This is my review after upgrading my BTC mining to 84.035 TH/s with Genesis Mining. This post is based on my experience and results thus far with Genesis Mining. This post is not meant to be investment advice. Your results may vary based on the many factors associated with crypto-currency mining contracts (see the Pitfalls of Cryptocurrency Mining Contracts below).
![BTCreview.png](https://steemitimages.com/DQmYzbxAqrBA1G54g9R33ZZJynFassGEPU8Zv7d6RxsuMY6/BTCreview.png)
Created Using MS PowerPoint and Snapshots from Genesis Mining
Why Bitcoin Mining
Bitcoin mining will continue until the number of Bitcoins reaches 21 million. It is estimated that the last Bitcoin will be mined in the year 2140.
The Bitcoin mining contract offered by Genesis Mining is an open-ended contract. According to Genesis Mining the Bitcoin mining will continue as long as it is profitable. I do not expect the Bitcoin mining to be profitable up to the year 2140.
![BTCupgrade.png](https://steemitimages.com/640x0/https://steemitimages.com/DQmQAL6xXpydzPxzUuvzQ5uQvh4inobjfpJrezDVGV7ivjr/BTCupgrade.png)
Created Using MS PowerPoint and Snapshots from Genesis Mining
Next Halving
Bitcoin halving events occur every 210,000 blocks, roughly every four years. The Bitcoin Block Reward Halving Countdown clock currently has the next having occurring in June of 2020.
I was Bitcoin mining during the last Bitcoin halving. Yes, my payout did get cut in half. This is just another factor which may make a mining contract unprofitable.
Passive Stream of Income
Payouts were daily until the most recent Genesis Mining hack (see Pitfalls of Pitfalls of Cryptocurrency Mining Contracts below). This has caused Genesis Mining to change its payout schedule.
Snapshot from Genesis Mining
And you must remember that proceeds from mining contracts must meet the minimum payout before a payout is distributed.
Snapshot from Genesis Mining
I have been mining with Genesis Mining since June 2016. Mining with Genesis has given me a passive income stream. And that is my goal to have a passive income stream that is profitable.
Current Hash Power and Returns
Snapshot from Genesis Mining
I initially started Bitcoin mining at Genesis Mining with 0.15 TH/s. After about 6 months at this rate to assess the viability and reliability of Genesis Mining, I decided to upgrade my hash rate. I bought a contract to add 10 TH/s to my overall hash rate for mining Bitcoin. A fellow Steemian was kind enough to use my affiliate promotion code, Q1MYO7, for a 3% discount off their upgrade purchase. Their upgrade purchase gave me another 0.01 TH/s of hash power. Since then I have done many more upgrades. I may do more upgrades to attain my goal of 100 TH/s of hash power by November 2017.
Created Using MS Excel
...
On 12 August 2017 my total hash power stood at 84.035 TH/s for a total cost of $9,680.94 USD.
The following graph is from the Genesis Mining payouts section showing the last payout on 10 August 2017.
Snapshot from Genesis Mining
Since 6 June 2017 the total Bitcoin mining payout adds up to $10,425 USD as of 10 August 2017.
Snapshot from Genesis Mining
The 10 August 2017 two-day payout at 84.035 TH/s was 0.03347294 BTC or $122.35 USD.
Passive Income Stream Attained
I have recieved passive income from my Genesis Mining Open Ended Bitcoin mining contract since June 2016.
Snapshot from Genesis Mining
As of today my accumulated payouts from my Genesis Mining Open Ended Bitcoin mining contract since June 2016 is $10,425. The total cost for my Open Ended Bitcoin mining contract is $9,385. I have broken even on my Open Ended Bitcoin mining contract.
Assuming my average daily payout remains constant up through the next Bitcoin halving in June 2020 (THIS IS A BIG ASSUMPTION), my return on investment will be 575%. However, I would conservatively hope for a 100% return or slightly more.
Pitfalls of Cryptocurrency Mining Contracts
Based on my experience with cryptocurrency mining contracts here is what I have learned from the school of hard-knocks:
- Do not start a Bitcoin mining contract before a halving event. This is a sure way to at best lengthen your period of time before you break even and at worst ensure you do not break even.
- If the price of the cryptocurrency being mined declines, then your period of time to break even will be lengthened. If the price never recovers, then you are extremely likely not to break even.
- Because a daily fee is associated with some mining contracts like Genesis Mining's Open-Ended Bitcoin mining contract ("USD 0.00028 per GH/s and day, deducted on a daily basis from the generated Coins"), it is possible for a mining contract to go underwater. If this happens you will cease to see a payout until the fees are covered. This typically happens when the price of the crypto-currency is in a prolonged and extended downturn.
