Genesis Mining - Ethereum Cloud Mining Available
- Created: Friday, 14 August 2020 02:32
In connection with the high profitability in the mining of the Ethereum cryptocurrency, in stores, as in 2017, there is an increased demand for video cards, while the prices for equipment also crawled up. If half a year ago the AMD Radeon RX5700XT video card could be bought for 400 USD, then due to the rush demand the price for these video cards has risen to 550 USD and more. Against this background, the well-known cloud mining company Genesis Mining has resumed limited sales of contracts for Ethereum mining. The minimum tariff for 52MH/s (hashrate of the RX5700XT video card) is estimated at 199USD, i.e. with the current yield, such a contract will pay off in 76 days.
The second-priced contract for 999USD offers 261Mh/s, which also pays off in 76 days. The most expensive contract for 4.998USD will give you 1305Mh/s with the same payback period. Calculating the payback of these cloud mining contracts is easy because there are no additional payments for maintenance, electricity and other costs. Those. costs only for the purchase of the contract itself. You can independently calculate the payback of buying Ethereum cloud mining contracts here.
A return on investment of 76 days without wasting time buying equipment, setting up and maintaining it sounds pretty good. If not a few negative points. And the first is the duration of contracts is only 3 months, i.e. out of 90 days, the contract will pay off in 76 days and only 14 days will go into net profit, which will amount to 15% of net income for 3 months or 60% per annum. The second drawback is also significant, it is the instability of the rate of cryptocurrencies and the profitability of mining in general. return on investment in 3 months may deteriorate significantly, and maybe vice versa due to the growth in the cost of cryptocurrencies, the growth of block size can become even more profitable.
Therefore, the purchase of such cloud mining contracts always carries significant risks that you must take upon yourself, depending on your forecasts for the development of the situation in the cryptocurrency market.