This is my review after upgrading my BTC mining to 10.16 TH/s with Genesis Mining. This post is based on my experience and results thus far with Genesis Mining. This post is not meant to be investment advice. Your results may vary based on the many factors associated with cryptocurrency mining contracts. This post is an update to my "Genesis Mining Review: My 7 Months of Mining" post made 7 days ago.
Image Source
Why Bitcoin Mining
Bitcoin mining will continue until the number of Bitcoins reaches 21 million. It is estimated that the last Bitcoin will be mined in the year 2140.
The Bitcoin mining contract offered by Genesis Mining is a lifetime contract.
Next Halving
Bitcoin halving events occur every 210,000 blocks, roughly every four years. The Bitcoin Block Reward Halving Countdown clock currently has the next having occurring in June of 2020.
I was Bitcoin mining during the last Bitcoin halving. Yes, my payout did get cut in half but it recovered when the price of Bitcoin rose.
Consistent Stream of Income
I have been mining with Genesis Mining since June 2016. Mining with Genesis has given me a consistent daily income stream. And that is my goal to have a consistent income stream.
Current Hash Power and Returns
I initially started Bitcoin mining at Genesis Mining with 0.15 TH/s. After about 7 months at this rate to assess the viability and reliability of Genesis Mining, I decided to upgrade my hash rate. I bought a contract to add 10 TH/s to my overall hash rate for mining Bitcoin. A fellow Steemian was kind enough to use my affiliate promotion code, Q1MYO7, for a 3% discount off their upgrade purchase. Their upgrade purchase gave me another 0.01 TH/s of hash power.
The current price of Bitcoin at the time I am writing this post is $922.64 USD per Bitcoin. The following chart shows my last six payouts. "Payout (USD)" is the price quoted at the time of the payout.
| Payout Date | Payout (BTC) | Payout (USD) | Current Price (USD) |
|---|---|---|---|
| 24-Jan-17 | 0.00336605 | $3.08 | $3.11 |
| 25-Jan-17 | 0.00330297 | $2.96 | $3.05 |
| 26-Jan-17 | 0.00326057 | $2.95 | $3.01 |
| 27-Jan-17 | 0.00332719 | $3.06 | $3.07 |
| 28-Jan-17 | 0.00337444 | $3.11 | $3.11 |
| 29-Jan-17 | 0.00335673 | $3.10 | $3.10 |
My average daily payout with 10.16 TH/s has been 0.00333133 BTC.
In the following graph I plotted the individual daily payouts with the mean and upper/lower statistical limits (USL/LSL) two standard deviations from the mean.
Created Using MS Excel
The past six BTC payouts since upgrading to 10.16 TH/s have been consistent. I will continue to watch the payout consistency. Of course the next halving event will reduce the BTC payout.
Based on these statistics I estimate I will recover my initial investment in 446 days or 20 April 2018 which is well before the next halving event.
The following chart to examines the long term potential payouts. I used the following assumptions:
- Halving events occur in May every four years, 2020, 2024, and 2028.
- The price of Bitcoin in terms of USD doubles every four years.
| Mining Date Range | BTC per Day | Avg BTC Price (USD) | USD per Day |
|---|---|---|---|
| May '18 - Apr '19 | 0.00333133 | $1,000.00 | $3.33 |
| May '19 - Apr '20 | 0.00333133 | $1,500.00 | $5.00 |
| May '20 - Apr '21 | 0.00166566 | $2,000.00 | $3.33 |
| May '21 - Apr '22 | 0.00166566 | $2,500.00 | $4.16 |
| May '22 - Apr '23 | 0.00166566 | $3,000.00 | $5.00 |
| May '23 - Apr '24 | 0.00166566 | $3,500.00 | $5.83 |
| May '24 - Apr '25 | 0.00083283 | $4,000.00 | $3.33 |
| May '25 - Apr '26 | 0.00083283 | $5,000.00 | $4.16 |
| May '26 - Apr '27 | 0.00083283 | $6,000.00 | $5.00 |
| May '27 - Apr '28 | 0.00083283 | $7,000.00 | $5.83 |
| May '28 - Apr '29 | 0.00041642 | $8,000.00 | $3.33 |
As you can see if the price of BTC doubles every four years the payout in USD per day is a repeating pattern that resets after each halving event.
My Goal for a Daily Income Stream
My goal is to have a minimum daily income stream of $10 USD a day. For that I estimate I will need to upgrade my BTC mining hash power to 33.06 TH/s.
In February I plan to upgrade my BTC Genesis Mining hash power again. I will keep you posted on my progress.
Genesis Mining
If you are interested in learn more about Genesis Mining then click here to visit their website.
If you have an account at Genesis Mining, you will recieve a 3% discount on your next upgrade using promo code Q1MYO7
You can pay for your mining contracts at Genesis Mining using Credit Card, Bitcoin, Dash, Litecoin, and Dogecoin.
