Detailed analysis of ScryptCube cloud mining contracts (February 2021)
Updated: Feb 22
Today we will update the Scryptcube analysis. My task is to compare the indicators of ScryptCube 1-year and 2-year contracts, choose the best one, and also answer the question "Is it more profitable to buy bitcoin on the exchange at the current rate or buy contracts for cloud mining?"
Let's figure it out!
Not so long ago I bought 6 TH/s of hashpower on a 1-year contract and am happy with the level of charges. In the future, I am going to buy additional hashpower every month until the price for them rises. After all, now $ 49 for 1 TH/s is a fairly low price. Remember that it can change.
1-year and 2-year Scryptcube cloud mining contracts
Today, February 17, at a bitcoin price of 51,500, we have the following metrics for the 1-year and 2-year plans:
I count them with a 1% discount because there is now an active ScryptCube promo code. This is our personal promo code given to us as a partner. You can use it when purchasing hashpower.
Let's imagine that we have $ 1000 that we want to invest.
As you can see, at the current exchange rate, we can simply go to the exchange and buy about 0.0194 bitcoin. And we can go the other way - cloud mining.
If we buy a 1-year contract for $ 1000, we get 20.6 TH/s, and if we buy a 2-year contract - only 13.5 TH/s.
All indicators in the "Profitability vs Purchase" column indicate that even taking into account that the 2-year contract will last 1 more year, we will receive less bitcoin.
A 1-year mining contract with ALL metrics is better than buying a 2-year contract.
Even with a pessimistic forecast of changes in the difficulty of bitcoin mining, which in my assumption is 4% growth in one period - we will receive 58% more bitcoin in a year - 0.0306 for 1-year contract and 37.5% more for 2-year contract - 0.0267.
Why is 4% a pessimistic scenario? Because there has not been such an increase in difficulty in last 3 years: 2020, 2019 and 2018. Mostly fluctuated between 2% and 3%.
But I like to play it safe and therefore I always make personal calculations according to a pessimistic scenario.
Now, at a price of $ 49 for 1 TH/1-year and $ 75 for 1 TH/2-years, the best choice would be to buy a 1-year contract. If prices change, you will need to count it again.
That is, if you have bitcoin in your personal wallet, 0.0194, for example, then within a year you will return by ScryptCube 1-year contract for 58% more in a pessimistic scenario.
If you have $ 1000, you can either buy 0.0194 bitcoin on the exchange or buy a 1-year cloud mining contract and also get 58% bitcoin in 1 year.
Thanks for attention! I would be glad if this analysis helped you! I wish you a profitable investment and the right decisions!