Genesis Mining - A test case study

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
 
Eliassamaha said:
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
Click to expand...

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.

DashHashrate.png
 
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
 
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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...?
 
BuggedOut said:
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...?
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I got in gigawatt's ico I get a discount rate .033c
 
BuggedOut said:
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.

View attachment 7126
Click to expand...


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.
 
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
 
BuggedOut said:
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
Click to expand...

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
 
BuggedOut said:
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
Click to expand...

Technically its foresight as you were warned in here not to buy into this scam
 
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