Whats your take on Genesis mining?
I have some genesis mining contracts but the payouts are really small. As time goes on I will see how it works out. But with the small returns I'm getting right now makes me think there will be very little profit at the end of the 2 year contract.
I would love to hear from others that is using Genesis mining. Is it working out for you? Do you think the 2 year contract is worth it? 
I have received 124 payouts now on my Dash contracts which seemed really profitable in the beginning. The contracts cost me 9.33 dash and the total payout I got so far is 5.39 dash. So I got little over half my money back in 4 months. Still have 20 months to go on this contract but the initial payout was 0.071 Dash and that has dropped to 0.019 about 27% of the first payout.
Let's assume that this trend continues, then my payout over the next 4 months will be 1.44 Dash, and then 0.38 Dash, 0.10 Dash, 0.028 and 0.0074 Dash. The total over 2 years will thus be about 7.35 Dash, a loss of about 2 Dash. Now some say you should re-invest, but logic dictates that you will also lose on that reinvestment, thus increasing your losses.
I used to be much more positive on GM but results and especially recent events have made me lose all confidence. These Dash contracts gave me little problems, I must admit, just a few small errors in the payouts. But then I opened a second account for my daughter and that was really nothing but trouble. In 30 mining days there were more than 10 errors, 7 of which were missing payouts that are still missing today. I wrote 'more than 10' because I am not counting the missing payouts since they say they have been hacked.
Which is something that I do not believe. This story is, in my opinion, a cover up for a more serious issue. If the were hacked they should not stop the payouts as our money is more safe with us than with them.
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Wow thank you for sharing i really appreciate the information, i have seen Similar in my own contracts, i don't think i will be investing anymore money with them. I dont think they are being straight up with the investor's. I will keep an eye on things im sure your doing the same. Thanks again for sharing.
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Amen! 🙏
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I'm not sure what I think of the company so far. I was a big dissapointed in them lying initially about the reason they weren't paying out over the last 7 days. However, it is nice not having the headaches of trying to keep as many rigs in my garage cool. At the peak I had 7 rigs running with most of them having 4 video cards. It was brutally hot and equipment would occasionally fail. I have the biggest AC unit I can buy for my garage and it still runs warm with all that equipment. Not to mention my $500+ dollar electric bills.
I still run 1 ethereum rig and a 27 board FPGA cluster. The heat is much more manageable. I used some of the profits from these rigs to buy two small contracts on genesis mining. One for Dash and one for BTC. I have faith in both of the currencies so I am not overly concerned if it takes a year or possibly more to cover the cost of the contract. I will gauge the payouts for a month or so and decide if I want to buy more hashpower.
I don't really think of mining as getting money quickly. For me it has been more of a passion for figuring out the underlying technology. I used to run around 8 computers while I had free power at my apartment complex when I was in college folding proteins for folding @ home. I am excited about multi-clustered computing and the whole blockchain concept. I'll probably still mine even if it isn't fully profitable.
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Thats also interesting, i have the same out look im not expecting to get rich im in it for the long run. Im behind the idea of crypto. Running rigs has its pros and cons. I all also have a small mining rig i like to challenge my self with new stuff all the time keeps the mind healthy. Will be nice to see how it all works out in the end. Thanks for sharing
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