Coinbase
I buy my Bitcoins through Coinbase. For me, buying Bitcoins through Coinbase is fast and convenient.
Source
Bitcoin Wiki: Controlled supply
Bitcoin Block Reward Halving Countdown
If you ever reinvest / upgrade you can use my code : AFcBhU
Let me know about it and i will use yours in return :)
I just did a 5 TH/s upgrade this morning using another Steemian's code. I have added your code to my list.
Have a great weekend!
Steem on,
Mike
All good, thanks for the add then :)
Have a great one too! See ya
Feel free to use my code by a next upgrade. I'll do the same for you ;) j3SbkT
I have added you to my rotation list.
Have a great weekend!
Steem on,
Mike
Thanks; me too ;) Steem on :)
I just used your promo code to upgrade my X11 mining contract by 15 MH/s.
I used BTC to make the purchase and I am still waiting for confirmation.
Have a great day!
Steem on,
Mike
Thank you very much. I will return you the favor ;-)
Steem on :)
I just bought a 2 year Ethereum contract with your code
Paid in Dash (0.312) and confirmation okay :)
Have a great day and remember you are also on my rotation list.
I will upgrade soon ... as much as I can :)
Bright blessings,
Take care,
etcmike, i like to invest 100TH but BTC mining is not avaialble ! I have to wait ? Is this normal ? Only Ether and Monero can be mined
@dimitrya123 Just used your code for X11 7.5MHs Upgrade :) Looking forward for you to return the favour, thanks ;)
@djbk Thank you. I just did the same with your code for a ETH upgrade :) Happy mining :)
Hi dimitrya123 I will use your code right after I use etcmike's. Here's my code: RUXnyi
Thank you very much. Will do the same :)
Can you give everyone an update on your performance with Genesis Cloud Mining. I would like to hear how your doing now that 6 months has past since you initially wrote the article. Is it still profitable?
Here is my last update:
Genesis Mining Review #7: 1 Year of X11 Dash Mining -- More Than Broke Even
My best days of mining with Genesis Mining contracts are $70 USD/day when BTC is reaching new highs. My average daily payout from Genesis Mining is now between $50 to $60 USD/day.
There was a week where Genesis Mining postponed payments due to an intrusion by a hacker. Payouts have resumed and from what I am seeing, the Genesis Mining payouts are catching up. Just based on my payouts, I can imagine Genesis Mining daily payouts are in the millions of dollars. If I were paying out that much, I would want to do a careful audit too before distributing the payouts.
To my friends and anyone who asks, I recommend the BTC and X11 (Dash) mining contracts at Genesis Mining. They ran out of X11 hash power to sell, but it should be available again in the near future.
I have an Ether Mining contract(s) with Genesis, but do not think I will break even. This is why I do not recommend those contracts. If ETH spikes up to $1,000 USD in price, the contract may payout better. I do not think that will happen.
If the X11 contracts are not available in August when I start my upgrade cycle again, I will be upgrading my BTC mining contracts. At my current rate of return, I will break even on those mining contracts well before the next BTC halving event.
That's my current update.
Have a great weekend!
Steem on,
Mike
Amen! 🙏
If you are interested in some FREE cryptocurrency, I did post the following opportunity yesterday:
Signup for FREE WCX Tokens and Earn by Referring Your Friends Before the ICO Sale
Mike, do you know why $BTC mining is much more lucrative then $ETH mining right now? If the price of ETH goes to $400 will Ethereum mining be more profitable?
Part of it has to do with the difficulty level. The difficulty level is a factor in determine how hard (difficult) it will be to come up with the next block in the block chain. That is my extremely basic understanding.
Here is a website where you can see the "difficulty level" for different crypto-coins:
https://www.coinwarz.com/cryptocurrency
Have a great week!
Steem on,
Mike
Thanks for the update. I still feel there is much opportunity to lose money if conditions are not favorable all the time. If the price of lets say $BTC drops for 6 months, then payouts will drop significantly. Do you know what the time decay looks like on a 2 year contract. For example, how much do daily payments drop on the last month of the 2 year contract vs the first month on the contract? What is the profit margin on $BTC mining until break even? I'm still trying to understand why cloud mining is not a gamble and a good way to lose money in uncertain market conditions. Any additional insights by the Steem community would be very helpful for me to better understand how cloud mining works. Thanks!
Please use my code also : 4LzYvl :)) So you get 3% - greatly appreciated
I have added your promo code to my rotation list. My rotation list is getting rather long, it may be a bit of time before I get to your code.
Have a great weekend!
Steem on,
Mike
I just used your promo code to upgrade my BTC mining contract by 1 TH/s. You should be getting a confirmation soon. (I purchased it with BTC so it may take a bit of time to clear.)
Have a great week!
Steem on,
Mike
Thank you Mike :) what's yours so we can keep exchanging?
I am still waiting on the confirmation of the transaction.
My code is Q1MYO7
Thank you!
