Genesis Cloud Mining
Genesis Mining offers an easy way to invest your money. Genesis Mining is a cloud mining service where the user rents power to mine instead of buying a rig.
Even though I have never used this service, I do not believe it to be a scam like some that claim it to be, but also I do not think it is that profitable. Imagine that you start a contract and you paid the fee to mine for 2 years a certain cryptocurrency..... now Imagine that that currency price drops you will be losing money potentially for the duration of the 2 year contract.
It would be much more worth to buy a rig to mine by yourself, especially when you can pay thousands of dollars for that contract, you would invest those thousands of dollars and buy the rig that would be mining, potentially for longer than 2 years.
I saw trevonjb on Youtube and he visited the mining farm. He gets a lot of commissions from his referrals though.
Very good point.
Have you seen the free fall in all cryptos today? see https://steemit.com/cryptocurrency/@charles1/the-fears-in-crypto-currencies-big-losses-in-steem-etherium-bitcoin-et-al
people will lose and some will gain.
I haven't seen it but i heard about it already, they will fall today and rise tomorrow as per say, but in this cloud service if you use it the future is very uncertain, I had a look at the website and I did not invest instead I'm buying rigs to mine the cryptocurrency, more profitable in my opinion
Good point. So its better to mine yourself? what of the electric bills. I am following you now to stay in touch. Lets stay in touch
Well, in my opinion, it is better for you to mine yourself, take this example: you buy an antminer from bitmain at a cost of 41 litecoins + delivery and PSU... then you hook it up a pool and mine, considering that the antminer L3+ has 504 Mh/s and consumes 800 watts... even though price of litecoin fell... looking at this statistics... here is the profitability:
https://www.litecoinpool.org/calc?hashrate=504&speedunit=MH%2Fs&difficulty=255206.12501282&price=37.97727¤cy=USD&power=800&energycost=0.19
Bare in mind that my electricity is 0.19 USD/kWh
No wonder the antminers have been outsold in the last few weeks XD
wow, but the issue is complications if you dont understand it. Quite technical isnt it?
It would be more technical if you were buying and selling currency for example on a MetaTrader platform. with mining, you have a wallet and you buy a product that mines that particular currency then you just have to connect to a pool. I have placed my order with Bitmain and I should have it delivered by September, then I will let you know all the details if you are interested.
Just reply on a post so I get notified in case if I forget.
That will be great. Would like to join and see how it goes. Dont forget to keep me on the loop
I have tested those L3+ I currently have 2 of them mining away and 2 dash miners already ordered and yes they are profitable.