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RE: Genesis Mining: 6 Days After 10 TH/s Bitcoin Mining Upgrade
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! 🙏
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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!
0.1 BTC free for mining-you can buy 9 th/s lifetime , offer limited time https://seebit.io/?r=56086