RE: Genesis Mining: 6 Days After 10 TH/s Bitcoin Mining Upgrade

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Genesis Mining: 6 Days After 10 TH/s Bitcoin Mining Upgrade

in bitcoin •  7 years ago 

Hi! Great post! Just wondering what your thoughts are since the massive skyrocket in BTC prices. I assume your projections must look really great now. Any other thoughts for people looking to get into this in the wake of the success of BTC?

bitcoin
7 years ago by

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      ·  7 years ago 

    As BTC has skyrocketed, so has the payouts from Genesis Mining BTC contracts. However, I must say that stagnation or decline in the BTC price does reduce payouts.
    I just started looking into how to file my BTC cashouts with the IRS. Looks like I will declaring a nice gain from this year.
    The Genesis Mining BTC contract has been a great deal for me. In 2018, it will generate additional gains for me in my first full year of retirement. I am very happy with Genesis Mining.

    Is it better to just buy and hold BTC or buy the Genesis Mining Open Ended BTC contract? I will say that if you think the BTC price will appreciate greatly over a short period of time, then it is better to buy and hold BTC. However, if you think the BTC price will rise gradually over time, then buying the BTC mining contract may make sense.

    For myself, I am holding BTC because I believe BTC, LTC, and ETH as well as others will be appreciating quite a bit in the next 6 months. However, I will be increasing my upgrading my BTC contract with Genesis Mining too.

    Over the course of time, I am building a portfolio that takes advantage of price appreciation as well as provides a passive income. The Genesis Mining BTC contract fits nicely in the mix.

    I am looking for BTC at $10k very soon, followed by $13k in the 1st qtr of 2018, then $20k in the 2nd/3rd qtr of 2018.

    The next BTC halving event is around June/July 2020. In my opionion, you need to be in the BTC contract two years prior to the halving to get a return on your contract. Of course there are a lot of factors affecting your payout but the halving event will cut your payout in half.

    I will not be buying any more BTC upgrades after June/July 2018.

    You may want to look at some of my other posts on ICO's like SPECTRE (still in ICO at this time) as a possible passive income play.
    https://steemit.com/cryptocurrency/@etcmike/spectre-ico-community-update-the-token-sale-has-started-usd8-million-raised-so-far

    All I can do is tell you what I am doing. This is not investment advice. These are just my opinions.

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      ·  7 years ago 

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