As readers of my blog know, I will only promote products or services that I myself use or put money into. 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 do not purchase any hardware to do the mining for you. This means you do not incur large electricity expenses related to owning your very own machine. It is all performed by others and you are simply buying right 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 believed I have a good quantity of data and info to supply a solid report. The first contract I began was with Hashing24. They simply offer Ethereum Bitcoin Trade Btc USD EUR. The way it works jointly with them is that you simply buy whatever hashing power you want (for additional on that see my post “mining”). They have plans which are only 100 GH/s and expense less than $18. Simply because they offer indefinite contracts, you pay a small daily maintenance fee of $.033 per 100 GH/s.
The upside to Hashing24’s model is the fact when you pay your upfront amount you can theoretically collect daily payments forever. In that manner it is a lot like buying a sudden annuity.
In the interest of full disclosure I purchased 4500 GH/s ($800). 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 monthly with a break even reason for approximately four months. That’s not very bad an investment because everything after month four would be pure profit. One important thing to also keep in mind would be that the mining difficulty will increase down the road which will eat into your profits.
On May 25th I decided I needed to start an agreement to mine Ethereum. The Ethereum blockchain technology has been embraced by all of the crypto companies and i also actually feel that it can one day pass the value of Largest Bitcoin Mining. 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 decided to add another 15MH/s. The contracts are for just one year. Hashflare also allows you to modify 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 fee for 50MH/s was $1,090, however i got more bang for my buck because I paid in Bitcoins and the value 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 consider the higher quantity of $1,090.
The calculator on their site predicts that on the current price of Ethereum ($223) I would make $2,358 off my $1,090 investment. That sort of return can make it really worth the risk in my opinion.
Again, because I am just a long term investor in Bitcoin24mining I view this as a solid opportunity to diversify your portfolio and concurrently make an effort to develop passive income. Take into account that cryptocurrencies are incredibly volatile and this can wildly impact your potential profit. Research your options first. In case you are a long term investor in cryptocurrency, this appears to be a rewarding play.
When it comes to crypto currency and mining for coins, the previous adage of “time is money” holds true more than ever. This needs to be inside the forefront of your own thought process when deciding the way you goes relating to this process. Be sure you pick a data center that will know how valuable your uptime is!
Ultimately, a real data center will have not merely battery backup, but a secondary power source, like a generator. They’ll likewise have network redundancy. These are generally 2 more things which will turn out to be valuable for your experience. Save yourself the worries of power consumption, electrical consumption and also the anxiety about downtime to your equipment. Colocate your equipment and start earning your coins!