Namaste from the Himalayan Kindgom of Nepal,
Before going through this post please check out my previous posts
https://steemit.com/mining/@ashwim/crypto-mining-experience-from-the-top-of-the-world
Here are the reasons why I would rather invest in genesis-mining than own a mining rig.
Reason No. 1.
The No.1 reason would be the availability of mining hardwares like graphics cards, motherboards, riser cables, power supplies. Due to the increased profit in mining coins like ethereum, zcash, etc there has been a increased demand for mining equipments. As a result of which, GPU and Motherboard are very difficult to get and even if you get them then the prices of the equipments have gone up to 300%. Today if you want to build a 100MH ethereum rig, it will cost around $3000 to $3500 whereas before the crysis it would have cost around $1800 - $2000. Now if you buy the same 100MH hashrate in genesis-mining it will cost you $2800 and upon using my discount code which is PGJCYz, you will get it for $2715, which is much cheaper than buying a Rig.
Reason No. 2
The second reason would be the cost of electricity. Depending on the location and the price of electricity, it would cost around $800 per year to run 100MH ethereum rig, including the cost for running the rig and cooling system. Heat is the greatest enemy of the mining rigs so if you don’t invest on good cooling system then the GPUs won’t live too long. If you live in an area where there are frequent power cuts then you also need to have power backup solution that don’t come cheap. Now the most amazing part with genesis-mining is that there is no cost for the electricity.
Reason No. 3
During the mining operation the GPUs are stressed to its fullest capacity resulting in too much heat generation, and to take care of this heating issue the GPU fan has to be put to more stress resulting in terrible humming noise. If you are setting up the rig in a separate room then its no big deal but If you are thinking of having it run in your room then be ready to face the heat and the noise. During winter the heat can be used to heat your room for free, but in summer its insane.
Reason No. 4
The fourth reason would be maintenance and monitoring. The mining rigs would crash frequently and stop mining so it needs to be monitored regularly. We need to regularly check the riser cables, power cables, GPU temperatures, motherboard slots, room temperature, etc. In my mining experience, I have already burnt several riser cables, motherboards and power supplies. Luckily I haven’t destroyed my GPU yet. In case of Genesis-mining you don’t need to worry about monitoring and maintenance, all this jobs is done by their staff. All you just need to do is keep calm and wait for your daily payouts.
Now most people will say that if you own a mining rig then in the end you will atleast have you mining hardwares in hand, which I think it is most probably not gonna happen. From my gaming and mining experience I’ve learn’t that a GPU’s working life is approx 4 to 5 years if you use it for gaming or general purpose. But when it comes to mining the life span of the GPU is cut down to half and even lesser. This is because mining is such a rigorous process that stresses the GPU to its fullest capacity and that also continuously for 24/7. So at the end of the 2nd year there will be hardly any juice left in the GPUs. The GPU will start to degrade in performances with heating issues and artifacts issues.
Conclusion
On conclusion if you are investing on mining rig then for a 100MH ethereum rig the total cost would be approx $3000 for system and approx $1600 for 2 years of electricity, excluding the cost for replacing faulty hardwares. The total approx cost would be approx $4600. Now if you invest in genesis the same 100MH hashrate would cost $2715 for 2 years.
Taking about final income, depending on the increase in difficulty, I’d say in 2 years 100MH hashrate will produce approx 25 ethers. And assuming the price of ether will be $350 at that time, your total income would be $8750 give or take a few hundred dollar. In both cases, whether you buy genesis-mining contract or you own mining rig, you will eventually make profit. With genesis-mining you will earn almost $6000 in profit. And with your mining rig you will earn $4150 plus you will have your Rig left with you if it is still working. The question is whether you want to make more or less profit and easy way or hard way.
If anybody is interested in buying genesis-mining contract then please visit the link https://www.genesis-mining.com/a/731424 use my code PGJCYz which will get you a 3% discount on every purchase and I will also gain 3% to 4% commission, which is a win win situation for both of us. And you can reuse my the code over and over again to get 3% discount over and over again on every purchase. Currently Bitcoin, DASH and Ether Contracts are available. DASH is a hot product and it gets sold out so fast, so in order to give everybody opportunity to get their hands on DASH contracts, genesis-mining have put a limit of $100 per day on DASH purchases. There is no such rule on Ether contracts.
Once again my discount code is PGJCYz
And the affiliate link is https://www.genesis-mining.com/a/731424
Its already too expensive to invest into high diff and price coins. Altcoins mining is the future because many of them are coming this summer and I can just predict 2x price next summer or even much more. Genesis is for rich people who are too lazy to make a real deal with mining and supporting the coins in their rise.
Also, if bubble pops. At least you will much lower loss with low diff altcoins than with Bitcoin potential -1000$?
thanks for sharing your opinion...
It makes sense - there are a lot of expenses in building and running your rig. I have been looking into Genesis Mining. I am torn between genesis or adding more steem power. I think they are both solid investments.
yes i agree. steem power is also good.
Great post!! thanks
thanks for the info - I am thinking about investing a few bucks in crypto - should i buy some crypto and hold on to it - or should I buy cloud mining?
there are risks in both... but I'd say do both... I am holding some coins and I have invested half on genesis-mining...
This post received a 4.0% upvote from @randowhale thanks to @ashwim! For more information, click here!
great job