As my readers know, I only promote products or services that I use or invest in. I wanted to update you on the cloud mining contracts I just purchased. Cloud mining is different than traditional mining because you don’t need to purchase hardware for the mining. Cloud mining is much cheaper than owning a machine. You are simply purchasing into a pool and it is all done by others.
The Benefits
I was not sure what to expect when I started them on May 23, but I was able to see the benefits. Two weeks have passed and I feel confident that I have enough data and information to create a solid report. Hashing24 was my first contract. They offer Bitcoin mining only. You can buy as much hashing power as you like. Plans as low as 100GH/s are available and as affordable as $18. 033 per 100 GH/s. Hashing24’s model has the upside that you can theoretically receive daily payments for life after you have paid your upfront amount.
It is similar to purchasing an immediate annuity. I bought 4500 GH/s ($800) in the interest of full disclosure. After subtracting the daily fees, I make approximately $7 per day depending on the Bitcoin value. Extrapolating that, it would be approximately $210 per month with a break-even point of just under four months.
Good Investment
This is a good investment as everything after month four would be pure profits. Keep in mind that the mining difficulty is going to increase in the future, which will impact your profits. I decided to start a contract to mine Ethereum on May 25th. All major crypto companies are now using the Ethereum blockchain technology. I believe it will eventually surpass Bitcoin’s value. It is currently half its size, with a market capital of $20,505,000,000, compared to Bitcoin’s $41,888,000,000.
I initially purchased 35MH/s, but later decided to add 15MH/s. The contracts are valid for one year. You can also adjust the amount of hashpower you want for each pool with Hashflare. You can increase the percentage of hash power you want in one pool if it is performing better. 50MH/s cost $1,090. However, I got more bang from my buck by paying in Bitcoins.
Bitcoins
The value of my Bitcoin purchase appreciated. My Bitcoins went further, and in reality cost me about $900. Let’s be conservative and choose the higher amount of $1.090. Their calculator predicts that at the current Ethereum price ($223), I would make $23,358 on my $1,090 investment. This kind of return is worth the risk. Because I am a long-term investor in both Bitcoins and Ethereum, I see this as a solid opportunity for diversification and passive income.
Remember that cryptocurrencies can be extremely volatile, which can have a huge impact on your potential profit. Do your homework first. This seems to be a good investment if you are a long-term investor in cryptocurrency.