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Genesis Mining has been offering hosted mining contracts since 2013. Until now they have only offered three types of contracts with prices ranging from only $29for 10 GH/s to $42,000 for 10 TH/s for 12 months and the company promises 100% uptime. The new plan is not only much less expensive it is also for a lifetime. Instead of having to renew your lease every 12 the new program will give you a permanent mining lease with Genesis Mining.
One question that many new miners often ask is about profit from cloud mining programs like this. If you invest a certain amount of money you should expect a profit from your investment. Programs like Genesis Mining will certainly earn a profit. Unfortunately unless you are willing to go in big at the outset your profits might seem depressingly low. An example is the Gold level offered by Genesis Mining. You receive 10GH/s for $9.99. The calculator that we used put the daily profit from 10GH/s at about $0.09 per day. This calculation was made for Bitcoin mining. Genesis Mining offers several coins that can be mined and it can be set to mine the most profitable at that particular time and this may mean that there are higher profits in mining altcoins at Genesis Mining.
The altcoin contracts are significantly more expensive than Bitcoin contracts however. The contracts for coins like LiteCoin, DogeCoin and FeatherCoin begin at $17.95 per MH/s, go to the next level which is $339 for 20MH/s and finally to the Diamond plan which offers 100MH/s for $1,499. The profit from 1 MH/s is $1.65 per day, which is substantially higher than Bitcoin contracts are able to generate with significantly less power. There are two points to be made with this pricing. The first is that as long as Genesis Mining remains in business and regardless of which plan you select, you will be generating a profit. The amount of profit will, like with any investment, depend on the amount of risk that you are willing to take. Bitcoin might fluxuate in price from time to time but no one is suggesting that Bitcoin is dead. Other altcoins however can be risky and of course the contracts are more expensive and profits will decrease as difficulty increases unless power is added.
The prices offered by Genesis Mining are among the lowest in the industry however. Old customers with yearly contracts will automatically be upgraded when their contracts expire so that there is no downtime while they renew.
Did you enjoy this article? You may also be interested in reading these ones:
- Cloudmining Review, Part 3: Everyday Use
- Cloudmining Review Part 4: Money Matters
- Interview with Marco Streng, CEO of Genesis Mining
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