Cloud mining.... Should I?
I need help guys. I see lots of posts on cloud mining websites such as Genesis and Hashing24. Their websites look great and when I use mining calculators it always looks like I will be able to make money. However.... There are a lot of posts about how these websites make it impossible to make any profit with the fees that these cloud mining websites slip in. Can anyone weigh in on this to help me?
Also, I'm thinking about getting into mining and buying a mining rig. Any suggestions?
Great question @dmann884. I am using genesis alone at the moment for mining and really the concern over the last few months was the price of ethereum anx dash. These 2 beeing the main coins I mine with them.
Videos from their mining facility encouraged me and my belief has risen in them.
However I am not a big fan of the 2 years limitations of the contracts, so I just bought an ethereum mining rig for myself and I am looking forward to build these 2 mining facilities to a point where I can mine for myself and maybe rent mining power to others as genesis does.
Maybe this answers your question in a different way than you wanted, what do you think about my strategy ? Is it something you can relate to or improve upon ?
Just in case you decide to invest with genesis, use my referral and get a 3% reduction: mXLiHY .
Thanks @decebal2dac ! You've answered my question perfectly! I know Dash is seeing some good gains today I hope that helps sustain your mining. Where did you find a mining rig?
sorry for the late reply, I found a mining rig specialist rather than a mining rig itself. I consider this is a better way of learning how to stay in this for the long run.
In my particular case I found someone on olx.ro , a platform similar to eBay
Just a few days ago I ran calculations for profitability of Genesis mining contracts. On their Pricing Page you will see hash rates and their prices. Ex. BTC: $30/200GH/s, $350/2500GH/s so on and so forth. Run that through any mining profit calculator like the one at Cryptocompare. For the cheapest contract mining BTC you will net $59/year from that contract at 0 energy consumption. Then you have to factor in the maintenance fee of "USD 0.00028 per GH/s per day."
I don't think this is going to be profitable for BTC. I know they have other mining contract options for altcoins but from what I can see the profits are negligible. I may do a 30 day test myself to confirm.
Please let me know how your test run goes! I may have to do one myself. This would be very valuable for others on Steemit if we can create some insight for them.