As users of my blog know, I will only develop additional elements and functions that I use or invest resources in. I needed to provide an update on my recently purchased cloud mining interests. Cloud mining works in a unique way, unlike traditional mining, where you don’t buy any equipment to do the drilling for you. This means that you do not incur large energy costs associated with having your own device. It is completely finished by others and you are basically participating in a pool. At the time I started on May 23, I wasn’t quite sure what the store had in store.
About fourteen days ago, I realized that I had too much information and data to make a solid report. The initial deal I started was with Hashing24. They only suggested bitcoin mining. The way it works with them is to buy whatever hash power you need (for more info, see my post on “mining”). They have plans that are as low as 100 GH/s and only cost $18. Since they offer unlimited deals, you pay a small daily maintenance fee of $0.033 per 100 GHz.
The potential advantage of the Hashing24 model is that once you pay your direct amount, you can hypothetically collect daily payments until the end of time. So it’s like buying a quick annual salary.
In light of a legitimate interest in the full story, I bought a 4500 GHz ($800). After deducting my daily expenses and depending on the value of my bitcoins, I earn about $7 a day. If we subtract it, it will be about $210 per month with a repayment of the original investment point of just over four months. This is not really a bad assumption because everything after the fourth month will be pure profit. One thing to similarly remember is that the mining problem will increase later, which will affect your profits.
On May 25th, I came to the conclusion that I needed to start an Ethereum mining agreement. The Ethereum blockchain innovation is accepted by all the major crypto organizations and I really accept that it will one day surpass the value of Bitcoin. It is currently a fraction of its size with a market capitalization of $20,505,000,000 compared to Bitcoin at $41,888,000,000.
I bought Ethereum cloud mining contracts through Hashflare.io. At first, I bought 35MH/s, and then I chose to add another 15MH/s. Agreements are for one year. Hashflare also allows you to change the hash power level you need in batches. If you see a group performing better, you can put a higher average on that group.
The cost of 50Mh/sec was $1,090, however, I got more value for my money because I paid with bitcoin and my bitcoin purchases were valued. This means my Bitcoins went further and actually successfully cost me about $900. How about we go to moderation and take the higher measure of $1090?
The companion machine on your site predicts that at my current cost of Ethereum ($223) I will make $2,358 on my $1,090 speculation. This kind of return makes it worth the adventure for me.