Awesome @jerrybanfield !
I was just going over some this same info. Great to see it come out from you too! I'll add a hash of confidence to it😏😏😎
Exciting times!
What are your thoughts on reputable mining services such as genesis?
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@itsmein3d with friends invested on Genesis Mining as well, it seems to have great terms which are ideal for making an investment easily in a small amount of time. The limitations are the long time it takes to get a return compared to making our own mining rigs plus not really owning anything. For the greatest profits, making our own mining rigs seems to be a better investment not just of the money but for the valuable learning it takes to build on our own machines which then translates to skills good for earning high dollars per hour! In summary, if we have money and just want a good return, Genesis might be the best option. If we have a bit more time and willingness to learn plus want the highest profits and have low enough electricity costs, DIY mining might be ideal!
Understood.
You have me really chewing on the idea of a home based DIY rig now...I wiIl watch your video, info and crunch some math, numerous times lol
Thanks for the amazing content and calls! It is great to hear back from you in the comments. I appreciate how interactive you are with your audience!
Agreed! Learning to build mining rigs is a great skill-set to have in the crypto space. Great summary on cloud mining vs do it yourself mining.
Good luck with finding a AMD graphic card anywhere from the uk to the us all sold out....
I have not used Genesis.
Bitcoin talk is highly negative on Genesis, even though it is acknowledged as the most legitimate cloud mining operation, and it seems it's a lot less profitable than you think. You have to contend both with price and difficulty, which is why they lock you into a 2 year contract. It sounds better than it is until you run the numbers, and find that in most cases, buying and holding seems to work better.
I would estimate using Genesis is going to cut your mining profit in half, relative to running it yourself.
that is all great but the problem is its not just the cost of the cards , you need to buy memory cpu and mother boards also hard drives , you cant just hook up 55 cards to a computer system not to mention you need to upgrade your electrical power , to handle all the cards , so you are better off just mining on the cloud.
Its less of a headache
my understanding has been that the electricity costs can really impede profits?