Crypto Tips: Mining Bitcoin and Genesis Mining
What does it take to mine Bitcoin these days?
Here's how you can get involved
Investing into cloud mining seems to be controversial, I know I was pretty skeptical about it, especially when considering a "life-time" contract. I mean, what kind of a guarantee can a company give for a contract lasting that long?
But I suppose that as long as you see a return of investment within a year, you don't have much to worry about for the rest of your life.
I tried out a couple of genesis contract and so far none of them will ever seem to reach ROI before they expire, and that is in times the crypto is on the rise. I can't think how much more dismally their mining contracts will perform in a downtrend... waste of good money in my opinion... I could have just left the BTC to grow organically...
But the best cloud mining in my opinion is interacting on steemit!!!
Genesis mining has been great for me, been with them for 11 months and I have earned my money back. Right now I receive about $4 per day in bitcoin ($120 per month), I also upgrade my lifetime contract every month with about $50 to increase my daily payment. About 50% of my hash power I earned with their referral program. Genesis is GREAT. I also have a mining rig that mines zcash for about $5 per day, the mining rig requires continued investment to get the best results, just like Genesis.
Mine Bitcoin @ GenesisMining.com 3% discount coupon code = YVhXDJ
It's great that you made it this far to $4 btc per day via Genesis-Mining but you should also checkout 'Nicehash'. I just started and average a bit over $2 Btc per day, the "new way of mining bitcoin". I'm not saying to stop the Genesis-Mining but Nicehash would be another add-on to accumulating 0r acquiring more BTC. Yes, upgrading rigs is needed for better results ;)
Again, I have only ONE Gpu and am a bit over $2 BTC a day so, with your current set-up, 0h b0i!
I only trust Genesis mining because they make youtube videos and are very transparent about who they are and how they do business. Nicehash does not work with my rig, it crashes on the benchmark, many others have had the same problem with nicehash, I think they are more compatible to Nvidia cards than AMD cards
Ok that's most likely the reason. I have a Nvidia and it works flawlessly! Genesis mining almost had me but they payout too small for me. I know you have to be patient and work yourself up if don't already have it like that but, I dnt knw, it's not for everyone I suppose. Glad it's working for you ;)
your Nvidia card sounds like an expensive one, to get $2 btc per day, to get $2 per day from genesis your hashhrate would have to be worth about $500
Yeah the unit itself was around $1600@the time of purchase and I found out that the Graphics card itself is around $1200 so, that's basically what I paid for lol Worth it because the more I upgrade, the better ;)
My opinion is that the most "companys" like that will prove to be scams...
Like ponzi schemes ... they give you first rewards until they win your trust and when big money is involved they take it and leave. I think the risk is too high to get involved.
Life is a risk, choose yours ;)
When we choose to take high risks it is expected to get big rewards. If we take high risks for minimal rewards then we are doing something wrong(?)
That's why I now stay away from 9-5 slave ass jobs(just-over-broke) haha
KillN us over chump change;( But sometimes we just gtta do what we gtta do!
they are all scams, except for Genesis Mining
We hope this is true, right! Only time will tell ;)
@heidtravels Trust me! Nicehash! You will not be disappointed IF you don't mind having a computer on all day ;)
"Lifetime" is a selling scheme.
People look at the current mining economy, and think that the current return will always be the same, and over a "lifetime" would produce a nice return or consistant income. But the scene changes very quickly, and new tech will make your mining contracts obsolete.
The cloud mining providers know that most likely you will pay much more then you will ever recieve in rewards before the contracts are worthless. This is why businesses sell the contracts, otherwise it would be pointless because they would just mine it themselves for a bigger reward.
Dont invest in mining contracts!
Every single one has turned into a scam sooner or later. Just because the company is open for buisness doesnt mean that tomarrow they wont just take your cash and disappear claiming they were "hacked".
Just my 2cents, but its your money, do what you want
Hi! Some time ago I purchased a Genesis Mining "lifetime contract". I found it weird how someone could guarantee such thing. The contract is valid while it is profitable for both parties. When the amount mined is not enough to pay for genesis mining costs it is cancelled. I can understand that and was clear on the documentation. I don't expect them to loose money. But the thing is that the contract is definitely cancelled, terminated, puff, gone... when mining becomes profitable again the contract is not re-activated. Anyway, that was my first experience in this world. I guess If I had more mining power it would have been ok. Currently I have 2year contracts.
I have nonprofitable so far , 1 year Zcash contract .
maybe BTC live contract is different am not sure , but i don't think i will try it soon
good tips @heiditravels
Great explanation !
i havent heard many good things about genesis. I myself use hashflare. the same people who make antminers (hashcoin). ive been using them for some time. cheap electricity costs 0.004 usd per 10gh/s. and 1.2 usd for 10gh/s for a lifetime contract as well. if you are interested heres my referal - https://hashflare.io/r/13EB7024 use it if you want if not just check them out
Sweet thanks for this info! I'll probably make a follow up video in a week or so if I get good feedback and suggestions here :)
I have availed of the lifetime contract from Genesis. So far, so good. It pays my share of the generated mining rewards on a daily basis. By the looks of it, I could say that I am earning at a rate computed as DailyEarnings=Investment/365 days. With this rate, I could be profitable after a year and onwards.