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VIII. IX. Cloud Hashing: A one year contract specifying the hashing power required is awarded to the clients under this service. Contracts can range from 30Gh/s to as Bit Miner: Offers collective mining on a rent sharing basis. For instance, the Ant Miner rig (6x180 GH/s) is divided into 10,000 shares, each of which is priced at $5.50. Several such rigs are rented at such competitive (IJACSA) International Journal of Advanced Computer Science and Applications, Vol. 6, No. 9, 2015 much as 350Gh/s. Hash Rack: A single payment for an indefinite time is made by the clients (i.e., until the hardware breaks), a percentage of which can be reinvested to increase hashing power. Additionally, users can move cost into the electricity costs line. ̳hashpacks‘ between multiple rigs owned by them. However this type of calculation does not apply to all cloud mining service providers because some have a significantly different cost structure. Services provided by Hash Rack or Cex.io cloud mining companies, for example, would not be suitable for the calculations mentioned above. pricing. LIMITATIONS OF CLOUD Engaging in any type of cryptocurrency mining can lead to risks but profits are possible if miners can make the right choices with regard to the factors mentioned earlier. While calculating profitability it is quite clear that some cloud mining services will be profitable for a few months, but as the difficulty level of the Bitcoin increases it is highly possible that miners start to make loses four to six months beyond. E-Pickaxe: Contracts vary from one year to indefinite length of time, payments for which are done using Bitcoins. However, the amount of GH per contract is not fixed because, as they put it ―as we add more hardware, your contracts have access to that too, meaning as we grow and invest in more hardware, you benefit from this throughout the term of the contract‖. Cloud Mining has been taking a beatingwith the precipitous drop in Bitcoin price over the past year. The profit margins have become thinner and thinner, and also non- existent for many miners and service providers. The value of less valuable altcoins has seen a corresponding tumble in value. On January 13, 2015 GHash.io reported that many as 30,000 miners are leaving the industry since BTC had entered the $300-and-below range. Bit of Glory: This firm offers 12-month contracts at 100 GH/sec, 500GH/sec and 1TH/sec. Cex.io: Clients using Cex.io can both mine as well as trade hashing speeds (GH/s). Profits are shared using the PPLNS (pay per last N shares) scheme and all hash-rates are guaranteed. Representation of the fall in Bitcoin miners [15] Nimbus Mining: Nimbus Mining offers 12-month contracts of varying hashing powers, using ̳off-the- shelf‘ hardware from various manufacturers, which can be chosen by the clients. eBay contracts: Several eBay users are currently offering mining contracts for a period of 24 hours for as little as £1 ($1.67). However, since these contracts are fulfilled on old USB Block Erupter rigs, the hashing power is limited. That said, this could set off a positive trend with powerful mining contracts being offered in the future. Fig. 3. CLOUD MINING EFFICIENCY CALCULATIONS We have previously covered ways to calculate mining The main reason for the mass exodus can be attributed to issues with paying off large loans for computer equipment, hosting services, rent and location leasing costs, all while keeping up with the latest in digital mining software and tech. These short-term costs can reach into the millions in dollars. As the price of Bitcoin has continued to drop, even the World‘s largest mining operations are unable to cover their costs at this time. In early 2015 CEX.IO, the second-largest Bitcoin mining pool extant, had temporarily suspended operations due to an inability to run their operation profitably. Another Bitcoin mining firm that has had to change with the times is GAW Miners. They moved into cloud mining in summer of 2014, and the company recently launched its virtual currency called Paycoin. Many customers who continue to mine using GAW‘s cloud-based ―hashlets‖ have witnessed their operating fees starting to exceed the returns profitability for traditional mining methods. The difference is that the services offered are designed to work with the hardware parameters and not cloud-mining parameters. Even so, we can still use these calculators by taking into account the costs involved. We had taken the example of Genesis block in determining profitability of hardware mining by multiplying the electricity charge ($ per KWh) by the power consumption of the unit and by a conversion factor of 0.744 (the ratio of seconds per month to joules of energy per KWh). But for cloud mining calculations we have to perform the opposite, mainly because the provider gives the miner an (effective) monthly running cost. Hence, we have to calculate the cost per kilowatt hour to feed into the mining calculator. This can be done by dividing the monthly running cost by the www.ijacsa.thesai.org conversion factor (0.744) mentioned earlier. For example, if prospective/existing miners were to use these numbers into a Bitcoin mining calculator, they would enter ̳0‘ for the cost of hardware, shipping costs and miscellaneous costs, and enter ̳1‘ for power usage, and then enter the equivalent electricity 123 | P a g ePDF Image | Cryptocurrency Mining Transition to Cloud
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