November 2017 results and thoughts

Here are November’s numbers. Profits from the mining contracts are holding steady, and I’m considering adding more BTC hashpower. Unfortunately, the BTC and ETH contracts at Genesis Mining are sold out at the moment.

On the investment side, instead of making new fiat investments, I’ve juggled around with my current portfolio and added some new coins into the mix. The most interesting of these is Cardano’s Ada (read more about their coin here).

NOV 2017 MINING RESULTS

ETH INCOME (USD): $244.23

BTC INCOME (USD): $389.18

XMR INCOME (USD): $140.27

NOV 2017 INVESTMENT RESULTS

TOTAL INVESTMENT TO-DATE: $10165 (+$0)

CURRENT PORTFOLIO VALUE: $43392 (+$29985)

 

All in all, things are looking quite positive. No large strategy changes are necessary at this point, but I will be keeping an eye out for more promising altcoins to further diversify the portfolio.

RESOURCES

Genesis Mining (for BTC, ETH and XMR mining contracts)

Kraken (for exchange)

CoinMarketCap (for cryptocurrency values)

Ether Diary update: current results and prediction

Due to being extremely short on time recently, I’ve decided to simplify my reporting. Here’s what’s been going on lately:

  • I’ve distributed my portfolio over several assets: Bitcoin, Ethereum, SiaCoin and BAT, to name a few, with main focus still on Bitcoin and Ethereum
  • Ethereum Classic seems to be dying (or at least its recent value changes don’t seem promising), so all of my Genesis Mining hashpower has been assigned to Ethereum

 

STATUS

TOTAL INVESTMENT: $10165

CURRENT PORTFOLIO VALUE: $13497

TO-DATE PROFIT: $3332

INVESTMENT ROI: 132.7%

 

CURRENT GENESIS MINING INCOME

ETHEREUM: $114.5 / MTH

BITCOIN: $181.9 / MTH

TOTAL: $296.4 / MTH

ESTIMATED CONTRACT VALUE VS. PRICE (ETH): $2748 / $1729.43

ESTIMATED CONTRACT VALUE VS. PRICE (BTC): $2182.8 / $556.78 (yearly)

 

All in all, Bitcoin turns out to be the more profitable one of my contracts, at least for now. ETH value development has been quite conservative lately, so this might change in the near future, but for now, focus is definitely on BTC.

Reporting update

Hi all,

After the payments began rolling in, it turned out that my previous weekly reporting routine wouldn’t be viable anymore. I’m currently updating my own data to a new format, and the results will be updated monthly from now on. July results will be available soon – stay tuned!

Week 4: reporting updates

The payments have begun rolling in, and the way I compiled reports from Genesis Mining’s data in the past is not viable anymore. A slight update to my own reporting was required – hence the delay. As always, all data is available in the Google Spreadsheet here.

These estimates don’t take into account a) the mining difficulty increase, and b) price fluctuation.

 

ETHEREUM

Ethereum yield: 0.15294474

Ethereum classic yield: 0.59562282

Ethereum contract lifetime income estimate (USD): $4249.46

Ethereum Classic contract lifetime income estimate (USD): $1081.44

Total contract lifetime income estimate (USD): $5330.9

Profit margin (2-year contract): $3601.47

 

BITCOIN

Bitcoin yield: 0.007878170

Total yearly income estimate (USD): $1066.32

Profit margin (1st year / consecutive years): $509.54 / $1066.32

Please note that in the profit margin calculation for Bitcoin, I’ve assigned the initial contract fee for the first year. Since it’s a lifetime contract, there are no investment fees for consecutive years.

 

MONERO

Monero yield: 0.188441790

Total contract lifetime income estimate (USD): $956.30

Profit margin (2-year contract): $552.30

 

 

USEFUL LINKS

Genesis Mining

Market Caps

Week 3: increased Bitcoin yields, low Ether value

Third week passed with basically the same setup as the previous one. I’m thinking about allocating more hashpower to ETC (vs. ETH) but haven’t acted on it yet. Daily value for ETH is low today, which is clearly visible in the profit margins. Even with the low daily value, ETH stands as the most lucrative part of this project to date.

Bitcoin yield was actually higher than previous week (with the same hashpower assigned), which makes for some interesting theories. As always, the latest data is available in an open Google Spreadsheet here.

These estimates don’t take into account a) the mining difficulty increase, and b) price fluctuation.

