A Quick Look at the DigitalX Mintsy Mining Contracts

The DigitalX Mintsy service has been available for a bit already (currently in beta), but we haven’t checked it until recently when we decided to register and give it a quick look. It essentally combined multiple services into one with some nice features and also some integration with the Cryptsy crypto currency exchange. What you get at Mintsy is a service where you can mine with your own mining hardware, you can sell your hashrate ot rent from other users for mining various algorithms or you can purchase a contract for mining hashrate to mine SHA256 or Scrypt-based crypto currencies or with other words cloud mining. It is all integrated into a clean and useful interface with a user friendly wizard intended to help bnot so advanced users to get started. So far, so good… things do really look like promising, or at least until you take a deeper look and do some math.

We are going to be focusing on the Mintsy Contracts which are essentially giving you cloud mining hashrate for a limited time – 1 month, 3 months or 6 months. The contract price includes all fees, so you do not pay anything extra for maintenance for example, but still the process are a bit higher than you would consider them profitable and worth investing into. Here is a quick example, if you buy a SHA256 mining contract for 100 GHS with a 30 day duration you would have to pay $19 USD for it, but with the current market condition mining for Bitcoins you would be earning just about 0.0317 BTC or about $7.2 USD at the current exchange price. Longer term contracts and for more hashrate do seem a bit better in terms of return of investment, though they are riskier, but you would still end up a bit short on what you have paid and that is if the market conditions remain as they are at the moment. The good thing is that you have the ability to mine in a pool and a coin of your choosing and soon there will also hopefully be a market for contracts where you should be able to sell them to other users if you decide to get out earlier. The situation with the Scrypt mining contracts is slightly worse, so the return of investment there and the risk is even higher.

It is up to you to decide where to invest and how much if you are interested in mining contracts, but for the moment we do not plan to go for any of the mining plans offered by Mintsy. As for using their mining pools or using the rig renting or leasing functionality, there are also better and more advanced services focused on either of these available that we would prefer.