Cryptsy Mining Contracts Three Mining Days’ Results

When Cryptsy announced they would over mining contracts on their exchange, I honestly didn’t know what to think at first. It seemed a desperate attempt to keep their current user base there, instead of spreading to other exchanges.

Then I figured : what do we have to lose? So I purchased 32 Gigahash/s in mining contracts, at the listing price of 0.0185 Bitcoin each, totalling a price of 0.592 Bitcoin.

Considering the fact I also use CEX.IO for Bitcoin cloud mining, which is a lot cheaper compared to Cryptsy’s price, I looked at it as more of an investment, and not really expecting a return at any time soon.

The first payout I received was 0.001891934 Bitcoin. Keeping in mind that I made the purchase for the mining contracts in the early afternoon, this was for about 8 hours of mining. Not great, not utterly crap either.

Day two was a lot better payment-wise, which is normal because it ran for the full 24 hours this time. A payment of 0.00319335 Bitcoin was sent to my account.I’m liking this already to be honest.

This morning, my third payment came in, and it was even slightly higher than the day before, as the payment I received was 0.00326064 Bitcoin. That’s about the maximum I could squeeze out of 32 GHash/s I’ld say, but it’s still pretty good.

However, as I did need the Bitcoin to purchase BlackCoin, I have now sold all of my Cryptsy mining contracts at the price of 0.026 Bitcoin per Gigahash, netting me 0.832 Bitcoin.

As you can see, I made 0.24 Bitcoin profit from just buying up the GigaHashes and selling them, and about 0.008 Bitcoin from mining for roughly 60 hours. A pretty decent investment if you ask me, as any profit is good profit, right?

From this, we can conclude that per purchased mining contracts on Cryptsy (of 1 Gigahash/second), you will get 0.0001 Bitcoin per day. At the price of 0.026 Bitcoin per Gigahash, you’ll have to mine 260 days to get your money back.

Keeping in mind the increase in mining difficulty, it’ll probably take around a year and a bit to earn your money back. So is it worth the investment? Not if you expect a return of income. If you’re looking to buy up some contracts and sell them at  a higher price, there is money to be made.