Some people (myself included) have queried the roi/profit..if any..... from using this method of mining. I decided to grab a small Monero and Ethereum contract and present the following figures for analysis for others contemplating dipping their toe. If anyone decides to have a punt based on the below I would appreciate if you could take advantage of receiving 3% off your contract price by using my referral code of UaQ2rJ Monero - 100 H/s 2 year contract - Outlay USD$83.30 With Monero currently at USD$50.20 break even point = 1.66 Monero (rounded up) Taking worst return rate during the past week of 0.00542109 it would take 306.2 days to break even based on above figures. This equates to a 138.4 % profit at end of the contract life at current prices vs mining rate. Please note some days mining on this contract were over .0065 ...I am trying to present worst case scenario based on limited data I have. Ethereum - 12 MH/s 2 Year Contract - Outlay USD $351.00 With Ethereum currently at USD$304.20 break even point = 1.154 Ethereum (rounded up) Taking worst return rate during the past week of 0.00584007 it would take 197.6 days to break even based on above figures. This equates to a 269.4 % profit at end of the contract life at current prices vs mining rate. Disclaimer - Please do not take this as financial advice and I urge you to do your due diligence and research prior to investing in anything. Cheers, Stoic
Thank you stoic Interesting I actullay bought a monero and ether contract recently for $6k au my earnings in the first week are about $250 so about 12.5k per year 25k fot the two years which works out at about 300% profit Since your doing worst case scenario I'd say your spot on I might upgraded later on I'll use your code If you decide to upgrade please use mine I don't want to put it in your post
Just be wary of the ETH contracts. Big risk that ETH will go to Proof of Stake later this year. While Genesis will let you mine Ethereum Classic or use hardware to mine another coin- remember you are in the same boat as all the other ETH miners who will have idle equipment, meaning the hash rate and difficulty of the ETC network could skyrocket and make it unprofitable.
lol he is trying to get people to sign up for this dodgy service using his refferal code to generate him more income he is not doing worst case scenario as that involves you loosing all your money. and hashing power if this was more profitable to mine the coins then rent out this to suckers they would be mining the coins. what if btc / eth crashed to $1 tomorrow and this place goes bankrupt this is a thinly veild "review" of a useless serviece so he can get refferals.
In fairness, you are contradicting yourself CJ. The business model for Gensis (and others) is actually more about the provision and maintenance of hardware. They buy hardware, set it up, figure out how much it costs to run it for 2 years, add it all up, add a mark-up and then sell it. With this model it is the buyer of the contract who takes all the risk. Genesis make money even if the cryptos tank. That is how they can ensure a successful and stable business. I am sure that for any "idle" equipment that is in stock and as yet unsold they would run it to earn an income while it remains "on the shelf". At the moment it is more profitable to run the equipment themselves and there is nothing saying they aren't earning good money this way - but this involves more risk for the business. It is safer and more sound business model to reduce risk by contracting out the gear and guarantee an income regardless of what the cryptos prices are. At the moment they've sold out of DASH, ZCash and Litecoin contracts and you can bet they're restocking. If it was a scam they'd just keep selling them and faking the payouts like some others have done. DISCLOSURE - I am also a Genesis client and have posted my own referral code in another thread, but that's not why I am posting here.
And you know this how ? I might have missed it somewhere along the way but where are your helpful hint's and tips ?
Are you talking to me? If so, I first started talking about Genesis in this thread :- https://www.silverstackers.com/forums/index.php?threads/cloud-mining-services-genesis-mining.68827/ I made a few other comments and posted my referral code in this one :- https://www.silverstackers.com/foru...hen-the-mania-has-run-its-course.84667/page-3
BTW - I don't know for certain that is the business model, but after researching the sector I put 2 and 2 together and got 4
Hi Cj your flawed opinion to be clear is not fact. Its merely your opinion. To address your cynicism. Yes I put my referral code and with that people get 3% off their contract price yet you think this is a bad thing? Who said I was doing worst case? Projected returns were based on worst return rate as clearly laid out. There was also a disclaimer about one doing ones due diligence which your blinkered little mind missed. PS- Are you sure your post is not a cheap shot because I wouldnt pay the overinflated price you offered Eth to me a week or so ago??????
No not at all, it was for CJ but I missed the quote insert. I know you are not a scammer, nor is Stoic.
I agree that a 2 year Ethereum contract is very risky atm, i would highly recommend people really understand what they are doing before putting a lot of money in this direction. Just because it was profitable a few months ago doesn't mean it's so today. You will be better off just holding your coins instead of investing with cloud mining today. I don't see how it's profitable anymore with difficulty going up and up and with Ethereum saying they will be shifting to proof of stake. You're better off buying your own rig, as if it all goes to crap you will still be left with an awesome gaming rig
I agree that it is risky, but putting your hard earned anywhere these day's is risky outside of a hard asset such as Gold or Silver. Truth be told though, I have made way more profit from just dabbling in Crypto's than I ever have through investing in Gold or Silver, or even shares on the ASX. That said though you need to educate yourself about the market you are risking your hard earned on and understand the ups and downs of the market just like any other GAME that you play. I am sort of lucky though as I am pretty well physically incapacitated and have a wealth of time to just sit and watch the markets if I choose to. Not crippled, but for all intents and purposes useless for anything manual in any case. But that opens up a whole new world for me as I can just sit and watch the world go by on any level I choose to on the internet. People go off to work each day to earn a couple a hundred dollars trading their labour for dollars.... I can do a couple of trades while making and drinking a coffee and make or lose the same over the same hour trading crypto's most day's. The thing that strikes me right now though is the complete ignorance of most people about what blockchain technology has to offer to them all. I doubt that most people even reading this post of mine actually understand the paradigm shift that is taking place across most platforms of their technical life right now even as they read this post, nor that every aspect of their on line and financial life will change as a result of Blockchain technology over the next half a decade either. It's a tad like being back in the early to mid 80's with the brick mobile phone here in Aus, who would ever want one right ? For anyone that even just gets the general gist of things as to where all this is heading, just for fooks sake educate yourself, even if just a little. Just imagine that it is Mobile Phones before everyone else recognized what it was. And then X's it by ten. It really is that big.
I think there is ignorance on both ends. 1, the people you mention that have no idea whats going on under the hood and only care that it's something that's easy money (for the moment) and 2, people that understand enough of whats happening, but shortsighted enough to not understand the major scaling issues this tech has, which is inherent. Anyone that thinks Blockchain is going to take over everything are just as foolish as people that think we will go back to a full gold standard.
LOL inflated --- it was like $1 over spot price at teh time I sent the PM --- as but no that has nothing to do with it if it was anyone spruiking this service I would have said the same thing. im sorry this service is designed to trap suckers and you have swallowed their BS hook line and sinker. If it was more profitable to mine the coin they would be mining them not renting out hashing power. If you want to mine buy the GPU's and set up your system yourself, it is far more profitable AND you are holding a physical assest that if it all turns to crap can be sold. In fact I am flogging off old video cards currently are hyper inflated prices because of this minig mania currently and getting cheaper upgrades for myself
Take the blinkers off for one moment please cj. The devil is in the details. Those considering the service actually now have some real time data to make an informed decision. Those that mine or are considering mining can compare their roi to this. Most people have enough common sense to read between the lines of the op to see this...It seems you unfortunately dont fall into this category and need the obvious spelt out to you. Cheers, Stoic
the service is a rip off but a fool and their money are soon parted I guess. I have read between the line and can clearly see this is just a big scam for the gullible how some people have fallen for this I cant understand but I guess the Nigerians are still in business so anything is possible.