Should i buy genesis mining?

mining

#1

Hi guys,

A quick question, is this any good?
Open-Ended Bitcoin Mining (Estimated Launch: 31 October, 2017)
Bitcoin Mining

Was thinking to get 40TH contract, with 23% fee and costing about 1.1 the yearly profit should be around 4 BTC.
https://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=40000.00&p=2600.00&pc=0.00&pf=23.00&d=888171856257.32100000&r=12.50000000&er=4654.04550000&hc=0.00

Even if we count lower say 3 BTC (first year), still this is great. Am i doing it wrong?

Appreciate some quick answers.

Cheers


#2

interested in this as well…


#3

Hope someone with more knowledge can assist. Contracts might get sold out soon :frowning:


#4

Boxmining has a few videos on Genesis. Check it out.


#5

I have watched them all. Still not sure, difficulty changes, price might change and this will start in 2 month so many factors to consider. Still looks good but want to get other opinion …


#6

I am sure Genesis will sell out quick because hashflare kind of screwed over their customers by terminating existing lifetime contracts and doubled their prices. I would suggest decided sooner rather than later, especially if BTC mining becomes even more profitable.


#7

I don’t understand their open ended contracts. They just run forever until they are no longer profitable?


Using this calculator, it seems that you would get about 3.4 bitcoin after one year. The maintenance fees and cost of the contract would be $9288 for one year, $13400 for two. Assuming bitcoin at least keeps its value, it could be profitable.


#8

Genesis Mining is total garbage and an utter scam, I know many did very well in the early days, but thats long gone and it’s a pure waste of money, I have been doing it 3 months and not one of the contracts has paid out, I have had to contact the credit card company for a refund, they are a con, a scam and they deserve to go out of business so just use that money for buying coins you like instead.


#9

If u have a low power contract i can get that. But did you see what i was looking at? any analysis over that?
I also have a Monero and it is generating daily, maybe lower then i wanted but thats expected from cheap contract.


#10

Hey Guys,

i’m using Genesis Mining for a couple weeks now, and all I can say till now is, that they do very well so far. I spent 700 Dollar in BTC mining and 750 Dollar in Etherium Mining. Ethereium isn’t much proftable as BTC, but hopefully ETH will go much higher. I don’t think, that the BTC contract is a lifetime contract, but when it lasts about 2 years, i make a good profit.


#11

Essentially your buying BTC for a potentially smaller price over a longer period of time. But in crypto so much can happen over even a short period of time that it feels like the risk grows exponentially. Personally I would rather buy BTC and then I have the flexibility to sell it again tomorrow if I need to. Remember that even your own life is an unknown variable, maybe next week you need that money - at least you can just sell the BTC in an emergency.


#12

I think you could make more profit just buying good altcoins and hodling for a year.


#13

It might be alright but yes you need a high end package to make it worth your while. How well does the Monero mining work? That’s the sort of thing i am more interested in.


#14

I went in on a small time mining contract with Genesis doing DASH, I bought a $30 USD contract for 2 years, at the time I projected a profit of x2 ($60 USD) at the end assuming DASH doesn’t move in price. So woohoo, I can’t knock x2 profit!!! Unfortunately, all the DASH contracts got sold out soon after my first. I doubt I’ll put any more in, for me it was just an experiment. The BTC contracts sound more risky due to maintenance costs and the fact they cancel them when THEY deem it isn’t profitable anyone.


#15

I got a 40TH contract so i can update you when it gets started. Its all a gamble but since i plan to keep my BTC and most of other coins i have for more than a year i figure with the calculation i should get my investment in less then 3-4 month .

For Monero i got a 500 H/s for about 440 dollar. So far i been getting

cryptonight XMR balance of 0.010826 added to your account on 2017-08-28T12:00:00+00:00
cryptonight XMR balance of 0.01272935 added to your account on 2017-08-27T12:00:00+00:00
cryptonight XMR balance of 0.0152343 added to your account on 2017-08-26T12:00:00+00:00
cryptonight XMR balance of 0.01572455 added to your account on 2017-08-25T12:00:00+00:00
cryptonight XMR balance of 0.01544715 added to your account on 2017-08-24T12:00:00+00:00
cryptonight XMR balance of 0.01590915 added to your account on 2017-08-23T12:00:00+00:00
cryptonight XMR balance of 0.0178572 added to your account on 2017-08-22T12:00:00+00:00
cryptonight XMR balance of 0.01631815 added to your account on 2017-08-21T12:00:00+00:00

The payout has gone done but in 2 year i should get more then i have payed (ihope)…

EDIT: Monero XMR 0.20547985 – Started 2017-08-21

Can update here if people remind me :smiley:


#16

Very interesting, some actual numbers :slight_smile: This looks more promising, but i still think they are a load of robbing bastards for the little guy.


#17

I even increased the difficulty from 888171856257 to 988171856257
And also changed the pool fee from 23% (that i think it should be with the new price) to 27% and the result is still solid.
Days to generate one BTC: 98.24 Day(s)


#18

Very true! I think you need to get over some threshold before it actually pays out. Sadly the difficulty play a role.


#19

Keep in mind that difficulty is keep rising, one factor that you need to consider. Pool fees is around 28-32% make it 32% to be sure, I invested in genesis mining since June and all I can say is they are a legit company. You also need to consider that other cloud mining company change their contract from open-ended to 1 or 2 years contract only for BTC mining. As per genesis mining, they don’t have a plan to change the length of the contract but who knows, if they do that in the future considering the price of BTC is keep rising. Anyways, they have proof of their mining farm that you can check in youtube. Some youtuber manage to enter to their mining facilities.


#20

Hey, man! I would not go into the route of Cloud Mining. I have a Hashing24 contract. Just for the test.
I’ve set it up on June 5th. It cost me 0.0136 BTC. The average ROI calculated was taking approximately 3 month. I now have the earnings of 0.0048 BTC.
Well… As you can see, short answer is “DON’T”. If you have money, buy the mining rig. If you don’t, buy that BTC.