Mike
Just used your code for an X11 10 MH/s and SHA256 0.6 TH/s Upgrade :) Looking forward to keep upgrading with you!
Steem on,
Roman
Thank you Roman! It is greatly appreciated.
I am upgrading my X11 contract daily at 15 MH/s. Look for another upgrade by myself using your code in about a week.
Have a great week!
Steem on,
Mike
A bit late in posting this ... but pl stop upgrading x11 contract. x11 10GH/s miners are just around the corner. They will make current tech obsolete
I just used your promo code to buy a 0.7 TH/s upgrade of BTC.
Have a great weekend!
Steem on,
Mike
Hey djbk I'm about to use your code, mine is RUXnyi..
I'll use your code next etcmike!
Hey @joshwaa i just used your code for a upgrade, mine is: AFcBhU
Happy to keep exchanging and sharing codes :)
Thank you my friend. I' ve already used yours.
Cool, will do the same with yours next :)
Feel free to use my code by a next upgrade. I'll do the same for you ;) j3SbkT
I did a 1TH/s using your code, my code 06CS2H Tks a lot!
I will use your code next upgrade. Please use mine in return n1AW9B.
Hi all, I have started mining ETH with Genesis Mining for 20 mh/s recently and looking to add some hashrate soon. So if you use my code : uRPBTm I will use yours back. Just let me know.
have a great day !
I did not get a confirmation from Genesis Mining that my purchase using LTC went through. Genesis could be bogged down with orders.
Anyway, I purchased another 5 TH/s of BTC mining using your code. As of this time, I have not gotten an confirmation yet. Hopefully, they are just backlogged.
Have a great week!
Steem on,
Mike
I just started mining today, you are third in line on my list. I will be using your code pretty soon. Here's my code: RUXnyi
Great ! Please tell me when you use it and I will follow ;-)
Hi djbk, i like to start and use your code. But no BTC mining is available . Can u advice ?
@pmoeller
Hi there, Sure.
You can use HashFlare to get a mining contract. Their mining contracts are by the way the cheapest around ;)
Heres the link: https://hashflare.io/r/DCDD8DE3
The other option is to buy a NON BTC Contract with Genesis like X11, Ether..
@djbk, @etcmike ive added your codes to my list for the next upgrades. Please use my code XouixF as well. :) cheers!
I have added your code to my rotation list. I only upgrade my BTC mining contract. Currently the BTC mining contracts being sold by Genesis are for a 28 February 2019 start date. And the least you can buy is 1 TH/s. I am still debating whether to purchase more upgrades at this time or wait.
My rotation list has 29 codes in it. It may be some time before I get to your code. It all depends on the availability of BTC contracts from Genesis.
Have a great weekend!
Steem on,
Mike
Just used yours for a small hashpower purchase.. Thanks!
Thank you!
I have moved you up on my rotation list. Three codes in front of yours.
At the moment, I do not have anything to spare for purchasing four more 1 TH/s of BTC. Next weekend, I expect that to change. I hope the BTC pre-sale contracts are still available then.
Have a great weekend!
Steem on,
Mike
Please use my code for genesis mining, I used yours for 1 TH of Bitcoin SHA256 mining ! my code is : 3klnx4
Feel free to use my code by a next upgrade. I'll do the same for you ;) j3SbkT
Hi, I put your code on my referrals list, I will get to it soon. Please use my code when you can: RUXnyi
Dude, be careful. Their so called lifetime BTC contract is sketchy. I've made a detailed analysis in this post if you're interested.
Nice analysis mkaya! Most people new to mining fail to take into account the increase in diff. I too made the mistake of pumping money into 9ths. There may be some benefit to the ETH/2yr contracts tho.
For your information, the price of bitcoin between 2012-2017 doubles on average every 9 months.
Great post :) I just used your code for my 15 mh dash upgrade on genesis mining , here is my affiliate code if you will upgrade feel free to use it :) its: Oog8WC
Thank You!
I have added your code to my rotation list. With BTC recovering over $2,500 it will not be long until I buy a few upgrades. I will concentrate on BTC and LTC contracts (if LTC is available).
Have a great week!
Mike
Hi Mike,
I used your code for an upgrade of my Btc Hash power. This is my code for you : uRPBTm
Happy mining !
Thank you! I have added your promo code to my rotation list. If the BTC prices holds I will be upgrading soon.
Have a great week!
Steem on,
Mike
Thank you! I have added your promo code to my rotation list. I just purchased an upgrade to my X11 mining contract by 15 MH/s using your code.
Have a great week!
Steem on,
Mike
Thanks Mike ! I will use your code back again soon. My portfolio needs to recover a little before... Hope it will not be too long ;-)
I just used your code to upgrade my X11 mining contract by 15 MH/s.
You should get a confirmation soon.
Have a great day!
Steem on,
Mike
thank you :) i will upgrade with your code soon
Thank you!
Be sure to give me your code after you do. I will add your code to my rotation list.