- Genesis Mining represents a percentage of the total global mining hash rate. As the price of the crypto-currency increases the mining competition is likely to increase.
- Increases in mining difficulty does affect payouts.
- Genesis Mining gets hacked. In a 26 July 2017 press release from the CEO of Genesis Mining the CEO discuss the recent hack and the delay of daily mining payouts.
Genesis Mining
If you are interested in learning more about Genesis Mining then click here to visit their website and use promo code Q1MYO7 for a 3% discount on your first mining contract purchase.
If you have an account at Genesis Mining, you will receive a 3% discount on your next upgrade using promo code Q1MYO7
You can pay for your mining contracts at Genesis Mining using Credit Card, Bitcoin, Dash, Litecoin, and Dogecoin.
Genesis Mining Bitcoin Mining Farm in Iceland (1 minute) Video
Genesis Mining X11 Cryptocurrency Farm Build (2 minute) Video
Genesis Mining Enigma "The Largest Ethereum Mining Facility" (2 minute) Video
Coinbase
I buy my Bitcoin, Ethereum, and Litecoin through Coinbase. For me, buying them through Coinbase is fast and convenient. Plus, you will get $10 in Bitcoin when you signup at Coinbase using this link and you buy $100 or more of crypto-currency.
Sources
Bitcoin Wiki: Controlled supply
Bitcoin Block Reward Halving Countdown
Hey Mike, I am trying to figure out if my daily payout is correct - we both have hashpower in about the same ballpark. I just increased mine. Your payout is actually lower than I calc it should be. For my 91 TH BTC, I estimate earning $100 or so a day, on crytocompare calculator. However, the actual is more like $75 per day. That's a pretty big difference, is it all due to fees and electricity? Using the calculator link below, what do you think is a reasonable electric/fee setting to arrive at your daily payout? I plugged in 10,000 watts/12 cents Wh and it comes out to a daily payout that near matches the actual payout. But there must be a sliding scale of overhead that pairs to the TH level. It sure would be nice to predict these payouts w/ more accuracy, currently this is the lack of transparency I dislike the most. I'd like to find a calculator just for Genesis that is completely honest - wouldn't you?
https://www.cryptocompare.com/mining/calculator/btc?HashingPower=84&HashingUnit=TH%2Fs&PowerConsumption=10000&CostPerkWh=0.12
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Ok, it turns out I have an answer to my own question. I didn't think the GM maintenance fee could add up to this much, but it accounts for what seems to be 'missing'. According to GM site, [the maintenance fee is deducted from your daily mining output each day and is 0.00028 USD per Gh/s for SHA 256 hashpower.
These are the current fees for these contracts and was updated January 24 2017.] .
So, if I multiply 0.00028 USD per Gh x 1000 = cost per 1TH x 91 TH total hashing power = $25.48 a day in fees, subtracted from the approx. $100 a day the calculator shows as mining output value in bitcoin. So that is a significant chunk. It seems that all the people sharing their affiliate codes and their big win info, don't tend to share this reality, as it takes away from the luster of buying mining contracts that they would get commission on. None of the calculators really hint to this either, but very significant to what kind of income you are setting goals towards, and is equivalent to about 1500 watts/.09 cents KWh per 10 TH hashing power in cost.
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Which basically means, this $25 fee can be anywhere from 25-45% of your daily income, even at 91 TH. However, my fee calc still leaves some money missing. I wonder if electric bill is still charged on top of this fee. The cryptocompare.com calculator shows I should be making $112 a day today, with price at $4370, but I will be lucky to see $75-$78 of that sent to me. So that means 30.5% is taken in fees at current BTC price, which is high, so this is probably as good as it gets. Then let's not forget the other 3-6% in transactions fees to get it to a bank card. And then the capital gains and income tax on top of it. You really get beat up, and probably lucky to see 40% of proceeds after all said and done. Am I miscalculating or overlooking something? Anybody?
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I love genesis mining! Have been a customer for about a year and still getting paid daily. Cannot wait for the eth and zec contracts to drop in march.
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I am waiting for new BTC contracts.
Have a great week!
Steem on,
Mike
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True! Me too. Check out me EOS and XRP articles.
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Good article but I think right now is more profitable to just buy BTC. Ex 2 weeks ago I was considering jumping onboard genesis mining but I went and bought 1btc at 2700$. Today it's at 4000$. I doubt you see those returns with mining. Maybe with LTC but that contract is sold out.
