Genesis Mining not worth it!
In my opinion, Genesis Mining contracts are not worth it.
I could be wrong, but the contract that I purchased is not paying off. Maybe other contracts are worth it, but my experience so far seems like Genesis Mining is a big scam.
In early November 2017 I purchased an ethereum contract for $900 good for 2 years.
At the time, ethereum was selling for $300 each, so I could've purchased 3 eth instead.
That would've been the smart choice!
However, I chose to buy the mining contract because of so many stories i've been hearing, about how great these contracts were, and how well everyone was doing with them. So I jumped right in.
Well, if you do the math:
2 years = 730 days
3 eth ÷ 730 days = .00410959
So that means that every day I need to receive more than .00410959 to make any kind of profit.
Most people take out these contracts, and because of the increased value of the coin they are mining, they think they are making money.
After 2.5 months with this contract, my best payouts happened in the first few weeks, where occasionally I recieved .0044 - .0046
Every couple of weeks the average payout dropped, and by now i'm averaging .0036.
With the rate that these payouts are decreasing, I am guessing that I will end the 2 year contract with around 1 eth.
If at that time the value of 1 eth is $5,000.00 you might say it cost me $900 and I made good profit. But the fact is I would've had $15,000.00 worth of eth if I just bought the coin and not the mining contract!
Let me know if this helped you, or your experiences with Genesis.
Thanks
No cloud mining platform is actually worth it and should be avoided. Cloud mining itself is not worth it. Most of these websites are Ponzi schemes (I do not know Genesis Mining itself, however).
I thik there are better ways to earn Bitcoin (or any other cryptocurrency). It's better not to waste money on cloud mining.
I agree. Thanks for sharing your opinion.
i just upvoted you follow me and do same
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True! It seem that all mining programmes don't deserve. If you want to earn good money from them, you should have your referrals.
Yes, you need a lot of referrals to be worth it.