As readers of my blog know, I am going to only promote products and services that I myself use or spend money on. I wanted to supply 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 carried out 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 two weeks have passed I figured I have a great amount of data and info to supply a solid report. The very first contract I started was with Hashing24. They simply offer Bitcoin Mining Price. 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 plans which can be as little as 100 GH/s and expense less than $18. Simply because they offer indefinite contracts, you have to pay a little daily maintenance fee of $.033 per 100 GH/s.
The upside to Hashing24’s model is the fact that when you pay your upfront amount you are able to theoretically collect daily payments forever. Because manner it is similar to buying an immediate annuity.
Inside the interest of full disclosure I purchased 4500 GH/s ($800). Right after the daily fees are subtracted and, depending on the worth of Bitcoin, I make around $7 each day. Whenever we extrapolate that out it will be about $210 monthly with a break even point of just over four months. That’s not very bad an investment because everything after month four will be pure profit. One important thing also to remember is that the mining difficulty improves down the road that can eat to your profits.
On May 25th I made the decision I wanted to begin a legal contract to mine Ethereum. The Ethereum blockchain technology will be embraced by all the major crypto companies and I actually think that it will 1 day pass the value of Ethereum Bitcoin Trade BTC USD EUR. It currently about 50 % its size with a market cap of $20,505,000,000 compared to Bitcoin’s $41,888,000,000.
I purchased my Ethereum cloud mining contracts through Hashflare.io. Initially I purchased 35MH/s and later on to made a decision to add another 15MH/s. The contracts are for one year. Hashflare also allows you to modify the amount of hash power you want in each pool. If you see one pool performing better, you are able to put an increased percentage into that one.
The price for 50MH/s was $1,090, having said that i got more bang for my buck because I paid in Bitcoins and the price of my Bitcoin purchase appreciated. This meant that 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 at the current price of Ethereum ($223) I would make $2,358 off my $1,090 investment. That sort of return can make it worth the risk to me.
Again, because I am a long term investor in Bitcoin24mining is Authorised And Regulated I view this as a solid opportunity to diversify your portfolio and at the same time attempt to earn some passive income. Remember that cryptocurrencies are incredibly volatile and that can wildly impact your potential profit. Do your research first. In case you are a lasting investor in cryptocurrency, this seems to be a rewarding play.
When it comes to crypto currency and mining for coins, the existing adage of “time is money” holds true more than ever before. This needs to be in the forefront of your own thought process when deciding how you will will go about this process. Make sure you select a data center that can know the way valuable your uptime is!
Ultimately, a real data center will have not merely battery backup, but a secondary power source, such as a generator. They’ll also provide network redundancy. These are 2 more things which will prove to be valuable for your experience. Save yourself the worries of power consumption, electrical consumption as well as the fear of downtime to your equipment. Colocate your equipment and commence earning your coins!