Day 1 With Genesis Mining Ethereum Contract
So it's been a day since I bought my 30 Mh/s 2-year contract with genesis mining; and my first earning is appearing as "0.01490537 Ether" which at the current rate of $330 would be $4.92 roughly. I think my first payout would be after 30 days have elapsed, if I remember correctly, it's their policy after you buy your first contract. Also my first earnings are for half a day since I started in the middle of a 24-hour mining cycle. Can't wait to post results from day two :)!
If you're thinking of buying a contract too, use my referral code "5mh2Ko" to receive a 3% discount! Leave a message in the comments section below if you use it, I'll use yours too when I upgrade my hashing power.
I've had a 1 mh/s since May 26 and accumulated a pending balance of 0.01785400 ETH. On day one I was at .00079 and i am down to .00049 as of yesterday not sure if it's just rising difficulty or the reward luck/payout in the pool. I am also not sure what will happen if/when POS is brought to play
I think it's because of the block mining luck/payout in the pool. Difficulty is still not incredibly high as of yet. That being said, I too am curious to know what will happen when ethereum switches to POS by November this year. Will that have an affect on mining?
Just did some reading on POS, and it seems that mining won't be possible once ethereum switches to POS, so I guess the best bet would be to mine some alt. coin with the mining power dedicated to mining ETH.
nice! is there any extra equipments you need for mining?
No, you just buy a contract with them, it's like renting their mining rigs to mine for you. Heard a lot of criticism about them, so wanted to try them out for myself. So far, it seems fine.
I'll follow you, I hope you keep us posted about the progress :) I heard about genesis mining, but skeptical.
Thanks! The whole reason I wanted to post my findings was to help people who're in the same situation as myself. I've been skeptical of it, but also very curious. Let's see how it turns out. I plan on posting updates all through the first month.
nice. Ill be sure to follow and see how it goes! check out my art! I just started steeming but definitely want to make this a habit!
quite impressive work! you'll be really successful here lol :)!
Nice. Genesis are a lot better now. Hope you make good profit!
Thank you! I've been super scared to try it out because of all the criticism, but lets see how it goes. I will look at it for a week, and if all goes well, I'll upgrade my hashing power by maybe 250 Mh/s or more fingers crossed
Wow that is a lot of money. How good are you with PC components? If you are dropping that kind of cash I'd consider building or buying your own rig. Running 4 GPU cards would net you about $20 per day.
Yes, I'm aware of that but it's not an option for me unfortunately.
Got into Genesis mining a few weeks ago for ETH contracts and was doing them in bigger MH bulk buys, but I started doing it just +1/2/3 MH/s increments at a time so I could use other people's affiliate codes and hoping they will use mine next time too!
I just used yours, it was only for +1 MH/s but looking to spread the love! I followed you also, trying to connect with people here on STEEMIT!
Next time you upgrade your hashpower use my code! NkQanX
Any contract upgrade is fine, I am investing in ETH myself but appreciate the return love of any Hashpower!
hi, thanks for using my code (it still hasn't shown up in my account though); when I upgrade I'll be sure to use yours too... I was going to upgrade about 250 Mh/s for ETH but I just learned about Ethereum's upcoming switch to PoS which will get rid of mining... I reached out to genesis mining to find out what they'll do once that happens, and they don't really have a concrete plan... they did say, however, that they will do their best to make the most profitable GPU-mined coins available to the existing customers. let's see what happens. i hope they bring their dash, zcash and ltc contracts back... i'll happily invest in those
Same, they told me they would switch the contract worth to something else that was available
I hope they give us a choice between a couple of coins (with similar value or profitability) we can switch over to; I would not want to be stuck with a coin I would not have bought a mining contract for.
Yeah I invested a lot in ETH because I like it and believe in it, It would suck to get sent to another coin I couldn't chose that I don't want.