Have a great day!
Steem on,
Mike
I will be using your code next thanks for the article, and the code. Here's my code: RUXnyi
Thank you! I have added your code to my rotation cycle. I was thinking of making upgrading this weekend, but BTC did not go up like I was hoping. I am still accumulating BTC for a future upgrade cycle. My next hash power upgrades will be in July and you will certainly be benefiting.
Have a great day and thanks again!!
Steem on,
Mike
I just used your promo code to upgrade my X11 mining contract by 15 MH/s.
Have a great week!
Steem on,
Mike
Thank you!
Nice article Mike, it will be interesting to see how long the genesis contract survives with the rising difficulty. Should be fine for a while due to current BTC rates, but the returns will dwindle in the coming months
I do expect the returns to dwindle in terms of number of coins mined over time as the difficulty rises. But I also expect that to be compensated for or even eclipsed by the rising price of BTC in USD over time.
The biggest hurdle to BTC mining is the next halving in June 2020. I think the return on investment will be fine as long as BTC contracts are bought at least two years before June 2020.
At least for the rest of this year, I will continue to purchase BTC mining contracts from Genesis Mining.
Have a great weekend!
Steem on,
Mike
I love mining ,been mining on Genesis and bitclub for a year now, so powerful platforms. Thanx for the post ,i noticed we have lots of crypto traders on steem than minners
Bitclub is a powerful platform to create passive income.my first mining experience was Genesis,but find bitclub more attractive on what they offer.
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I just joined the Steem community and mining has been on my mind for a while. Your article has pushed me to signup and try it for myself. Will be using your referral code.
The rising BTC difficulty is something to consider. I've been dabbling in the ETH contract instead. Like mike has mentioned, it lets you automine the most profitable altcoin and convert it into BTC. You may be better off going with that instead. Start of with 5mhs of so and see for yourself.
Will give it a shot. The difficulty has been going us and it is very obvious in the daily payout that has been dropping for the past 2 months now. Might make a separate post once I have enough data.
Hey Mohtab, let me know what your referral code is and I'll use it. Please use my code when you are able: RUXnyi
I just saw this. Haven't logged in since I first created the account. Will keep your code for my next upgrade. Happy to say that 2 months after using Genisis I am a happy customer so far. My code is c7ybMp
Thanks for the info. I have recently started to us Genesis Mining for Ethereum and have had no issue with them. They have proven reliable and trustworthy. I did a fair bit of research before hand and they seemed like the only credible cloud mining company. I'd be interested to hear if anyone has positive experience with any other cloud mining providers.
Thank you!
I got scammed by one cloud miner early on... it no longer exists.
That is why I too was very cautious about Genesis Mining. I am definitely benefiting from my early investments into Genesis Mining. I do hope the BTC open-ended contracts become available again soon.
One of the ways to spot a scam is if they offer multi-level marketing and promise high payouts.
Have a great weekend!
Steem on,
Mike
Thanks, you too. I just missed the last BTC open-ended sales, holding out for the next too :)
I just did a upgrade with your code :)
My code: umT56P
great episode in mining community, dam these codes :)
10$ per day is an awesome target! I hope you achieve your goal.
I made a comparison of the best hashing-power versus price comparison in genesis ethereum mining contract.
you can see it here
Which are the Sweet Spots in Hashing-Power versus Price combination - Genesis Ethereum Mining? - My Article
Yes, I achieved and exceeded my goal.
I will check out your post.
Have a great week!
Steem on,
Mike
Guys, i have got 1.3 Th/s contract, but the pay out is only 0.00011749/day(about 0.5 $) but according to the calculators it should be $1.
Any Idea??
Thanks!
You didn't account for the overhead costs like electricity and maintenance.
I your calculation above, you set the power consumption to zero and the cost per KW/h to zero. I do not think that is realistic.
Have a great week!
Steem on,
Mike
Hey everyone, I recently joined GM and bought 10 TH/s and a 30 MH/s Etherum contract and I am averaging $9.53/day at this rate, is this good? At this rate I will recover my initial investment in 238 days... also why do people share their codes and where do you get these codes. Thanks.
GM has an Affiliate program found under "MY ACCOUNT" on the menu. That is were you find your "affiliate code" or promo code.
When someone users your code to buy hash power, they get a 3% discount and you get an affiliate reward depending on your referrals which starts at 2.5% of the hash power they purchased.
That is why people share their codes. The buyer saves 3% and the person's code earns them rewards too.
Have a great week!
Steem on,
Mike
What is this DRK balance That I'm seeing in the payout history???
Dash, it used to be called darkcoin.
I open GM webpage and this is what I see!! lol
No idea, is this a BTC contract ? I have 10
TH and get daily 0.0020 , around 8 USD
as more little the contract in a pro
rata you get less
I think i found out the reason, i had made 3 upgrades from 0.25 th and then
.35 th and paid for this using BTC. and later on I bought a 0.7 Th upgrade but used a credit card.
