Genesis mining day 33 - bounce back
It is day 33 on my 10mh ETH clouding mining (investment: USD 291), as the difficulty continues to increase, the unit per day has increased from 0.0044 to 0.0047.
Beware: If you want to invest your own mining rig now, ensure you calculate your cost carefully, with ETH drops to 300+ level, the breakeven period to invest a 6 mining rig would be around 6 months!
With the ETH price bounce back at 300+, eth/day has decreased again (from 0.0087 to 0.0047- A 46% decreases in eth / day!!)
Finger cross that it will still time for me to break even and at least to get some return back after the contract ends.
For the current projection, I make
21.26% return for capital.
breakeven period is around 5.2 months
This assumes:
the price remains unchanged
difficulty remains the same
Therefore the projection is likely to be overestimated but good that the contract is for 2 years and therefore still plenty of time to make up.
Still some more time to wait towards break even! Good to see that the eth price is finding a bottom. It seems that it is getting support from buyers. Everything still looks nice for now, be positive and finger crossed! Looking forward to your further reports in the future! Guess there are many uncertainties ahead for sure!!
Thank you for your support and what i am happying about today report? It is that i am mining a bit more unit today. To me that is more happy than higher price, because price is short term movement while trend is up up and up :)
Yeah I think that is the most miners' wish, to gain as much coins as possible from mining! Miners are necessarily long term investors. Having more coins to hope for future price rise is, sure the best things happening to them! You can ride the uptrend more effectively if you got more coins! I see your point!
Finally! The price of ETH is keeping rising today. It is very nice as your return rate is keeping increasing! It seems that cloud mining is better than many investment now. I have jusr calculated the return of self-voting which is not good if the price of steem do not rise.
Thanks i really like your calculation as it helps me to solve many problems. And yes, if the gpu is still selling where it used to, i will choose mining rig but now think about the cards are selling at more than 30% premium. In this case, no brain cloud mining is not too worse a investment comparing a mining rig.
Ha Ha! I like your word "no brain". We all people love this no brain and earn a lot of money method. Some people like to call them passive income and financial freedom lol.
But it is very hard to found out these passive income. We should use our brain before we can be no brain lol.
Yes before you can turn something into passive, there are alot of work to be done, researched and if you dont do your due diligent, your investment might really refer as no brain, which mean you lose everything and someone are laughing. So let us work together to avoid such situation.
That is amazing, I have a long-term plan that I can save up enough money to start my dream journey :) I hope I will achieve my plans just like you did! I will be happy ıf you check my page , I am beginner in this community :)
Do you know how to change the payout coin to Steem? I had contract for mining ETH but I would like to have Steem instead, so I am trying to change the payout to Steem, but failed.
I email Genesis' technical support but they came back with instructions on how to reallocate the mining power to mining Steem instead! And there is no such option available! So basically nonsense!
If you so happen to know how to do this, pls help! Thanks.
Hello there have you try the following, go to mining allocation and then choose etash and then that is where you can assign your allocation. Then choose steem(auto) to 100%, then wait for next day and see whether your payout is steem. Let me know.
Thanks for the instruction, I can select STEEM for mining, but after I save the change, and get back to check, somehow the mining power allocation revert back to my existing one. Donno why, maybe it is not allowed to mine STEEM? But if it is not allowed, why put Steem in their site?
"... Hey @guyverckw, perhaps you ask @blocklab for the procedere... ? "
We are ONE💫
@zeuss11
What do you think about Dash ? did you have info about the breakeven period ? is it pretty the same ?
Hello thank your for your comment. I did not have dash contract but i can have rough number calculated if you invest today. The 5mh will cost 29.1 usd in genesis mining and it will generate around 3.26 profit by day and so it is roughly 9 months to breakeven. If you enter eth contract instead, the breakeven will be about 6.6 months.
Duly noted thank you. Don't you think that it's less resky though to go on Dash taking into account the fact that Ethereum will go to proof of stake ?
Yes i have considered that before entering into eth contract and one good thing about genesis is that they will let you to mine something else the most profitable at that time if eth changes to proof of stake. You can always choose etc as part of your contract.
Interesting, I've been looking for such number as I have been considering entering the mining... I think I am going to hold off for now just considering the break-even periods and the work to set it up and run... So this is really helpful, thanks.
Yes and thank you for your comment and support. This is the post i hope to achieve, is to help one make an informed decision before investing. At that time i entered the contract, i do not have same information. Should i have that , i may not enter in a contract as well.
Good man. Thats what this community needs! Keep it up!
:)
Thanks for update!!
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