A month ago i calculated the outcome of bitcoins for Genesis.
Result: Within a year the contract would terminate because the maintainance fee would be higher than the value of bitcoins mined, assuming that the bitcoin price is the same as per the date when the contract was bought. Difficulty increase was in the calculation.
Why a calculation with the same bitcoin price ? Because you want more bitcoin out of mining than you invested into mining.
If you hold a Genesis Bitcoin contract alive after a year with high bitcoin prices, you waste money feeding an almost dead cow that cannot give much milk anymore.
It would have been way better to just hold the bitcoin you had and sell them after a year at the higher price. You would even have to pay no tax, total legally. But with mining you are considered to be a company and pay according taxes !
hows it going? @heidelbaer
am wondering about the accuracy of what you say,Genesis mining went through the trouble of achieving S.E.C status i dont think they would run an unprofitable service after that.
No.1 you say you used a set price from the date was bought and factor the difficulty change but keep the same price i think this might have thrown off your figures.
No.2 Genesis mining have multiple contracts here is the list with ROI
Bitcoin = 273%
DASH= 349%
Ethereum = 223%
Litecoin = 195%
Monero = 122%
Zcash = 66%
I hope this information helps you in your cloudmining journey.
i somehow missed your reply 4 month ago. i see it now because mjhiggs16 responded.
The point is, just calculate with BTC. How much BTC did you invest into a mining contract, and how much BTC did you get back.
If you get back more BTC than you invested, this is a good contract.
its still profitable it just isn't the best investment. There isn't one person that has invested their money in bitcoin minging through them that after 196 days hasn't made a profit. Even with the difficulty going up lately it is still profitable .
i can just say: btc in-btc out.
If a contract gives more btc back than it cost, this is a good contract.
otherwise, just holding btc would have been better.
A month ago i calculated the outcome of bitcoins for Genesis.
Result: Within a year the contract would terminate because the maintainance fee would be higher than the value of bitcoins mined, assuming that the bitcoin price is the same as per the date when the contract was bought. Difficulty increase was in the calculation.
Why a calculation with the same bitcoin price ? Because you want more bitcoin out of mining than you invested into mining.
If you hold a Genesis Bitcoin contract alive after a year with high bitcoin prices, you waste money feeding an almost dead cow that cannot give much milk anymore.
It would have been way better to just hold the bitcoin you had and sell them after a year at the higher price. You would even have to pay no tax, total legally. But with mining you are considered to be a company and pay according taxes !
hows it going? @heidelbaer
am wondering about the accuracy of what you say,Genesis mining went through the trouble of achieving S.E.C status i dont think they would run an unprofitable service after that.
No.1 you say you used a set price from the date was bought and factor the difficulty change but keep the same price i think this might have thrown off your figures.
No.2 Genesis mining have multiple contracts here is the list with ROI
Bitcoin = 273%
DASH= 349%
Ethereum = 223%
Litecoin = 195%
Monero = 122%
Zcash = 66%
I hope this information helps you in your cloudmining journey.
Thanks @cryptomining for another great article :)
i somehow missed your reply 4 month ago. i see it now because mjhiggs16 responded.
The point is, just calculate with BTC. How much BTC did you invest into a mining contract, and how much BTC did you get back.
If you get back more BTC than you invested, this is a good contract.
its still profitable it just isn't the best investment. There isn't one person that has invested their money in bitcoin minging through them that after 196 days hasn't made a profit. Even with the difficulty going up lately it is still profitable .
i can just say: btc in-btc out.
If a contract gives more btc back than it cost, this is a good contract.
otherwise, just holding btc would have been better.
Hi @Cryptomining I just watched your latest video on youtube and am following you now. Please follow me too so we can learn from each other...😀
The FREE Easy to Use Bitcoin Miner 2017 - Mining Made Easy!
https://steemit.com/bitcoin/@raviraj4you/the-free-easy-to-use-bitcoin-miner-2017-mining-made-easy