First week of Genesis Mining STEEM BTC ETH XMR, Is it worth it?
Mining has always been one of the least interesting aspects of cryptocurrency for me, except for when I tried to mine a little Bitcoin with my feebly underpowered computer back in 2013. However with an increasing amount of hype around platforms such as Genesis Mining, including the @craig-grant video showing an inside view of their mining warehouse I decided to have a look. I opted into three separate contracts and paid with Litecoin. I purchased a Bitcoin contract, an Ethereum contract which I split 50% to mine Steem and also a Monero contract. Here's how I did in the first week.
STEEM
Contract cost: $53.34 for 2MH/s for two years
28.06.2017 STEEM 0.07125854
29.06.2017 STEEM 0.07577379
30.06.2017 STEEM 0.07226463
01.07.2017 STEEM 0.07229165
02.07.2017 STEEM 0.07172582
03.07.2017 STEEM 0.07260689
04.07.2017 STEEM 0.07139713
TOTAL WEEK'S EARNINGS: 0.50731845 STEEM ($0.95)
BTC
Contract cost: $72.76 for 0.5 TH/s
28.06.2017 BTC 0.00014071
29.06.2017 BTC 0.00014134
30.06.2017 BTC 0.00014064
01.07.2017 BTC 0.00014543
02.07.2017 BTC 0.00014373
03.07.2017 BTC 0.00014455
04.07.2017 BTC 0.00014586
TOTAL WEEK'S EARNINGS 0.00100226 BTC ($2.65)
ETH
Contract cost: $53.34 for 2MH/s for two years
28.06.2017 ETH 0.00045106
29.06.2017 ETH 0.00045411
30.06.2017 ETH 0.00043373
01.07.2017 ETH 0.00044311
02.07.2017 ETH 0.00042323
03.07.2017 ETH 0.00042496
04.07.2017 ETH 0.00043072
TOTAL WEEK'S EARNINGS 0.00306092 ETH ($0.82)
XMR
Contract cost: $106.69 for 60 H/s for two years
28.06.2017 XMR 0.00341131
29.06.2017 XMR 0.00324919
30.06.2017 XMR 0.00306836
01.07.2017 XMR 0.00310402
02.07.2017 XMR 0.00287620
03.07.2017 XMR 0.00306749
04.07.2017 XMR 0.00318991
TOTAL WEEK'S EARNINGS 0.02196648 ($1.07)
How Long Will It Take To Recoup My Investment?
Based on the CURRENT PRICE of each of the cryptocurrencies here's how long I predict it will take to make back my initial investment.
STEEM (price at time of post $1.87)
I estimate that it will take approximately 56 WEEKS (1 YEAR 1 MONTH)BTC (price at time of post $2594.08)
I estimate that it will take approximately 27 WEEKSETH (price at time of post $269.26)
I estimate that it will take approximately 65 WEEKS (1 YEAR 4 MONTHS)XMR (price at time of post $48.81)
I estimate that it will take approximately 100 WEEKS (1 YEAR 11 MONTHS)
As things stand Bitcoin clearly offers the best return on investment, and as the contract runs indefinitely there is a lot of room for profit moving forward after the initial investment has been recouped. As I see it the biggest threat to Bitcoin is that the mining difficultly will almost certainly increase dramatically, and that there is the possibility of it being overtaken by a rival cryptocurrency such as Ethereum which will be very bad for it's longterm price.
As for Steem and Ethereum they offer a decent return on investment with my projections indicating that I will almost double my money over the course of the two year contract. Steem slightly edges it and as I'm a fan of Steem I will probably convert my Ethereum contract fully to Steem if/when they switch to proof of stake and so away with mining.
Monero is clearly the worst investment and as things stand it's looking unlikely that I will make a large return unless the price moves significantly higher over the next couple of years which admittedly is possible.
In summary things are looking optimistic and it seems likely I will make a decent return on investment. However so much will depend on the price performance of the cryptocurrencies over the next couple of years and beyond, that it's impossible to say what the final outcome will be. I definitely won't be upgrading my Monero contract but I will upgrade my Bitcoin contract or take out a Dash contract next week. If you use Genesis Mining up vote this post share your upgrade code in the comments and I will pick one at random to use. If anyone has some additional tips or insights then please share them too!
If you are interested in trying Genesis Mining or upgrading one of your contracts please use my code to give yourself a 3% discount: WJQvYr
I recently invested some money into genesis-mining as well. Will follow your journey :)
I just checked out your post, I'll follow you too, might pick up some tips from each other!
I hope so :) Thanks again for using my code!
Is steem available for mining?
Yes it is, you need to get the Ethereum contract and then as soon as you have it you can allocate it to mine Steem instead
The way to mine steem is to post and comment on steem. There is no real way to mine steem except to run as a witness, meaning that all that genesis mining is doing when they say they are "mining steem" is buying it.
Okay i will use your code start Genesis mining bro. :-) I just upvoted you.
Cheers buddy, which coin(s) are you thinking of mining?
Stefen Cloud mining is scam mining, if you really want to get into crypto mining take a look at building your own rig man. You are not the boss of your stuff if you are crypto mining and you have no way of ensuring that your crypto doesnt just walk away.
You're not taking into account maintenance price of bitcoin mining.
Isn't it already deducted before the payouts are reported? Here's what it says on their website...
"The maintenance fee is deducted from your daily mining output each day and is 0.0003 USD per 1 Gh/s for SHA 256 hashpower."
How many bitcoin would you mine after two years given the difficulty increase and the continuous halving of the rate found from mining?
I'm not sure but unlike the other two contracts the Bitcoin one runs indefinitely, not just for two years. That means that the contract will continue to run until Bitcoin mining is no longer profitable
Mining is just waste of time. To me oh
@captaincanary thank you for sharing your story with us.
I plan to start mining but not sure what and how (to invest). Probably, I will buy GPU and start mining Ethereum in next month.
Please consider reading my blog posts and following.
Nice post. I've been looking to upgrade my BTC contract on Genesis. I've currently upgraded my Dash contract a few times already. Followed and Upvoted!
3% off code for Genesis Mining: rsCGem
Cheers man I will use your code next time!
kool, and I'll do the same, Happy Mining!