I'm also an Ethereum Miner and already Checked Genesis Mining. I think you are taking too much risks and you will result as a lost of your money or will have small gain. At the current state : the 100MH offer for 3700$ for One year is a joke... On coinwars, you will earn with this hashrate around 0.73 ETH/DAY which result as 266 ETH for this contract (and you know that the difficulty increase each days...) if we look the actual price : 1ETH = 13$ (ETC make crashed ETH in the market) so at the end you will gain : 3458$
It for sure a loss... Regarding what I did. Bought for 3800€ of hardware (Motherboard, Harddrive and power supply included) and currently have 170-180MH hashrate wich give me around 1.2ETH per day + around 6-7k SIA Coin. it make me earn : 16.5$ + 4.69$ = 21.19$ / day. I could have my ROI in 179 days (a bit more with my electricity costs) but it's still greatly better than what propose Genesis Mining. And I can at the end still sell my CG and just upgrade it with new one.
I would consider buying this if the cost was around 2400 / Year for 100MH with 2% fees. So I can still make money (around 1056.55$ for a year)
- 7 Radeon 370 cost 1200$. They already have the motherboards etc... + Electricity costs 0.10ct * 0.74KW/H x 24 = 1.776$ x 365 = 648.24
1200 + 648.24 = 1848.24$
- They can earn per contract = 551.76 / Year + Fees + they can sell the hardware to upgrade it.
Actually you are paying them a second equipment each time you suscribe a 1 Year contract.
Dude you have been scamed so much...
5% reduction on the 3700 cost, and it depends, electricity here would make it almost as costly + I have heating issues living in a warm area.
Secondly, I already knew going into this I would be at a loss; mostly but I am not looking for instantaneous ROI so I felt I could provide some information to the community and help any perspective buyer have at least adequate knowledge and decide from that information what they should do.
Lastly I cover my losses by daytrading in about 1 week give or take, my polo tab was open during one of those pictures so I wasn't terribly concerned about it. However why not buy the eth asic 150 mh/s for 1600.
tldr; personally I wouldn't recommend genesis for short term people, but for long term holders only for diversity, but buying the coin is better.
The ETH Asic sounds like a scam actually. Never heard about asic working with ETH
depending of the power cost I would consider it. Because I can still sell my Graphic Cards. The asic I couldnt or with more difficulty on specify forums.
i agree! mining ETH yourself is the best chance to get profit out of it. atm i run 15 Rigs at arround 1850 Mhs that give me between 10-11,5 ETH a Day. At the same thime this Rig's mining also DCR and HOdl Coins. if i sell this DCR and buy ETH for it, i have about 1-2 ETH a day extra ;)
HOdl Coins are not worth it to sell atm but u can mine it with CPU and this little more power consume from the CPU doesent hurt. Maybe they will be worth more some Day :)
Happy mining!