How To Get Paid In Steem By Genesis Mining With BitCoin!
Hello Fellow Crypto-Fans!
In this brief blog I am going to show the basic user on how to get paid out in Steem every day with Bitcoin mining from Genesis Mining.
Every day I get paid around 8-10 USD with my 10.7 TH Mining Power on GM. This I have now set it up so I get paid out in Steem every day.
There is no Allocation to do this on the Genesis Mining website so you will have to do a few modifications, heres how I have done it.
Step 1,
Go to you Steem you would like to buy, in my case I want to buy Steempower!
-Wallets
-Steem Power Buy
You will see your account Steem-Power Bitcoin address where the arrow is pointing to, in the above picture!
This will become your permanent deposit address for BTC unless you change it in the future, but be aware if you do change it for any reason in the future you will need to change this on your GM account also!
Step 2,
Now you have a copy of the BTC address you can now allocate this to you GM account as follows!
-Settings
-Wallet adresses
Once you have done this save it, and this will then pay your BTC payouts directly to your Steem account every day!
When you deposit BTC to the Steem BTC address this will then automatically exchange at the current exchange rate.
This will add around 250 USD to my steam account value and if you have more power then you could reap much more rewards onto of you daily steem pay outs!
Follow me @williams858
If you would like to add anything or have any points on improvement, then feel free to reply in the comments box..!
Thanks! Crypto-Gen!
will resteem this mike thanks
I resteemed also, good info for all GM and Steemit users
But, it probably wont do much :(
Hope this helps mate!
it does mate thanks
:)
Interesting... i never thought of that
I might just grab a small btc contract just for a constant flow of SP...
Great idea
That was my aim! Build this steam account up!
i like the idea... but you should also keep in mind that btc transaction fees are extremely high these days... i think $3 per transaction... so I'd say you are only getting $7 out of your $10 payout from genesis-mining.... unless transaction fees are paid by genesis-mining themselves which I don't think they will...
Thanks for this very useful tips.
No problem, :)
Genesis is not a good place to mine. Ive lost a few coins there and would not recommend to anybody to assume this risk.
Pays me every day! With out fail! With 12K invested in to it! Never had any issues with GM
Agreed...
Never any issues here!
Except those LTC contracts are still sold out! Wtf? Literally the best coin to mine ATM...
It was cheap whilst it was on there swell! Longs I get my Steem payouts each day on GM I am happy! Might upgrade BTC 1 TH every 2 weeks! See how it goes!
The economics of cloud mining do not make any sense. If they have all this equipment wouldn't it be more profitable if they just used it to mine? I smell a scam.
So how Genesis Mining works is they get the funds to buy the equipment then set it all up then rent it all out for the two years, then after the two years is up they have free equipment and then its paid for! This is my assumption!
so basically you are giving them unsecured loans that they don't have to pay back?
They pay back in Crypto over the term of the contracts! Never had any issues and been paid over 8k so far this year and have another year and half of payouts, so will easy get my ROI back!