Genesis mining day 46 - steady
It is day 46 on my 10mh ETH clouding mining (investment: USD 291), as the difficulty continues to increase, the unit per day has increased from 0.0035 to 0.0036.
Beware: If you want to invest your own mining rig now, ensure you calculate your cost carefully, with ETH drops to 200+ level, the breakeven period to invest a 6 mining rig would be around 13 months!
With the ETH price bounce back at 200+, eth/day has decreased again (from 0.0087 to 0.0036- A 59% decreases in eth / day!!)
Finger cross that it will still time for me to break even and at least to get some return back after the contract ends.
For the current projection, I make
17.99% return for capital.
breakeven period is around 8.5 months
This assumes:
the price remains unchanged
difficulty remains the same
Therefore the projection is likely to be overestimated but good that the contract is for 2 years and therefore still plenty of time to make up.
Sorry to hear this :(, I've always been skeptical of genesis and other cloud mining. Do they offer an option to take your 10mhs on ethhash to an alt coin instead so you can play the "hope it goes to the moon" game?
Thanks for your support. In fact it is just a bad investment in a wrong time because difficulty has picked up. Even you invest your own rig, the result will be very similar especially people have to buy gpu at a premium price. Ya they would provide option to change to other alt coin, but like u said,
The issue that people don't take into account is that difficulty does go up over time. Hopefully you actually hit ROI before your contract is up. Also, I wouldn't rope gpu-mining yourself and cloud-contracts up together, with the exception of those who did pay a crazy premium for their GPUs, one of the larger differences between having a rig and cloud contracts is that you can ebay your parts to recover a large portion of what you put in (even now GPUs are still going for a premium (i.e. someone who bought in at MRSP [or newegg sale+rebate] can almost get ROI alone [or more] just by selling their rigs... I can tell you this because I've been waiting for them to come down haha).
Hey there same thought exactly. I have an article that try to predict the future difficulty and therefore the future profitability and you may want to check it out. But the conclusion is that this could turn to a bad investment. People are crazy buying rig with high premium and because it looks good in the paper couples month ago and i am too looking to buy only when it is back to normal price
Yes, soon, I saw some 1070s for some sane prices - I'm hoping that gpus will be cheaper than usual when people start dumping their rigs... though I would have expected it by now.
Yeah same strategy as you really. I am talking to some local dealer, apprently amd and nividia have also increased their retail price. A 6 card rig of p106 mining specific cards, providing around 150mh, would sell around 2500 usd. So for me, still not giving me much edge to buy esp we cant resell the card as they are mining specific.
With that said, I do hope it works out for you in the end - hopefully at least you get ROI + whatever you would have gotten if you locked up the same dollar amount in a CD.
meep
I have been in doubt about Genesis. After going thriugh some review of their transaction fee and all that, I am not compared to have account with them
The problem probably doesnt really on genesis if the mining rig price has risen so high. It is more the mining difficulty have really gone to the roof. Sadly it is not a good time to invest into mine and the only way i could make it back is the eth price would rise alot. :(
Try to increase your investment to maximize your profit. Follow @polaleye50
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@wilkinshui
Nice Job!
Keep the good work up!
Thanks for sharing