Apparently they will with hold payouts for 30 days if you use credit cards, and will release at the end of 30 days!
Hi etcmike & everyone else. Hashflare.io have some BTC contracts available still. (Feel free to use my referral link here https://hashflare.io/r/24733602). I don't believe it gives you any discounts tho :(.
I have one question regarding Genesis-Mining and their Ethereum farm. What will happen when Ethereum goes PoS? I hope they have a backup plan because they advertise that they have the largest Ethereum mining farm in the world. It make me a bit skeptical on what they are going to do and how it will affect their overall operations.
The "?" mark on the Ether Mining upgrade states:
"If Ether mining is not possible anymore, the contract will be switched to another algorithm on a best-effort basis.
there is a video where guy visits genesis mining facilities in iceland...posts a whole video on steemit...definitely worth checking out! I too invest in Genesis!
https://steemit.com/trevonjb/@trevonjb/live-recap-of-my-genesis-mining-farm-visit
Thanks for the information in the post, it's always good to get someone else's perspective! I used your code to get 3% off of my purchase of 5 TH/s. To get 3% off your purchase here is my code JfwN98.
Genesis mining code KD76tg for 3 percent off your next cloud mining upgrade
Well done! Also reading through your comments I love that you have rotation list! I just started mine. Doing really low amounts but I think with mixed investment between physical hardware mining, buying/trading, and genesis I should be able to build slowly. Congrats man! Looking forward to your 30+Th/s amount!
Thank you!
In terms of BTC mining at Genesis Mining, I currently have 80 TH/s mining BTC which I am having Genesis Mining pay me in LiteCoin for now.
Here is my last BTC review I posted:
https://steemit.com/review/@etcmike/genesis-mining-review-6-11-days-after-upgrading-to-70-9525-th-s-open-ended-bitcoin-mining
If you would like to give me your promo code at Genesis Mining, I will add you to my rotation list.
I am currently done upgrading this month. With the fall in crypto prices, I will be accumulating the rest of this month.
Have a great weekend!
Steem on,
Mike
"DYIiFn" use my genesis mining code with 3% discount!
Hey I saw this post and I made a new account. Here's the code I have:7iwTmH. I also wrote down all the codes in this post for future upgrades.
I have added your promo code to my rotation list. I will let you know in a comment when I use it.
Have a great weekend!
Steem on,
Mike
I just used your promo code for a 0.7 TH/s BTC upgrade.
Have a great weekend!
Steem on,
Mike
Used your code again man! :) My code: umT56P
Thank you for that insightful post. I'm also mining at genesis, but I see steadily decreasing my payouts (due to rising difficulty). I've calculated that I won't reach break-even (in terms of invested BTC) if payouts continue to decrease like this.
What have been your experiences so far? Did you net the amount of BTC that you have invested? I feel like you have to upgrade constantly (and rely on promo-codes), otherwise you won't be able to gain profit.
Is it just me or did you make a similar experience?
Have a nice day!
Heres my code "LxaDFN" https://www.genesis-mining.com/a/1302411
I just used your promo code for a 0.7 TH/s BTC upgrade.
Have a great weekend!
Steem on,
Mike
awesome thanks man ill use your code next time if you want to post it
Hi, I am planning on several upgrades over the next month or 2. Today, I am about to buy 10TH BTC contract. If I use your code, would you upgrade/match the same amount to help each other? I have used some youtuber's referral codes for several thousand $ upgrades, but they didn't help back.
Before people started giving me their promo codes to add to my rotation list, I would have happily taken you up on your offer. Since I have so many people on my rotation list, my upgrades are at the lower end (up to ~ $100) so that I can get through my rotation list and help more people.
Thank you for the offer, but I promised to use the codes in my rotation list. I try to keep my promises.
I would be glad to add you to my rotation list and will let you know when I use your code.
Have a great weekend!
Steem on,
Mike
I just recieved an email about a 10 TH/s upgrade of BTC using my code. Was that you?
If so, a big THANK YOU!. Please give my your code so that I can add it to my rotation list.
Have a great weekend!
Steem on,
Mike
I just used your code, on good faith, for 10 TH/S @1358 USD. I hope you will return the favor and there will be more upgrades to come. My referral code is yvhpVw.
Thank you
I just did a upgrade again with your code :) My code: umT56P
Thank you for using my promo code Q1MYO7 to get 3% of your order for FREE.
I have verified that your promo code is in my rotation list to earn FREE hash power when I start my upgrades again in August.
Have a great weekend!
Steem on,
Mike
I just used your promo code for a 0.7 TH/s BTC upgrade.
Have a great weekend!
Steem on,
Mike
I am very happy with my Genesis Mining contracts, making 0,5 % daily profit. I am going to invest more soon. My PromoCode is AMTPr0 (last one is a zero). Let us support each other.
I have added your promo code to my rotation list. If all goes well, it looks like I will used your promo code in about a week.
