Genesis Mining Review #7: 1 Year of X11 Dash Mining -- More Than Broke Even
I bought my first 2-year X11 mining contract from Genesis Mining on 5 July 2016. I am happy to report that I have more than broke even on the contract in terms of USD invested.
Created Using MS PowerPoint with images from Genesis Mining
Why X11 Mining
X11 mining at Genesis Mining is currently mining Dash. X11 mining can also mine other Altcoins that use the X11 algorithm.
The X11 mining contract offered by Genesis Mining is a 2-year contract. There are no maintenance fees deducted from payouts for the contract period.
Created Using MS PowerPoint with images from Genesis Mining
Daily Stream of Income
I have been mining with Genesis Mining since June 2016. Mining with Genesis has given me a daily income stream via daily payouts.
Current Hash Power and Returns
I initially started X11 mining at Genesis Mining in July 2016 with 15 MH/s. After about 8 months at this rate to assess the viability and reliability of the X11 contract at Genesis Mining, I decided to upgrade my hash rate. I upgraded my overall hash rate for X11 mining. A fellow Steemians were kind enough to use my affiliate promotion code, Q1MYO7, for a 3% discount off their upgrade purchases. Their X11 purchase gave me additional hash power through the Genesis Mining affiliation program.
Created Using MS Excel
On 3 July 2017 my total hash power stood at 155.625 MH/s for a total cost of 0.51 Bitcoins or $436.91 USD. Please keep in my that my total hash power includes the X11 hash power earned through the affiliate program too.
Snapshot from Genesis Mining
The following graph, snapped from Genesis Mining on 3 July 2017, shows my total payouts.
Snapshot from Genesis Mining
In slightly less than a year, the total payout on my X11 mining contract is $654. The total return on investment is 150% in slightly less than a year.
My Goal for a Daily Income Stream
I have met my goals for a daily income stream. However, I do intend to upgrade my 2-year X11 mining hash power soon because of its profitability.
Pitfalls of Cryptocurrency Mining Contracts
Based on my experience with cryptocurrency mining contracts here is what I have learned from the school of hard-knocks:
- Do not start a Bitcoin mining contract before a halving event. This is a sure way to at best lengthen your period of time before you break even and at worst ensure you do not break even.
- If the price of the cryptocurrency being mined declines, then your period of time to break even will be lengthened. If the price never recovers, then you are extremely likely not to break even.
- Because a daily fee is associated with some mining contracts like Genesis Mining's Open-Ended Bitcoin mining contract ("USD 0.00028 per GH/s and day, deducted on a daily basis from the generated Coins"), it is possible for a mining contract to go underwater. If this happens you will cease to see a payout until the fees are covered. This typically happens when the price of the crypto-currency is in a prolonged and extended downturn.
- Genesis Mining represents a percentage of the total global mining hash rate. As the price of the crypto-currency increases the mining competition is likely to increase.
- Increases in mining difficulty does affect payouts.
Genesis Mining
If you are interested in learning more about Genesis Mining then click here to visit their website.
If you have an account at Genesis Mining, you will recieve a 3% discount on your next upgrade using promo code Q1MYO7
You can pay for your mining contracts at Genesis Mining using Credit Card, Bitcoin, Dash, Litecoin, and Dogecoin. I prefer to use a cryptocurrency like Bitcoin because of the immediate effect on payouts.
Coinbase
I buy my Ethereum, LiteCoins, and Bitcoins through Coinbase. For me, buying cryptocurrencies through Coinbase is fast and convenient. Plus, you will get $10 in Bitcoin when you signup at Coinbase using this link and you buy $100 or more of crypto-currency.
hey @etcmike Do they still offer that maintenance fee Free contract for Dash? I too recently started mining with Genesis but doing sha256 (bitcoin).
I just used your promo code for a 0.7 TH/s BTC upgrade.
Have a great weekend!
Steem on,
Mike
Thank you @etcmike I really appreciate that!! When I go to do an upgrade, I will def. keep you in mind and will come looking for you for your code. Thanks again @etcmike Keep up the great work too btw!
Thank you!
