A chart to compare the costs and benefits of having your own hardware to having a contract with Genesis Mining
|Costs and externalities of having your own hardware||Costs of a contract with Genesis Mining|
|Price of the hardware||One-time price of purchasing the contract|
|Shipping costs||No extra fee|
|Possible customs costs||No extra fee|
|Usually high electricity rates||Best electricity rates possible. 100% green energy|
|Waiting for delivery - you are losing days,even weeks of mining time, and your purchased hardware is already losing its value||You start mining immediately!|
|Loss of mining time due to system downtimes||We guarantee 100% uptime and cover system downtimes by using our own miners.|
|Cost of additional equipment||No extra fee|
|Electricity consumption of additional equipment||No extra fee|
|Cost of cooling||No extra fee|
|Excessive heat||Hardware is at a remote location, your are exempt from excessive heat|
|Loud noise||Hardware is at a remote location, your don't have to deal with loud noise|
Thanks to some great partnerships we have established with hardware producers, as well as to our large scale purchases, we get a better price on our employed technology. This means we buy the hardware cheaper than the market price. What also bears great importance, considering the maintenance costs, is the storage of the miners: we have several farms around the globe, and each location was chosen to fulfill two important criteria: cheap electricity supply and little or no need for cooling.
There is much beauty in purchasing and setting up your own hardware, we know that. But it's for those who are technically very skilled, can solve tricky complications, and generally see the fun in maintaining a complex construction rather than in earning profit with it. For most people these are annoying, unnecessary difficulties, and our solution is targeted exactly at them. To put it simple, our service is providing a better mining experience at a lower cost.
There are many who tell us that they can mine cheaper by themselves according to their calculations. However, it always turned out that they forgot about one or more of the above listed costs. We did our calculations, and we think it's impossible to mine more profitably on a smaller scale, at home and by yourself.