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RE: Nicehash to Genesis Mining - dipping my toe in the waters

in #cryptocurrency7 years ago (edited)

I'm afraid to tell you cloud mining is basically a joke for the math dis-inclined. It's designed to make you think you are getting a good deal. You aren't. You will lose after difficulty substantially, compared to almost any 2 year period of buying and holding.

Basically, you'll only make more than holding if price shoots up faster than difficulty. Like, way faster. If prices crash, you can't sell, you're stuck with a contract that might be worse than break-even. Check out the poor reviews here:

https://bitcointalk.org/index.php?topic=768281.0

Don't get into crypto and in your first 3 weeks start buying cloud contracts. You don't know what you are buying.

The only people making more money on this than holding or Steeming are the ones pushing you with their referral codes. Notice how every pumper who writes nonsense motivational posts pastes their code everywhere?

Here's one users difficulty progression on Eth from BCT. Looks bad:

dagger-hashimoto ETH balance of 0.02642168 added to your account on 2017-06-08T12:00:00+00:00
dagger-hashimoto ETH balance of 0.02754519 added to your account on 2017-06-07T12:00:00+00:00
dagger-hashimoto ETH balance of 0.02756201 added to your account on 2017-06-06T12:00:00+00:00
dagger-hashimoto ETH balance of 0.02933555 added to your account on 2017-06-05T12:00:00+00:00

"I hope the difficulty isn't rising up in that speed. If my revenue is losing ~3% every day, my experiment with genesis-mining will become a very expensive one."

PS - You'd have blown up your whole computer with the heat you described within a year, so you'd have needed to subtract that from your profit. The end result is you would have made next to nothing with a single GPU setup. You really need to go 4x+ GPU in your system.

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I thought it worth a punt with just $30. Not a huge loss.

Oh, yeah, I'm interested to hear your results at $30. Glad to hear you are testing the waters first.

I just spoke to a guy who went with the $2900 contract for Eth right away. I'm in "warning" mode, I guess.

Lost_in_Space_Jonathan_Harris_&_Robot_1967.jpg

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