Genesis Mining new Bitcoin contract is a Deathtrap

While I was happy for two minutes when I heard Genesis Mining is offering Bitcoin contract for sale again, the excitement soon died down after I saw the pricing.

GM is now offering 5TH/s for $1,400 in Bitcoin mining contract. With 5TH/s a person would receive about $50 worth of Bitcoin in a month, meaning it would take a person 28 months to break even.

Yes, 28 months. That is assuming the hashrate (difficulty to mine Bitcoin) remains constant as its current rate today. Yet we have seen how Bitcoin hash rate can increase dramatically over a dhort period of time, let alone 28 weeks:

The Verdict: Do NOT buy the new mining contracts from Genesis Mining, as it is almost a certainty that you wouldnt get your initial investment back. You would be way better off just buying your own Bitcoin miner, on just buying Bitcoin off the exchange.