Hi,
I wold like to talk about Genesis Mining.
There are someone that used it?
What coin are you mining?
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I have used it and I would warn people against it unless they actually take a very careful look at the terms of service. It is a legitimate service and they do actually do a good job, but the problem is it's mining, I would avoid anything to do with mining difficulty as an investment if you can help it, you'd honestly be better off speculating.
Not only that, there's a clause they have where they basically shut down the hashpower you've bought if it becomes unprofitable and you can't build up your investment, the hashpower doesn't stack so if your profit drops you'll lose that hashpower you thought you had stacked up permanently which makes me wonder why they put it there in the first place.
So it's not 100% a scam or anything, but honestly the terms of their contracts should be far clearer and illustrated to people before they buy it, just on principle, I would advise against anybody investing in something that can be affected by mining difficulty, you won't make it.
Honestly, even putting time into Steemit and growing your account massively would be a better option :P but I can understand wanting to diversify.
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Thank for your reply @lethn.
I'm totaly agree for you said. It's true, genesis mining if the coin is not profitable they stop your hash but i think is it a pro. On genesis mining you can choose the coin that you want to mine, so if the open contract is not profitable, genesis stop it and you can choose another coin.
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I just thought I'd post a fair warning, a lot of people come into cryptocurrencies with no experience at all and even the fairly experienced among us can get caught out by this sort of thing unfortunately.
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Sure, in this world the scam is always around the corner ( I don't know if it says so in English :) , i'm Italian )
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I am mining Straight Bitcoin for now. Bought my setup through Genesis Mining yesterday (my Christmas present too me) :D
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Thank's @hexdek16 for reply.
I think BTC is not profitable to mine, not for short time ( it's my opinion ). i have two account on genesis :)
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Well, I'll be interested to see what others are mining as well. As I said, I've just begun mining and the 'space, theory & concepts' are new to me. Recently I have done quite a bit of reading on LiteCoin
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So welcome to the mining world :)
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I have been mining with Genesis for almost 6 months. I mine ETH , ZEC , XMR and DASH. One think to understand is the decay in mining return can be very dramatic and destroy any projection on return. In almost all cases I would have been better to use the contact cost to buy the crypto directly.
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thank's for your reply.
I think genesis mining is good product but i think that the hahpower on the contract is not exactly. If you mining on GPU you have 2x 3x hashpower in most case. on genesis, the pro is the power consuming, it is included on the contract, if you mining with custom rig you have to find a place and the power. So if you love mining i think genesis is a good product. Yes the return is not very fast.
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Hi nice idea @mercu91
I have Zcash mining contract , till now not profitable at all
bad choice for Zcash
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For ZEC i think GPU miners is the best. On genesis the pro is that you don't pay power ( i think it is counted on hashpower ) in the same case i think ZEC mining is profitable on long periods. ( Sorry for bad english :) )
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This my Genesis Mining promo code for 3% discount ALQ3jY. Thanx to anyone who will use it. Good luck with Bitcoins!!
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