Thirty-two days have passed and my pending balance on my SHA-256 (2Th/s) purchase has cleared. The balance for 32 days came out to 0.01810896 BTC ($22.43). The daily avg is 0.000565905 BTC ($.71). ROI 423 days.
It is important to understand unlike the other contracts with Genesis Mining which are 2 years in term the SHA-256 is a 'forever' contract. This means as long as the contract remains profitable it will be valid. My contract has a maintenance fee of $0.00028 per GH/s or $.28 per TH/s or $.56/day. Once the payment has been calculated in BTC for my owned hash rate the equal value of $.56 is subtracted from it and I am paid out the difference. If this number is negative for more than 60 days the contract will be terminated.
Many factors contribute to making this contract profitable but the two biggest factors are the difficulty to mine Bitcoins and their current value. The difficulty over time will increase because more hashing power will always be added to the system or new machines will be more efficient and replace the older models. Hopefully, at the same time the value of BTC will increase accordingly to keep the contract valid. There are many possible scenarios that could happen and all of them will influence the profit of this investment.
Next update will be on day 51 when my ETH finally reaches minimum transfer and pays out to my wallet. If you want me to review other cloud mining sites or have suggestions feel free to drop a comment. I like most people am very skeptical about cloud mining so I may not take up every suggestion but I will happily look into them and blog my concerns or investment.
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