Ethereum is quite difficult to mine on your standard PC as there are quite a few step to go through as can be seen in our comprehensive guide here. If you aren't tech savvy or willing to give a bit of time to getting it up and running yourself, there is another way. This is where you pay someone else to do it for you and get them to run the mining equipment on your behalf. You can compare all Bitcoin and Ethereum cloud mining contracts here.
This is called cloud mining. It has been happening for a long time with Bitcoin and a number of reputable providers have come to the fore where you can trust their reputation for them not to run off with your money. This is especially true of Genesis Mining who are the first to set up a batch of Ethereum Mining contracts where all you do is pay them some cash and your up and running as an Ethereum miner - as simple as that - no hassle no playing around with downloading Geth and using command prompt - and most importantly you don't have to maintain it yourself which can be a big issue if you have to keep going to restart your computer. So it saves your time!
The reason Ethereum Cloud miners can get better deals is two fold. Firstly they buy in bulk, so they get a discount on all their graphics cards. Secondly they can put their mining machines in low cost locations such as Iceland. This severely reduces the operating costs of running an ethereum mining contract which means they can pass on these savings to you. In fact Genesis mining run their contracts off green energy - so you can say your being green whilst being in the avant-garde of a financial and technological revolution.
They offer the contracts for a period of one year and during that year you have no extra fees its a one off up front payment. You might wonder how they can do this - the simple reason is that they hedge their profit and loss so there is no risk of everything going wrong - they hedge the ether price. They also guarantee 100% uptime - this means that if your miner goes offline - they will substitute their own machines immediately - kind of like getting replacement car if yours breaks down.
The other advantage is that you don't have to listen to the noise that it creates. Adding all of this together it would seem pretty logical to opt for a mining contract unless the joy of mining was for the joy of mining itself. Although you might just get a smaller slice of profitability by doing it for yourself - would it be worth it - we don't think so...
Here are three of the top mining contracts on offer.
|Small Ethereum Mining Contract||1 Mh/s||$44||$44 per MH/s|
|Medium Ethereum Contract||25 MH/s||$1100||$44 per MH/s|
|Large Ethereum Contract||100 MH/s||$4400||$44 per Mh/s|
They are all priced the same on a cost per MH basis - usually you get a discount the more you buy. However this is due to the demand with Ethereum as it is such a popular 2nd generation crypto currency. They generally offer daily payouts to the user which you can feed into your ethereum wallet on your phone or however you choose to store it.