The new ether cloud mining facility opened by Genesis Mining is claimed to be the biggest in the world. The company believes ether is the most promising cryptocurrency and be mined while it is still possible.
The footage of the new ether cloud mining farm being installed has been released on the company’s blog together with the announcement. It is an old tradition with Genesis, which back in August 2015 famously launched a live stream showing everyday life at its Iceland bitcoin mining farm.
The company, which mines bitcoin since 2013 and ether since December 2015, states that Enigma is the largest ether cloud mining farm in the world. Genesis decided to scale ether mining after the spectacular growth of the cryptocurrency that began under 1 USD (0.005 BTC) and stabilised at approximately 10 USD (0.02 BTC) leaving other altcoins far behind and becoming second only to bitcoin by the market cap.
“The bigger the scale, the better the prices, which is great for our customers,” said Marco Streng, CEO of Genesis Mining, to the International Business Times. Indeed, the price of an ether mining contract has been now reduced from $44 to $37 per MH/s. It is still twice as high as when ether mining started but the difference is justified by the growth of the price of the cryptocurrency. Speaking about ether, Streng declared:
“We believe it is headed to the moon and we are building a rocketship to make sure our customers do not miss out.”
Ethereum will eventually move from the proof-of-work to the proof-of-stake, which will make further ether mining impossible. The fact provokes doubts among customers about one-year mining contracts offered by Genesis. However, Streng is positive that there is no need to worry: the switch is expected to take place no earlier than in a year’s time, and if it happens before, he will make sure to save customers’ profits by mining “other promising cryptocurrencies.”