I’ve been watching the Ether price consistently – since it was only $1 – and seeing the current price rise, I want to get involved.
So I’ve bought an Ether mining contract from Genesis Mining – and I want to share just how easy it is with you, too.
First you need to set up a Genesis Mining account – just click the “Sign Up” button and fill in your email address and password, and you’re good to go!
Once you have your account set up, you can immediately buy three different mining contracts. Sha256 & X11, which both let you mine bitcoin, and importantly for us, Ether contracts:
When you do that you’ll come through to this screen:
If you want to buy Ether mining, it’s important to use the second slider shown on this screen – this is the one you need to use to get the 1 year Ether mining contracts currently available through Genesis. You can select as little as 1MH/s (1 mega-hash per second) for 0.1BTC – but because I believe in Ether’s current price rise, I’m spending 0.534BTC and buying 5MH/s of Ether mining from Genesis.
On the right hand side of this screen there is a dropdown menu for a lot of different payment options. Including, of course, bitcoin. Once you’ve selected your preferred payment method, simply click “Continue” and carry on through to the confirmation screen. Just make sure that all your details are correct.
For bitcoin the payment screen looks like this:
Simply follow the instructions and your mining power will be credited straight to your account as soon as the transaction is received.
Once you’ve got your mining power allocated to your account, you can allocate the amount of hashing power to Ether in your Mining Allocation tab (on the left hand side of the screen)
Once you’re in the screen, click on the Ethash tab and allocate your hashing power to Ethereum like so:
Simply put in the amount of hashing power you have (all the rest of the fields are automatically filled with up-to-date information) and you can see your daily, weekly and monthly earnings from your mining contract.
Check out our stats here:
From a 5MH/s contract, our earnings are $0.05/hour – or $32.83 per month. Since the contract itself cost $222 in bitcoin, this means this contract (at the current rates) will be in profit after 7 months in – and the rest of the earnings for the year will be profit. If the price of Ether keeps rising, we may even break even earlier and make much more profit than this chart shows too.