Here is my first Genesis Mining Update
Specs: I bought a two year contract of 2Mh/s for a total cost of $65. I have allocated the mining to a 50/50 % ratio of ETH/BTC. I paid with a bank card. As a reader pointed out, I will have to wait 32 days for the actual payout to my eth and btc addresses. If you pay in bitcoin, you get immediate payouts. Meanwhile, the crypto accumulates each day in my account.
This is really a small contract to test how Genesis performed. So far it looks good so I might pay more to increase the hash rate of the mining. Below are 9 screenshots of the daily mining results.
So for 9 days, using a bitcoin price of $2448.34, Genesis have mined me $1.76 worth of bitcoin. Link of where I did btc conversion http://www.btcsatoshi.com/
Using the price of $353 per ethereum, GM has mined me $2.27 worth of ethereum. Link of calculator where I did ethereum to US dollar conversion. http://ether.price.exchange/
So far that would be $ 0.20 of bitcoin a day and $ 0.25 of ethereum a day for a total of $ 0.45 in crypto. With a two year contract, we might predict that after 730 days, Genesis will have paid me $328.50 worth of digital currency.
But that is unlikely to be the case as over time because it gets more difficult to mine as time progresses and in two years, we have no idea what the US dollar price will be per bitcoin or ethereum. I will try to post once a week updates.
For those interested in using Genesis Mining, I have a referral code for a 3% discount: DGjV0p
https://www.genesis-mining.com/
Sorry @Bonsaitreehouse but these numbers are not good, not good at all !! There's no point in mining bitcoin (for sure) unless you don't have very very serious hashing power (more than 500MH/s) and Ethereum will go for proof of stake by the end of the year (normally) so your hashing power will no longer serve you. Who advised you to mine ??? Just by using this : https://steemit.com/earn/@nevil/how-to-earn-some-cash-while-doing-nothing i make 9€ /month for 100Gig, and it cost me NOTHING !! Nada !! Zef ! If you have a good graphic card you can expect 2.5 to 3$ a day ! (we'll see that in my part 3 article next week). And if you had spent your 65$ yesterday in BTC, you would already have 71.5$ ! Except for some coins, mining isn't worth it anymore if you don't have already a big hashing power or expect these new altcoins to go up at some point (i can tell you, i have 2 big mining rigs 12 cards in total !). If i were you, i would have invested my money directly in a crypto-currency already (why not steem if you believe in it ?), then hold on to it and it will pay in between one to three years !
So you are telling me that a $65 investment that may yield me hundreds of dollars is a bad? Now I am assuming that the above figures won't hold up and I won't actually get the number I cited, But even at $200, that is over a 300% return.
*What if I don't have a good graphics card? I can guarantee it will be more then the $65 I invested. Will I need another dedicated machine? That would be more costs. I have seen videos on people mining eth themselves. That is a process I don't have to deal with, nor do I have the electrical costs of another machine running
*Next, the link you provided, you want me to rent out part of my hard drive for some alt coin storjcoin that is trading a little over $1. That's an awful lot I would have to earn to get one eth and a whole lot more to get one bitcoin. And I would still need to convert them on an exchange which is another cost and procedure. Myself, I prefer not install some additional software on my computer. So it does cost you. And 9€ is only about $10 US dollars a month. Maybe you quoted 9€ a month wrong. That isn't $2-$3 dollars a day. That would be only $ 0.33 a day and less then what I am making with the mining contract.
Also, I can change my mining allocation at any time. If I like, I can have Genesis Mining do 100% bitcoin, no additional cost. What is mined gets sent directly to my wallet, no conversion needed or any extra procedures. A mining contract provides me a no hassle way to earn additional bitcoin and ethereum while I am not watching an exchange to buy there. I don't have to use bandwidth, electricity or store other peoples files on my computer through storj.
But neither you nor I know exactly what will happen. I invest in all sorts of crypto directly by buying it off of coinbase. That is my main source of crypto. Coinbase does not trade in steem. Genesis doesn't do steem either. I think that addresses all the points you brought up. Thanks for reading.
Sorry @bonsaitreehouse, i didn't mean to be rude... Or if i was and i apologise for that. But i really think you wont get your 300% return. Mining the big players (btc, eth) is becoming harder and harder with the increase of difficulty, so with the same hashing power, your income is going to decrease, and with the PoS ethereum mining is going to be dead soon. Mining smaller coins may be interested though as they may have a rise in their price, but it is a bet on the future, and you have to pick the good one. (I didn't chack what alt-coins you could mine with genesis rentals...)
I really think it's more profitable to invest directly in cryptos rather than mining. Yesterday i bought some litecoins when i knew they got on Bitstamp at 34.6 and they are nearly at 40 already. But hey, maybe you're going to prove me wrong ;) I hope so !
Lot of people have good material in their PC and it just sits there doing nothing. Lot of Gamers have excellent graphic cards that could generate money and they don't. That was my intend. To get the most of what you ALREADY have and do not exploit. 108€ for renting 100Gigs for a year (it's about 120$) is not bad i think considering that it is space you do not use and costs you nothing (i've recycled a 1To hard drive that was doing nothing just for that on an old computer)... And with a core i7 processor alone (that lot of people have!) you can generate 0,36 € to 0,45€ a day depending of the model. You already have it, you don't exploit it's computation power.
You're right on cost to exchange the storj coin and the fees to exchange money from accounts. true. But i believe in the storj project, and i really think that it's going up (it already went from 0.15 to 1.5$)... But true it's a bet.
I'm going to follow you and i really hope you'll prove me wrong ;)
Have a very nice day @bonsaitreehouse !
Really got into Genesis mining a few weeks ago for ETH and was doing them in bigger bulk buys, but I started doing it just +1 MH/s increments 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 $29.99 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