Ethereum cloud mining experiment - #2 The first week of mining
Hello people,
Now the first week of ETC mining at genesis-mining.com is over and you can find my results below.
As you can clearly see already after one week, the daily payments are becoming less and less due to the increase of difficulty. In fact it went up from around 58T at July 1 to around 71T at July 7. Just for the records, at the current date it sits around 83T, which is another big jump.
Therefore looking at both, the difficulty increase and the current price slump, the breakeven point is moving to 438.27 days (1 year and 2.5 months). Consequently the mining will only stay profitable if the prices are recovering and the difficulty will stop to increase by around 10T per week or more!
I made another small example:
In case the difficulty will increase to 100T in about 3 to 4 weeks, and the prices will not move too much, the breakeven point for my 5 MH/s mining contract will move to more than 522 days. And this is only in 3 to 4 weeks. I don’t want to think of the situation in 3 to 4 months.
So let’s see what’s happening ;)
If you are planning to buy a cloud mining contract at genesis-mining.com anyway, feel free to us my promotion code and you will get a discount of 3%: OSwMQI
Thank you and have good day!
* Cost per day is calculated by dividing the initial investment of 150$ by 730 days.
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