Cloud Mining - with who and whats currently the most profitable

in crypto •  last year

Hi guys

Sorry I have been so dormant recently, getting married requires a huge amount of time to deal with all the small things.
Any way i've spent a lot of time cloud mining in my off days ( as it requires a lot less man power than actual trading, which i still do of course just not as much )

So I decided to share with you my knowledge I have received from my own personal research.

Firstly ill talk about the 2 main cloud mining services.

Disclaimer time - Firstly let me start off by saying I do not work with OR for any of these 2 cloud mining companies, and this is just my information I have gathered from research. This is not investment advice, you may use my information in what ever way you feel. Secondly, never invest with money that you are dependent on, only with money you are willing to lose.

OK now that that's done, lets get to the real information

let me introduce you to the 2 main cloud mining companies.

Firstly , Hashflare.

hashflare

I have used hashflare for over 8 months now and received my ROI , so they are quite a favourite in my eyes.
This post isn't about who they are so if you would like to know more please visit their website.

The next contender is Genesis Mining

Genesis Mining

if you would like to receive 3% discount on any of your hashflare purchases you can use coupon : E7gz50
This is in my opinion the biggest mining company around at the moment. I haven't used them as long as hashflare but so far I haven't run into any problems or heard many complaints about them either ( very similar to hashflare)

So who and what is most profitable?

These two companies offer pretty much the same coins to mine
Namely : bitcoin, Ethereum, Dash, Litecoin

Ill use $1000 (or as close to that as possible) as our set amount and compare with that.

COINHASHFLAREGENESIS
bitcoin8.5th/s7.5th/s
Ethereum50mh/s40 mh/s
Dash180mh/s200 mh/s
Litecoin74mh/s84mh/s

So from the above table we can see hashflare is looking better for bitcoin and ethereum but genesis is better priced for Dash and litecoin.

One thing to note is that Genesis is out of stock on dash and litecoin, so that could be old prices, but lets work with it as its not.

Next thing to know is that Hashflare offers 1 year contracts on its Eth and Dash contracts compared to Genesis mining which offers 2 year contracts ( no brainer )

Lets now compare which is most profitable.
Eth and Dash cloud mining have no maintenance fee, while scrypt and bitcoin do.

ill table below the profitability, this will be the final profitability with the electricity and maintenance deducted from it, so your final amount per month. Ill be using cryptocompare - https://www.cryptocompare.com/

COINCOMPANYSPEEDMONTHLY PROFIT
BTCHashflare8.5th$168.97
LITECOINGenesis84 mh/s$102.2
ETHEREUMHashflare50 mh/s$120.26
DASHGenesis200mh/s$64.54

conclusion

From the above information you can see that firstly, at the current price of bitcoin it is more profitable to mine, and on top of that the bitcoin mining contracts are life time contracts (as long as bitcoin is profitable to mine)

Let me know what you guys think in the links below

and again, sorry i have been so quite :) I will try change that

sources:

link1
link2
link3

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"So who and what is most profitable?"

Not cloud mining. Cloud mining is borderline a scam, it's pretty much mathematically guaranteed to be worse than buying and holding anything. The only reason I don't use the word scam is that the math is right there for anyone to see. It's like voluntarily walking in and paying more for a product; I guess that's not a scam, but I wouldn't want to do business with anyone that tries it.

You are giving your money away and encouraging others to do so. Please stop. These mining services are parasitic.

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He is not encouraging anyone. Just did analysis and left to readers to decide what they want to do :-)

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Shrug, technically correct. The best kind of correct I guess. I still think it's disingenuous. It's got referral links for the mining companies, which is the only way that you can make cloud-mining more profitable than just buying. It's a thinly veiled pyramid scheme with Craig-Grant at the top.

This analysis doesn't even mention projected difficulty increases. It vastly overestimates the "profitability" to be had. No mention of counterparty risk (see recent Genesis hack).

This is typical "I've never done the full math on mining contracts so I think they print money and can't wait to tell anyone" nonsense. Incidentally, this is also why I didn't flag it. I think it's done mostly in good faith (and slightly for rewards/referrals), not as a deliberate pied piper leading lemmings to the cliff.

The first line of any cloud mining post should be "cloud mining is not profitable and you should never do it".

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oh hell yeah Craig Grant is a scammer as fuck. As bad if not worse as Joshua Homero Garza

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I also get irrationally annoyed by his word vomit poetry which is basically just mad libbed "Take cliche about life, but say the exact opposite".

I don't know why it bothers me so much. He also is a lazy, selfish blogger.

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He certainly loves to talk about himself, verbally masturbate and record his videos on YT lol
He does not follow anyone and does not upvote anyone. Has no engagement in community (chats rooms, meetups, minnow upvoting etc.). Only sometimes upvotes some posts that support his scams or some high reward trending post to get a buck back.

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Indeed.

Having said all that, I don't think I want anything done about that beyond the community flagging it if the want.

Although I have plenty of complaints about the way-too-high opportunity cost of flagging people at the current time...

While it may not be a scam in your opinion, it could be considered spam. Spam is not appreciated by the community and could be flagged or may result in action from the cheetah bot..

Some things that can be considered spam:

  • Banner ads of any kind
  • Referral links/codes
  • Repeating the same post
  • Links to known scams, phishing sites, and other dangerous links
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I think the info is quite helpful to those trying to figure out who to mine with! I too had done a similar analysis, after spending hours researching and looking through YouTube videos. He is sharing his research and while helping others if he gets a few referrals, what is wrong in that?

really interesting way of comparing this, however I find it that your table should include the duration of a contract as well. On genesis you get 2 years for your money while you only get a year out of your hashflare. saw you included the mention, I would however be interested in seeing the Maths behind the contracts if you care :)

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Don't buy mining contracts. They are almost universally worse than buying and holding the coin yourself.

This analysis doesn't even mention projected difficulty increases. It vastly overestimates the "profitability" to be had. No mention of counterparty risk (see recent Genesis hack).

This is typical "I've never done the full math on mining contracts so I think they print money and can't wait to tell anyone" nonsense.

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Ah yes I follow, i wouldn't really go for the 1 year contracts to be honest. ;) not worth it haha

Welcome back and congrats on marriage. Personally I think mining contracts for cloud mining don't really make sense. In order to be profitable you would need to get very lucky.

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Hey :) Well i started my mining contract in December last year and got my ROI in about 5 months on btc ( yes i was very lucky due to the massive boom in the early months ). BUT if you had extra cash it never hurts to put some into mining.

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I think it is still better to spend that money on buying the currency rather than mining it though.

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This is true in a sense that the coin will go up, but in the long run when you receive more coins than your original investment that's when it pays off. That is why i stay away from 1-2 year contracts and go for life time.

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I think that mining contracts may have made sense in 2014 when there were lots of new POW coin launches.

In those cases you could have found something that had been overlooked by others and you could mine a large amount of coins that would be worth a lot more in the future.

That situation doesn't really exist anymore.

I think now you are better off using the money that you would point towards mining in buying actual coins - I can't think of a single case where you would actually get more coins by purchasing mining.

It just doesn't make economic sense any more - particularly not for any major coins like Bitcoin, Ether, Litecoin etc.

If it did the companies offering the mining contracts would be using that hashpower to mine for themselves.

The fact that they can make more money by selling it should tell you something.

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I think this is the key line here

The fact that they can make more money by selling it should tell you something.

Welcome back on Steemit after a long break! :-)

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Thanks so much :D hope you enjoyed the post.

Thanks for your good posts, I followed you! +UP