This is my first Steem post, so bear with me guys!
I have a YouTube channel, don't know if I am allowed to post it here, I won't right now as I am not sure of it. So anyway, I get asked a lot regarding cloud mining whether they are legit or not and which are the best. All this time I couldn't recommend Genesis Mining because they were out of stock of any mining contracts for a very long time.
But, Finally after a long wait they have launched Ethereum mining contracts on Limited Pre Sale with the mining starting on April 30, 2018. I wanted to give a detailed analysis on the profitability of these mining contracts.
First of all, Genesis Mining are the most transparent company in the cloud mining business, which is very much required in the crypto world. Right now they have Ethereum mining contracts available on limited stock pre sale and they usually get sold out real fast. I will keep this post to the point, so talking about the Ethereum contract being offered now, these contracts are for 2 years with no maintenance fee charged and with an ROI of approximately 310 - 320 days but with Ethereum’s price expected to triple according to some experts in 2018, ROI should be achieved much sooner.
How did I calculate this?
Well, it is not rocket science, though it is not 100% accurate, you can say it is approximate but very close to accurate. It does give you an idea about the profitability. You can head over to "Coinwarz" mining calculator and select Ethereum mining calculator and see for yourself. Below are the fields which you would need to fill out:
Hashrate : 40MH/s (Minimum hashing power that can be purchased right now is 40MH/s)
Power, Power Cost, Pool fees: 0 (Genesis Mining ETH contracts have no maintenance fees)
Hardware cost: $1520 (this is the cost for 40MH/s of hashing power)
BTC/USD value: Adjust it with the latest market price
Hit Calculate.
And there you have it.
Even if ETH prices reach $2000, the ROI should be achieved in a maximum of 200 days after which it will be pure profit.
Oh Yes, the mining starts in 3 months from now, so you can add that as well and we will be back to ROI in 300 days, which is still very profitable!
If you are gonna purchase some hashing power,
a 3% Off Promo Code to use during checkout: OHEBPK
And yes I do get a mere 2.5% hashpower bonus if you use the above code and you will get a 3% discount! Win Win!
Happy Mining guys, I hope this article will be useful for people new to the mining and crypto world!
Do let me know if you guys have any further questions, I will answer them.