A couple of days ago Genesis Mining have resumed their Dash X11 Mining Contracts, and I've noticed many Steemit users posting about their upgrades, promoting it, sharing their referral 3% discount codes, etc - that's why I decided to make this post.
In April, 2017 I have invested $20'000,00 in Genesis Mining myself on X11. I have been following the Dash price/difficulty rate very attentively.
What I have noticed in JUNE 2017 was that my daily payouts in Dash DECREASED by 3 times.
Then I opened the Dash Difficulty Chart, and that's what I saw:
End May Difficulty: ~100k
End June Difficilty: ~270k
It is just huge growth! I couldn't believe my eyes!
I have 4000 MHz, which used to bring me 1.2 DSH/day. This week I have been receiving as low, as 0.44 DSH/day, which is a dramatic decrease!
The current Dash price is $169 USD.
This means, that if we buy a Contract with 2000 Mhz, for $9000, we will receive our money back in 7.7 months, if the difficilty won't rise faster than the price. But it will.
From 11/06/2017 the Dash price hasn't gone up, while the difficulty HAS!
If this trend continue (price holds, difficulty continues to rise), we will not receive our money back after 7.7 months, like we've calculated above. We may have our returns in a year or more, while just buying some of the coins may bring you up to 100% A DAY.
I'd suggest that Genesis Mining users to consider that!
IMO, Genesis Mining X11 may only be really profitable for people like TrevonJB / Craig Grant, who have thousands of followers / referrals, that bring them 8% from their referral purchases... So, I'd suggest not to invest in Genesis Mining, unless you know for sure, what you are doing, although GM is absolutely not a scam.
Good luck with your investments!
Sorry to buy a contract yesterday on genesis to test $ 60 I bought for, should I target what I bought for another of the currencies of genesis?
Don't worry, $60 is not a big amount for this try...
I'd purchased 100MH Dash contracts almost 4 months back and this month I will make my ROI. Yes the difficulty of Dash has gone up significantly but the price has gone up too. Certainly for new customers the ROI will go up as the difficulty of the coin will go up too... It is better to buy your own ASIC hardware and mine dash yourself, but the problem is all DASH ASICs gets sold out as soon as they are available in stores, most likely Genesis-mining buys all the ASICs for themselves...
Dash price has gone up by 200%, while difficulty - by 300%!
Difference: 3/2 = 50%. Dash has become 50% less profitable to mine using Genesis Mining so far. There is 100% proof that difficulty will keep going up, but there is no 100% proof the price will follow... Even if it does, It probably won't follow up at the same level, unless it SKYROKETS for some reason, which is possible, of course.
I agree that it'd be more profitable to mine by ourselves...
Thanks for the update....
What do you think about Ether ?
Is it profitable ?
I have made a calculation right now and found out that the situation with ETH is pretty much the same. Furthermore, ETH is very unstable these days, $260 for 1 ETH now...
Thanks ... We need to wait for eth to be stable....
Are you talking about direct investments? If so; it is a matter of buying when the price drops. U
Cryptocurrencies will remain unstable/very volatile until it is worth some trillions in total market cap . Until then, big investors can easily influence the markets.
Totally agree with that, but you have to be VERY patient and have everything prepared 24/7.
i got 30 mh/s ether for 2 years. i get very small payouts and difficulty is shooting up so fast. My allocation is 100% in steem. so i mine ether and get steem. Atleast that gives me many coins and not just 3 ether in 7 months. best to just buy low and not mine unless you invest large amount
Thanks for the feedback, I appreciate it
Good job keep it up informative most.
thanks
Wow, that is a major decrease in earnings.
I haven't used genesis mining before and this is instilling much confidence in me haha.
Is it worth it?
RISKY
Theoretically, the ETH should go strong in growth. But so far, on bad news, he's falling ...
I agree
Resteemed... this was very infromative
You're welcome
Thanks for your opinion, I wish cloud mining companies would automatically rise the amount they mine for you with the difficulty.
This would be The No.1 Present, that I'd like to receive from Santa Claus the upcoming X-mas!
It is very good to know that each time is more difficult to mine but something is not a mystery or something of another world happens with all the virtual currencies and in world with the commodities such like the gold this a high price always always varies the bitcoin and Dash. My step that with bitcoin but something if I realized investing in dash is better than bitcoin should plan a problem better explain to you how to solve it.
I agree man
That is kind of insane. I wonder how much Genesis mining has to do with this
What they did was they re-released X11 Contracts, LOL
I really like Dash for no other reason than I purchase a couple of years ago for dirt... Forgot about it... while looking through some papers found my wallet phrase... What a Surprise 😀
how much Dash there were?
Good job thank you for sharing
Thanks man!
Got 1000 MHz for an X11 contract in July of 2017. At current calculations I won't even get half of my money back