As readers of my blog know, I will only promote products and services that I myself use or spend money on. I wanted to supply an update to the cloud mining contracts i recently purchased. Cloud mining works differently than traditional mining in that you simply do not purchase any hardware to do the mining for you. Which 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 anticipate.
Since fourteen days have passed I believed I have a very good quantity of data and info to provide a solid report. The first contract I began was with Hashing24. They simply offer Bitcoin Mining Price. The actual way it works jointly with them is you buy whatever hashing power you want (for more on that see my post “mining”). They may have plans which are as low as 100 GH/s and cost less than $18. Since they offer indefinite contracts, you pay a little daily maintenance fee of $.033 per 100 GH/s.
The upside to Hashing24’s model is the fact that as soon as 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 daily. Whenever we extrapolate that out it will be about $210 each month having a break even point of approximately 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 increases later on that can eat in your profits.
On May 25th I decided I needed to begin an agreement to mine Ethereum. The Ethereum blockchain technology is being embraced by all the major crypto companies and that i actually believe that it is going to 1 day pass the value of 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. In the beginning I purchased 35MH/s and then to made a decision to add another 15MH/s. The contracts are for one year. Hashflare also lets you change the portion of hash power you want in each pool. If you see one pool performing better, you are able to put a higher percentage into that a person.
The cost for 50MH/s was $1,090, however 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 quantity of $1,090.
The calculator on their site predicts that on the current cost 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 to me.
Again, because I am just a long term investor in Bitcoin24mining I view this as being a solid opportunity to diversify your portfolio and simultaneously try to develop residual income. Keep in mind that cryptocurrencies are really volatile and this can wildly impact your potential profit. Do your research first. If you are a lasting investor in cryptocurrency, this seems to be a worthwhile play.
In terms of crypto currency and mining for coins, the previous adage of “time is money” holds true more than ever. This must be inside the forefront of the thought process when deciding how you will go concerning this process. Be sure you pick a data center that will understand how valuable your uptime is!
In the end, a true data center could have not only battery backup, but a secondary power source, such as a generator. They’ll also provide network redundancy. These are generally 2 more stuff that will end up being valuable in your experience. Save the worries of power consumption, electrical consumption as well as the anxiety about downtime for the equipment. Colocate your equipment and commence earning your coins!