Should i buy genesis mining?

mining

#21

Yes watched that video from boxmining, seems legit.
I did increase the difficulty and even with 32% i should easy get my investment in 6-8 month if i am pessimistic.

@bitvadol
Did you do the math before buying? with small contract it dont pay out, specially with BTC, i would not get anything lower then atleast 20TH to be honest.


#22

I did some math, I love math. Using your original 40Th contact for $5200.
Maintenance cost per day = $11.20
Maintenance for one year = $4088

Best case scenario, the difficulty of BTC stays exactly where it is, you would create exactly 4 btc.
Profit at current btc value = $18112
Minus the cost of maintenance = $ 14024

Realistic scenario, difficulty increases at a normal rate, creating 3.43 Btc in one year.
Profit = $ 15601
Minus maintenance = $11513

Closer to worst case scenario, difficulty increases a bunch, giving you 3.12 BTC.
Profit = $14142
Minus maintenance = $10054

Now let’s say btc goes up to $10000 in that time, that’s potentially $30k, or $25k after maintenance costs.

But what if you bought altcoins? You could either end up doubling your money or multiplying it by 10 or 20 times. Who knows.

Edit: Where are you guys seeing this 27% pool fee? That would make a huge difference on my calculations, obviously.


#23

Valid points! But this is only year 1. Even worst worst case you are making profit :slight_smile:

The fee is
Contract daily maintenance fee: USD 0.00028 per GH/s and day

So you have to calculate 40000 * 0.00028 = 11.2 dollar daily
Depending on the BTC value ofcourse.

And i do have altcoins, like i got OMG at 8 now profit :smiley:

Still its not all that easy to always win on alts. I like to invest like @peter. On projects that have a future. Another example is NEM. Got in at 0.17, now 0.30 or so.

EDIT:
doing the math with my higher difficulty in mind if i use 24% fee it should cover the cost
Daily 0.01017868 $47.37 $0.00 $11.37 $36.00


#24

Absolutely, profit either way.


#25

Of course I did the math.
But still, I’m getting 0.00003 - 0.00004 BTC per day (after the fees).
I could still get my money back in 6-9 month (just like @Scionero said) But it’s much slower than advertised.


#26

Crypto Lark has uploaded a video about it today.


#27

This thread is giving me FOMO :laughing:


#28

I’m thinking for some portion of my portfolio i want to play it half safe :smiley:
This is long term investment so…


#29

i think everbody knows my stand on cloud mining as full trash, but beside that i would never pay for something now, that MIGHT start in 2 month

isnt it a full gambel against the market, you pay now, what if btc or ltc is double the value in 2 month
you can do that with me any time, give me now your btc / ltc, i give you exactly the amount in 2 month back

btw i am trustworthy like genesis :wink:


#30

hehe yes that part is a gamble but the difficulty wont jump to the roof like that in 2 month. And you get payed in BTC not money so it does not really matter how much BTC cost in 2 month (or am i missing something).

Also this contract has no end date so basically once you get your investment back its only profit right.
I can give you 1 BTC if you give me back 2 BTC in 2 month :smiley:


#31

öhm yes maybe i missing something here

you mean like the hashflare contract was a lifetime contract :troll:

i would like it more, you give me 2 today, i give you 1 in 2 month ? =)


#32

hehe good deal :smiley:

By the way are you from Sweden like me? i see an “ö” in there :smiley:


#33

Är inte skattesatsen på minade bitcoins jättehög?


#34

Fattig är inte den som har lite utan den som behöver mycket.


#35

I know I’m a little late to the party here… but statistically over time mining contracts like genesis are no good. You’d be much better off just investing instead.


#36

Så man skall m.a.o inte eftersträva att maximera sin vinst?


#37

i have no clue what u are saying i just made shit up :stuck_out_tongue:


#38

Haha ok? Are you Swedish? My point was that I think (think bit not sure) that the taxation on bitcoin profits in Sweden differs substantially between just investing in Bitcoins (seen by the government as investment) compared to mining (seen by the government as work). I think they have a much higher tax on mining.


#39

no i am from germany, i like sweden tho :wink:


#40

Thanks for all the inputs guys.

@peter i’m still on the fence but no matter how i calculate it shows plus. Since my BTC is going to be in my wallet doing nothing i can invest some of it on this contract (i’m thinking). The gamble is more if Genesis-mining will go under in the next 6 month…I hope not but after that it should be just plus right?