Kucoin Cloud Mining: A Review, 2 Weeks Down The Road


Kucoin, a reputable cryptocurrency exchange, debuted their cloud mining services on the 9th March 2022, which I was quick to avail. I subscribed to the lightest package, the BTC-Antminer S19j Pro -180 days plan with a 5TH hashrate, at a cost of 114.7USDT, as shown below

2 weeks have elapsed since the start of the cloud mining service and I am happy to share the results of the mining so far.

To learn more about Kucoin Cloud Mining, check out my previous article here.


My Results So Far


Expectations Met?

Projected earnings when the service was launched.

The projected daily earnings of my 5TH plan was initially given to be 0.00000456 BTC/TH which gives an expected income of 0.0000228 BTC per day for a 5TH plan. However this is excluding the electricity fees which can be quite substantial.

Over the past 18 days from 9/3/2022 until 26/3/2022, the total amount of BTC mined with my plan amounted to 0.00041556 BTC

Daily BTC mined = 0.00041556/18 = 0.000023086 BTC per day

However this is before electricity fee deduction.

After electricity fee deduction (0.00013118 BTC), I am left with a net earning of 0.00027961 BTC over the past 18 days.

Illustrating the proportions of electricity fee for easy understanding in a pie chart gives the following.

As such, the projected daily BTC mining from the plan is achieved (0.000023086 BTC mined per day vs a projected income of 0.0000228 BTC per day); however the electricity costs appear to have been quite rather significant.


So, Is It Profitable?

Assuming an average net income of 0.00001553388 BTC per day based on the current rate (derived by dividing my current total net income of 0.00027961 by 18 days so far), I would have 0.0027961 BTC by the end of the mining plan. Taking the price of BTC at $44000, this translates into $123.02.

My initial investment was 114.7USDT, so this gives us a net income of $8.3, which isn’t too impressive after a 180-day investment.


Tips To Improve Profitability

Electricity deductions in BTC are relatively higher when BTC price is low.

Given the significant proportion that electricity fees take up, Kucoin gives the option to prepay electricity fees in USDT. As you can see from my daily earnings, the amount of BTC deducted is relatively lower when BTC prices are high, and conversely. Electricity fees can be pre-paid in USDT, and toggled on/ off for deduction during desired times — as such a viable strategy would be to pay for electricity fees in USDT when BTC prices trend low, and conversely when BTC pumps.

Kucoin offers the option to pre-pay for electricity fees in USDT


Mining 2.0

The previous cloud mining plans sold out in a matter of few days of its launching; after almost three weeks of hiatus, Kucoin is back with new mining plans that are almost similar to the previous one.

However, the plans are running out fast due to high demands — be sure to avail one soon, if you decide to give it a try! Click here to visit the official Kucoin Cloud Mining site, and register for a Kucoin account, if you don’t already have one!


In Conclusion

  • Kucoin Cloud Mining plans give an interesting exposure to the concept of cloud mining, although not substantially profitable.
  • The profitability of the mining plans are rather dependent on the price of BTC; returns are substantially increased if BTC pumps, as a relatively constant amount of BTC is mined daily. As such, the converse is true, if BTC dumps.
  • So far, earnings have been consistent and are up to par with the projected rates.
  • However, electricity fees represent a significant cost to factor in; it may be a good idea to have electricity fees deducted from a prepaid amount of USDT instead of BTC (especially when the price of BTC is low).

To learn more about Kucoin Cloud Mining, check out my previous article here.

What are your thoughts? Feel free to leave comments below!


This article was originally published by me on medium and read.cash

As always this is not financial advice! But simply investment platforms I have invested in and have found worthy of sharing with. Do your own research before investing and never deposit money you cannot afford to lose. Feel free to ask me any questions below.

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