Mining Cryptocurrency in the 21 Century -[Bitcoin Mining]

streetstyle (72) in bitcoin • 7 years ago (edited)

Mining Cryptocurrency in the 21 Century -[Bitcoin Mining]

In my last post regarding crypto-currency investment comparisons, I looked at Bitconnect.co and Genesis-Mining. I started experimenting with both in June of this year. That post, Bitconnect.co ==>> VS. <<== Genesis-Mining // 72 DAYs Later!!
was posted around 72 days after starting my account with Genesis-Mining.

So now at the 90 day mark I will share my Genesis Mining results. As of earlier today, I have recouped 48% of my initial Bitcoin investment, which doesn't seem bad at all. Yet there is a small dilemma called Difficulty. For the most part this is always going up, thereby making it harder for the Bitcoin Miners to find Bitcoin. In reality it is just making the computers hash a larger or bigger algorithm when the difficulty goes up. This then forces the average time of Bitcoin/Blocks found to increase. Lately though, with the advent of Bitcoin Cash, and miners jumping back and forth between mining Bitcoin and Bitcoin Cash, the difficulty has actually gone sideways and even down. The Bitcoin Hash Rate has mostly gone sideways. I believe this bodes well for any current Bitcoin Miners. This is due to the fact that the actual physical miners are competing against either the same amount of miners or sometimes less miners. So when normally the rewards are shrinking, now they are remaining about the same or shrinking but at a much slower rate.

I am just guess-timating, but hopefully in the next 90 days from now, I will have around 75% of my initial investment back. Again, this will depend on the Bitcoin Network Hash Rate and Network Difficulty. I believe that as long as this power struggle between Miners mining Bitcoin and/or Bitcoin Cash continues, it will benefit the miners by allowing them to generate ROI on their Bitcoin hardware/contracts.

Genesis-Mining has recently enabled purchasing Pre-orders for Bitcoin Mining. They are currently sold out, and I don't think the next contracts will last long either. If you are interested in Bitcoin CLOUD mining, Genesis-Mining is and continues to be one of the most reputable mining companies out there. If you purchase one of the new Pre-Order contracts, mining for those contracts does not begin until the end of October. They are currently only offering Ethereum and Monero mining, plus the pre-order of Bitcoin mining.

Any questions or suggestions, please let me know.

Full Steem Ahead!
09/07/2017
@streetstyle

So You Want To Mine Bitcoin?
Pre-Order Contracts On Sale Now! Will Not Last!!

Code rT5ix8 =3% off + Bonus in STEEM!
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7 years ago by streetstyle (72)

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braveboat (61) · 7 years ago (edited)

As a noob, I get so much out of these articles, @streetstyle. I have missed out on the cryptocraze up until now, but I'm trying to catch up fast...

I was surprised to read that you wouldn't get into actual mining on your own now. I guess, though, that if you're making decent cash investing, mining seems more work than it's worth.

Is there a rule of thumb as to what it might cost to set up a rudimentary mining operation? As I learn more, I suppose I'm interested in investing in every aspect of cryptocurrency: mining, investment, and trading.

Thanks for this post and keep 'em coming. I upvoted and already follow.

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1 vote

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streetstyle (72) · 7 years ago

Having done it, I realized that it becomes a vicious cycle of never ending obsolescence if you are trying to stay profitable for a long period of time. China has this market on lock for the most part. At home hobbyist can still be fun, and I haven't done the homework, but there are some coins that you can still mine with a PC and GPU and still make a profit.
But for hardware, in the end, bitmain.com is where I would go. Good luck. There is a lot to learn, and keep learning because this is still all in its infancy.

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d-pend (73) · 7 years ago

Genesis has been pretty profitable for me so far. (specifically, the sha-256 BTC mining) We'll see how it performs as the difficulty rises, especially during any major crypto crashes. It's interesting since they are called "lifetime contracts," they could potentially provide for quite a while. Time will tell!

