{"id":3923,"date":"2018-03-19T20:29:13","date_gmt":"2018-03-20T00:29:13","guid":{"rendered":"https:\/\/howigrowmywealth.com\/?p=3923"},"modified":"2018-03-19T20:30:05","modified_gmt":"2018-03-20T00:30:05","slug":"cloud-mining-calculators-dont-account-for-this-vital-factor","status":"publish","type":"post","link":"https:\/\/howigrowmywealth.com\/cloud-mining-calculators-dont-account-for-this-vital-factor\/","title":{"rendered":"Cloud Mining Calculators Don’t Account for this Vital Factor"},"content":{"rendered":"
Don’t use a cloud mining calculator without keeping in mind they are static calculations<\/em>. You need to remember that mining difficulty almost always goes up as time passes.<\/p>\n But don’t worry. If you’re thinking about cloud mining profitability I have an easy rule of thumb you can use to quickly rule out unprofitable cloud mining contracts.<\/p>\n You simply calculate the profitability using a static calculator and determine if you’d make back the initial amount.<\/p>\n I’ll use hashflare.io as an example, as of 19 March 2018 they are selling 100 KH\/s for USD$2.20.<\/p>\n Using a static mining profitability calculator like the one over at etherscan we can see that if network hashing power stays the same, we’ll make a whopping $0.1141 per month or $1.3692 per year. In other words you’ve spent $2.20 to get $1.3692 worth of Ether.<\/p>\n Not smart.<\/p>\n <\/p>\n But say the number came back at $3. That would be $0.80 profit per contract. Easy money right? <\/p>\n No.<\/p>\n Unfortunately it gets worse, because as I previously mentioned that is using a static network hashrate calculation. As more and more people mine Ethereum the network hashrate increases meaning you’ll mine less.<\/p>\n For example if the network hashrate were to go up to 300000 GH\/s you’d only make $0.10 per month.<\/p>\nDon’t Stop with A Static Cloud Mining Calculator<\/h2>\n
Network Hashing Power Has Historically Only Gone Up<\/h2>\n