Have a great week!
Steem on,
Mike
I just used your promo code for a 0.7 TH/s BTC upgrade.
Have a great weekend!
Steem on,
Mike
Thanks so much. I will start investing again when the problems they are recently facing are solved.
I think that would be wise.
While I have received all my payouts, they are not arriving daily yet.
Have a great day!
Steem on,
Mike
Great information! I am going to upgrade today using your code. Here is mine to use next time: CZBRvX
I have added your promo code to my upgrade rotation list. While the cryptocurrencies are down from their highs, I have considerably slowed down my upgrade cycle. When the cryptocurrencies recover to new highs, I will speed up my upgrade cycle.
Have a great weekend!
Steem on,
Mike
I just used your promo code for a 0.7 TH/s BTC upgrade.
Have a great weekend,
Steem on,
Mike
Genesis Mining is a tax write off... Ive been pissing away $600 plus a month for the last two months.. My payout for Ether and Monero has been $48 dollars total for both months...... Dash just opened but I wont even think about playing that game.. But good article and it seems everyone but me is winning with the GM... Must be with the codes only.. The math does not give me a break unless the Ether and Monero go up about 120% and 196% respectively..
One of the first contracts I bought on GM was a 1-year (yes, one year) Ether mining contract. I LOST MONEY on that contract, to the tune of over $100 USD.
I put a little money (several hundred dollars) into GM and after losing everything in HashOcean. I let the money ride in GM for about six months to assess the viability of GM and the payouts.
I have not bought any Monero contracts from GM. The Monero contracts I have are from people using my promo code to buy Monero contracts. I direct the money to Litecoin, because I think it has more potential than Monero in the near-term (I could be wrong).
I upgraded my BTC contracts before the price rise in BTC. This made a huge difference in the payouts.
The testing I did with the GM contracts showed me that the X11 contracts were paying out well. Before my latest round of upgrades of X11, I had a profit with about a year left on the contracts. This is why I have been upgrading my X11 contracts.
Recently a fellow steemian made me aware of CoinWarz
https://www.coinwarz.com/cryptocurrency
That website gives you an idea of the mining potential of different cryptocurrencies.
I hope you have better returns in the your future endeavors!
Have a great week!
Steem on,
Mike
So what do you recommend as far as a coin to mine?
I was actually thinking Sia or Steemit or even Stratis but.. Nah?
I do not give investment advice, but do share my experiences and what I am doing.
Currently at Genesis Mining I have Bitcoin, X11, Ether, and Monero mining contracts. I only have the Monero mining contract as a referral reward, I did not personally buy it.
During my latest round of upgrades I have been purchasing Bitcoin and X11 mining contracts. In terms of payouts from Genesis Mining, I have my Ether mining contract paying out in ETC and the other mining contracts paying out in LTC. Later this year I intend to set the Bitcoin mining contract to payout in BTC.
You can go to CoinWarz
https://www.coinwarz.com/cryptocurrency
to see their estimates for mining profitability.
Have a great week!
Steem on,
Mike
Congratulations! You have been chosen to appear on "Who to Follow Daily". Thank you for adding such value to the Steemit community. Steem on!
Please use the code b2Fu9D for buying Hashpower or upgrade your account @ Genesis Mining to earn 3% discount .
One Question: I have only received one payout transaction. The others are flagged with "Amount of xxx is added to your coin balance. But there is no amount in my account. Do you have the same issue sometimes?
Yes, I have the same issue with mining contracts with low payout. Click on the "i" next to the net payout. If the amount is lower than their minimum payout, then it accumulates until it is greater than the minimum.
Have a great week!
Steem on,
Mike
I have added your promo code to my rotation list.
Please be patient, it may be a month of so until I get to using your promo code in my rotation list.
Have a great week!
Steem on,
Mike
Today i bought 1.7TH/s BTC mining power with your code. Feel free to use my code b2Fu9D again to get 3% rebate on genesis mining. Thank you.
Thank you!
I have added you to my rotation list. My rotation list is getting long. I plan to start upgrading again this month, but I do not know if I will make it all the way through my rotation list this month.
I will let you know when I use your code.
Have a good week!
Steem on,
Mike
Thank you. Have a nice week too!
I just got started with Genesis Mining. Look forward learning more on this topic. Hope you can give more tips / links that you have written about it. Thank you.
Here is the last review I did on Genesis Mining:
https://steemit.com/review/@etcmike/genesis-mining-review-8-84-035-th-s-open-ended-bitcoin-mining-more-than-broke-even
I have re-invested everything into upgrading my BTC contract during the pre-sale of BTC contracts.
Here is the link to the last "BTC pre-sale" post:
https://steemit.com/genesis-mining/@etcmike/genesis-mining-november-update-and-bitcoin-mining-pre-sale
You can read my comments in that post about my future plans to upgrade again next year.
For myself, mainly because of the rise in BTC prices, the BTC mining contract has been the best for me.
