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RE: Why Genesis Mining Actually IS a Good Deal
It isn't. I really don't see how this can ever be profitable. Buying and holding is way more profitable!
It isn't. I really don't see how this can ever be profitable. Buying and holding is way more profitable!
Read the article, maybe? Hm???
Took some time to really read through your post to the end ;-). Cloud mining companies, depends not only on the average increase in bitcoins but also the rate of increase. It has to be rapid enough otherwise it will not be profitable for them and your contract profits will start getting halved to the point where you may never see a profit except from referral income.
They likeky using their members to pay their electricity Bill. In a way they kind of loan the money from you to pay it off, and pay you back gradually in a way that is most beneficial to them. When Genesis mining started, Bitcoins was still fairly low in value. They have made serious gains since then and yet are refusing to give users any significant profit or rathet delay profit altogether. Furthermore, the annual interest of Bitcoins far exceeds that of genesis mining. It just isn't worth it!
In conclusion; you are not mining anything. You are simply loaning Genesis mining money to pay their expenses. There is still a risk that your contract can be terminated and thus not risk free. But it may just be that trading is more risky and novice traders would probably be better off using a cloud mining service until they mastered or have found a strategy which works for them.