My cryptocurrency mining journey with Genesis Mining begins!

After doing my own research, and with the price of Bitcoin at all time highs, I thought I would finally take the dive and purchase a lifetime bitcoin mining contract. I started out with Hashflare, but as most would know by now Hashflare terminated their lifetime contracts as of September 1st. Hashing24 is another cloud mining company that provides lifetime bitcoin mining contracts, but their pricing is quite high.

Now, Genesis Mining finally has the awaited lifetime Bitcoin mining contracts available once again, currently in the form of an Early-Bird sale. I believe this is finally my opportunity to get into cloud mining and slowly build up my hashrate to the point where I start pulling in significant profits.

For now, I purchased 7.5 TH/s at a price of $1050 ($140 per TH/s). You have several payment options (USD, cryptocurrency, etc.), and I decided to pay with Litecoin. The payment was processed within minutes. Mining doesn't start until October 31st, but I'm glad I seized this opportunity now, as I know there are literally 100s of others interested in these contracts.

A quick calculation using coinwarz.com (below) for the profitability of 7.5 TH/s (assuming a pool fee of 28% to cover maintenance fees) shows my ROI is 150 days, and annual profit is $2,565.79. Note, it will be less in the first year, as a portion of the profit covers the ROI. So it works out to be approximately 150% return in the 1st year, and 250% return every year after. This is all based on current bitcoin prices, mining difficulty, etc. Not bad for an initial investment. I intend to perform upgrades, as others do, to build up that hashrate over time.

I've only be involved in cryptocurrency mining (my own rigs, for example) for a few months now. So it's still early in the game for me. But I strongly believe the cryptocurrency market is the next thing in money. These are my small steps towards building my crypto assets.

For those interested in cloud mining, you can join Genesis Mining here: https://www.genesis-mining.com/a/1516961
Use promo code "LRMpBW" and get 3% off every purchase on your mining contract.