 

ETHEREUM

Ethereum yield: 0.16951488

Ethereum classic yield: 0.68388561

Total contract lifetime income estimate (USD): $5902.00

Profit margin (2-year contract): $4172.57

 

BITCOIN

Bitcoin yield: 0.00796723

Total yearly income estimate (USD): $1044.68

Profit margin (1st year / consecutive years): $487.90 / $1044.68

Please note that in the profit margin calculation for Bitcoin, I’ve assigned the initial contract fee for the first year. Since it’s a lifetime contract, there are no investment fees for consecutive years.

 

MONERO

Monero yield: 0.20323520

Total contract lifetime income estimate (USD): $953.68

Profit margin (2-year contract): $549.68

 

Monero’s value is still low, which makes for somewhat uninteresting results, especially given the low investment at this point. However, Bitcoin continues to do well, and I’m contemplating purchasing more Bitcoin hashpower if the trend stays the same.

USEFUL LINKS

Genesis Mining

Market Caps

Genesis Mining: Ethereum vs. Ethereum Classic – which is more profitable?

I recently branched out to mining Ethereum Classic as well, and thought I’d run an analysis on which one is more profitable right now. These numbers are based on real data received from Genesis Mining.

TEST SETUP

Ethereum hashpower 55.52MH/s

Ethereum Classic hashpower 13.88MH/s

 

RESULTS

Ethereum yield per MH/s: 0.00048193858

Ethereum daily income per MH/s: $0.178

Ethereum Classic yield per MH/s: 0.008468937

Ethereum Classic daily income per MH/s: $0.193

 

The conclusion: if you only look at today’s cryptocurrency values and mining difficulty, ETC is the winner. However, the price predictions for ETH are more positive than for Classic, and with the looming Proof of Stake update, ETC’s fate is still unclear. It really depends on preference; if you want a higher yield (more coins), ETC might be a better choice.

I will keep mining both to spread the investment, but focus will be on ETH at least for the time being.

USEFUL LINKS:

How to mine Ethereum with Genesis Mining

CoinWarz mining difficulty rankings

 

Week 2 in numbers: strong Ethereum & BTC, Monero uneventful

Second week came and went – let’s see the numbers. Everything in the setup remains the same, except for a small allocation switch between ETH and ETC. The current profitability analysis for these two coins is nearly the same, but ETC yields are much higher; I’ll do a separate post about it later this week.

Projected income got a hefty bump and now stands at around $12k a year. Very happy about this, as I was expecting the currencies’ price increase to not have enough effect to offset the difficulty increase.

All data is now available in an open Google Spreadsheet here (you can also find it from the right-hand side on the website, under “Current Status”). Thanks Jake @ DigitalInvesting.io!

These estimates don’t take into account a) the mining difficulty increase, and b) price fluctuation.

 

ETHEREUM

Ethereum yield: 0.20383

Ethereum classic yield: 0.49365724

Total contract lifetime income estimate (USD): $8673.44

Profit margin (2-year contract): $6944.01

 

BITCOIN

Bitcoin yield: 0.00731493

Total yearly income estimate (USD): $985.4

Profit margin (1st year / consecutive years): $428.62 / $985.4

Please note that in the profit margin calculation for Bitcoin, I’ve assigned the initial contract fee for the first year. Since it’s a lifetime contract, there are no investment fees for consecutive years.

 

MONERO

Monero yield: 0.21639061

Total contract lifetime income estimate (USD): $1148.16

Profit margin (2-year contract): $744.16

 

All in all, very encouraging results. Ether continues to do well, and branching out to ETC will allow for spreading the investment and increasing potential through more coin (ETC is very fast to mine), while having minimal effect in overall profitability.

Monero remains an interesting candidate due to the price increase potential, but the week was rather uneventful. In other news, Bitcoin experienced a huge price spike, but the value quickly returned to earlier level.

I also recently got into Minergate, which is an easy solution to start mining a variety of cryptocurrencies (incl. Ethereum and Ethereum Classic) with your home computer – for free. I’ve written a separate post about Minergate here.

USEFUL LINKS

Genesis Mining

Market Caps

How to mine cryptocurrency on your computer – the easy way

This guide will help you set up cryptocurrency mining on your computer, with no in-depth technical knowledge required. It only takes a few moments to begin mining with Minergate, and you can put your computer’s processing power to good use and begin making some money. Best of all: it doesn’t cost you a dime, and works on any computer.

1)

Join Minergate here. Don’t forget to use a strong password!minergate1.png

2)

Click here to download and install the Minergate software (Windows / MAC / Linux).

minergate2.png

 

3)

After the installation is done, start the MinerGate software and log in with your credentials.

minergate3.png

4)

You’re all set! The MinerGate software will automatically run in the background and use your computer’s CPU and/or GPU to mine coins, which will be deposited to your MinerGate wallet. I recommend using the Smart Mining method, which will automatically pick the coin that has the highest exchange rate at the moment.

minergate4.png

If you have any problems installing and/or using MinerGate, please let me know in the comments. Happy mining!

