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RE: Are you NEW to Bitcoin? Genesis Cloud Mining is GREAT :)
I'm sorry but it's not ... You're upgrading only the quantity of your hashpower and not the hardware itself - so if a part of your hashpower is on a unprofitable hardware it'll get canceled ... And they don't really disclose how profitable is the current hardware ...
Of course it makes a lot of sense since otherwise they'd have to upgrade your hardware for free ... I'm just saying it isn't really honest to call the contracts "lifetime" ... it's more like "hardware lifetime" :)
I beat every fear about the contract by upgrading every week with the profit I get paid daily. By earning more than it cost me to upgrade I stay ahead of the game and in the profit for all time, hence lifetime contract
what makes sense to me is genesis mining has had new customers everyday for many years already, and customers upgrading contracts every week, so they will be in business for all time, and I'm already in the profit, by upgrading my contract every week
OK but ... let's say you have to have around 10THash at this point which generates ~31$/week ... you invest back 30$ and earn 1$ ... that means you end up with additional 0.2THash and 1$ earnings per week ... for 10THash the ROI at that rate is around 25 years or 1400 weeks ...
Buying 0.2THash weekly you get 2% increase in your mining power (when starting at 10TH) but you further your ROI by ~30 weeks (as you earn 1$ + 2% per week) ...
Or maybe my math is messed up ? ;D
does not matter what the math says because I'm investing bitcoin paid to me by my contract to increase my daily payments and maintain the longevity of my lifetime contract, the profit comes from bitcoin price going up and me having more valueable btc on hand and being paid daily, than it cost me to upgrade every week