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RE: A True Dash Story! Making History!
from you experience, and looking at dash which you post is about. assuming one does genesis mining and choose to mine dash and pays 30$ how long do you think it will take to mine 1 dash? dont mind how my questions sound? and i see something about fees or maintenance fees etc. if you withdraw, do you pay big fees? and how about mining with a pc? is that faster than cloud mining?
I don't have a lot of experience with Genesis but others right here on Steemit can tell you more about that company. Haven't made my first withdraw with them but you can expect withdraw fees. The withdraw fee for Hashflare is flat and small, but those fees are the reason I don't withdraw daily.
The projection in Genesis is 10-11 cents a day for the smallest plan for $30. I paid about $27 in Hashflare a while back and currently average about the same, got my investment back and some in about 7 months but do keep in mind this will depend on the price of the currency and how it changes.
If Dash falls in price it may take longer to get your initial investment, if it rises faster then it may take less time to begin the actual process of profiting.
kk so it is cents, but i want to understand how thatt will relate to the cryptocurrency. i mean i am mining dash, do you mean cents in dash or dollar cent. i am trying to understand that aspect. so how u mean is if the price of dash goes to 1k, you will hit your investment really fast. is it in any way comparable to buying one dash coin and waiting for dash to rise to 1000 usd?
When you are mining you are giving life to the network by verifying the transactions, the more computers get hooked up to this network the higher the security of the network and the more the difficulty when mining.
If the coin is difficult to mine then it's worth more. There comes a point in which it is not profitable to mine with certain equipment like laptops because they are not strong enough against the difficulty to gain any significant rewards when new coins are generated by the process of mining or confirming the transactions for the network.
That's why many people opt to mine with a third party, because they manage to reduce energy costs and/or have specialized equipment for mining.
Holding Dash is an option too for helping to increase the value of the coin, because by taking the Dash out of circulation (not using it) others have less to distribute among themselves which makes it rare, valuable, because it's hard to come by since there is a limited supply and only so many Dash will ever be created.
I, however, think mining is more beneficial to the network than just holding. Because the network can survive just fine without people holding for too long, but the network wouldn't exist without the computers verifying the transactions.
When you are mining you are also holding, so long as you don't spend whatever you are paid daily.
I meant cents in dollars, fractions of a Dash.