RE: Just received a Genesis Mining payout!

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Just received a Genesis Mining payout!

in cryptocurrency •  7 years ago 

Cloud mining simply isn't profitable, as explained in great detail here.

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7 years ago by

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      ·  7 years ago 

    I agree with you. There are many more profitable investments out there that make mining a non factor. It takes so long to just break even that it doesn't even make sense.

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        ·  7 years ago 

      newbie here... what are YOUR favorite alternative investments??

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          ·  7 years ago 

        Bought a 2 year, 200mh dash contract from genesis for about 5 months ago for 1000 dollars, current value of mined coins is 1098 dollars. I see that article goes trough mostly bitcoin mining, not saying cloud mining is any super profitable thing (was lucky with the dash value as well) just saying it can be profitable with the other coins Genesis offers, as of right now i have broke-even and 19 months left on the contract so cant complain.

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            ·  7 years ago 

          That would mean you bought that dash at the beginning of March. On the 1st of March, Dash opened at a price of 32.62 USD and closed at 42.54 USD. So, let's say you bought 1000 USD worth of Dash at 40 USD each. That would have got you 25 Dash. The price of Dash closed yesterday at 178.51 USD. So, if you would have just bought Dash instead of cloud mining, it would now be worth 4462.75 USD.

          Going with a price of 178.52 USD/Dash and your Dash being worth 1098 USD, that means you've mined about 6.15 Dash in 5 months. You basically purchased that cloud mining contract for 25 dash, so with out any change in payouts you would get about 30 Dash over 2 years. Like I explained in the the linked post though, payouts don't stay the same - they decrease in proportion to difficulty increases. You will not make more than 25 Dash from your contract.

          The way you are looking at it just disguises your losses.

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