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:
I'm also an Ethereum Miner and already Checked Genesis Mining. I think you are taking too much risks and you will result as a lost of your money or will have small gain. At the current state : the 100MH offer for 3700$ for One year is a joke... On coinwars, you will earn with this hashrate around 0.73 ETH/DAY which result as 266 ETH for this contract (and you know that the difficulty increase each days...) if we look the actual price : 1ETH = 13$ (ETC make crashed ETH in the market) so at the end you will gain : 3458$
It for sure a loss... Regarding what I did. Bought for 3800€ of hardware (Motherboard, Harddrive and power supply included) and currently have 170-180MH hashrate wich give me around 1.2ETH per day + around 6-7k SIA Coin. it make me earn : 16.5$ + 4.69$ = 21.19$ / day. I could have my ROI in 179 days (a bit more with my electricity costs) but it's still greatly better than what propose Genesis Mining. And I can at the end still sell my CG and just upgrade it with new one.
I would consider buying this if the cost was around 2400 / Year for 100MH with 2% fees. So I can still make money (around 1056.55$ for a year)
1200 + 648.24 = 1848.24$
Actually you are paying them a second equipment each time you suscribe a 1 Year contract.
Dude you have been scamed so much...
5% reduction on the 3700 cost, and it depends, electricity here would make it almost as costly + I have heating issues living in a warm area.
Secondly, I already knew going into this I would be at a loss; mostly but I am not looking for instantaneous ROI so I felt I could provide some information to the community and help any perspective buyer have at least adequate knowledge and decide from that information what they should do.
Lastly I cover my losses by daytrading in about 1 week give or take, my polo tab was open during one of those pictures so I wasn't terribly concerned about it. However why not buy the eth asic 150 mh/s for 1600.
tldr; personally I wouldn't recommend genesis for short term people, but for long term holders only for diversity, but buying the coin is better.
The ETH Asic sounds like a scam actually. Never heard about asic working with ETH
depending of the power cost I would consider it. Because I can still sell my Graphic Cards. The asic I couldnt or with more difficulty on specify forums.
i agree! mining ETH yourself is the best chance to get profit out of it. atm i run 15 Rigs at arround 1850 Mhs that give me between 10-11,5 ETH a Day. At the same thime this Rig's mining also DCR and HOdl Coins. if i sell this DCR and buy ETH for it, i have about 1-2 ETH a day extra ;)
HOdl Coins are not worth it to sell atm but u can mine it with CPU and this little more power consume from the CPU doesent hurt. Maybe they will be worth more some Day :)
Happy mining!
nice write up man, i have an x11 and sha256 with genesis.
the halving was a massive hit for me. not expecting to make my money back now, although my sha256 is a lifetime contract.
thanks for taking the time to write it up and with such detail. I agree this makes sense as a long term diversification
No problem, I wish something like this was around when I tested the waters with genesis. It would have most definitely made a difference in my purchase, but all I could find was genesis mining is a scam, my contract got canceled! etc. and my worst case scenario was back-charging my card.
Feel free to ask questions also, I'm usually pretty good at replying (unless sleeping) or discuss things down here :0
-- side note I'm gonna email genesis and see if they will allow me to use my miners for etc. lol
the only profitable bitcoin platfor is nicehash, you can buy and sell mining power instantly , with genesis i had a lost of 25% of the total invested
hmm wonder if I could sell my hashrate from genesis over there lol
i think it is not possible sorry, they sell only hashes backed by his own antminer machines
aw, lol was about to look into that like maybe possible gains there.
Added my response from Genesis, asked if they intend to add etc to their miners.
Reply took about 3h pretty fast though.
Please use my code for genesis mining, I used yours for 1 TH of Bitcoin SHA256 mining ! my code is : 3klnx4