I paid in Bitcoins and the price of my Bitcoin purchase appreciated. This resulted in my Bitcoins went further and, in fact, effectively lgwlug me around $900. Let’s go conservative and take the higher level of $1,090.
The calculator on their site predicts that on the current price of Ethereum ($223) I would personally make $2,358 off my $1,090 investment. That sort of return causes it to be well worth the risk in my opinion.
Again, because I am just a long term investor in Bitcoin24mining I view this being a solid chance to diversify your portfolio and simultaneously attempt to make some residual income. Keep in mind that cryptocurrencies are extremely volatile which can wildly impact your potential profit. Do your research first. If you are a long term investor in cryptocurrency, this is apparently a worthwhile play.
When it comes to crypto currency and mining for coins, the previous adage of “time is money” holds true more than ever before. This needs to be within the forefront of your thought process when deciding how you will should go relating to this process. Ensure you choose a data center which will know how valuable your uptime is!
In the long run, a genuine data center may have not only battery backup, but a secondary source of energy, for instance a generator. They’ll also provide network redundancy. These are 2 more things that will end up being valuable to your experience. Save the worries of power consumption, electrical consumption and the the fear of downtime for the equipment. Colocate your equipment and begin earning your coins!