Cloud mining services profitability UPDATE #5
The situation is drastically changed since my last report two month ago. Now the BTC is the only currency from considered cloud mining services with ROI less then 1 year.
Bitcoin just punched 7000$ level! At same time Bitcoin mining difficulty increased more then 4x from 2017 beginning:
Difficulty
Coins mining at current difficulty level:
Coins: # 2017-11-01
BTC: 0.00000173 # coins per day for 10GH/s
LTC: 0.00046488 # per 1 MH/s
ETH: 0.000017555 # per 100 KH/s
DASH: 0.00000262 # per 1 MH/s
ZEC: 0.00000176 # per 0.1 H/s
XMR: 0.00118151 # per 60 H/s
Genesis-Mining (GM) currently propose only ETH, ZEC and XMR contacts, other currencies are out of stock. Hashing24 is sold out. Please be aware that Hashflare (HF) had voluntary changed BTC contract rules from Sept. 1 and will terminate already sold lifetime contracts in 1 year. I wrote about it in my previous post.
Mining profit calculation:
invest fee earn ratio revenue maintenance profit \
BTC-HF 100 0.233333 0.80848 0.575146 295.095 85.1667 109.928
LTC-HF 100 0.0666667 0.333954 0.267288 121.893 24.3333 -2.44004
ETH-HF 100 0 0.231194 0.231194 84.3859 0 -15.6141
ZEC-GM 100 0 0.203893 0.203893 74.4208 0 -25.5792
XMR-GM 100 0 0.199539 0.199539 72.8319 0 -27.1681
ETH-GM 100 0 0.170109 0.170109 62.0899 0 -37.9101
DASH-HF 100 0 0.0216572 0.0216572 7.90489 0 -92.0951
ZEC-HF 100 0 0.0195737 0.0195737 7.14439 0 -92.8556
return percent
BTC-HF 5.8 109.928
LTC-HF NaN -2.44004
ETH-HF NaN -15.6141
ZEC-GM NaN -25.5792
XMR-GM NaN -27.1681
ETH-GM NaN -37.9101
DASH-HF NaN -92.0951
ZEC-HF NaN -92.8556
All other coins cloud mining contracts except BTC will not return investments in one year at the same price level. Investment in BTC (SHA-256) contract will return in about 6 months and 1 year profit makes up 109%:
BTC-HF: # return in 5.8 monthes
investing: 100 # USD for 364 days
income: 294.3 # USD
maintenance: 84.9 # USD
profit: 109.4 # USD (109.4 %)
The calculation was done with assumption of constant price and difficulty level. This is just my personal research and not an investment advise.
Notable is that if you pay Genesis Mining with a credit card for your contract- don’t expect to ever get paid for the first month of your contract. I have 3 contracts with them since June: BTC, Monero & ETH. I’ve been paid nothing for the Monero and ETH contracts. The BTC contract, they have NEVER paid me for the first month (July). Their customer service takes about one month to reply. Then, they’ve lied about me getting paid - despite my account showing BTC stuck in my “pending payments”. That’s why i switched to mining with my own equipment. Yes, Antminers are expensive- but at least I have control over getting paid. Beware of any cloud mining service. They are NOT regulated and are usually based NOT in your country. That means that you have NO recourse. See my other posts about getting started in Mining or buying cryptocurrencies. I’ve posted updates about getting paid - or not - from mining as well.
Thank you for detailed comment @sporte77. Could you estimate how many BTC you generate daily per TH/s now with Antmiter?
I’d recommend NiceHash’s profitability calculator to see what you can make with the Antminer. I take delivery of the Antminer in December. Right now, I’m running a couple Baikal’s. They generate 1050 mh/s on X11 algorithm. I’m averaging.0004 BTC per day.
Yes I got burned badly by HashOcean and however had not have any trouble with Hashflare.
Cloud mining is still a good way to earn money. https://aicrypto.vip/can-everyone-mine-bitcoins-yes-try-cloud-mining/
Why you should NOT get into cryptocurrency mining: https://steemit.com/mining/@walczakit/why-you-should-not-get-into-cryptocurrency-mining