Here is an update to my journey on Genesis Mining after my first post on this 66 days ago.
You can re-read it here - https://steemit.com/bitcoin/@joebabana/my-150th-day-with-genesis-mining
I'm just shy of USD50.00 (8.75%) to fully ROI in USD, for the three contracts I purchased in 7 June '17, 9 Sept '17 and new added 13 Nov.
Bear in mind the contract bought in 13th Nov, will only kick into action in approximately 52 days from today's posting.
My ROI estimation in BTC, if I had used BTC to purchase these contracts, will take longer since my extra hashing power has not kick in yet. Currently is 1.5TH/s effective but after 28th Feb 2018, it'll quadruple to 5.975TH/s (x3.9)
Another thing to ponder, if I had bought BTC with the same amount of money and HODL, the value of BTC now will be around 3.3x. Net Profit of a handsome USD1283.00.
The estimate of BTC by Feb 28th and Mar 15th with current hashing power has dropped compare to my 150th day review. The difficulty adjustments are culprit to squeeze the output. In fact there will be around 4 more difficulty adjustments until Feb 28th. That will reduce number of mBTC payout. The inherent nature of Bitcoin protocol.
Should one still mine or just buy?
Your choice is the best but I will only state my point of view. For me, mining is viable since is lifetime contract by GM. At current mining difficulty vs market price is still quite profitable to mine. If you plan to get more virgin mBTC, mining is the only method.
Unless price drops below USD1620 for 60TH/s or USD1700 for 1.5TH/s, mining will be at loss. For GM contracts, will only terminate after suffering consecutive 61 days loss.
On a positive note, if after 200.1 days if I have recuperate the BTC spent on the contracts, mining will still continue with lesser payout but it is still pure profit in bitcoin.
If you decide to sign up cloud mine with Genesis Mining when new contracts are available and want to support me, do consider to use my affiliate code MKFHtQ for 3% discount or click on the signup link
Sounds really good. I'm going the same journey with Hashing24 and Hashflare. The results about are great as well. Great journey and success.
Thanks for sharing.
Both Hashing24 / Hashflare initial startup cost for the same hash power is a little premium compare to GM. Correct me if wrong.
Yes. You are right. But have something distinct about Hashing24 and the others. So you can auction a contract with lifetime from others members and other... that I think that is really good... the withdraw can be done as soon you have more than 0.001 satoshis.
Yes, I agree. Having this feature creates a new market for people wanting to retire their Lifetime contract.
Is cloud mining is profitable?
Some cloud mining is profitable. Now there are so many cryptocurrencies out there. PoW for bitcoin yes.
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