Have a great weekend!
Steem on,
Mike
etcmike,
great article with excellent charts and statistics, still valuable information today as many new people are jumping into the cryptocurrency market, myself being one of them. i think i can speak for us all when i say we value your free content and its helping us to better our lives.
thank you,
Jordan Palmer
Thank you!
SteemIt and the STEEM system have taught me a lot about crypto-currencies and I believe I am much better off for it.
Although I post on a variety of topics on SteemIt, my underlying goal is to share and help others.
Again thank you, your comment is greatly appreciated!
Steem on,
Mike
Hi Please use my promo code : ghJIoy
If you want invest again,
Thanks you
Great post! I recently jumped on the Genesis bandwagon a few weeks ago when they offered a pre-sale on the open SHA256 contracts. They won't start mining until Oct 31, 2017. Please consider using my affiliate code on your next upgrade: aOeSCj
Hi i just signed up today. I was was doing a little more research and came across this post. Ill write down as many of your guys codes and put them into my rotation list for when i do my upgrades. Thanks and heres my code jy9bZc
so... does your mining power increase as you buy more TH - or... is it the same rate per TH whether you have 1 TH or 10?
In other words, will i break even faster the more that I put in now....
I have found that it depends how you pay for the upgrade. If you use USD then there is no difference in my opinion. When I used a cryptocurrency to upgrade, I have found that buying a larger amount is beneficial. It mostly has to do with the number of decimal places allowed for the cryptocurreny transaction. For example, when buying an upgrade with BTC the BTC price is down to three decimals. Obviously, as the BTC price increases there is quite a difference between decimal figures.
Have a great weekend!
Steem on,
Mike
If you ever reinvest / upgrade you can use my code : BHPKoi
Let me know about it and i will use yours in return :)
I will be using your codes for my next upgrade. Please consider using mine as well! n1AW9B
Thank you! I have added your code to my rotation list. My list is pretty long and I am waiting for the new BTC mining contracts to be available. My rotation list is long, it may be a while until I get to your code.
Have a great weekend!
Steem on,
Mike
You can use my code if you ever upgrade again. I would highly appreciate it. I consider starting with genesis mining after the Hashflare disappointment.
My Code:
MeYzf9
An initial boost would help me a lot, thanks and good luck!
I have added your promo code for Genesis Mining to my rotation list. Sorry to hear about your disappointing experience with Hashflare.
My rotation list is getting rather long, it may be a bit of time before I get to your code.
Have a great weekend!
Steem on,
Mike
Thanks a lot. I appreciate it. No worries, when time comes that bonus will be great for my mining journey :)
Hi! Great post! Just wondering what your thoughts are since the massive skyrocket in BTC prices. I assume your projections must look really great now. Any other thoughts for people looking to get into this in the wake of the success of BTC?
As BTC has skyrocketed, so has the payouts from Genesis Mining BTC contracts. However, I must say that stagnation or decline in the BTC price does reduce payouts.
I just started looking into how to file my BTC cashouts with the IRS. Looks like I will declaring a nice gain from this year.
The Genesis Mining BTC contract has been a great deal for me. In 2018, it will generate additional gains for me in my first full year of retirement. I am very happy with Genesis Mining.
Is it better to just buy and hold BTC or buy the Genesis Mining Open Ended BTC contract? I will say that if you think the BTC price will appreciate greatly over a short period of time, then it is better to buy and hold BTC. However, if you think the BTC price will rise gradually over time, then buying the BTC mining contract may make sense.
For myself, I am holding BTC because I believe BTC, LTC, and ETH as well as others will be appreciating quite a bit in the next 6 months. However, I will be increasing my upgrading my BTC contract with Genesis Mining too.
Over the course of time, I am building a portfolio that takes advantage of price appreciation as well as provides a passive income. The Genesis Mining BTC contract fits nicely in the mix.
I am looking for BTC at $10k very soon, followed by $13k in the 1st qtr of 2018, then $20k in the 2nd/3rd qtr of 2018.
The next BTC halving event is around June/July 2020. In my opionion, you need to be in the BTC contract two years prior to the halving to get a return on your contract. Of course there are a lot of factors affecting your payout but the halving event will cut your payout in half.
I will not be buying any more BTC upgrades after June/July 2018.
You may want to look at some of my other posts on ICO's like SPECTRE (still in ICO at this time) as a possible passive income play.
https://steemit.com/cryptocurrency/@etcmike/spectre-ico-community-update-the-token-sale-has-started-usd8-million-raised-so-far
All I can do is tell you what I am doing. This is not investment advice. These are just my opinions.
Bitcoin mining was a new topic for me. I got a basic knowledge of mining from your post. Thanks.
Great article!! I’m using GM as well. If someone could use my code, i would be very thankful: Xlqpk9
Have a brilliant day! ;)
Wanna try cloud mining? No noisy and slow computers at home. Everything automated , you choose hashrate, crypto to mine, pay and just sit back and let everyone else do the work while you are making money.
