Cloud Mining- Genesis Mining Zcash and ETH sale!
I recently took a look into genesis mining and curious as to how my hashflare cloud mining contract is doing. Regarding the hashflare I have lower bitcoin earnings due to recent price decline and higher mining difficulty. Yet I have earned back what I paid for the contract if bitcoin maintains its current prices, above $8500.
Genesis mining currently has contracts for ETH and Zcash available. As of last month I am aware nothing was available so not sure how long this sale will last.
For Zcash:
For ETH:
I personally will start a ETH contract as I am currently into smart contracts. Will keep you guys updated.
For those who are not familiar cloud mining is mining without having to build or own your own computer. This is a good way for users who are unfamiliar with mining to understand how it all works. The earnings on cloud mining depends on how difficult it is to mine a coin and the price of the coin. For a buyer of a cloud mining contract they usually have to pay a daily maintenance fee, deducted from the daily earned coins, but some contracts such as the ones sold by genesis mining on ETH and Zcash does not have any maintenance fees. Contracts bought through genesis mining are 2 year terms so it is somewhat of a long term investment. Once the 2 years is up the contract will expire, but whatever the buyer has mined he or she has control of the earned coin.
Thanks for reading.
Question... I can't pull the Genesis website on my work computer, so I will ask you. What are the expected ROI's on these contracts? When to the say they are going to hit the break even point? Just curious. I have never purchased a cloud contract. Got close once, but couldn't pull the trigger. You don't jump into anything without doing your due diligence, so I figured you were the one to ask.
it will be ~18 months for either ETH or Zcash for ROI assuming prices of the coins remains where it is today. I would be gambling that the coins will rise 18 months from now but mining difficulty has not been incorporated. I just know with the cheapest mining contract for ETH, $1,520 I can get around 2 ETHs in two years. I think of it as a long long term investment.
http://whattomine.com/coins/151-eth-ethash?utf8=%E2%9C%93&hr=40&p=405.0&fee=0.0&cost=0&hcost=0.0&commit=Calculate
http://whattomine.com/coins/166-zec-equihash?utf8=%E2%9C%93&hr=200&p=360.0&fee=0.0&cost=0&hcost=0.0&commit=Calculate
So would you better off in continuing to move that money into staking coins or into to mining contracts? At least with staking coins, you have a compounding effect like you have spoke about with Smartcash. I know that not all stacking coins are built equally, but just curious. You are the expert and I am merely the pupil.
All of those are good points. The buy in on genesis mining is real high. The trouble with staking is one needs to invest a decent amount to gain any good sort of return. I have mostly focused on passive income and feel I may just take a crack at holding a coin that can potentially moon. The staking will work if I truly hold long enough, but if I can get a coin that moons and convert it into a staking coin that is the ideal path.
I am definitely no expert, just learning as I go. I am 25/75 in getting gensis mining contract, 25% of getting it that is. I see just buying coins that can potentially moon is quite the better way of making big gains. Looking very carefully right now between EOS and ETH. I am actually leaning towards EOS right now.