Cloudmining Review Part 4: Money Matters

CoinTelegraph concludes its review of a selection of the most popular cloudmining providers with the all-important overview of just how much money is involved for potential users.

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Cloudmining Review Part 4: Money Matters

CoinTelegraph concludes its review of a selection of the most popular cloudmining providers with the all-important overview of just how much money is involved for potential users.

Cloudmining needs to be suitably profitable for customers, as well as offer flexibility when it comes to harnessing and spending or reinvesting those profits. With this in mind, we check out the costs to the consumer for each of our cloudmining providers, and see how easy it is to get your hands on your precious coins fresh from the ether.

(Please note that due to currently experiencing difficulties, BitcoinCloudMining.com will not be included in this review.)

GH/s prices quoted are averages.

PB Mining

Mining costs

Any GH/s rate is possible for a 5-year contract.      1 GH/s = 0.003BTC.

                                                               

Payment and withdrawal types

Payment for services and withdrawal of profits are only available in Bitcoin.

Taxes and fees

PB mining does not impose a fee on profits once a contract is purchased.

Eobot 

Mining costs

Any GH/s rate is possible for an unlimited contract period.      1 GH/s = 0.0048BTC.
       1 KH/s = 0.0005BTC.

 

                         

Payment and withdrawal types

Payment for services and withdrawal of profits are only available in Bitcoin.

Taxes and fees

Eobot currently charges 45% for SHA-256 and 45% for Scrypt mining.

MineOnCloud 

Mining costs

For daily contracts, a minimum price applies of 24.90EUR.      1 GH/s = 0.0152BTC.
For yearly contracts, a minimum price of 2999EUR applies.      1 GH/s = 0.0064BTC.

                          
                        

Payment and withdrawal types

Payment for services can be made with Visa/ MasterCard and Bitcoin. Withdrawal of profits is only available in Bitcoin.

Taxes and fees

Altcoin mining profits are subject to 1% fee.

CEX.IO

Mining costs

CEX.IO does not offer contracts; it allows trading of GH/s. See below for commission information.

Payment and withdrawal types

CEX offers the functionality of its exchange for payments. Funds can be deposited and withdrawn from mining using any method available for exchange customers (NMC, LTC, IXC, DRK, DVC, DOGE, FTC, AUR, BTC). Fiat payments are possible once 2-factor authentication has been approved.

Taxes and fees

Commission on profits is calculated using a formula (available here), resulting in an average rate of around 33%.

Genesis Mining

Mining costs

A yearly contract @ 2 MH/s costs 158USD.      1 KH/s = 0.00013BTC.
A yearly contract @ 100 MH/s costs 5900USD.      1 KH/s = 0.000099BTC.

                                                        
                                                  

Payment and withdrawal types

Payment for services can be made with bank transfer and Bitcoin. Withdrawal of profits is only available in Bitcoin.

Taxes and fees

Genesis Mining does not impose a fee on profits once a contract is purchased.

Group Bitcoin

Mining costs

1-99 GH/s in a one-year contract      0.0054BTC per GH/s.
1000-8000 GH/s in a one-year contract      0.0037BTC per GH/s.

                                                                            
                                                                

Group Bitcoin does not impose a fee on profits once a contract is purchased.

Payment and withdrawal types

Payment for services can be made with bank transfer and Bitcoin. Withdrawal of profits is only available in Bitcoin.

Taxes and fees

Group Bitcoin does not impose a fee on profits once a contract is purchased.

Cloudhashing

Mining costs

40 GH/s in a one-year contract costs 299USD.      1 GH/s = 0.012BTC.
600 GH/s in a one-year contract costs 2999USD.      1 GH/s = 0.007BTC.

                                                  
                                              

Payment and withdrawal types

Payment for services can be made with bank transfer and Visa/ MasterCard  and Bitcoin. Withdrawal of profits is only available in Bitcoin.

Taxes and fees

Cloudhashing does not impose a fee on profits once a contract is purchased.

Pacific Hashing

Mining costs

For a daily contract, a minimum price applies of 25USD.      1 GH/s = 0.0152BTC.
For yearly contracts, the maximum price is 27999USD.      1 GH/s = 0.0046BTC.

                               
                                 

Payment and withdrawal types

Payment for services can be made with Visa/ MasterCard, PayPal and Bitcoin. Withdrawal of profits is only available in Bitcoin.

Taxes and fees

Pacific Hashing does not impose a fee on profits once a contract is purchased.

Cointerra Mining

Mining costs

For a one-year contract, a minimum price applies of 999USD.      1 GH/s = 0.0083BTC.
The maximum price for two-year contracts is 3,850,000USD.      1 GH/s = 0.0064BTC.

                   

                     

Payment and withdrawal types

Payment for services can be made with Bitcoin. Wire transfer is available only for US citizens. Withdrawal of profits is only available in Bitcoin.

Taxes and fees

Cointerra Mining does not impose a fee on profits once a contract is purchased.

If you would like to know more about the companies listed, check out the other parts of the review series: Cloudmining Part 1: A market overview for users, Cloudmining Part 2: Sites review and Cloudmining Review, Part 3: Everyday Use.

You can also get to grips with cryptocurrency exchanges with the help of CoinTelegraph – click here for more information.

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