@craig-grant 's posts finally got me curious enough to sign up with Genesis-Mining and try out mining Dash.
I'm a networking and crypto enthusiast but I am definitely no expert. So feel free to point out where I may be wrong
Minimum payment for credit/debit cards is $50 and the cheapest dash plan I could get was $60 for 2 years.
After paying the credit card fee the total ended up being $63.20 for 10 MH/s of X11 hashing.
The mining profit calculator from Cryptocompare shows that at current rates I can expect to earn:
$ 0.4442 per day / $ 13.33 per month / $ 162.14 per year.
Sounds like I can almost triple my money in a year.
Here's the catch
The mining calculator has a little disclaimer at the bottom.
Disclosure: Mining metrics are calculated based on a network hash rate of 4,478 GH/s and using a DASH - USD exchange rate of 1 DASH = $ 106.08. These figures vary based on the total network hash rate and on the DASH to USD conversion rate. Block reward is fixed at 3.602951909415424 DASH and future block reward reductions are not taken into account. The average block time used in the calculation is 80 seconds
That means I will start to earn less with my hash-power:
- as more people start mining Dash
- if Dash declines in value
- when Dash block rewards are reduced
- when average block time goes up
I have found many reports from people that have bought Genesis-Mining contracts and did not receive any return on their investment. Lots of people seem to barely break even or actually make quite a loss.
Basically buying a mining contract is a gamble.
"The house" (Genesis) is counting on the fact that they will make more money by renting you their hardware than they would make on actually mining for themselves.
One could say the same things about companies selling you actual mining hardware.
One would assume that they are counting on making more money by selling you the hardware than they could make by just plugging in the hardware themselves. In many cases that's probably true since successful mining for profit mostly requires extremely cheap electricity.
I really don't see how you can lose with the numbers you posted even with rising difficulty.
And a way to make $$ is through the affiliate program. If you hit my GM code uC7y5e I guarantee to hit you back. Win/win.
What do you meen by hit your code? Use your code for an upgrade?
Yep. If you do I'll get you right back. The affiliate program with GM is what's up.
Good luck to you too!
I'll let you know if I do upgrade. Right now I don't have the cash to spare and I'm going to watch the results for a while to see if I want to invest more.
Got it. Good luck!
It would be nice if I was wrong. But it sounds like GM is basically giving away money then and no company does that. That's what I cant wrap my mind around.
The Dash X11 contract is where its at but 10 MH/s is too small. Get your hash up to 100 mh/s and you will see good stuff rolling in each day. The key is to upgrade each day once you get to a certain level. Its call the CG maneuver and it works! Use my code: vwHsNOZA
I upgrade every day. Follow me on steemit.
Also use bitcoin or dash to buy your hash. Credit cards are old school, unless you going to purchase a lot of hash at one time.
Ill see how it goes. It does look promising but I find it hard to trust.
You can trust Genesis mining they have been around for a few years and they have real equipment. Do you know who bought up all the X11 asics mining equipment? That would be Genesis mining! That's was the X11 asics are always out of stock...
Thanks. Do you have time to share some stats or a link?
Following you @camb !
Thanks. I hope you enjoy!
@camb to be clear, is the contract a one time fee of $60 for a two year mining contract?
I chose the x11 hash contract for Dash. It's a 2 year limited contract with no extra fees. The sha contract for bitcoin is not limited by time but they will charge a constant mining fee and will cancel the contract when it doesn't generate enough coin to pay for the fees.
From what I have read people are not having much luck with the bitcoin contracts.
So. Yes. :)