Stoic is a genuinely well known and respected member of this community... And i doubt he would put his reputation on the line to make a few measly bucks of members here in this community.... We are all looking at other options and are all entering this new world of crypto's and looking to expand into it after tasting sweet sweet successes with bitcoin... So i for one am grateful for the information provided simply because i was curious how returns would be with Genesis mining because i see their ads everywhere, these companies don't mine for suckers they mine for themselves but spread their risk... For example they dont take any more contracts for Bitcoin because they spread their risk enough and want the rest of the bitcoins for themselves... Such companies are making 1 million a day on Bitcoin alone... Anyway thanks for the info Stoic.... Cheers
Alright I gotta give my .02c dash payments are $1 a day etc not much different On the plus side the rise in monero and dash gave me about 40% of my investment back The only hope now is if etc pumps There's is potential to make money but you had to be early I know Cj will be real happy about this The issue is their not paying accurate amount according to difficulty luckily I paid with a credit card so I've opened up a disputed hopefully I'll get my money back
obvious scam is obvious, at current prices and difficulty levels there is no way anyone in here who bought into this is going to see a return meanwhile my actual physical mining hardware has paid for its self allready and is making me a nice little sum each week.
The Network Hashrate for DASH has gone from about 10TH/s in mid-July to about 200TH/s in mid-October. That is a x20 increase in the space of 3 months. No wonder the profitability of DASH mining contracts with Genesis has plummeted. If I had to guess I'd suggest that with ASIC miners for x11 coming on the market like Baikal they have killed mining profitability for the smaller players - just like what happened to Bitcoin. The price for DASH has gone up, but not by 20 times.
What do you reckon about mining I've got 2 x L3+ asic miners and 1 a5 X11 dash miner the problem is they're being hosed but they're having serious delayes I don't know if I should sell the miners or keep them with the hostess the electricity is .033c or bring them home and try mining myself Mining will start maybe November December if I was to keep them with host
I'm no expert, but in your shoes I'd definitely be checking to see how much I could get for selling the X11 miner. At this rate it is likely to soon be worthless. As for the others, if you can get electricity that cheap....well it's a LOT cheaper than electricity in Australia so unless you've got a good deal on electricity...?
its not just dash its Eth and all coins they offer difficulty has skyrocketed prices have dropped and with Eth in particular there is teh ice age bomb comming later this year that will make difficulty skyrockett again. I ahve been mining for years these miners are never ever good value long term vs just buying the hardware and doing it yourself.
so hows that genesis mining cotract working out for ya https://www.reddit.com/r/Bitcoin/comments/5tz011/guys_please_read_this_before_investing_your_money/
Why are you white knighting in here court jester? You think no one but you can understand Genesis mining and you have to warn all of us gullible idiots? It looks like you are trolling because why would you take delight in someone else failing if it doesn't return his investment? Thats a bad personality trait to have.
I have a DASH and a Monero contract bought earlier this year and both have now paid for themselves. Probably would have been better off just buying currency outright, but hindsight is a wonderful thing. The fact is, these contracts are in profit. Genesis is not a scam IMHO
When you say that they have paid for themselves do you mean in fiat or in coin/altcoin Is it not just that the coins mentioned have rallied strongly in fiat that created this profit, if the coins had not rallied would you still show a profit at present cheers
In fiat. The contracts were priced in USD. Hard to say what it'd be like if the coins didn't rally. You could argue that if the coins were stagnant then the hash rate and difficulty might have been stagnant too. That could have preserved the coin mining rate and thus profitability. That said I probably won't invest in cloud mining again. I made a profit, yes, but there are better ways to invest IMHO.
Hard to say what it'd be like if the coins didn't rally. You could argue that if the coins were stagnant then the hash rate and difficulty might have been stagnant too. That could have preserved the coin mining rate and thus profitability. I would not call Genesis a scam, so I agree with you there In this instance, you may have come out in front in fiat terms, but with the exponential rise in cryptos in the last year, having invested into "mining" cryptos, you would want to be hugely in front, not just better than breaking even in fiat Any fiat thrown at any crypto asset dartboard, should be up at least 500% in fiat terms in the last year What you really should be is better than breakeven in crypto/alt currencies or even just the coin you mine Its just like mining BTC, you have to make more BTC back than it costs to buy the miner and hosting/elect costs in BTC, otherwise mining is a waste of time and effort and hodl is the best option IMO there are way too many variables in mining to fully work out potential profits going forward, but saying that, mining over the last year has been hugely profitable in both fiat and btc/alts You would have been down money on your contract if the coins price had fallen, and probably still down if the coins price had held steady, so being just ahead in fiat in a crazy huge bull market is not really winning So IMHO whilst it is not a SCAM, if you are only just ahead in fiat, there seems to be a lot of cream missing off the top, compared to actually mining yourself Who got the cream is another question cheers
Hashflare has some pretty profitable contracts on BTC SHA-256 right now. Only thing is whether they are a scam or not! haha There is this guy on youtube racking in over a $1m a year after fees from this hashflare contract.
Did the math on the two tiny positions taken out as per OP - 85% ROI of initial investment 7 months into 2 year contract. Some initial thoughts of this test case study. In hindsight more would have been made investing directly into cryptos. Genesis not a scam as I certainly wont lose money. As investments was a pittance to me , or if you are Court Jester life changing amounts it was worthwhile to test it out. In conclusion I feel this short clip sums things up nicely with CJ being the aggrieved party in the orange tshirt. Merry xmas everyone
