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RE: Day 3 With Genesis Mining Ethereum Contract
I don't understand Genesis Mining - how much did you pay? What this 2 years contract means - you'll have to pay beforehand, or by month?
I think their site is a mess, it's not easy to understand...
And while your experience is of much value, the post is very lack: can you withdraw the coins? How did you manage to get in this contract? How did choose the right one?
Anyway, thanks for posting.
It was a 2 year ethereum contract (and i found the payment bit confusing at first too so i reached out to them); it's one-off payment for a 2 year contract beforehand.
And if you read my posts from day 1, you will see that I pointed out you can't cash out for the first 30 days when you buy a contract (it's their policy); once that period elapses, I'll see what happens.
And I got into this contract, because getting a mining rig wasn't an option for me, and this seemed somewhat viable. I read a lot of negative reviews on the internet which made me hesitant at first, but then I had some cash set aside for ethereum mining which I thought I'd dump into genesis and see how it works and if it's useful. If you work by the premise that the coin you're mining will go up in value over the time you're in contract with them, then you do make your money back fast, and also more on top of it. Plus you recover your money (particularly in my case) in about 8 months. Everything beyond that is profit.
I created an account to understand it better. So they charge the whole 2 years before hand - wow you must have guts!
They also have an open ended Bitcoin plan, but they won't accept credit card (US), just other crypto currencies.
Thanks for sharing your experience, I'll wait you confirm your first payment/withdraw to jump in :)
They do accept a US Credit Card, that's how I paid for it!