Genesis Mining : -36% Return of Investment, yep that's a negative!
Hi guys, I found a very interesting post on /r/cryptocurrency about Genesis Mining.
Some dude did the math and he got the results that everyone should know about - you will loose money because of the difficulty increase.
Allow me to quote:
Based on the virtues of linearity, if you're earning $9.54/day on day 1 and $0/day on day $280. Thus you're earning an average $4.77/day over 280 days for a total of $1,335.60, which is a net loss of $839.40 or a return of -38.6% on your initial $2,175.
The full post with the math:
https://www.reddit.com/r/CryptoCurrency/comments/6mtdok/hopefully_extensive_genesis_mining_math_looking/
Remember guys, genesis mining is only profitable for guys like @craig-grant, who spams the whole internet with their referrals. They are literally making money on your loses. Don't follow them. And don't do any cloud mining.
Good luck!
PS. Sorry for the "steemit" tag but I see many guys here advertising this scam.
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Thank you!
I bought me a hashing24 lifetime contract for +- 15 USD back in March, at the moment it made me +- 6usd, so I am still at -9 usd. But if I just had bought me BTC for this 15 usd, I would have +- 27 usd worth of Bitcoin so a profit of 12 usd, because of the rise in value.... However, I did it as an experiment and for having freshly mined Bitcoin, which you can check on the blockchain, so I can call myself "a real Bitcoin (cloud) miner"!
Yeah, It might be fun but... it won't make you money, sadly.
That's correct, but IMHO that is not for all coin... or is it?
Agreed, not worth it, it will just siphon off your money. Better buy real crypto.
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