I Think It's Time to Say Goodbye to Genesis Mining
So Genesis Mining finally paid me... kinda. Apparently, according to their site, the cloud mining company was hacked and promises to process payments over the next coming days. While I did get one payment on my daughter's account; this instance has brought me around to believing this wasn't a good investment to begin with. Here are the reasons:
Payments after the first day were on a decline and still are. I was full aware of the fact the payments would gradually decrease, but this wasn't gradual, it was pretty instant. In addition to that, the payments fluctuated a lot. That is what puzzled me a bit. How can it fluctuate so much? It also seemed to follow the flow of not the difficulty, but the value of the coin. Keep in mind that mining is for the coin itself, not value.
Investing that money into a currency and trading is just more profitable. 2 weeks or so ago the market tanked. I could've closed my eyes and picked an asset to buy such as Steem and could've doubled my money in a week! In all fairness, reversing back to that time had I bought into Steem or another currency, I likely would NOT have sold it a week later, but would've likely held it for the long run. Still, after 2 years, one could rest assured that more money would be made by buying and holding as opposed to cloud mining.
That's pretty much it. Cloud mining is a simple process, so figuring out whether it's profitable or not isn't a complex deal. In the end, I'm glad I gave it a chance so I can know for sure, that it wasn't for me.
thank you.. u save me
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One of my biggest issues with Genesis is liquidity...it's not like you can really get your money back after you invest...which is why I don't understand why people herald the program as the best cloud miner...besides having a halfway decent affiliate offer.
Not to self promote a post I created, but I did write about this in detail just yesterday: https://steemit.com/cloudmining/@reyhaynes/genesis-mining-is-not-the-best-cloud-miner-out-there-why-act-like-it-is
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STOPI agree. It's better to just buy coins and trade or hold.
Trading is way more profitable. Mining takes too much time to break even. I couldnt agree more!
I been mining for years I get 30% a month, much easier than trading.
it sounds like mining is still profitable if you know what you doing and you have the right setup
ya, and getting in at the right time, with a plan, to many fail because they think its super easy
Are you cloud mining? Or do you have a rig setup? What coins are you mining? I believe it about timing. If you got in early when the difficulty is low, you'd have more coins today to reinvest into your system. The only way i can see returns like that though is with your own setup, a low electric bill and a powerful rig.
Do you use cloud mining? dogecoin you're mining? what evidence you have to support that? Just wondering :)