Genesis Mining Vs Minergate - Cloud Mining Comparison

in #cloud7 years ago (edited)

Hello Steem community, I will be comparing two cloud mining services. In 2017 mining cryptocurrency quite popular but as the popularity increases, the difficulty increases meaning that home ran mines need pools to see any kind of profit. This issue has given birth to a who;e new industry, cloud mining.

Genesis Mining (https://www.genesis-mining.com/a/1532516) was founded at the end of 2013. The founders of the cryptocurrency company got to know each other by using the same platform for buying and selling Bitcoins. They have large mines on each continent and are the largest crypto mining operation in the world.

Minergate (https://minergate.com/a/31cb30a32cf2a24bde1e3a0f) began as a small mining pool community in 2014 and has expanded to be one the leading mining pools with a diverse range of coins on offer. They made mining easy for beginners when they introduced the user friendly GUI miner requiring only a click to begin mining. They brought in the cloud mining contracts for bitcoin which have become increasingly popular among novice miners.

  1. Price
    Genesis mining minimum power is 200 GH/s for bitcoin contracts and costs only $30. This is a very good price and maybe the cheapest on the market. Though availability for these contracts are tight and they often sell out quickly.

Minergate offers a minimum of 20 GH/s which will cost around $7. To compare easily they charge around $60 for 200 GH/s. This is a major downfall for minergate because people will not pay double for the same product that a much more respected company is offering. The only plus side is that you can buy small amounts of hash power for users who have cloud mining on the side as a hobby type interest.

  1. Maintenance fees
    Genesis mining maintenance fees remain lower than many of the competition at 0.056 USD per day on 200 GH/s.

Minergate has a maintenece of 0.066 USD per day at 200 GH/s. This is slightly higher than genesis mining but it is not significant.

  1. Pay Outs
    Genesis mining as of September 2017 offers daily payouts. This is great for large hash power miners with large daily earnings but for hobbyists this isn't significant.

Minergate doesn't have an automatic pay out system. Your earnings will go to your minergate bitcoin wallet where you can withdraw whenever you want.

Overall Genesis mining is the better option with cheaper contracts, better fees and the scale of their operation all makes it a much more appealing option for customers. Minergate does have the potential to be a large competitor with a few changes such as lower prices, fees and good discount offers for new customers, it could become quite popular.

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Hey there,
Nice article! The problem is that 1TH of mining power never gives you the same in different cloudmining options, which is why I made a very extensive cloudmining comparison sheet which allows you to make an estimation of future mining profits using difficulty and mining growth rates. However I am missing one important function to automate the whole calculation.

Explanation of the sheet and the missing function can be found in my latest post: http://bit.ly/2KUlVp2

I have a bounty of 25 USD in crypto of choice for the person who can tell me the function I need (+ a mention in the sheet :))! I really hope someone can help me! Thanks!