Genesis-mining.com 3% DiscountPromo Code!
hc5xet
Hi Mike, I just use your code once again for 10Th ;-)
Here is mine for your list : 'uRPBTm'
Happy mining ! (well in march...)
I just used your code to upgrade my BTC mining by 5 TH/s.
Have a great week!
Steem on,
Mike
Thank you!
I have two codes currently ahead of you to use. I will not have crypto's for an upgrade until next Friday, 17 November 2017. It is just poor timing for me. The comeback of the BTC contract caught me short on crypto. If the contract is still available next Friday, I will be able to purchase larger contracts (which I am looking forward too.)
Have a great weekend!
Steem on,
Mike
https://fleex.cc/ref/bingbong756 use that and get sh1t loads of th/s free
I have a contract with Genesis, too, and I am wondering what wallet you are using to receive funds. The reason I ask is that the wallet I was using wouldn't let me send all the payouts to another address because the payouts were actually a bunch of tiny transactions... Or something. Not sure i totally understand, but the wallet company, Exodus, suggested mining Dash because it has lower transaction fees. Seems to be working better, but still...
If you have Genesis send you the payouts in BTC you have the option of sending you payouts to :
I am currently sending my Genesis Mining (Bitcoin) payouts to my Coinbase wallet. I let the payouts accumulate there until I am ready to make further transactions. Coinbase currently provides wallets for Bitcoin, Ethereum, and US Dollars. Coinbase has worked well for me. I have never had a problem with micro-payments. Some of my recent transfers to Coinbase have been as small as $0.17 USD.
Steem on,
Mike
hey mike,
This is my genesis mining code if you ever get around to upgrading again!
cks1iF
Thanks!
I have added your promo code to my rotation list.
I do not plan to upgrade until later in August. Do you have a preference for one type of contract over another (e.g., Bitcoin or X11)?
Have a great week!
Steem on,
Mike
thanks Mike! No preferences, i always try and give out whats most profitable and hope they're fine with the extra boost!
I just used your promo code for a 0.7 TH/s BTC upgrade.
Have a great weekend!
Steem on,
Mike
Plamerjn1 i like to invest 100TH but BTC mining is not avaialble ! I have to wait ? Is this normal ? Only Ether and Monero can be mined
Except more and more hash power will be added making your 10th return less over time extending the period out to where you will never break even. All cloud mining is a scam. If it were profitable they would just mine for themselves and keep it.
And before you say you will make your investment back if the price of bitcoin increases you would do the same by just buying and holding.
I have seen crypto mining companies that were scams. That is why I only dip my toes in for a period of time to assess the consistency and reliability of the mining before investing more. Then assessing the consistency and reliability of the mining again. I do believe that there is risk and that is why I keep reassessing my investment.
I do have a short term X11 mining contract with Genesis mining that is projected to reach the break even point before the contract ends.
The lifetime BTC mining contract has the greatest potential to deliver continued payouts well after the break even point.
I appreciate your warning and will continue to monitor my investments. Just like I monitor my investments in STEEM, Bitcoin, stocks, and mutual funds.
Steem on,
Mike
Have a look on bitclub mining,the company has made millionaires ,
Read the fine print on those lifetime mining contracts. As soon as the hardware becomes obsolete or it costs more in electric to run it then they make your "lifetime" contract will be canceled.
I do understand that and I expect the contract to be cancelled much before 2140, in fact I do not expect it to last past 2030. That is why I only went through April 2029 in my projection. But I have nothing solid to base my assessment of the end-of-life on at this time. I would be presently surprised if it lasts longer than 2030.
I've never seen a cloud mining contract last more than about a year maybe 18 months. Hash rate increases too fast. As soon as the next generation of miners comes out contracts on those will be sold and the old ones will be declared end of life. If the company selling the contracts doesn't take the money and close up shop.
My first mining contract (for Ether mining) expires 5 July 2017. I will provide an update at that time. My X11 mining contract expires on 5 July 2018. I will provide another update at that time. I will answer the question as to whether I made money or not. Because those dates are around the July 4th holiday, I may be a few days late with my report.
I can tell you right now I do not expect the Ether mining contract to break even.
I looked into Genesis mining a while back, was turned off because they do not give much details on how the contract works, you basically commit to a year?
Yes, there are different types of contracts available.
I currently have a one-year Ether contract that will not reach break even before the contract expires. My return on investment will be negative.
I also have a two-year X11 contract that I am currently projecting to reach break even before the contract expires. My return on investment will be positive.
For the BTC lifetime contract I project I will reach the break even point 20 April 2018. Then for as long as BTC mining continues, I will continue to get an income from the lifetime contract.
You are correct that Genesis Mining does not guarantee any amount of income from the contract. That is why I only dipped my toes into the mining contracts to assess their consistency and reliability.
Thanks for your comment,
Steem on,
Mike