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I completely hear you on that logic. I am holding BTC and LTC too. At times it is better to buy BTC outright rather than mining it (via buying a mining contract).
BTC is predicted to go to $6,800 before the next big pull-back. Then it is onward and upward over $10k.
Have a great week!
Steem on,
Mike
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Yupp, keep reading lots of great news about it. Just today a Swiss Bank announced they will start selling BTC LTC and ETH to customers. We are witnessing the beginning of mass adoption just like intent itself :)
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According to a few people I follow (one being Clif High) the cryptocurrency adoption is moving from 1% to 2-3% by early next year. That will take the adoption just to the next level. But by the end of next year will start the mass adoption.
Just like stocks, some will think BTC is too pricey and buy ETH, and even some will think ETH is a bit pricey and buy LTC. I think it will be a tad longer before the masses start buy tokens.
Have a great week!
Steem on,
Mike
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Very true, I have a hard time explaining to family that you can but 0.1 BTC. They have a hard time understanding the concept. But in sure they get used to it when we go mainstream.
Also LTC is a better fit for many thanks to price stability and cheaper price. Not as profitable but it's a good starting point for new comers.
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Upvoted you. And I will use your code for next upgrade. Hi please use my code too! I'm upgrading every week
DYIiFn
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I have added your promo code to my rotation list. It may be awhile until I get to your code. If you let me know when you upgrade with information about what contract you bought and how much hash power you got. I will move you up on the list.
Thanks!
Have a great week!
Steem on,
Mike
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Hi i used your code. Please use mine too :)
2017-09-07 12:04:25 2017-10-31 ∞ 1.5 TH/s sha256
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I will have you in my rotation list. I will use your promo code this month for an upgrade of BTC.
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When r you going to use my code? :( ARe you a liar?
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I currently have 28 people in my rotation list. There is just one person ahead of you before I use your code.
Currently, I am only interested in upgrading my BTC contract on Genesis Mining. The pre-sales of the contract are gone (I no longer see BTC contracts offered). I know the pre-sale contracts do not kick in until 31 October 2017. I am not sure when the BTC contracts will be offered again, but I am waiting to upgrade my BTC contracts. If the current contracts do not kick in until 31 October, then (and I hope not) the BTC contracts will not be offered again until November.
It is frustrating to me too that I cannot upgrade my BTC contracts. Please be patient, as I am having to be patient waiting for the BTC contracts to be offered again.
Have a great weekend!
Steem on,
Mike
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Ok. Thanks for reply. Try to be more patient..And wow how did you get 28 people on your list? You have your own youTube show?
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I do not have any Zcash contracts. Is Zcash mining worthwhile? I am inclined to just wait for additional BTC contract offerings.
Right now I have an Ether mining contract that is paying out every 5 days. I just do think it is worth putting any more money into Ether mining.
I am patiently awaiting for additional BTC mining contracts to be available too. I do like that they gave us a chance to buy into a pre-sale of the BTC mining contracts, but those must have been very limited.
Have a great weekend!
Steem on,
Mike
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I am waiting on tomorrow's BTC payout from Genesis Mining to re-invest into the BTC contract.
The comeback of the BTC pre-sale caught me short on crypto. If it happened next Friday, I would have more available to upgrade.
Look for an upgrade by tomorrow after the BTC payout from Genesis.
Have a great weekend!
Steem on,
Mike
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ZaboNh 2017-08-13 19:40:31, 2TH/s
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Thank you!
I have added your promo code to my rotation list.
I have finished my August upgrade and will likely do my next upgrade in September 2017.
Have a great week!
Steem on,
Mike
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Hi i used your code. Please use mine too :)
2017-09-07 12:04:25 2017-10-31 ∞ 1.5 TH/s sha256
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Finally, I was able to upgrade my BTC contract with 1 TH/s using your code.
Thank you!
Mike
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Thanks dude. Next time I'll use your promo code once again. Thanks for keeping your promise! I just did another 5 th but with other code. Next time i get my profit I'll use your code again. cheers!
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Thank you! It is greatly appreciated. I will move you up on my rotation list because you let me know about your purchases using my code. There are three promo-codes in front of your promo-code that I promised to use too.
I am waiting for funds to come in 17 Nov. before I can get to your promo code again, if the BTC contract pre-sale is still available. I hope the BTC contract pre-sale is still available next Friday.
Have a great weekend!
Steem on,
Mike
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Well I think people are FOMOing on Bitcoincash. They seems to stop purchasing btc mining on genesis. The site is smooth again. I highly doubt it's the genesis mining upgraded their server. It's all sha 256 anyway bch and btc.. I'm definitely investing now. Genesis mining can easily switch to mine BCH anytime. Grab it while it's lifetime and cheap.
