Do you know what's going to happen to your cloud mining contracts when BIP 148 happens and when Ethereum hits proof of stake?
Some of you may have done your own research as well to find out if your cloud miner supports BIP 148 or not. What exactly happens to your contract even if your miners support BIP 148. There's often legalese that people don't read. Just because Genesis Mining as an example says they support BIP 148, but your contract doesn't state anything about that, will your contract get cancelled and you get robbed of the remainder of your contract? Also for ETH proof of stake, Genesis does say that they will move it over to the next most profitable miner but it's always good to confirm these things, so I reached out and got the below response.
So there it is. Genesis seems legit. Customer service is good and if you're like me and have reached out more than once, you've probably spoken to Ellie at one point. Very nice and helpful.
If you found this information helpful, support me by using the below code for 3% off your next upgrade and follow me @aaagent!
3% discount code @ https://www.genesis-mining.com/
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Got into Genesis mining a few weeks ago for ETH contracts and was doing them in bigger MH bulk buys, but I started doing it just +1/2/3 MH/s increments at a time so I could use other people's affiliate codes and hoping they will use mine next time too!
I just used yours, it was only for +1 MH/s for ETH at but looking to spread the love! I followed you also, trying to connect with people here on STEEMIT!
Next time you upgrade your hashpower use my code! NkQanX
Any contract upgrade is fine, I am investing in ETH myself but appreciate the return love of any Hashpower! I followed you too :)
Just used your code. bought 1 m/h of ETH, 0.1 t/h BTC, and 60h of XMR. appreciate your support.
Thank you for the love @aaagent , I saw it this morning! I got your code on rotate also with my upgrades and appreciate the big buy! I got you on Monday!
Appreciate you using my code! followed and will use your code later.
You got it!
So do you mine for Ethereum blocks or any other digital currency? I'm fascinated by the process.
Yeah, I use genesis mining for BTC and ETH as i'm sure tons of us do here. Basically you pay an upfront investment cost to the mining company so they get capital upfront and you get daily payouts in the crypto of your choice that you mine. Genesis does 2 year contracts but you normally make your money back in 1 year and sometimes faster if the value of the crypto continues to rise. Obviously if it falls (depending on how much), you can lose money and if it's no longer profitable, they may even cancel your contract and you lose out on the upfront investment.
Depends on your risk/reward level.