USEFUL LINKS:

MinerGate

Cryptocurrency mining difficulty rankings

Wallet software (Exodus)

Hashflare vs. Genesis Mining: side by side comparison

The two largest cloud mining services today are Hashflare and Genesis Mining. Since my mining investment is increasing rapidly, I decided to do a comparison of the services offered by both companies. Please note that all estimates are based on 15th June, 2017 currency rates and yields calculated with the CryptoCompare Mining Calculator.

ETHEREUM MINING

Hashflare

Contract cost: $22 per MH

Contract length: 1 year

Profit estimate for a 20MH contract: $1006.58

 

Genesis Mining

Contract cost: $30 per MH

Contract length: 2 years

Profit estimate for a 20MH contract: $2293.16

 

For Ethereum, the results are clear: Genesis Mining offers much better ROI, even if you look at 1-year returns. Hashflare’s contract cost is lower, but the 1-year length (vs. 2 years with GM) means you will end up with significantly less Ether if you sign with Hashflare.

 

BITCOIN MINING

Hashflare rates

Maintenance $0.00035 / GH / 24h

Contract cost: $0.12 / GH

Profit estimate for a 2.5TH contract: $215.125 (first year) / $515.125 (consecutive years)

 

Genesis Mining rates

Maintenance: $0.00028 / GH / 24h

Contract cost: $0.1396 / GH

Profit estimate for a 2.5TH contract: $230.00 (first year) / $579.00 (consecutive years)

 

Again, Genesis Mining comes up on top. While the initial cost of the Hashflare contract is lower, the higher maintenance cost will dig in to your revenues, resulting in a lower total yield. Especially if you’re looking to scale your Bitcoin mining higher, Genesis Mining is the way to go.

Hashflare doesn’t offer Monero mining, so I couldn’t compare it. All in all, it seems that Genesis Mining is running a more efficient operation, and is able to offer better rates for their customers. If you’re looking to start mining cryptocurrencies with cloud mining services, I recommend Genesis Mining. You can find a step-by-step guide to mining Ethereum here, and another guide on how to start mining Bitcoin here. For now, it seems that Ethereum remains the more profitable option of the two.

USEFUL LINKS

Genesis Mining

Hashflare

How to mine Bitcoin with Genesis Mining without buying hardware

With an estimated yearly ROI of 247% (1st year of contract), it’s definitely worth looking into Genesis Mining’s Bitcoin mining contract – especially if you’re not interested in building your own rig, or if it’s impossible due to space or electricity price limitations.

Here’s a short guide on how to get started. To see an example of mining results, I’ve posted about it here. I’ve also written a post about theoretical mining yields and income for the contract; more about that here.

1)

Join Genesis Mining here (or log in, if you already have an account). The process is straightforward; remember to use a strong password.

2)

After the registration process is done, log in and click “Upgrade Hashpower”. The Bitcoin contract is the topmost option; adjust the slider to select how much Hashpower you want, and click ‘Continue’ on the lower right corner when done. You can pay with a credit card, bitcoin or some altcoins – I used a credit card. You can use the code Sr5fmI to get 3% off your investment – including upgrades, if you’re already registered and are increasing your hashpower.

mining-bitcoin-slider.png

To estimate yields, use this calculator. At the time of writing (Jun 14th, 2017), the 2TH/s contract costs $300 and yields 0.2704 Bitcoin per year (valued at $756.17).

3)

After the payment is processed, the miners will begin working automatically. The next step is to set up a wallet so you can receive the payments; I recently started using Exodus, which is a really cool desktop wallet software for holding several cryptocurrencies, incl. Bitcoin and Ether. You can get Exodus here. I’ve also written a post about setting up payments directly to marketplace wallets, but I’m still contemplating whether this is the best option vs. having an external wallet. If you prefer to use a mobile wallet, I recommend having a look at Freewallet.org.

That’s it – you’re all set. The easiest way to follow your asset development is in the “My Orders” tab of the Genesis Mining website. If you paid with a credit card, you’ll receive your first mining yield payment after 30 days; subsequent payments are done daily.

If you have any problems setting up your Genesis Mining account or opening a wallet, please let me know in the comments.

Disclaimer: the numbers posted here are estimates, and can change. Like with any venture, never invest anything you’re not prepared to lose.

USEFUL LINKS

Genesis Mining

Official Bitcoin website