New Bitcoin contracts at Genesis Mining
I am Genesis Mining user since April last year. I have bought several contracts, Bitcoin, Litecoin, Ethereum, Dash and Monero.
Were they good investment?
Most honest answer is I don't know...
If we look at number of coins that I could bought at moment when I have bought contract, then probably it is bad investment. All contracts are still alive but until now only ETH contract gave me more coins than I could bought at start.
On the other side I really love daily payments. When you are receiving your coins daily, you can make numerous small investments and that was excellent for my trading. If you have large sum of coins or money then you are tempting to pull large purchase when you like price of some Crypto and maybe you make mistake on that trade. Buying in a small portions is always better.
So there is many reasons that we can discuss, was it good or bad investment purchasing cloud mining contracts at Genesis mining.
Genesis mining was out of new contracts for some time and they are offering new Bitcoin contracts since few days ago.
I was really SHOCKED with new contracts and they are TERRIBLE investment at moment.
First of all, I have payed more than one year ago 150$ for 1TH/s. Now, after one year they are asking 285$ for 1TH/s.
INCREDIBLE... Difficulty hes gone up hard and Antminer S9 price is lower from 1300$ to 800$ and they are asking almost 100% more money.
They have changed from lifetime to 5 year contract. Lifetime was just marketing and these contract last until they make more Bitcoin than is cost of service. Usually that is around 2 years.
Now this 5 year contracts offer is so pointless because I really don't know what you can get after year or two when new miners enter field and difficulty goes up more.
Maybe you have different opinion and you should always do your own research but my opinion is DON'T WASTE MONEY ON NEW GENESIS MINING CONTRACTS!
@cicbar, and how much $ you get a day from 280$ contract?
To me the feelings when you get something (delegation on Steemit) for doing basically nothing and just loaning some money to somebody is the most enjoyful experiences
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I think that buying contract from mining company like Genesis mining is a waste of money, I prefer buying crypto from the markets and trade on market price swings in such way I have always make more money than buying contract that might be unprofitable in the long term @cicbar
Valid point... even old contracts were not profitable but new are pointless...
@cicbar, има две године како сам покушао са њиховим уговором на неких 15 милиона сатошија. Заморио сам се причајући да су то преваранти :(
Ne bih rekao da su prevaranti, to je teška reč. Oni isporučuju ono šta obećaju i šta platiš. Kopanje Bitcoina već duže vreme nije isplativo malim investitorima...
Нажалост, потпуни преваранти, @cicbar. Кад сам закључио тај први уговор, у условима је писало једно. Кад су почели да смањују исплате далеко ван објављених услова, питао сам зашто то раде, и добио одговор: „Па знате, улагање у криптовалуте је ризично!“
Žao mi je što to čujem. Ja imam drugačije iskustvo. Čak su smanjili duplo deo koji uzimaju za održavanje...
Lol, I thought you were about to advertise cloud mining.
It s a simple caluclation: Lets say you invest $1000 into cloudmining. Another one invests $1000 in coins and buys cheap, sells expensive.
After a year, I guess the trader will at least double his invest, while the cloudminer cant react to market movements, neither switch coins and so on.
From my today's point of view, Cloudmining used to be cool but not in 2018 anymore. ;)
Agreed. Cloud mining maybe had some sense year ago, but today...
I also have Genesis mines. I bought a BTC one in June last year. I agree that this is a terrible deal! When I bought mine, I compared it to Hashflare (the only other reliable cloud miner at the time), and Genesis was cheaper. then they ran out of BTC mines for a while. When they came back (late 2017?), they had become way more expensive! As you say, this is despite difficulty increasing and hardware prices per TH decreasing!
These figures you show now are shocking! Genesis will make a killing from this once BTC price rises! They are ripping people off! And what's with the limited life contracts? Scared they will have to give away money for too long?
BAD GENESIS! BAD!
It’s company recognition, when people think of mining its typically genesis mining that comes to mind meaning that any new guys wouldn’t know better so they would buy it.
Nice post, I consider looking into Genesis, but never did, I like Bitcoin, the easy money has been made already.
I think the Crypto Lark (@larksongbird) went over these new contracts in one of his recent videos and his conclusion wasn’t very favourable towards the Genesis Mining (or, rather, those who are going to buy the contracts). The relevant bit starts at 9:36 into the video:
Thanks :-)
Coins mentioned in post: