Beginner Guide to Bitcoin Mining: Part One.
Use discount code: YsIuc5 3% off your order at www.genesis-mining.com
This is a follow-up to my introductory investment post titled "My Best Advice for Investing Today". The previous post focused on past mistakes and which are the best financial advisors with newsletters to subscribe to ( #Stansberry , Gold Stock Analyst, and #TradeStops). It was the place for you to start off right - with the correct information to dial you in - right off the bat.
INTRO....
If you read my previous post, you know I have a good friend with great insight on the most leading edge investment ideas. He can take credit for this idea as well.... Bitcoin "cloud mining" (altcoin, ethereum, etc). There are two ways to "mine" Bitcoin. One is to buy equipment (a server/computer) and run it yourself (a couple thousand USD at least - to start). The other is to essentially rent a "share" of equipment from a company that already has equipment in place - "cloud mining" (which is cheap to expensive)... I cover the cloud mining here in PART ONE. READ ON...
There is more than one "cloud mining" company out there. But #GenesisMining (www.genesis-mining.com) is the one I'm currently trying out and provide information on here. What I'm doing is sharing my experience, not giving financial advice. You can see if my early, low investment results are something that seems interesting to you & explore for yourself from there. It is a bit early, as I am only into it about 2 weeks. However, with very little invested ($30), you can try it without much to lose. I mentioned in the last newsletter that we are still in a "YUGE" BULL MARKET - so you're still safe to get into just about anything for at least a few months to a year (best guess). If you've signed up with Stansberry - then you know what I am talking about (read my previous post & sign up with them - or you'll miss the whole point).
MY RESEARCH...
Before I jumped into Genesis, I read a lot in their site, noted the recommendations from my friend - and read other reviewers thoughts (that was all over the place!). When I realized that you could sign up for a mere $30 to try it out, I felt I must do it!! HARDLY ANY RISK.. THEN, my plan was to see how much Bitcoin I earned/mined per day - calculate what increasing the hashpower would do - then increase accordingly up to my comfortable level of investment.
WHAT I DID...
I signed up for both Bitcoin and Ethereum mining. Each are different contracts. So, before you authorize payment - you get a chance to read the contract. They both are a one time fee for the hashpower (amount of mining power you purchase). But Genesis charges what is best described as a "daily maintenance" fee, in Bitcoin, to pay for the "rental" of your server/mining rig - if you will.
QUICKSTART:
- Get a Jaxx, Blockchain, Coinbase or other Bitcoin wallet account and fund it with some Bitcoin.
- Select a contract. (Use 3% OFF discount code: YsIuc5) Ether plans are currently at $30 (1MH/s); $869 (30MH/s) or $2799 (100MH/s). There's also the Bitcoin at $30 (200GH/s); $350 (2500GH/s) or $1950 (15,000GH/s). YOU have to decide what is comfortable for you. They also offer Dash, Monero & ZCash.
- NOTE: PAYMENT can be made in Bitcoin or credit card. They said there's a chance your card company may charge a cash advance fee. I used a Visa and they didn't. However, since I started small ($30 & $35 contracts) I wasn't worried about a cash advance fee on that. NOTE: if you pay in credit card - they hold your payout for a month t make sure your card isn't fraudulent. READ their contract thoroughly- so you know what you are getting into!
- Once approved, you are MINING!! In 24 Hours after you sign up, you'll see Bitcoin or Ether in your account!!
- Now, link your wallet so they can deposit your coins when the payment threshold is reached. If you paid them with a credit card, they hold your payout for 30+2 days. Otherwise payouts come faster - see their site.
MY RESULTS SO FAR:
I started mining Bitcoin and Ethereum on June 23 - with the $30 contracts. Both paid about 15 cents per day. At that rate, I'd break even at 6.5 months. Once I saw that I WAS getting PAID, I upgraded my hashpower on June 27. I paid $100 more for 0.7 TH/s (Bitcoin); $87 for 3 MH/s (Ether); and $80 for 100 H/s (Monero). Since then, my income is about 50-60 cents per day from Bitcoin & the same from Ether. The Monero is brining in about 20-30 cents a day. These fluctuate daily. Interestingly, the Bitcoin calculation break even will be about 9 months. So, I have about $135 invested in bitcoin mining; $120 in the Ether; and $80 in the Monero. Not huge investments - but enough to see where it will go before I pour more into it. Altogether, I've got $335 into the whole thing. After breaking even, I would make $66 per month. But, mining income declines over time. It gets harder and more competitive over time (a whole different discussion). NOTE: when the coin prices go UP - so does your daily PAYOUT. IF Bitcoin, Ether, or Monero double in price (which they have done many times) - YOU WILL MAKE DOUBLE the INCOME. Today (7/3/2017), they are at the following rates(USD): BTC- $2563.36 ETH- $279.89 XMR- $43.71
Ultimately, if you are curious and have a little money to play in today's BULLMARKET - there's not much to lose. But if you are going to play, get in NOW before the market ends. There won't be any playing when the bubble bursts and you'll need cash to buy at the bottom!!!
Please upvote if you find my articles useful, follow me, @sporte77 and stay tuned for the NEXT update - which will be: Part 2 of Bitcoin Mining!!! CHEERS!! EnJoY :-)
If you order Bitcoin Mining from Genesis - Use Discount Code 3% OFF YOUR ORDER: Ysluc5 (copy and paste this code to get your 3% discount!! At http://www.genesis-mining.com )
Image credit : Pixabay.com
I am going to follow you.
I have a few things going on and just don't have time to sort out these introductory crypto coin steps. So thanks!
I will be watching.
Thanks Daniel. I understand, there are other things that are certainly simpler to do and invest in for sure. Take care - Sam
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