I diversified into a number of ICO tokens, a number of smaller cap cryptos, and an ethereum cloud mining contract on hashflare.io which will be profitable based on the current ethereum rate, and more so if it increases in value. However they don't specify what will happen if ethereum goes to proof of stake. Another cloud mining website said they will use the mining power for the next most profitable coin if that happens so maybe hashflare will do the same. Wihtout knowing exactly what they will do if it happens I decided to take the risk. If someone buys a contract on hashflare.io use code https://hashflare.io/r/E72171 , and we both get 10% extra.
I looked at ETH mining contracts a while back and saw the move to POS as a big issue. I think Genesis was going to do a "best effort" but in the absence of any guarantees I think it's a decent risk to the contract. Probably best case scenario would be for the contract to switch to Ethereum Classic (due to same EtHash algorithm), but if it's not in the contracts fine print then don't hold your breath. I'd write and ask them and get the answer in writing. PS - I am very happy with my DASH contract at Genesis. They have been sold out for a while now, but it's already 50% paid for itself after only a couple of months and it runs for 2 years
Yeh that Dash looks good. Shame it is all sold out now . I just realised Genesis minings ethereum contract was twice as long as hashflare, and only slightly extra. Damn. I was too hasty signing up with hashflare. Oh well. Wait, and see what happens. I might risk another contract with genesis mining. I will think about it.
Have a read of this thread :- https://www.silverstackers.com/forums/index.php?threads/cloud-mining-services-genesis-mining.68827/ phrenzy went AWOL and never got back about his own fortunes with mining contracts, but I've put a few things in there too from when I did some analysis on the mining contract offers earlier in the year.
Thanks. After reading those posts, and realising if ethereum becomes un minable then one can switch to ethereum classic I am going to get a contract on genesis mining. I think ethereum has a bright future, and what I will put into the contract is pure profit anyway from the big run up the past few months, so not much risk. Ethereum to the moon!
Good luck with it. The note on Genesis page says :- Still no guarantees, but at least it indicates they will try. It was only a guess that they'd switch to Ethereum Classic.
I've looked into these mining contracts and calculated no profits Are you guys actuall making profit from these? What's the best coin to mine?
Have a look at this site :- https://www.coinwarz.com/cryptocurrency You can input your hash rates, power usage and costs and calculate what is the most profitable coin to mine at any particular time. With regard to mining contracts, when I researched them I thought there were a lot of companies who were a bit dodgy either from a scam perspective or from a profitability angle. The key is in the terms of the contract (like anything) I chose Genesis because I compared a few and they seemed to be competitive on price and professional in approach. They are based in Iceland which I think is ideal. Low local power cost and low ambient temperatures in a first world country, they tick a few boxes for a good business model for me. Choosing the right coin is trickier. You want one with good fundamentals and prospects over the course of the contract life. Coin price increases help, but does lead to increased mining difficulty and a smaller piece of the pie. Expect yield to drop over the course of the contract due to Moore's Law (new tech improves competitor hash rates) :- http://www.investopedia.com/terms/m/mooreslaw.asp I chose DASH and am very happy with my choice so far, but most of the good coins choices are sold out at Genesis right now. I might have a look at Monero though. If I was forced to take a new contract today I'd probably choose Monero. Genesis is offering a 2 year contract that looks like it might ROI in 11 months or so. If you (or anyone else) decides to sign up with Genesis, please use my affiliate code 65bWBK It's a modest bonus, but better than nothing.
I signed up and put in your code thanks I'm slightly confused I paid for 2 contracts ether and monero What I don't understand is the allocation, I was under the impression I was mining ether and monero How am I able to allocate my hash to different coins The best I can figure is I mining monero and ether and they get exchanged to the coins I allocate is that right?
Thanks for that. I hope they gave you a discount. So what you're buying is access to hardware that is built/configured specifically to generate hash power for a certain algorithm (different algorithms might need different GPU, CPU or RAM). For Ethereum the algorithm is called EtHash. For Monero it is CryptoNight. By default your hash power will mine Ethereum and Monero respectively. You can put your public keys for your ETH and Monero wallets in your settings and every day you will get a little of each coin deposited in your wallet (it'll take a couple days for the 1st payout to arrive). OR you can change your mining allocation to automatically convert the coins you mine into bitcoin or another preferred coin. OR you can change your hash power to mine another coin which uses the same algorithm. For instance you can configure your Ethereum hash power to actually mine Ethereum Classic instead.
I'm feeling bearish for the short term. I'm thinking bitcoin will slowly deflate until around the middle of july. Once the drama gets out or the fork I'm pretty sure bitcoin will tank like it did last time a fork was announced taking the market with it. I'm not sure what will happen if Eth takes over top position. Going to be an interesting few months. I'm hoping everything holds until tomorrow. Going to convert some to PM's to ride out the storm.
I tend to agree. Check out this chart of BTC :- It is selling off and bouncing with volume, but the bounce is into a headwind and it looks tired. It looks a bit like a ball bouncing down a staircase. From a fundamentals perspective I think the market is realising that Bitcoin is going to split into two and that will be hurting buyer sentiment also. Not sure if that will dampen sentiment across the entire crypto sector, but it might. It would not surprise me at all to see another fall in the next 12-24 hours.
My theory on Tether is holding up. Check out the latest price chart from the last 7 days :- Note that Bitcoin has started rallying strongly in the last 24 hours and the price of Tether has dropped under 96 cents USD. I think this is signalling the fact that the sell offs are over and the crypto pros are moving off the sidelines and back into the riskier crypto assets. DYOR
I should add that my test run of using Tether as a safe haven during the recent volatility was a success. Though I am not really comfortable using the web wallet, if anyone has a heads up on a cold wallet that supports Tether please let me know. I'll be first in line.
I bought a bunch of GPUs this week to get back into mining. I find it's more of a hobby with computers, so it's fun to get into and keep track of. ROI at current rates for ETH (and ZEC to a lesser extent) is around 2.5 - 3 months, so that's pretty cool if the price continues to increase slowly too. I am keen to try get a hold of some more ETH though. I have a feeling SegWit will push people out of Bitcoin for the short term and into other currencies. Ethereum has definitely proven to be one of the more well known alt coins with a strong following, so could be seen as the next "safe" haven. Anyone know where to grab ETH straight from AUD? Or not possible? lol.
What GPU's did you buy? also what is the projected amount of ether you will get a month if left running 24/7? What mining pool are you using or are you mining solo?
A mix of GTX 1060s and 1070s. 14 of them so far. See how much power/heat they generate and go from there. Approximately 5 ETH per month. And Ethermine is the pool I am using. Solo is not worth it, too much luck involved.
How many are you running off each motherboard? I have been thinking about doing similar and using risers to get 4+ Also, you can trade ETH in AUD at BTCMarkets :- https://www.btcmarkets.net/
