Genesis Mining Expands into Ethereum Mining with Year-Long Contracts

Cloud mining provider, Genesis Mining, is expanding its mining operations with the launch of Ether Cloud Mining contracts. For the very first time, customers of Genesis Mining will be able to mine for Ether, the fuel that powers the Ethereum network.

“Our customers asked and wij listened. Due to our large-scale GPU mining activities wij are glad to opoffering significant parts of our farms for Ether mining ter the cloud. Users can therefore benefit from our economy of scale and our geothermal-powered and optimized GPU mining equipments ter Iceland. Wij are bullish on Ethereum and look forward to providing our customers the chance to profit from this titillating innovation and also support the network,” Marco Streng, CEO of Genesis Mining, said te a statement.

To some, Ethereum is considered Bitcoin v2.0. It wasgoed developed by Vitalik Buterin ter 2013 and has since gone on to raise more than $15 million to permit participants to create and execute wise contracts. A wise contract is a protocol that can execute the rules found ter a contract without the need for human intervention.

“Our GPU mining farms are mining X11 and Ethereum. Wij are expanding them continuously, and since wij are selling Ethereum ter the cloud now, wij are ramping up more Ethereum mining capacity,” Streng said ter an vraaggesprek with Bitcoin Tijdschrift.

Genesis Mining already had a farm of GPU miners — which are inefficient at mining bitcoin — because it offers X11 mining. Since so many users were interested ter Ethereum, the company chose to divert resources to the task of mining Ether. This stir has no influence on its bitcoin mining farm.

“More miners on the network undoubtedly helps increase the network security. It’s good to see operations organizations such spil Genesis take an rente te supporting Ethereum,” said Vitalik Burterin te an vraaggesprek with Bitcoin Tijdschrift.

Contracts are for One Year

There is presently an effort underway at Ethereum to transition from proof of work to proof of stake, which grants power to those who hold coins. The more of a coin that someone holds, the more they are able to mine. Because of this, Genesis Mining will be suggesting only short-term contracts.

“It is a one-year mining project which concentrates on Ethereum and switches to X11 after Ethereum switches from PoW to PoS until the year [2016] is overheen,” Streng said. “It is an accelerated ROI [comeback on investment] compared to our lifetime contracts because of the low prices, zero fees (all contained upfront) and shorter timeframe.”

Genesis Mining will be suggesting three plans. Small-scale mining is 3MHs for $53.97, medium-scale mining is 50MHs for $899.50 and large-scale mining is 100MHs for $1,799.

Jacob Cohen Donnelly is a consultant and verslaggever te the bitcoin space. He runs a weekly newsletter about bitcoin called Crypto Epistel.

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