That’s right, Genesis Mining announced that they will resume sales for Ethereum Cloud Mining hashrate. If you are not familiar with Genesis Mining, they are a company that allows you to rent their mining equipment for profit. They work with different cryptocurrencies; in the case with Ethereum, you purchase a 2-year contract for the right to get a share of their mining power.
Their prices are:
- 1 MH/s for 30 USD
- 30 MH/s for 869 USD
- 100 MH/s for 2800 USD
- or custom hashrate
As you could notice, there is a slight discount when you purchase a certain amount of MH/s. The discount is about 3% when you purchase 30 MH/s and 7% when you purchase the 100MH/s plan.
There is also an option to get a customized plan according to the amount of money you’d like to invest or the amount of MH/s you’d like to get. You can see the hashrate/price ratio in real time by moving a slider. The custom plan includes the discount as well, though it eventually remains at 7% after the 100 MH/s mark.
The price includes electricity, maintenance, and any other fees related to mining. This means that it is a one-time payment for a 2-year contract.
According to my calculations, the expected ROI should be somewhere around 16 months. While that is a lot of time, the income you get from Genesis Mining is almost 100% passive. All you have to do is specify your wallet address and start earning Eth 24/7.
Ethereum prices vary from day to day, and most people make more profit by trading the ETH they get from GM rather than by purchasing products with it. If done correctly, this could possibly decrease ROI to 9 months or even less.
There are rumors about Ethereum possibly switching to a Proof of Stake (POS) this year. There is little data to backup those rumors, but Genesis Mining did announced that if Ethereum switches to POS, anyone who purchased the plan will be automatically switched to a different altcoin mining plan. Genesis Mining promises that the backup plan will be as profitable as it can possibly be. All of this can be found in the contract.
What are your thoughts about this? Please let me know in the comments!
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