[Day 32] - Steady in ETH Mined Rate!! - Genesis Mining Cloud Mining Review
Hi guys, I purchased 2-year ETH mining plan from Genesis mining .
Total MH/s purchase:34 MH/s + 0.75MH/s (Free)
I input the daily mined data to keep track on Genesis Mining performance
Here is the review:
Total mined: 0.60871911 ETH as 30-6-2017
Drop in Mined rate(per MH/s): 47.27% (since first received ETH as 30-5-2017)
Previous Mined rate: 0.00045411 ETH/MH/Day
Latest Mined rate: 0.00044133 ETH/MH/Day
Daily Drop in Mined rate: -2.9% ( From 29-6-2017 to 30-6-2017 )
Summary:
Based on the projection of above data, the cost would be fully covered at 184.4 days ( ~6.15 months).
(assuming no further change to ETH price and daily mined rate)
But Genesis Mining has already said that they will switch all running contracts towards other currencies so the contracts in themselves will remain usefull and will provide monetary income. It will just be in a different form. Have fun out there and good luck with your future posts
You do realize that Ethereum has a built-in mining ice age right? There is no way the daily mined rate won't drop. Actually, it is programmed to reduce exponentially.
Yes, I do know the mined rate would decree with time. I just didn't see the dropping that fast. It only took a month to drop half the mined rate. That is totally out of my expectation.
I recommend this video that explains it very well :
In summary the Ethereum developpers are making it less and less profitable and practical to make transactions via proof of work (mining) so they can transition to proof of stake (which doesn't need mining and thus in theory is more efficient).
Darn, but that is too be expected with the increased mining difficulty
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by stay9n0 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.