I took four companies, very well known in the market, to my study in this post. It was exciting to see that not only the cheapest electricity was not, after all, the only thing that did matter in my choices into what I invest.
I took Hashshiny, Genesis-mining, Oxbtc, and IQmining for my study in BTC mining contracts. Bitcoin is, after all, the most popular cloud mining cryptocurrency. I also went shopping a little bit other crypto mining power in the end but let us start with the Bitcoin, the King of Coins.
All these companies are very trustworthy and legal in their businesses.
Hashshiny (established 2016) offers two years contract to bitcoin miners, IQmining (since 2016) gives you options from 1 year to lifetime contracts, and genesis-mining (founded 2013) goes for 18 or 30 months mining options. OXBTC (founded 2014) is usually offering three years of contracts (I have one for a long time already), but there are also many fascinating variations in their packages.
Hashshiny tells that they have over 760.000 customers at the time of writing this. Genesis-mining says that they have over a staggering 2 million customers, OXBTC instead over 600.000 miners, and IQmining I couldn’t find an exact number, but I assume hundreds of thousands.
I started to calculate the package prices and electricity prices, and I took two years of mining time to compare and what I should buy after my calculations.
Hashiny 1000 USD, 44 TH/s 2 years contract, maintenance fee 0.04USD / TH/s / day
Genesis-mining 966.5 USD, 19.5 TH/s 18 months contract, zero maintenance fees.
Oxbtc 966 USD, 23 TH/s, three years contract, electricity 0.0364 USD / TH/S / day, management fee 5% from profit.
IQmining 928 USD, 42.1 TH/s, 2 years contract, maintenance fee 0.1 USD / TH/s / day
Today’s (14.9.2020), Bitcoin mining profitability is 0.0865 USD per day.
Here are the daily profits for each company’s packages mentioned before. All maintenance and electricity fees have been deducted already from these profits.
Hashshiny : 2.05 USD / day
Genesis-mining : 1.69 USD / day
Oxbtc : 1.15 USD / day
IQmining : -0.57 USD / day
Contract lifespan profits are next:
Hashshiny: 1494 USD
Genesis-mining: 911 USD
Oxbtc: 1247 USD (5 % management fees have been deducted)
IQmining -415 USD
Two of the companies are profitable investments with today’s mining profitability. Hashshiny and Oxbtc.
1000 USD investment to Hashshinys package pays back in 489 days after it gives 494 USD profit.
Oxbtc, 966 USD investment, is paid after 838 days, and it gives a profit of 281 USD to you after that.
Hashshiny gives a 6% discount to new customers, and Oxbtc gives a 15% discount to new miners. Use my links to get those discounts if you like. With these modifications, Hashshiny has paid itself back in 469 days and its profits to 534 USD. Oxbtc takes 713 days to pay back and returns you 431 USD after that.
Conclusion: the cheapest electricity does not mean that the product is the most profitable. The most affordable hash power doesn’t mean either that the product is best in the market. Also, calculating the electricity, management, or maintenance fees can be quite challenging. Do your homework carefully, and with a calculator, then you will invest in the best product at that moment.
With the pros and cons below, I hope that this blog post was useful to you. Based on my calculations today, I would invest in Hashshiny or Oxbtc from the cloud mining companies. I advise everyone to do their due diligence always before investing.
Excellent mining calculator.
I can mine a lot of different cryptocurrencies.
Almost perfect phone application.
Very competitive prices.
You can buy hash power with credit/debit cards.
The referral section is very straightforward to see and use.
They give three days of free trial to new customers.
Automatic re-invest option.
A little bit hard for beginners to start study different mining algorithms.
There is a trading side also on their website.
You can choose from 1 year to a lifetime in mining contract time.
Live chat support is very eager to help you.
Different levels of customer status, the best is Diamond.
Automatic re-invest option.
Bitcoin mining contracts are relatively expensive compared to other competitors.
They give seven days free trial to new customers.
(use referral code ei0ECG )
A lot of customers
Very easy to use platform.
Costly bitcoin mining packages.
The referral section is insufficient and unclear.
You cannot pay with credit / Debit cards.
Fast response time in Live chat
They have low-cost mining packages for new customers.
They give three days free trial to first-timers.
The referral system is one of the best in the market.
The mining calculator is almost flawless in every algorithm.
The variety of mining packages is vast and exciting.
Trustworthy company in general.
The support section is excellent, easy for beginners to start.
Mining packages are good value for the money, with almost no exceptions.
The security level of their operations is very high.
They have exciting tasks to do for new customers.
You can pay with credit/debit cards.
There is sometimes too much different kind of packages to choose from.
Coupon codes and discounts are sometimes a little bit hard to understand.
The phone application is not enough to use as an only operating device to oxbtc.
It would be best if you had a web user interface and phone application both.
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