Debunk Ethereum Mining! Discussion
This is not by any means a fact. I am not a expert on the cryptocurrency field but this is something that anyone will consider before jumping into mining.
I recently checked genesis mining and currently is considering purchasing their 30MH/s ethereum mining. Everything seems legit but I had 1 major problem. Since ethereum is getting big quickly that means more people will eventually start mining ethereum, which increases competition. In this case, competition is referred to as difficulty. Overtime if more people start mining, its difficulty will rise.
Bitcoin uses TH/S to mine, which means it it mines 1000000000 (1 trillion) hashes per second whereas currently Ethereum uses MH/s which is 1000000 (1 million) hashes per second. Overtime, when ethereum becomes as big as Bitcoin, 30 MH/s will mean nothing in the long run.
Hi @moondii,
You bring up an interesting point. This is something I too looked at before signing up with with genesis.
Credibility
I started out with Genesis and HashFlare on May 22. Before I get into profitability and what not, I have received payments from both and it is well understood that both are legitimate.
Profitability
You are correct in stating that a 30MH/s ETH mining contract will amount to nothing in some time. Infact, it will be bringing in peanuts in a very short time.
Getting ROI with Cloud Mining on Genesis
With that said, it is still possible to make money with the Genesis ETH contract - hopefully for 2yrs (if Genesis honours its promise to shift to other coins once ETH switches to Proof of Stake)
How? You ask.
)
Genesis allows you to "auto" mine coins. As you can see, I am currently using my ETH contract to mine STEEM
![]
What this means is that genesis will auto mine the most profitable coin and I will receive payment in STEEM.
The same is available for BTC, ZEC and REP within the ETH contract.
Feel free to use my referral code if you decide to sign up: txYrEM
cant say the same for HashFlare. It is less expensive, but mines only ETH and is a 1year contract - my daily payouts are already down 60%.
Thanks for your response and information. I will use your referral code when I buy hash power. Just 1 more thing. If I change my mining allocation into 100% Steem, will my hash power reamain 30MH/s? or will it be converted into whatever Steem equivalent power it uses?
Guessing that you've figured it out by now. Incase you havent. your hash power will stay at 30mhs regardless of which coin you mine within your ETH contract.
I have since switched to BTC and will use that to upgrade my account until i get to 100mhs