Hi Guys! I'm back from a long break. Last time I updated bitcoin mining profitability on Genesis Mining Cloud Contract on 24 October 2017. You can check my blog for that profitability for that particular time. Since then, a lot of thing changed in last 5 months. More miner joined mining and difficulty level increased very much.
Here's the current screenshot of my mining profitability from 20TH of Cloud contract offered by Genesis Mining.
You can see that, it's currently paying me after every 5-6 days. And so far In terms of USD, I earned about $7280. When I purchased the contract it was worth $2400. So, yes I've managed to get profit 2 times of my investment. But that rate was calculated on daily basis. I didn't sold the bitcoin when it was $19000. So, I haven't made exactly $7280 profit.
When I bought the contract, bitcoin's rate was around $4000 and now it's at $9000. But in total I got around 50% bitcoin. So, currently I'm sitting at breakeven in terms of bitcoin's investment.
Here's the daily payout amount from 20TH of mining. It's currently giving approx 0.00064165 BTC. which is $5.77 per day profit. So, it's not that bad.
So, I'm quite happy with the return and yes let me know your story of bitcoin mining profitability. :)
Is it still profitable? I'm wondering!
Welcome back brother to the bottom of my heart!
Hopefully, now you regularly keep updating us about the crypto news!
looking forward to it.
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Damn that's one profitable mining. I'm not there yet but i will be very soon. Welcome back
How has it made so much profit when the payouts are so low? I've just started a hashflare mining contract and it only cost me $450 for 10 TH/s. Even then at current prices and costs I will only double my money unless bitcoin continues to rise rapidly.
More details are on my post here: https://steemit.com/cryptocurrencies/@steddyman/my-hashflare-cloud-mining-experiment
Hashflare sucks my friend. Their electricity cost is $0.35/TH, where as Genesis's electricity cost is $0.28/TH. Another thing is, hashflaire's contract will expire after 1 year, which is way too risky in my opinion. And when I purchased the contract, it was boom time for bitcoin, so, it yielded me a good revenue. But in terms of bitcoin production, I'm still at 60%. That mean if I had bought bitcoin back in then I could be 40% profitable now.
The electricity costs may be higher with Hashflare but the price I paid for the contract is in a different league to your prices. Currently Genesis Mining charge $1690 for 10 TH/s of Bitcoin mining. I paid $450 for that hash rate from Hashflare.
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