GENESIS-MINING Review: full disclosure - Bitcoin Cloud Mining Day 0 (Steem/BTC giveaway)
Since I can't really afford to buy an ASIC miner, especially as they make a ton of noise that wouldn't be much apprechiated in our small appartment, I today I decided to go ahead and try Bitcoin Cloud Mining via Genesis-Mining.
There is a lot of fuzz on the forums going on. People claiming high ROIs and others saying it is just scam and you won't ROI.
So I went ahead and bought a 0.7 TH/s open-ended bitcoin mining contract.
THIS IS MY ATTEMPT TO CLEARIFY WHETHER BUYING A CLOUD MINING CONTRACT OR JUST HOLDING BITCOIN IS BETTER.
- In these posts I will keep track of EVERY STAT YOU CAN POSSIBLE TRACK. Full disclosure, full transparency. I may even include transaction ids to verify.
- We will soon be able to see if we can get our investment back in time.
Besides that, I will give away 50% of my STEEM earnings for these posts as well as 50% of my referrals.
IMPORTANT: I will not purchase additional hashing power with my referrals so I don't spoil the results.
Both giveaways will be done via a lottery-like drawing for any of my followers (STEEM) and any of those that used my referral code (BTC).
Here is what I purchased:
Looks like I won't see my first payment today, but I will keep you posted:
Now, I will keep track of the following stats:
BTC earned per day - the exact amount of BTC that arrived in my bitcoin wallet
BTC earned total - the exact sum of BTC that I earned until today
BTC earned average per day - the exact amount of BTC that I earned on average per day
$ earned per day - the exact amount of $ that arrived in my bitcoin wallet
$ earned total - the exact sum of $ that I earned until today
$ total value now - the exact amount of the value of all earned BTC according to the current BTC/$ price
ROI % (BTC) - the exact % we got back of our initial BTC payment for the contract
ROI % ($) - the exact % we got back of our initial $ payment for the contract (if we were to cash out our BTC every day for the current rate)
I am using a Libre-Office document that I may let you download for verification. Here is what it looks like:
Also I will always show you these three graphs (I don't have any real data yet, this is just for demonstration purposes):
Additional stats I may provide are: expected date of ROI and current BTC/$.
To join the giveaway for STEEM, simply follow me. I am not yet sure when the giveaways will take place, at least once a month, maybe even twice. It will be announced.
To join the giveaways for referral BTC, leave a comment on how much you spend and on which contract. Spams/guesses will be permanently banned.
This is the 3% coupon you should use on checkout: ZRUYAk
And here is a link to Genesis-Mining.
So to sum it up: I bought 0.7 TH/s for $101.85 (0.0893 BTC @ $1141/BTC) today.
Now I am really interested to see how profitable (if at all) GM mining really is. Stay tuned for the results!
Thanks for reading.
Typically they make money no matter what, I hope things work out for you.
Yeah, don't worry about my small investment, just wanted to create some solid numbers/statistics since that has definitly been missing out there.
Well, after three months I can say a bitcoin cloud mining contract with them is like a big bet on the success of bitcoin. If prices rise pretty dramatically, there is a good chance to get back the money invested and maybe an extra 10 - 25% in roughly 2 years.
It seems very risky, though, because as soon as there are some (temporary) BTC price-crashes, the contract might get cancelled due to its current non-profibility.
So I wouldn't do it again, I believe getting interest on a trusted exchange might even be safer.
Very smart in testing the waters with a small amount
Great work!
I started up with my Genesis mining in January and was doing a similar process to you but after a while I gave it up. Im on track at the moment to get my initial ROI back in a couple of months now if the BTC price stays around 1800 USD. I keep ploughing the payouts back into more hash power and it is keeping me ahead of all the difficulty increases. Im upgrading about ever 6 days at present.
I know a lot of people out there don't like the Genesis system but I was in the same place as you and didn't have all the cash for a mining rig but liked the idea of being involved with mining.
If the BTC price keeps going up it will probably cover all of my daily expenses sometime in the future.
Will follow you, keep the good work up!
Thanks. I wouldn't advise to reinvest, though. As you can see by my calculations the time to ROI is very far away and if difficulty increases again and/or prices of BTC drop you will never reach it. Of course I only have solid stats for BTC contracts.
Well, if you are lucky you can get back more than you invested. But just holding BTC is probably safer.
GL and keep me posted.
For me I worked out that really you need more than 10 T/H to start with to make it worth while. Then with the upgrades you keep well ahead of difficulty increases. Once the ROI is paid off then you can just stop reinvesting and take as much BTC out as possible. I would try and get as much out before the next halving.
GM BTC mining seems to be definintly unprofitable. Check out my latest post on the topic. I have solid stats - unfortunatelly it's the truth.
For the current stats check my latest post here: https://steemit.com/mining/@xwerk/genesis-mining-review-day-61-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-finally-light-at-the-end-of-tunnel
Useful and interesting. I too have been riding that Genesis Mining Fence. Mainly because of other little life expenses that like to pop up. Congrats to you for pullin the trigger and I look forward to followin your flow.
I shared your post with @Steemtrail's #investing-trail & #crypto-trail in our disord group here: https://discordapp.com/channels/237494690100936704/237683319008002056.
Please feel invited to share your updates with us. And you are welcome to share your other posts in our other categories of trails. All the best!
Thanks a lot. What exactly is discordapp?
Will definitly keep you updated.
https://discordapp.com/channels/237494690100936704/237683319008002056
DiscordApp is a place with many chatting communities. A number of which are Steemit related. @Steemtrail's discord channel is a place where we attempt to find quality content and help it's value be appreciated by the Steemit community. You are welcome to click the link above and say hello.
Incidentally, i am trying to sign up for Genesis Mining right now, but am having problems getting it to accept my friend's promo link. The site freezes on me. I too will keep you updated. All the best to all of us!
Check my latest post about my contracts. I have the numbers for the last six months now and the graphs are all pointing in one direction...
Your reward for being in
Promotedis an upvote and 0.010 SBD extra promotion.Good job, keep your contents promoted! :)
Keep up your efforts, thanks.