Genesis Mining, a cloud mining provider, has announced that Ethereum cloud mining is made available. Customers will be able to mine Ether – the cryptocurrency for the Ethereum network.

There are three types of one-year contracts for Ether miners, writes Genesis Mining in its blog. Buying the power of 3 megahashes per second will cost $53.97, 50 MH/s will cost $899.50, and 100 MH/s - $1,799. These three programs are called correspondingly small-scale, medium-scale and large-scale mining. The company charges no maintenance fees for the whole year while an Ethereum mining contract is active. Normally, lifetime bitcoin mining contracts with Genesis Mining require maintenance fees that cover cooling, hosting, technical service and the price of electricity.

Being a one-year contract, the Ethereum program encourages intensive mining. It is based on the principle of accelerated return of investment: the more you already have and invest, the more you get in return for your mining.

Genesis Mining is a cloud mining facilities provider. It lends its mining powers to customers over the world, allowing them to mine various cryptocurrencies without physically having mining rigs at home.

Ethereum is a decentralised platform which runs smart contracts – programs that are able to execute contracts without human participation. Ethereum functions on the basis of the blockchain technology and, according to its website, exists in the way the Internet should have existed. Ether is the ‘fuel’ required for the proper work of Ethernet. The growth of Ether mining is useful for the system: the more participants are involved into Ethereum, the safer is the system, because participants validate the contracts.

Andrew Levich