Genesis-Mining vs your own mining rig
Not very original post but hopefully it will be valuable to some of you interested in mining digital currencies. I have both: account at the Genesis-Mining and also purchased a mining-rig from eBay. Here is how they are look compared side by side:
| Item | Genesis-Mining | Mining Rig |
|---|---|---|
| Total Mhz | 154 | 150 |
| Cost of 1Mhz ($/Mhz) | 28 | 35.33333333 |
| Total cost $ | 4312 | $5300 |
| Power cost (estimate) | 0 | 100 |
| Average Profit $/Day | 34 | 30 |
| Average Profit $/Month | 1020 | 800 |
| Days to ROI | 126.8235294 | 176.6666667 |
Comparison
| Item | Genesis-Mining | Mining Rig | G | M |
|---|---|---|---|---|
| Power cost | included in contract | Extra monthly cost for you | 1 | 0 |
| Maintenance | Hassle free (no maintenance) | when it works it's great, but you have to mess with it when it doesn't | 1 | 0 |
| Heat | it won't heat your house | It produces a lot of heat. I guess it might be good in the winter ;) | 1 | 0.5 |
| Contract | Two year contract | No contract! | 0 | 1 |
| Resale | Can't resell | Sell whenever but... how much you will get for it after two years? | 0 | 0.5 |
| Switching to other currencies | Limited | Yes! You can do whatever you want. | 0.5 | 1 |
| Total | 3.5 | 3 |
It's a subjective analysis but so far the Genesis-Mining looks like a winner to me. It should take less time to return the initial investment and it's hassle free. As long as the value of the currencies go up, it should be still profitable with increased difficulty of mining. I might have got a cheaper mining-machine and that could be a game changer. But I don't have time to run around the server making sure that it works correctly, doesn't overheat, or has all the recent updates. Comments welcome! I will post updates about this topic.
If you are interested in using Genesis-Mining and want to get 3% discount you can use my coupon:
sZwy2F
There must be something off with your build. If you put more money into the mining rig than you did into the cloud mining, then you should very easily be earning about twice what you are earning from cloud mining. Did you buy a prebuilt rig? I hate to say it but it sounds like you might have gotten ripped off somewhere along the way... Just for some perspective, I'm currently earning about $400 with my rig that I put together for about $1500. I'm about to add two more which should generate at least another $1000/month and I'm spending about $3500 for those two combined.
Yes, I bought a prebuilt one from Ebay. At that time that was the beast deal out there, and companies around USA were sold out.
Well if you do plan on acquiring another rig, I would suggest doing your homework and building your own. You'll gain some valuable knowledge about computers/mining/cryptocurrencies and you'll save yourself a lot of money. Also feel free to ask people who have experience with this or anything else you pursue for advice before making any big decisions.