Here is my review and results from my Genesis mining Bitcoin contract.
My results (after 9 months, contract still running)
With Genesis:
- Cost $110.58, mining profits are $138 = $28 profit + more to come
BUT
Buying Bitcoin: - $110.58 on 5th Sep 2106 was 0.182384BTC, at todays price approx $510 = $400 profit
Conclusion
Almost certainly better to buy coins directly.
I think nowadays altcoin mining become faded. Since mining is not a good solution for scaling up the altcoin. The altcoin is going to change from POW to POs. And there are more and more ICO with fixed amount of tokens. So the future of mining is not so optimistic...
How long does it take to break even with Genesis mining?
It took my Bitcoin contract about 8 months to break even but that is because of the sharp increase in bitcoin price.
That's quite a while. I think trading bitcoin on exchanges could have a higher and faster ROI.
I agree.
Your assessment is correct, better to buy and hold bitcoin. If you want to earn bitcoin while holding it lend it out at poloniex's website.
Genesis mining is charging above retail but everyone loves peddling their 3% codes around.
I've tried to get across that exact point, but agree with the 3% off code, I've removed mine from the post. As I stated in both the video and text I'm not encouraging people to cloud mine, in fact the opposite.
It's the right thing to do, my hat is off to you.
While it may not be a scam in your opinion, it could be considered spam. Spam is not appreciated by the community and could be flagged or may result in action from the cheetah bot..
Please explain why this could be considered SPAM? It's a genuine assessment of pros and cons, and indeed my personal assessment (which is stated in both the video and text) is that it's better to buy coins directly.