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2 votes

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streetstyle (72) · 7 years ago

That is good to know @d-pend I wish I would have known sooner. Since i haven't ROI'd yet I am leary of re-investing into Genesis-Mining, but I do agree that if these are lifetime contracts, and BTC keeps rising, then I do see these contracts lasting a while. If you ever need a code when re-upping on Gen. mining, be sure to hit me up. Thanks

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3 votes

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d-pend (73) · 7 years ago

Right on @streetstyle. I haven't ROI'd yet either, and I'm pretty much out of funds to invest for now, so I'm just gonna wait it out for a while. I do know the BTC contracts are super profitable right now if you bought them a couple months ago, but they were barely paying out at all during July when the FUD about the bitcoin fork was in full force. I'll definitely hit you up if I get the means to upgrade :)

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1 vote

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arunava (76) · 7 years ago (edited)

I am a hardcore miner I mine both at home and on cloudmining sites. A year ago I made an investment on Hashflare which has returned me double my money already. Plus i started investing on Hashing24 3 months ago purchasing 1TH/s per month which has already earned me 1/6 th of my initial investment. As per genesis mining I just purchased 1 TH/s mining power yesterday and I had 100 MH/s of DASH power in which I have earned 75% of my investment back. All in all I am having a good run.

About bitconnect I am just a little bit wary about it.

@streetstyle take a look at my latest post.

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1 vote

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streetstyle (72) · 7 years ago

I am hoping to make a profit on Gen. Mining but it will just take longer.

I am wary of Bitconnect too, but at the same time, I wish I had dropped a lot more money there since that would have guaranteed my seed money back at the end of this month of September. Now I have to wait until sometime in Feb.
No ROI yet, but I currently have more than half my seed money. I gotta say so far I do like bitconnect and will like it more in about a month.

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arunava (76) · 7 years ago

Currently one half of my mind is telling me to spend 100 bucks and see what happens while the other half is saying stay the f away

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streetstyle (72) · 7 years ago

I was so like that for a few months, hahaha. Read my blogs in regards to it, I pondered for a long time before diving in.

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arunava (76) · 7 years ago

It has ROI of about 100-150 Days which is better than any Mining Contracts I would have dove straight in if the minimum investment would have been half.

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raghwendra (57) · 7 years ago

@steetstyle Man I really need it this one article :))

Big thumbs up for great article!

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1 vote

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shirish5 (57) · 7 years ago

Thanks for sharing your review. Genesis mining is a good business opportunity, earning is slow but guaranteed.

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1 vote

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husamia (45) · 7 years ago

great info. Thanks. I want to share two cloud mining that I have signed up to

eobot has been there for long time also, I wonder how it compares to GM? sign up with my link to help me out

https://www.1-hash.com/ref/USR55025

https://www.eobot.com/user/146240

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1 vote

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rehan12 (73) · 7 years ago

Greatly explained and get to know few things

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droucil (62) · 7 years ago

Gonna stay far away from the mining myself, seems like too much hassle :P I'll keep mining with my "mind" on Steemit ;)

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streetstyle (72) · 7 years ago (edited)

actually having real physical bitcoin miners was a much bigger headache....and yes mining with your mind is great, but can be exhausting too. So this is just another form of diversification for me. Whether it makes an ROI we are yet to see.

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1 vote

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droucil (62) · 7 years ago

Let's hope you do ;) And as one that loves to "exhaust" his mind, "mind mining" fits me perfectly ^.^

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streetstyle (72) · 7 years ago

Thanks @droucil

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yandot (67) · 7 years ago

Great post! I

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vegeto (52) · 7 years ago

Instead you should have started mining on your home, might have made more

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streetstyle (72) · 7 years ago

@vegeto I have been there don that.....servers overheat, fans break, circuits overheat, fuses bust, air conditioning is a must. Fans are a must. Wires everywhere. And then miners become obsolete quickly so It is a never ending hassle. I haven't done it for a long time, and don't think I will ever again. I have thought about buying one of those new miners for Siacoin buy haven't made the move.