Genesis Mining Review #3: 28 Days After Upgrading 2-Year X11 Dash Mining to 101.125 MH/s
This is my review after upgrading my X11 mining to 101.125 MH/s with Genesis Mining. This post of my review is based on my experience and results thus far with Genesis Mining. This post is not meant to be investment advice. Your results may vary based on the many factors associated with cryptocurrency mining contracts. This post is an update to my "Genesis Mining Review: My 7 Months of Mining" post made 3 months ago which included X11 mining.
Created Using MS PowerPoint with images from Genesis Mining
Why X11 Mining
X11 mining at Genesis Mining is currently mining Dash. X11 mining can also mine other Altcoins that use the X11 algorithm.
The X11 mining contract offered by Genesis Mining is a 2-year contract. There are no maintenance fees deducted from payouts for the contract period.
Created Using MS PowerPoint with images from Genesis Mining
Daily Stream of Income
I have been mining with Genesis Mining since June 2016. Mining with Genesis has given me a daily income stream via daily payouts.
Current Hash Power and Returns
I initially started X11 mining at Genesis Mining in July 2016 with 15 MH/s. After about 8 months at this rate to assess the viability and reliability of the X11 contract at Genesis Mining, I decided to upgrade my hash rate. I upgraded my overall hash rate for X11 mining. A fellow Steemian was kind enough to use my affiliate promotion code, Q1MYO7, for a 3% discount off their upgrade purchase. Their X11 purchase gave me additional hash power through the Genesis Mining affiliation program.
On 23 March 2017 my total hash power stood at 101.125 MH/s for a total cost of 0.51 Bitcoins. Here are the results and projections based off of 28 days at the hash power of 101.125 MH/s.
In the following graph I plotted the individual daily payouts (in Bitcoin) with the mean and upper/lower statistical limits (USL/LSL) three standard deviations from the mean.
Created Using MS Excel
The Bitcoin payouts from 23 March thru 4 April 2017 coincide with the Dash price decline. Since 4 April 2017 the X11 mining payout have been relatively consistently staying within the upper/lower statistical limits.
The following table was generated using the data from 5 April through 19 April 2017.
| Daily Average Payout (BTC) | Monthly Projected Payout (BTC) | Yearly Projected Payout (BTC) |
|---|---|---|
| 0.00169443 | 0.05083278 | 0.61846549 |
The average daily payout with 101.125 MH/s is 0.00169443 BTC. Based on my accumulated Bitcoins since I started X11 mining in July 2016 and using the current average daily payout my break even date is 2 December 2017. This is well ahead of the end of the 2-year contract in July 2018.
My Goal for a Daily Income Stream
I have met my goal to have a total daily income stream of $20 USD a day from Genesis Mining. Because of variations in cryptocurrencies I will slowly increase my hash power to ensure the daily income stream is maintained at $20 USD per day.
In May I plan to start upgrading my Genesis Mining hash power again. After my next upgrade cycle I will monitor the payouts again to put together another post.
Pitfalls of Cryptocurrency Mining Contracts
Based on my experience with cryptocurrency mining contracts here is what I have learned from the school of hard-knocks:
- Do not start a Bitcoin mining contract before a halving event. This is a sure way to at best lengthen your period of time before you break even and at worst ensure you do not break even.
- If the price of the cryptocurrency being mined declines, then your period of time to break even will be lengthened. If the price never recovers, then you are extremely likely not to break even.
- Because a daily fee is associated with some mining contracts like Genesis Mining's Open-Ended Bitcoin mining contract ("USD 0.00028 per GH/s and day, deducted on a daily basis from the generated Coins"), it is possible for a mining contract to go underwater. If this happens you will cease to see a payout until the fees are covered. This typically happens when the price of the cryptocurrency is in a prolonged and extended downturn.
Genesis Mining
If you are interested in learn more about Genesis Mining then click here to visit their website.
If you have an account at Genesis Mining, you will recieve a 3% discount on your next upgrade using promo code Q1MYO7
You can pay for your mining contracts at Genesis Mining using Credit Card, Bitcoin, Dash, Litecoin, and Dogecoin. I prefer to use a cryptocurrency like Bitcoin because of the immediate effect on payouts.
Coinbase
I buy my Bitcoins through Coinbase. For me, buying Bitcoins through Coinbase is fast and convenient.
This post has been ranked within the top 80 most undervalued posts in the first half of Apr 22. We estimate that this post is undervalued by $1.31 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Apr 22 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
Would you recommend this over revshare such as mpca? I've been earning roughly the same amount daily as you bit with only .13 invested so far.
I do not know anything about mpca. But I have been in a revshare program that did payout more per day for much less invested. That revshare program gave me a bad taste for revshare programs that payout higher returns because it vanished (took my investment with it) after I was in it for a few months. That was one of the lessons from the school of hard knocks for me.
That bad taste is why it took me so long to test the reliability of Genesis Mining before upgrading my hash power. Genesis Mining has been consistent and reliable for me. The payouts are definitely related to how well the cryptocurrency being mined is doing. If the cryptocurrency being mined is in a prolonged downturn, then it may not be possible to break even on a contract.
For myself, the X11 contract was the first contract from Genesis Mining that had a good return for me.
Since then with the rise in price of Bitcoin, the open-ended Bitcoin mining contract has done very well for me.
Based on my experience thus far, I do think Genesis Mining has a revshare type program that is worth investigating further for anyone interested.
Have a great weekend,
Steem on,
Mike
Thanks for the awesome info Mike! I have been looking at Genesis for a minute now and wondering what the returns could be. That is the best piece of info I have seen on them yet. Thanks for sharing!
You are welcome.
In a week or two I will be starting to put together an update to my review of the Genesis Mining open-ended Bitcoin contract posted two weeks ago.
Sharing my updates with Genesis Mining contracts will hopefully help others to learn from my experience.
Have a great weekend,
Steem on,
Mike