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 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 associated with owning your very own machine. It is all carried out by others and you are simply buying in to a pool. When I started them on May 23rd I wasn’t really too sure what you should expect.
Since fourteen days have passed I figured I have a good level of data and info to supply a solid report. The first contract I started was with Hashing24. They only offer Ethereum Bitcoin Trade Btc USD EUR. The way it works with them is that you simply buy whatever hashing power you desire (for additional on that see my post “mining”). They have got plans that are only 100 GH/s and expense less than $18. Since they offer indefinite contracts, you spend a little daily maintenance fee of $.033 per 100 GH/s.
The upside to Hashing24’s model is the fact once you pay your upfront amount you can theoretically collect daily payments forever. Because manner it is a lot like buying an instant annuity.
Within the interest of full disclosure I purchased 4500 GH/s ($800). After the daily fees are subtracted and, depending on the worth of Bitcoin, I make around $7 daily. If we extrapolate that out it might be about $210 monthly with a break even point of approximately four months. That’s not very bad an investment because everything after month four will be pure profit. One important thing to also keep in mind is that the mining difficulty improves later on which will eat in your profits.
On May 25th I decided I needed to start an agreement to mine Ethereum. The Ethereum blockchain technology will be embraced by virtually all of the crypto companies and i also actually think that it is going to some day pass the value of Largest Bitcoin Mining. It currently about half 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 later on to chose to add another 15MH/s. The contracts are for starters year. Hashflare also allows you to alter the portion of hash power you want in each pool. If you see one pool performing better, you can put a higher percentage into that a person.
The cost for 50MH/s was $1,090, but I got more bang for my buck because I paid in Bitcoins and the value of my Bitcoin purchase appreciated. This meant that my Bitcoins went further and, the truth is, effectively lgwlug me around $900. Let’s go conservative and take the higher level of $1,090.
The calculator on the site predicts that in the current cost of Ethereum ($223) I would make $2,358 off my $1,090 investment. That type of return makes it worth the risk in my opinion.
Again, because I am a long term investor in Bitcoin24mining I view this as a solid possibility to diversify your portfolio and concurrently attempt to earn some residual income. Keep in mind that cryptocurrencies are incredibly volatile and this can wildly impact your potential profit. Do your research first. Should you be 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. This needs to be in the forefront of the thought process when deciding how you will go relating to this process. Ensure you select a data center which will know the way valuable your uptime is!
Ultimately, a true data center may have not merely battery backup, but a secondary power source, like a generator. They’ll also provide network redundancy. They are 2 more things that will prove to be valuable for your experience. Stay away from the worries of power consumption, electrical consumption and the fear of downtime for the equipment. Colocate your equipment and start earning your coins!