Ok my Steemit Family, i have taken some time off to get a much better understanding of how Genesis Mining Works.
Wow, I have been surprised for sure! I thought the mining contract had me paying out monthly, in actuality it was a one time fee for a two year mining contract. This really lets you get started with a minimum investment. For as little as $30 bucks you can begin.
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Now if you look at my hash power I have significantly upgraded my power.
Here is my Etherium total investment. Near $7,000.00
Sounds like a lot of money, but below is an image of my probable payout.
In 140 days I will be profitable. Everything day beyond # 140 is pure profit. Now yes risks are involved. My ETH could crash and be worth less money. Also "difficulty" levels rise, possibly dwindling profits.
This ETH contract is a home run IF..... The price per ETH rises. (Risks are inherent with all investments)
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Bitcoin total investment $1,240.00
This contract may last longer than two years! Bitcoin contracts have been sold out up until yesterday on Genesis Mining. I took a big step into this action. I am looking to continue adding to my BTC Hashrate as I am looking to build a larger position here gambling that it might pay out for longer than 2 years.
Here is a pic of projected BTC Payout
Now this is a bit misleading because there are some maintenance fees on the BTC contract, but can potentially pay out for many more years to come. If the price continues to rise, chances are greater of this contract extending out beyond the two years offered for ETH or XMR contracts.
Here is another breakout of my BTC payout including pool fees.
So y BTC contract will pay out in 221 days. Every day after that is profit! I am willing to take the risk for an unspecified amount of time. I have been watching Genesis Mining for years and have finally decided to take the plunge.
I am looking at a future where crypto currencies continue to outperform government backed fiat dollars.
I live in the US and it has been extremely difficult to get into this market, yet Genesis offers instant and easy access to its cloud mining services. You can pay with credit card, or a handful of crypto's.
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Lastly we can check out my Monero contract, this is my smallest position. I could not resist getting some hash power for my nonzero contract. This is a two year contract.
My total Investment in XMR $580
Here is the projected payout. This contract is much like the ETH contract, two years no fees.
So my Monero contract is projected to pay off in 259 days. Not nearly as high as anticipated percentage return as for Bitcoin or Etherium, but XMR just might make some strides to close the gap in price per BTC. This would certainly help raise my percentage return.
My final Analysis after on full week mining on Genesis is, I am very impressed. This service gives an ordinary guy/gal the chance to easily enter the crypto space. My plan is to continue upgrading my hash power every other day with a small portion of my payouts.
Genesis has been On Point! I am a happy customer and will be loyal to Genesis Mining. They are the tried and true cloud hashing company!
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