Genesis Mining has reduced the price of mining Ether, the native currency of the next generation blockchain Ethereum, from $44 per MH/s to $37 per MH/s.
Ether is the fastest growing cryptocurrency next to Bitcoin. Early in 2016, the price per Ether was US$1, which in mid march shot up above $14. Currently, the digital currency is showing a lot of volatility, swinging from above $7 to below $10. The Ether market still has considerable trading volume on some days, such as $37 million on May 3rd, and a market capitalization above $747 million.
Discussing the price change, Genesis Mining co-founder and CEO Marco Streng stated:
“Every day, we are working to reduce operational costs to mine on behalf of our 200,000 customers and every time we have the opportunity to provide greater ROI potential and value to our customers, we are honored.”
With the price reduction announcement, Genesis released footage of its Ether cloud mining farm, Enigma, which the mining operator claims is the largest in the world.
Our CTO, Stefan Schindler commented:
“The reason we are able to continue reducing the price for our customers is due to heavy optimization of the Enigma farm and economy of scale. We are proud of bringing Ether Mining mass deployments to a next dimension with Enigma.”
The Genesis team seems to be banking on Ether’s success. Discussing this, Streng added:
“We believe it is headed to the moon and we are building a rocketship to make sure our customers do not miss out”.