As I mentioned yesterday in our zenMINER article, we would provide our readers with an update after the first 2 hours of mining has passed. So far, I’m rather pleased with the results, but we’ll take a look at the numbers before we make our final judgement!
In our article yesterday, I mentioned we bought 10MH/s of Scrypt cloud mining power for the price of roughly 0.5 Bitcoin at that moment in time. Even though we only paid US$210, half a Bitcoin had to spent because of the low BTC price at this moment in time.
I did mention the setup process through zenMINER cloud was very easy, as there is no actual set up involved once you activate your Hashlets. Now that they have been mining for about 24 hours on ZenPool, it’s time to see how much we earned!
Do keep in mind that when you are using zenMINER, all of your Hashlets are subject to service fees on a daily basis. The amount you pay depends on your total hashpower. We paid 0.00040640 Bitcoin per Hashlet, which is pretty low and something I can definitely live with it.
The main aspect of Bitcoin or Scrypt cloud mining is whether or not you can achieve a ROI in an acceptable timespan. When looking at our earnings for the past 24 hours, it is obvious we still have a long way to go. However, assuming the Bitcoin price in USD will increase over time, we do not necessarily need to earn back 0.5 Bitcoin, but rather just the USD value of our investment.
Each Hashlet running at 5 MH/s earned us 0.00160324 Bitcoin, which is about half a dollar. Not as impressive as I was hoping for to be honest, and it just goes to show you how hard it is to be a profitable Scrypt miner at times.
If we do some quick calculations, and look to make our USD investment back, the current ROI time is about 210 days, or 7 months. When I did some calculations before actually purchasing the Hashlets, my ROI time was about 113 days. Quite a difference if you ask me…
Maybe I am missing something, or it has just been a day day for mining. I will keep evaluating the situation and provide our readers with a new update tomorrow.