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Do you have any clue why Genesis Mining is not working atm? I am trying to get on the site but it isn't loading for me...
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At this time it is working for me. I was having trouble accessing the site earlier.
The Genesis Mining website tends to go down for maintenance that is not communicated in advance. This is the same way it works for us at the place I work. The maintenance periods are not advertised in advance for security reasons.
Please try again! Thanks!
Have a great week!
Steem on,
Mike
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Very good post on Bitcoin mining with Genesis. I am trying to get up to that level
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When working your way up on any level, please keep in mind the next Bitcoin halving event. I had a mining contract during the last halving event and the payout does get cut in half over-night. The goal is to at least recover your mining contract cost before the next halving event.
Have a great week!
Steem on,
Mike
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Good article :) - but I suggest to wait until the payout issues with Genesis Mining are finally solved before upgrading!
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I was waiting for all my BTC payments to be settled. I am now getting BTC payments every two-days just as Genesis Mining promised.
I always try to leverage the increase in BTC prices to use less BTC to buy an upgrade.
I do hope that Genesis Mining resumes daily payouts from BTC mining soon.
Have a great weekend!
Steem on,
Mike
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BTC maybe but all other coin payments are not paid out as promised.
For example: they owe me 46 days XMR - thats not fun anymore!
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Ouch! I mainly stick with BTC and X11 mining contracts.
If you give me your promo code I can add it to my rotation list.
Steem on,
Mike
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Good unbiased post, Iwill use your code with my next upgrade.
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Thank you! I plan to start upgrading my BTC contract soon. I was hoping BTC would be over $4k today. I will start the next time I see BTC over $3.9k.
Have a great weekend!
Steem on,
Mike
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Just used your code Mike, you can check in genesis. I did a 5TH upgrade.
Would appreciate it if you used my code on your next upgrade.
Wtb96f
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Thank you!!
I have added your code to my rotation list.
I just completed my round of August upgrades. My next upgrade cycle will likely be in September.
Have a great day!
Steem on,
Mike
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Hi please use my code too! I'm upgrading every week 0.2 th.
DYIiFn
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I have tried to buy 1 TH/s BTC contract using your code about 20 times this morning, each time the Genesis Mining website either returned "Something went wrong" or a "Webserver error".
I will wait a while and try again later. I will let you know when (if) I am able to make the upgrade using your code.
Have a great weekend!
Steem on,
Mike
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I love the honest review. If I wanted to upgrade my ethereum contract, do I have to use the original 3% code or can I use yours? The reason is I would rather use your code and contribute to something that would benefit you, not someone who scammed me in another program after I used his Genesis Mining Code. And would you benefit from it if you had a bitcoin contract but I‘m upgrading my ethereum contract?
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You can use my promo code Q1MYO7 to get a 3% discount when upgrading any Genesis Mining contract.
Thank you!
Have a great weekend!
Steem on,
Mike
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About mining and his contract, I already know. And bitcoin mining should be in a place that is very reliable and safe. If according to your review Genesis mining is safe and trustworthy, it can be a good recommendation for me and others. Thank you for sharing your review about mining reliably.
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I sat back and assessed Genesis Mining for about 6 months before investing heavily into upgrading my BTC mining contract. Until the recent hack of Genesis Mining everything was going very well. After the hack they suspended BTC mining payouts for 7 days. It has since caught up and is now paying out every two days. I hope they will soon resume daily payouts, but it has been a good passive income stream for me.
I see BTC is above $3.9k, I am getting ready to start my upgrades.
Have a great weekend!
Steem on,
Mike
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Be careful. They do NOT pay out XMR and other coins. BTC is the only one which works a bit more stable. The customer service is horrible e.g.they delete tickets without response!
GUYS AGAIN THIS COMPANY IS NOT TRUSTWORTHY AT PRESENT!
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Maybe... but now , Bitcoin prices continue to skyrocket ... possibly continue to rise. The high price USD 4000s / BTC.
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And what does it help ? You need several month to get ROI - do you think that the price stays that high ? Do you really think that Genesis Mining will survive ?
Genesis Mining has serious payout problems at present. Just have a look on their Facebook site. It is full of complaints which seek legal proceedings against Genesis Mining.
It is your money, but maybe it is wiser to invest into another company at present or buying directly. I just want you to think twice before putting money into that company which seems to be at risk at the moment.
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Agree ... they not open with the price they use. ....
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