Should i buy genesis mining?

mining

#62

@cryptowine
Not at all, i appreciate all feedback and learn from people’s experience. So thanks for that!

@Hexdek16
It would be more interesting to know when you bought (what was the price for BTC at the time) and how much BTC you got out from your contract until now. Money for me isnt as important. If i invest 1 BTC i want to get out more than 1 BTC :slight_smile:

@OsJack Thats a good idea (not only for code but rather to discuss and share our experience regarding cloud mining), maybe if we could have a group under the pub ? but not sure @peter would want that…

@peter: what do you think? can we create a group for cloud mining? i’m thinking we could share our knowledge and gather data under that category.


#63

We can send on private message when/if we update contract.
I will send to the forum each month result after the lauchning of th new BTC contract (with of course the number of referral help if I have) ^^. Like this every one would see if return is acceptable. I want to remind every one that is sure it’s better to buy directly BTC. It’s like a test !


#64

Yes. I’ve moved this thread to mining sub cat. Done! :slight_smile:


#65

This thread should answer your question


#66

Thanks allot :smiley:


#67

when i first started my Crypto journey ( waaay back 2 months ago ) i got sucked in by the youtube videos on day 1. long before i found @peter 's channel and the pub. i can tell you, i hassle my friends to get into Crypto ( and have gotten 8 of them to start the journey ) but i haven’t even told them about mining.

im not convinced ill ever get my ROI. i wish i just bought crypto and used this page to help me trade in the good coins. id have so much NEO by now, but instead i have an ETH contract that will never hit an ROI and a BTC contract that MAY make me money, if the websites are still working in a few months…


#68

Good information and scary…

About what @asharp says. This can be said about anything really. If you do it in the right time it will be very profitable.
I also like the video in the thread

As i mention i also mine ETH with 7 gpus and at the time when i was planning to mine, my calculation told me i would break even after 160 days.
Now 5 weeks later when i’m operational its leaning more toward double the time (roughly one year). Unless ETH goes way way up in price like 700 dollar. In which case i make my money back but not the same amount of ETH as if i had bought it.
So i won’t be making 22 ETH anytime soon.

Just some facts: (at the start i had to remove the rig and try different things so the payout is somewhat bad but as i gather more data it will be more accurate)
4 2017-09-06 15:54:14 0.0508586108054 ETH
Confirmed
3 2017-09-05 05:32:24 0.0503513108232 ETH
Confirmed
2 2017-09-03 21:15:04 0.0505334860783 ETH
Confirmed
1 2017-09-02 11:41:14 0.0501049102279 ETH
Confirmed

Now i know ETH won’t be profitable once PoS comes into picture so i have to mine something else.
Pro: i can continue to mine new coins for profit
Cons: hardware failure, electricity eats allot of profit (one third or fourth almost)

As i see it both have pros and cons. I have to little data to say for certain which is best. I need to collect more data. For me its to early.


#69

How much hash power did you buy for each? my rig is around 200MH/s and does generate me ETH but its not as fast as i thought it would be. When i calculate i think cloud would give me the same yield actually. Only downside with cloud is once ETH generate half the amount (ice age they call it) its better to mine yourself and change to something more profitable, maybe ZCash…


#70

I bought two contracts for DASH and for LTC and am getting regular fractional coin dividends. It’s a good thing to do this and they will send the coins to your brokerage account or keep them in their wallet. You can always add more hashrate buy paying more, but you will make your initial investment back easily.


#71

on ETH i have 22MH/s and 12.4 TH/s for BTC.

only small ETH, but its was a waste of 500 USD. i might get 60% of my money back. way less if ETH goes to PoS soon…

the BTC is harder to tell. open ended contracts. they look more profitable over the short term, but if i could pull my money out i would so i go buy some Neo and OMG. a way better gamble., but i had no ne to guide me when i got into Crypto

thats what cloud mining is, its gambling. id rather invest than gamble.

if you are mining at home its a different story. more like a hobby. id live to build a 5 GPU water cooled rig, just for fun.


#72

Brett,

I toyed with the idea of building my own rig and mining DASH, etc and though also about being a node when DASH was at $7 but I missed that one big time. Tried to convince my wife to spend $7,000 on 1,000 DASH, which was the minimum then.
I didn’t purchase a BTC contract because I didn’t think I’d make enough back. They just announced that they will be mining BTC Cash. Maybe that might be a good alternative.


#73

@Brett240 @Faceman

This is what my rig “could” generate
image

And this is a 200-220 MH. Having a 22MH is not worth it. I personally see that you need to get over certain threshold to be profitable and even that is hard with so many miners. If you can add more continuously to the power then yes it can be good. Just to compensate for difficulty. I like to add another 200MH when i can :smiley:


#74

Wish I had built a rig last summer when I was thinking about it :slight_smile:


#75

yes you and me both! It would have been sooo much more profitable with 200MH for ETH specially. But it is what it is. I guess there will be more opportunities. There are tons of new coins coming out all the time. I really believe in ETH so i want as much as i can get before they go ice age.


#76

Agreed! ETH will likely surpass the size of BTC in market cap over time.


#77

Yupp that is what i see as well. Specially with so much ERC20 and companies joining the ETH camp.
BTC will continue to be king (maybe) but i do think ETH will sit next to BTC …


#78

I see Eth getting really big. Which is why I’m confused when Peter hates on it.


#79

Jupp, i been wondering the same, we should ask him :slight_smile:


#80

Lol. I think I posted it somewhere in the pub. I need to find it.


#81

It woud be really nice of you if you coud please make a video about ETH Im also confused.