Cloud Mining. Genesis Cloud Mining. Bitcoin Mining. Ethereum Mining.
To Be Or Not To Be? Cloud Mining Service: Pros and Cons
When we are thinking of CryptoCurrencies mining, yes, it takes upfront capital investment on computer hardware. Immediately after that the nuisance of managing and maintaining it. Before it gets depreciated, we need to earn from that. Perhaps all these are taken away by Cloud Mining services. When availing this service, we just sign-up with the initial amount, start the process and without much worries of maintenance of the hardware/software, we start mining and earn.
However the following two points should be kept in mind:
- It is less profitable with cloud mining services than having our own mining rig.
- There are some Ponzi schemes around where in we may not end up earning
By and large, cloud mining services have its pluses to get started with mining process, experience the nuances and may even be profitable.
Genesis Cloud Mining Service.
Genesis is ONE of the popular Cloud Mining Service that offers attractive plans for mining various CryptoCurrencies including Bitcoin and Ethereum. This Hong Kong and Iceland based company claims that there are five hundred thousand users. The service is so popular that sometimes the plans are over sold and not available for Bitcoin and available for other ALTCoins like: Ethereum, Dash, Litecoin, Monero and ZCash.
Some other cloud mining services we can mention are: HashFlare.io, hexamine.com etc., Each of them have different plans to choose and different reward methods from plans. We can say that there are several hundred services available now.
How to earn with Cloud Mining? What are the metrics?
- Bitcoin Small Mining Contract- Contract Length: Lifetime.
Price US $ 30: Payback period 196 day.
- Hash Rate 200.0 GH/s
Bitcoin Mining only.
Fee per day $ 0.056
Return Per Day $ 0.1525
Profit Ratio 272%
Return Per Week $ 1.07
Return Per Month $ 4.57
Return Per Year $ 55.66
Cost per GH/s $ 0.1500
Payback period 196 days
Annual Return Percentage 185%
- Some of the users mention their concern about additional Maintenance charges charged by Genesis.
Hope that you got an intro about Cloud Mining Service in this script. Please collect as much information as possible before diving in.
/Malick, Chain Scripts, Chennai, India.
‘I have no special talent. I am only passionately curious’. -Albert Einstein