Hello everyone, this winds up being a topic that appears every now and again.
-What is Genesis Mining?
Genesis Mining is a Cloud Mining company that sells you specific shares of their miners for a price and gives you the payout, based on your contract.
-Is Genesis Mining just a scam?
I intend to give you my results and let you decide for yourself.
I currently own the following contracts:
7.5 th/s sha-256
560 mh/s x11
35 mh/s eth
Now I had my contracts before the halving, and I'll show how it has effected them and what else has effected their payouts.
Starting with the sha-256 contract:
-Before the halving I was receiving .0115-.0129 btc a day, or 3,000 zeta depending on my choice
-After the halving I'm now receiving .0041-.0049 btc a day, or 800 zeta coins - which I'm guessing is due to non profitable btc miners switching over.
With my coupons, this 7.5 th/s cost me 1,236.75, before the halving I made back approximately 490$ of this, it will currently take me close to 330 days at the current btc price to recoup my entire investment. Unless - Difficulty increases so much that the amount of btc I receive is able to be negated by a 30 cent electricity upkeep fee. At which case I will be out several hundred dollars.
560 mh/s x11 contract. (I qualified for the 2 year upgrade thank god)
Before the promotion of x11 2 year contracts I was receiving close to 2 dash a day.
After the promotion of x11 2 year contracts I'm receiving 1.1-1.5 depending on the difficulty a day.
If this remains given and the price of dash is at least 9$ a day I will receive my ROI of 4403.8 USD in approximately 1.4 years, leaving me around a 1200 profit range. Although I do expect the difficulty to keep increasing and to only break even on this 2 year contract.
Eth 35 mh/s 1 year contract.
Before the dao crisis I was receiving .2-.24 eth per day at close to 20$ per eth.
After the dao crisis I am receiving .2-.22 eth per day at close to 13$ per eth.
I will provide the calculation for both prices for my possibility of ROI.
My initial ROI is 1256.15 and in this time if difficulty stays the same I will receive approximately 75 eth by the end of the contract, at 13$ per Ethereum that is a loss of 300$.
If the price of Ethereum is 20$+ however, I will have gains of around 250 dollars.
- Well how come you don't do that cool feature and use your sha-256 to mine ltc?
Surely 7.5 th/s on ltc would be absolutely amazing, however (auto) means that you will mine the most profitable coin and they will automatically convert it to whichever coin you have selected, usually using an older pricing for the coin. So what that means is when I tested it I traded .011 btc for .22 ltc, 7.15$ for around 1.10$ USD at the time, I do however exchange to doge or btcd periodically because .0044 btc for some reason can get close to 2 btcd (+100k satoshi gains) and doge can give up to 12k for around +50k satoshi.
-Why don't you do that all the time then?
Because If I leave it there too long magically my rewards for that coin trade have very volatile payouts. I'm not sure if intentional or if they actually use exchanges for their value, I certainly can't find the calculation properly and that information isn't visible on a customers end.
So given this information, the chance of ROI is almost impossible. However from what I can tell, Genesis Mining is an actual legitimate company and not a Ponzi scheme as it is usually called, but in essence offering a non profitable deal in a way that most people will not make back their ROI ever is a matter of ethics.
If you hold onto it all though I'm sure eventually the ROI from genesis right now doesn't matter and we would be seeing this either way, however on the same hand you could just buy the coins and that would give you more coins and more in the long run.
Thanks for reading.
#genesismining #genesis #mining #cryptocurrency #crypto-news #crypto #investment
Decided to ask Genesis if they intend to add etc mining this was the response: