Should i buy genesis mining?

mining

#82

pretty sure its to do with Vitalik changing the ETH chain after the DAO got hacked. changing the fundamental reason of the free market crypto represents.

ETH classic remains unmolested and the ‘normal’ ETH is a modified chain

edit, someone will be able to explain that better than me.


#83

BTC mining contracts at Genesis Mining are out of stock now


#84

this place looks kool, you actually own the equipment and can have it shipped to you if you want or they can run it for you.

I have not used or know much about this place but saw an interview with the owner and and others. The machines they order from bitmain use 1 mega watt of power, that is insane!

Again, I have never dealt with this site in anyway, worth a peek tho.

https://bitclubnetwork.com/tdv/opportunity.html


#85

I am unable to go to that site as I am in a restricted country.


#86

Yupp, pretty much what i expected. They lowered the fee and price a bit since they will deliver late.


#87

Looks pretty cool. Although for BTC u need ASIC. They just talk about GPU mining. But its nice if they are legit. Its nice if you own the hardware and can control it. Also there is minimum 30 day wait time depending on hardware availability. Both plus and minus.


#88

I have to confirm here. I’ve sold some of my LTC for a few cloud mining contracts with genesis mining. Possibly not one of my smartest moves so far…

There are a lot of moving parts to consider… Coin price dynamics, increase of difficulty and the fact that the money you put into cloud mining isn’t available for possibly more profitable trades.

Here a naive assessment of the situation regarding the money (LTC) I dropped on genesis mining a few weeks back:

On the other hand if I hadn’t touched the 90.47 LTC (LTC cost on July 21. was $ 46.75) I used to buy these contracts I would have gained $ 1,798.84 with those coins at the current LTC price of $ 66,63 as of today. Of course in a matter of a few weeks not a year or two years or so.

My takeaway from this is… don’t touch your LTC if you have some… and cloud mining can work, maybe?

I’ll do an update on profits sometime down the road. We’ll see…

BTW for the interested -> https://bitcoinwisdom.com/bitcoin/difficulty


#89

Thanks for this information. This is what we need on the forum. More information like this helps everyone make better informed decision.

Appreciate you sharing this personal information with all of us!


#90

Excellent! I am going to do the same with my contract once it starts. I will collect the data and share it with you guys.
I’m still not sure if its profitable or not. I have done more research and i do reallize that Monero/ETH is not very profitable while BTC can be if you have big hashpower (roughly more than 25TH or more).
Of course you can never know the difficulty , price and other factors like china banning things left and right. So yes it does involve several unknows factors. But so does being in the crypto market in general :smiley:
My 1.1 BTC i invested in the 40TH contract should at the very least give me twice as many BTC in the next year or say een 2 year. I’m happy with that if that will be the case.
Could i be making more with trading? sure maybe but then again i could also loose more.
I like to diversify. I have several coins like OMG, LTC, ETH and ofc BTC that i hodle. I also have Bitconnect which many people said is a scam. But guess what i have after 3 month already taken out around 50% of my investment and have double the amount on my account. So i’m pretty happy i jumped on that boat :slight_smile:

Please do update your table with some more data. We could compare our data once we collect more and see the profitability with hashpower vs what we get out of it…


#91

As requested… still prediction of future prices and increase of difficulty over time seem a bit like reading out of the tea leaves to me. I guess a reduction in profitability between factors of 0.61 and 2.00 could be realistic.

To put this a little in perspective here some gain numbers and my effective losses (!!!) for the coins involved.

image

Just sitting on the 90.47 LTC coins I’ve invested on 07.21.2017 would have made me $ 2,067,24 with those updated numbers vs. $ 1,394,62 I’ve made with Genesis Mining. So in my case here so far I’ve lost money and liquidity. Sure one could say I picked the wrong ALT coins besides BTC and maybe the rise in LTC at this point was atypical (I didn’t see that coming at all) and so on. However there is a possibility that I’ll make some money on the Genesis Mining Contracts I’ve bought.

IMHO of course diversification is in general a good idea. But like in my scenario here the goal is to make more BTC so I’ll have to look at the overall market performance vs. mining profit. A mining service will have to outperform the market so you can make money and they want to make money too of course and - I’m fine with that - not to mention affiliate structures that every Genesis Mining customer pays for as well. So I guess if you just take the money you want to invest in cloud mining and buy BTC there is a certain possibility that this HODL will outperform the mining service. BTW without headaches from missing payouts because the mining service got hacked :wink: or any other issues. Last but not least the mining services adjust their price tags upward as well. So you probably won’t be able to get the TH I’ve bought for the same price.

So, like I wrote before lots of moving parts here and it’s kind of tricky to make an reliable cost benefit assumption. We’ll just have to wait and see.


#92

Thank you for the information. If possible please add the amount of coin gained as well as dollar. That is what the main goal is i guess (atleast for me). Still your gain in 52 days is pretty awesome i would say. The contracts are lifetime or 2 years for some and if you gained so much i dont see the concern really?
Sure the risks are there but from what i can tell your contracts are paying well even in this short time (52 days) Maybe ETH (and Monero) are not the best but Dash and BTC (and maybe LTC) are for sure profitable. I cant say for sure since i dont know how much coin you got back exactly.
For me if i pay 1.1 BTC i want to get back more BTC in return in year1. IF that is the case then i’m ok with that :slight_smile:

And you are correct the price is usually adjusted based on market and demand and other factors. This time thanks to the late start they decreased the price + fee. Sadly i read that japan is starting a pretty nice mining company. Hopefully not very soon :wink:
They have much better equipment and i think they will disrupt the market once they start. Their hardware is almost twice as efficient as the existing ASICs everyone seems to be using.

I hope to provide more info as well once i get more data in. Fun to check in 6 month and compare our data.

Thanks again for sharing this valuable information.


#93

You’re welcome! The information on the gained coins in total is included in the screenshot of the excel sheet I’ve uploaded:


#94

AHHH sorry i’m blind :slight_smile:
That is great.

Since you pay in LTC and get back BTC it gets a bit harder to compare. But so far you have gained about 12.6 LTC.
I calculate with today’s price roughly:
BTC: 4200$
LTC: 70 dollar
0.21 ==> 881$ ==> 12.6 LTC

So i can see that it can take a while longer before u get back the same amount of LTC but should be doable in 1 year. After that its profit :slight_smile:
I’m positive hehe


#95

Like I wrote… let’s wait and see. As of now I’m “unrealized” under water with this in sum of $ 672.61 or 33%.

This showed me - again - that it’s tough to outperform the market as a mining service. Sure it’s only been 52 days so far but still.

I’ve did some BTC and LTC Mining myself until 2014 and even at some scale. When the profitability dropped significantly I continued mining LTC as a bet on the future LTC price for some time and before I closed shop did some “ALT-Coin-Mining-Hopping” as well. In the end it paid out fine even after I got hit hard by the MTGOX disaster.

In retrospect if I would’ve saved my money and effort (I’ve even declined some good paying project offers as an IT consultant for my mining enthusiasm) I’ve invested in my LTC mining operation and simply had bought BTC… you get my point, right?

So it’s tough and there is always the next HASH Monster around the corner - as you’ve wrote yourself - that can be a complete game changer and difficulty fuel. Personally I don’t expect the 15 TH BTC contract with Genesis Mining to be profitable for 2 years. But that’s only my opinion. For me the investment in Genesis Mining is a limited experiment as for now. I won’t up hashpower with them in the foreseeable future.


#96

Great that you mention mining operation, i do some ETH mining right now and i will be getting about 1.2 ETh a month as of now.
I was thinking about expanding that by allot but i am reconsidering, specially since you done that in scale. For my small operation (just 7x1070 card) its a fun project.
There is also these coins like Vertcoin that are ASIC resistant that could be good to mine using GPU. Still its not given that its profitable.
Maybe as you say the best strategy is to buy at cost and HODL.
I’m not going to upgrade my contract either. Just keep that as it is. I share the risk so worst case i loose little BTC. My part of the contract in GM 0.55 and hopefully i get most of that back in a year but worst case i loose little BTC. Lets see how it goes.
This is a fun market we are in. Something new all a time.


#97

I have bought their so called “Presale” BTC (40TH/s open-end) contract and they took my payment without giving me any sort of confirmation. I’ve been emailing them ever since and they have not confirmed or denied the transaction, it’s been a whole week of getting no where! I’ve filed a claim with my bank and hope they issue me a refund soon(it’s a good penny). I just find it ridiculous that they have such good propaganda (ie Google search, Youtuber’s) with ZERO Support for their customers. It’s a BAD business period. I hope you get your situation resolved too. And I couldn’t agree more, they ARE scamming people and need to be reprimanded for there bs campaign/fake contracts.


#98

Totally agree on the bad support par. For creditcard they have stricter rules. I payed the Monero contract with card and i wont get anything for 30 days. I can see under my orders daily what is mined though.
I send BTC for this contract and got it confirmed in minutes. Card handling is sadly worse.
I dont think GM is a scam but they are very very louse at support and communication. I do allot of nagging on them in Twitter. I recommend everyone doing the same so that they can finally do something about it.


#99

gm-2

This is just one more reason why I encourage everyone to stay away from GM.
Signed up 2 months ago. Still missing 1 month of payment.
Started a ticket almost a month ago, now.

Not. A. Single. Reply. (or payment from the first month)


#101

Remove the link and promo code please. We are not allowed to share referal/associate links in the pub.


#102

Too late. Hammer will solve this.