RE: Genesis Mining: 6 Days After 10 TH/s Bitcoin Mining Upgrade
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.