That sounds like a smart strategy. I am very new to all this so I don't have much of a strategy yet. Mostly I am amassing liquid dollars on the sidelines watching what's going to happen with the Bitcoin fork. I haven't done any mining yet and I'm still checking that out. I don't fully understand how it works and how to calculate whether you'll make a profit after spending money on a contract. Do you mostly buy contracts on the Genesis Mining website directly? A friend of mine buys contracts on eBay - not sure if there is any advantage to that or why.
I powered up with $500 SteemPower recently and have another small amount in SBD and Steem. I am looking to buy more Steem on the dips.
From everything I have read and studied so far the other crypto I find most interesting is Lisk. I would like to get a long term position in Lisk.
You are on the right path. You will have a great opportunity to by Steem and Bitcoin on the CHEAP!
Bitcoin cloud mining open ended contracts pays you between 4% and 6%. This is life long. The x11 (DASH) 2 year contract pays about 15% to 20% but is only for 2 years.
You can increase your returns by compounding your investment and referring friends and family to Genesis Mining.
Genesis Mining is a trusted cloud mining company. I have been paid every day for the last 12 months. They have been going on for 2 years now and have more that 500 000 members. There are plenty of videos of there real cloud mining farms in Iceland.
That is very impressive! I have seen a video of someone visiting them in Iceland, lol. It seems pretty funny, but if I were mining a lot I think I would also like to go see them (not to mention I already wanted to see Iceland one day.)
So I don't fully understand how Genesis works - how long did it take until you are profitable? I saw your video where you showed how much you had spent so far and how much you had earned and you were not yet profitable, but could project the day when you would be. Is it a matter of earning enough to pay back the cost of the contract, and then the earnings after that are all gravy? Does it go faster if you invest more up front?
Do you think Genesis Mining will be affected by the Bitcoin fork coming up? Do you think it would be better to start mining after August 1st and we can see how everything settles down?
You many allocate your mining to many different crypto. In the beginning you just need to select if you want life time contract in bitcoin, x11, ether or monero. From there you can select in what crypto you would like to get paid.
The split will not have a big effect, because you can allocate what you want to mine after the split.