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 provide an update to the cloud mining contracts which 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 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 two weeks have passed I was thinking I have a very good quantity of data and info to supply a solid report. The first contract I started was with Hashing24. They merely offer Bitcoin Mining Price. The actual way it works jointly with them is that you buy whatever hashing power you would like (for additional on that see my post “mining”). They may have plans which can be as little as 100 GH/s and price as little as $18. Since 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 as soon as 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). Following the daily fees are subtracted and, depending on the worth of Bitcoin, I make around $7 each day. When we extrapolate that out it will be about $210 monthly using a break even reason for approximately four months. That’s not too bad a good investment because everything after month four would be pure profit. One important thing to also keep in mind is that the mining difficulty increases in the future that will eat to your profits.
On May 25th I decided I wanted to start an agreement to mine Ethereum. The Ethereum blockchain technology is being embraced by all of the crypto companies and I actually feel that it is going to 1 day pass the need for Largest Bitcoin Mining. It currently about half its size using 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. Initially I purchased 35MH/s and then to chose to add another 15MH/s. The contracts are for starters year. Hashflare also allows you to alter the amount of hash power you desire in each pool. When you see one pool performing better, you are able to put an increased percentage into that certain.
The fee 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 my Bitcoins went further and, in reality, effectively lgwlug me around $900. Let’s go conservative and consider the higher level 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 type of return can make it worth the risk to me.
Again, because I am a lasting investor in Bitcoin24mining I view this as being a solid possibility to diversify your portfolio and simultaneously try to earn some passive income. Remember that cryptocurrencies are incredibly volatile and that can wildly impact your potential profit. Do your homework first. In case you are a lasting investor in cryptocurrency, this is apparently a worthwhile play.
With regards to crypto currency and mining for coins, the old adage of “time is money” holds true more than ever. This needs to be in the forefront of your own thought process when deciding how you should go concerning this process. Make sure you pick a data center that will know the way valuable your uptime is!
In the long run, a genuine data center will have not just battery backup, but a secondary power source, such as a generator. They’ll also have network redundancy. These are generally 2 more things that will end up being valuable for your experience. Stay away from the worries of power consumption, electrical consumption and also the the fear of downtime for your equipment. Colocate your equipment and begin earning your coins!