Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third party interference. Ether, the platform’s own native cryptocurrency, is mined with the “Ethash” algorithm. You can also receive Bitcoin, Zcash, and other cryptocurrencies for your output using the AUTO-Mining Allocation feature in our Dashboard.
The Ethereum Mining plans will run for a maximum of 24 months, however, should Ethereum (“ETH”) switch to proof-of-stake before the end of the term, we will use the leased hardware on a best-effort basis mine other well performing Cryptocurrenc with that hardware for you. Please refer to the contract for further details.
There is no Maintenance Fee involved in this mining plan. Your only cost is what you pay for the hashpower (the initial price at purchase). There are no other fees to consider when calculating the performance of this mining plan. To make a well informed decision, you can check out our Performance Estimation Tutorial.
A chart to compare the costs and benefits of having your own hardware to having a contract with Genesis Mining
Thanks to some great partnerships we have established with hardware producers, as well as to our large scale purchases, we get better prices on our employed technology. This means we buy the hardware cheaper than the market price. What also bears great importance, considering the maintenance costs, is the storage of the miners: we have several farms around the globe, and each location was chosen to fulfill two important criteria: cheap electricity supply and little or no need for cooling.
There is much beauty in purchasing and setting up your own mining operation, we know that. But setting up mining rigs are for those who are skilled technicians, can solve tricky complications, and generally see the fun in maintaining a complex construction. Cloud mining is for those who want to have the benefits of cryptocurrency mining without maintaining any mining equipment. For most people these are annoying, unnecessary difficulties, and our solution is targeted exactly at them.
There are many who tell us that they can mine cheaper by themselves according to their calculations. However, it always turned out that they forgot about one or more of the above listed costs. We did our calculations, and we think it’s impossible to have better mining performance on a smaller scale, at home and by yourself. Take a look at our hash power offerings and start cloud mining today.