I just completed my upgrade cycle last night while the price of BTC was over $4k. My next upgrade cycle will likely be in September.
Have a great day!
Steem on,
Mike
Also, you're invited to list your code on the @coderotation blog :)
as of yesterday, yes.
not sure how it works but I will def. check it out. thanks @coderotation
You are a genius and I like the way you progressed , congratulations to you on that and happy holidays !!
Thank you!
Happy 4th of July to you too! The fireworks are going off all around me. It is going to be a noisy night :)
Have a great week!
Steem on,
Mike
Well done I will use your code when I uprade.
You're invited to list your code on the @coderotation blog.
Thank you.
i am also planning to join the Genesis Mining...thank for the review..its great..
You're invited to list your code on the @coderotation blog.
sure thanks:))
Thanks for the informative review @etcmike. I just started with Genesis a couple of days ago, else I would have used your promotional code when I signed up. I started out with a paltry sum, just to see how it goes for a month or two... I learn by making mistakes on my own it seems :-) At any rate, I've bookmarked your article here and I'll get back to it when I upgrade my hash power. Thanks again.
You're invited to list your code on the @coderotation blog.
Done. Following and will participate next upgrade @ Genesis. Thanks for the invite.
Always love the GM positive videos, Genesis is no joke and pays out daily and the return I have seen is great. I am loving it! Great stuff brother Mike
I think Dash mining on Genesis got the fastest break even point, it's the best pick.
@cryptopie got you a $0.01 @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more!
I am also mining here since 2016 and my experience has been great here. One advice from my side is that from time to time , please check the coinwarz site and see which coin is most profitable for you and allocate mining according to it.
Thank you! I will check out https://www.coinwarz.com/cryptocurrency
I am currently upgrading my X11 (Dash) contract at 15 MH/s each day for as long as I can.
I do not have your promo code. If you would like to give it to me, I will add you to my rotation list.
Have a great week!
Steem on,
Mike
It is my promo code JLW8IH
I just used your promo code to buy a 0.7 TH/s upgrade to my BTC contract.
Have a great weekend!
Steem on,
Mike
Thanx a lot buddy. Keep the code with you and in future if you want to buy more power, use it again and again. Did you forget to check my last post or you did not like it?
You're invited to list your code on the @coderotation blog.
You're invited to list your code on the @coderotation blog.
My code is Q1MYO7
Thanks!
Noted to add it, but check back to double check/verify. It's planned to be done within a few days.
Disregard. Done.
Very informative and well constructed post. I really enjoyed it. I have been thinking of cloud mining and its nice to hear that others are making there money back and some. Do you recommend any other cryptos to mine?
I have recently upgraded my BTC mining contract at Genesis Mining. With the next BTC having event event in June 2020 and BTC's rising price I expect to break even by April 2018. After that is is just profit until the mining is no longer profitable.
A fellow steemian suggested I checkout https://www.coinwarz.com/cryptocurrency
The site currently recommends ETH and ETC mining. However, I will stick to upgrading my X11 contract a bit longer.
Have a great weekend!
Steem on,
Mike
Thanks for the coinwarz.com link. I am sure i will use this in the future. So you just reinvest what you make again and again until the profit is huge?
I typically go through upgrade cycles. I let my earnings accumulate then use them for buying other crypto's, investing in Initial Coin Offerings (ICO's), or just cash out. I try to buy low and when the price of BTC appreciates, I leverage the price appreciation to upgrade (which starts another upgrade cycle).
Because I am limited on how much I can upgrade my X11 contract ($100/day), this current upgrade cycle is lasting longer than normal.
Yesterday my X11 contract paid out $6.32 USD in the form of LTC. Because I think there is some potential upside in LTC over the near-term. Of course that is to be seen.
Have a great week!
Steem on,
Mike
Thanks for your replies. I will be getting some contracts soon. After my rig starts paying i will re invest into cloud mining for more profit.
I just did a upgrade with your code :)
My code: umT56P
Thank you! I have added your promo code to my rotation list. I am done upgrading for this month. I will be upgrading again in August.
Have a great week!
Steem on,
Mike