Upgrading current Genesis Mining contracts to Radiant? Good idea?

genesis-mining

#1

Hi guys! I have a question and where is the best community site to share my questions? Yes, you are right! In the CryptoNation BitcoinPub…yoooooo :wink:

Today logged into my Genesis Mining, I noticed that they are offering to upgrade all my SHA256 Hashpower to a new contract called RADIANT.
The main benefits are the fees are lowered from actual $0,28 USD per day to $0,14 USD per day. This is the good.
The bad is that all my current ´for life unlimited´ contracts will become just for 5 years.
I have like 15 different SHA256 contracts with variable H/s each one but you can select as many as you want to upgrade.
What do you guys think? Is a good idea to upgrade all my contracts? just half? none?
Thanks in advance for your replies.


#2

Mate, your current contracts are about to die. you’ll note they havent really been paying out. once that lasts for 60 days the contracts will get cancelled.

Radiont 5 year contracts will keep ‘mining’ for 5 years, even if the payout is lower than your 14 cent per day cost.

which…means it could run for 5 years and never pay you out one cent.

as it stands now, BTC needs to be something like 9K before these cloud mining contracts become profitable. remember you are buying fixed hashpower against ever increasing BTC difficulty.

what your hoping for is that the price will rise exponentially faster than the difficulty will. thats a massive gamble. your better off just buying bitcoin with your money instead of dumping it into these contracts


#3

also, upon checking, they are CHARGING you to change them. by offering a discount on new contracts!!

aaah no thanks. man just buy bitcoin and let your old contracts die


#4

Thanks Brett. You are right. They are charching for the upgrade. I didn’t know this.

El El mar, 14 de agosto de 2018 a la(s) 22:36, Brett noreply@thebitcoin.pub escribió:


#5

My experience with upgrading my contract is good. It turned out to be a great move. Contract is still running and I get my paymants regulary and on time. Your unprofitabble contract would end up anyway so this will keep them running for five more years. And the prices are good. As far as I’m concearn it’s a Great deal. Genesis Mining is a legit and transparent company, so I haven’t had a doubt when it comes to my contract. Good luck!