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.
Contract cost: $22 per MH
Contract length: 1 year
Profit estimate for a 20MH contract: $1006.58
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.
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.