RE: Genesis Mining Review: My 7 Months of Mining
As someone who recently lost $40,000 on a "traditional" business (restaurant) this past year, Genesis Mining gave me a new perspective. As of the time of this writing, the monthly profit on the most expensive contract, 500 MHs @ $14000 ($13,580) generates $2140 in profits which comes out to breakeven in a little over 6 months. However the mining calculator assumes today's prices ($270). If I hold them and trade them when they are higher, say $380, the profit would be $3013 which is 4.5 months. Once I recoup my original investment, starting the 5th month I can re-invest all or a portion of the proceeds into more hashpower or into mining another currency. I don't see anything going wrong here as long as the crypto currency market especially ethereum does not crash. And I believe crytocurrencies and especially ethereum are here to stay. So Genesis Mining is a no-brainer and I wish I had learned about this before "investing" $40,000 into a traditional business.
good comment! keep these up and u will defintly add value to ths community and keep earning on comments! $1 per comment is NOt unrealistic! i know peeople getting $2 and $3 per comment on AVERAGE1 eaning theyre usualy getting all sorts of $7 and $10 comments ! like @thejohalfiles and @gigafart !! You should learn from these whales and the places they hangout in their comments! go see the types of posts they upvote ancomment on!
I think you idea is not bad but there is something you have no know, it it that difficulty is going to increase and that means you are going to get less with the same mining power, and eventually that minnig power will be worthless. So if you have the money I would advise you to do the mining yourself and if then it is no longer profitable you can always sell it to gamers and get most of the investment back. Even if you dont know much with some reasearching you can set p your own mining rig even with overpriced video cards is good business. I hope my
For someone currently mining ETH using Genesis Mining I would like to tell you to slow your roll and about your proposed investment. You would make more money just buying a solid cryptocurrency and holding. I was like you and thought of the moon when I initially invested 2000 (thankfully not more like I wanted to initially) unfortunately no calculator currently takes into account the difficulty factor and how that affects your daily returns. I initially invested expecting a 200% return in the first year. With how things are going now, I would be lucky to make a 15% profit and my contact is almost done. If I had just held onto by BTC I would have almost doubled my money but now.
Couldn't agree more. I am investing all the money I can afford to lose into Mining.
The prices will rise for sure, and the ROI period will reduce. I am hopeful!
We are still at the beginning of a very nascent technology.
Great comment @tytran