Result of my 10 TH/s Bitcoin-Mining Lifetime Contract
Back in August 2016, I purchased a $1400 mining contract from https://www.genesis-mining.com from the earnings I've made in STEEM, which costed about 2.4 Bitcoins back then. I've had contracts with GM since 2014, all of which have recently ROIed, and still continues to give me fractions of Bitcoins each day as they're "lifetime" contracts.
So recently I checked in on one of my Bitcoin wallets and found out that the 10 TH/s contract has so far mined ~0.815 Bitcoins, which is about $1000. That's only after 7 months. So far so good. I hope the facility will run until year 2100 lol, even with the halving protocol every 4 years.
Here's what I did with the mined Bitcoins:-
- Reinvest 40% into another Bitcoin lifetime-mining contract.
- The rest for STEEM.
There may be better ways to mine Bitcoin, but so far all I can say is that my experience with Genesis-Mining has been easy and hassle-free. The most obvious risks here is that I'm relying on a 3rd party and the future valuation of Bitcoin. Anyway, if you're planning to get a Bitcoin lifetime contract after this on https://www.genesis-mining.com, you can get a 3% discount using my affiliate code: cmjoN9
If you're new to this, just send me a message over in Steemit.chat and I should be able to help you out, even if only to understand the basics of cryptocurrencies. As always, only consider using disposable cash, and always consider the many risks involved in blockchain technology.
Thanks, Steemit!
Edit: Personally, I think their lifetime BTC contracts are the only ones worth considering. Ether mining is what I do on my own, without any 3rd party.
Follow me @kevinwong
I think you're the first person I've come across who has actually had some reasonable returns from Genesis Mining. Glad to hear it's working out well for you so far.
My own experience with them hasn't been so good. They are indeed a reputable company (probably the only such cloud mining service left), with good customer service, but most of their mining contracts have been unprofitable for me. Guess I should have stayed with the lifetime BTC contracts like you!
Oh sorry to hear that - you took the year X11, ether mining contracts etc? I calculated those and figured that I could profit much more doing them myself.. and so I did. Yes, I would suggest the lifetime contracts.. oh well or as "lifetime" as someone's still running the facility anyway.
Yeah, I gave the X11 and Ether mining contracts a try. Also got suckered into ZCash due to a bit of regrettable FOMO. I really should have known better...
My very first Ether contract was actually profitable as I got it when they first became available, before the big bull run last year. But then GM raised the prices which made them much less attractive.
I don't have the time or money to invest in running proper mining equipment myself, which made GM look interesting to begin with, but these days I'm happy to just buy on an exchange and hold.
Hey is steemit the same company as steam (valve corp?) I got an ad and Im not techy enough to understand wtf steam is, let alone steem, but are they related or have anything in common in some way?
Totally unrelated. Although Steam (the gaming platform) does accept Bitcoin payment. Similar to Bitcoin, Steem is the cryptocurrency / blockchain that this website (Steemit) is running on.
Thanks I think that was very informative thank you.
P.S. - Who existed FIRST because like Steam/valve corporation has totally violated some sort of STEEM-coin holder's rights as bitholders in this shared-social-mediacomy thing. can we get lawers and stuff to make them stop using "steam" and "VALVE" which btw is totally a STEEMIT thing because we create steem and stuff.
Whatever #ithinkican
Steam existed first. It's been around a very long time and is pretty much the #1 platform for digital distribution of computer games. The naming similarity is unfortunate, but hey, that's life.
I still think if Steam uses Steem at one point, it's kinda awesome. Think about people being able to vote on the many game reviews that users write!
That would be awesome. And if nothing else, integrating Steem into Steam as a payment option would be a good publicity play on the similar names.
Im new in BTC but recently I heard about HashFlare . Do you know anything about them ?
Nope. But I've read some of these cloud-mining services closed shop recently. GM is the only one I've talked to on the phone and communicated by email before, for inquiry.
Ok thanks !
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Interesting, but I do not know what to think of life contracts with the genesis mining. Anyway are you mining ETH or ETC ? ( I'm actually on ETC, but I I hesitate to change and go on Monero). Btw, Followed you ;)