What is Monero and Why is it Popular?

Monero is a privacy based coin. It solves a major issue with Bitcoin, which is privacy. All bitcoin transactions are public, including information such as the senders address, amount sent, and receivers address. To make matters worse, blockchain explorers can see exactly how many bitcoins are in the wallet, where the funds are from, and where bitcoins are sent. Monero solves this problem by hiding the sender, receiver, and amount sent.

XMR – The symbol of Monero
Privacy – Monero protects the privacy of the sender and receiver.
Scalability – Monero has cheaper transaction fees when compared to Bitcoin.

What is Monero mining

Mining in simple terms is processing transactions for the Monero Network. Miners gather real-time transactions and bundle them together into a ledger known as the blockchain. It’s very similar to what accountants do, just that it’s done by very powerful computers. Because you do work for the Monero network, the network pays you, that’s why mining is profitable. Monero uses the CryptoNight algorithm.

When you buy a cloud mining contract, Genesis Mining sets up all the hardware for you and automatically starts mining on the Monero network. The result is:

Daily payouts – You get paid on a daily basis for mining (processing transactions for the Monero Network)
No technical knowledge required – The mining computers are set up and managed by Genesis Mining.
No maintenance fees – Genesis mining manages all the machines
The more hash power you buy, the more payouts you get – thus increasing your rewards.

Is Genesis Mining Profitable?

Using Genesis Mining to mine Monero can be very profitable, with up to 200% return on investment. However, there are factors that can influence the return on investment of cloud mining:

Mining Difficulty – Mining is competitive, the more Monero miners the less each miner earns. Difficulty increases as the numbers of miners go up, decreasing the return of investment. Unfortunately, predicting mining difficulty is very difficult and is a potential risk that can reduce profits.
Monero Value – Monero is a digital asset and its value can go up or down depending on the trading market.

Genesis mining Profitability calculation

The Return on investment for genesis mining Monero contracts are calculated as follows(Click here for up to date Monero Calculator):

Hashrate: 300 H/s
Price: $242 USD (assuming 3% discount using coupon “6bXKwD”
Difficulty: 8216531199

Results:

NOTE: Difficulty and XMR value changes are not taken into account in this calculation. The results of this calculation represent the MAXIMUM XMR that is possible with the contract. Increases in difficulty will reduce the returns.

Daily Payout: $1.38 (024 XMR)
Monthly Payout: $41.36 (0.746 XMR)
2 Year Payout: $1006 (18.1 XMR)
Return on Investment: 415% Return on Investment
Break Even Point: 175 Days