Genesis Mining Bitcoin Case Study Week Five

HeRetiK

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Quote from: CaliforniaCrypto on September 27, 2017, 11:37:36 PM

Quote from: RGBKey on September 27, 2017, 10:39:02 PM

Quote from: CaliforniaCrypto on September 27, 2017, 09:07:15 PM

Nah, I got this dawg. I crunched the digits, im good.

Just because you should make profit in a certain time doesn't mean you will. Cloud mining never ends well for the participants, I'd get your money out if you can.

Im convinced Ill make a profit, but time will tell.

You've been warned. Cloud mining is only profitable for the company offering the hashrate for sale. There's a reason why they choose to sell their hashrate instead of simply mining themselves Wink

Keep in mind that fiat profits are secondary, it's BTC profits you are looking for. Either way, good luck out there!

Quote from: CaliforniaCrypto on September 27, 2017, 11:41:07 PM

[...]

I believe its a much safer investment than some random ICO, since so many of those are scams.

Ha!

Well, you're not wrong.

buwaytress

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Cloud mining, at best, returns your capital after many months. The best ones I've seen are from Genesis and ViaBTC's ones, but only when you get the pre-ordered contracts. Those get you at break even after 7 to 8 months.

Prior to end of 2016, you will see that a lot of users complained that they lost money: mainly due to the halving as a poster experienced, but also because Bitcoin price fluctuated. A lot of those "profiting" from cloud mining since are really only benefitting from the price increase. Coin for coin, the ROI is still projected after 7 to 8 months. In other words, you'd have made the same or more if you'd just bought coins and held.

The recent sharp drop in mining difficulty also probably earned a lot of coins for contracts. In other words, you'd have made the same or more if you mined it on your own.

The risks are too high for a relatively small return. I made up my mind about cloud mining a long time ago and I'm still as convinced that it's not worth it. Nevertheless, good luck.

I hope you manage to keep this til the very end - when your contract is terminated or expires. At the very least, this experiment will add documented evidence (lacking on the Internet).

timerland

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Quote from: CaliforniaCrypto on September 27, 2017, 06:31:56 PM

Below is a link to my ongoing Genesis Mining Bitcoin cloud mining case study! So far we are in week five, take a look to see how close to ROI I am so far!
https://www.youtube.com/watch?v=YGIr5BENMNQ

It'll be really interesting to see what happens in the next few months and whether or not you actually make a nice amount of profit from your investment. Looking from it right now, you are definitely going to make a profit.

However, investing in cloud mining essentially means that you are sort of gambling on whether bitcoin is going to go up or down. If bitcoin goes down then your profit levels will go significantly down as well due to the fact that your maintenance costs are calculated in USD and your initial investment is also in USD.

I'll definitely be following though, this is interesting.

CaliforniaCrypto

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Quote from: deadsilent on September 27, 2017, 11:35:11 PM

Why many people still attracted to this kind of investment? It's just a waste of time. Although they are profitable. I don't think it's worth of your money. You are lucky if you get you roll of investment within a year. Definitely, you'll lose your patience because this will take a long time. Theres also a time that they change the contract. They are manipulating the contract and i don't think that's acceptable for any investors who just gets a promise of lifetime contract.

Instead of cloudmining, there's a lot of way to make your bitcoin grow. You can do trading or invest on ICOs which are way more profitable than cloudmining. I lose my faith to cloud mining since the hashocean bullshit scam.

Because like it because the Bitcoin contracts are highly profitable, if you do research on it you can see that. The alt coin contracts not so much. I wont "lose my patience" The contract pays out daily to my Coinbase wallet, it requires no effort on my part. They dont manipulate the contracts, not sure where you heard that. The lifetime contracts stays active as long as the fees (.00028 USD, per GH) are less than what it brings in daily, its clearly stated in my contract. I believe its a much safer investment than some random ICO, since so many of those are scams.

CaliforniaCrypto

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Quote from: RGBKey on September 27, 2017, 10:39:02 PM

Quote from: CaliforniaCrypto on September 27, 2017, 09:07:15 PM

Nah, I got this dawg. I crunched the digits, im good.

Just because you should make profit in a certain time doesn't mean you will. Cloud mining never ends well for the participants, I'd get your money out if you can.

Im convinced Ill make a profit, but time will tell.

deadsilent

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Why many people still attracted to this kind of investment? It's just a waste of time. Although they are profitable. I don't think it's worth of your money. You are lucky if you get you roll of investment within a year. Definitely, you'll lose your patience because this will take a long time. Theres also a time that they change the contract. They are manipulating the contract and i don't think that's acceptable for any investors who just gets a promise of lifetime contract.

Instead of cloudmining, there's a lot of way to make your bitcoin grow. You can do trading or invest on ICOs which are way more profitable than cloudmining. I lose my faith to cloud mining since the hashocean bullshit scam.

RGBKey

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Quote from: CaliforniaCrypto on September 27, 2017, 09:07:15 PM

Nah, I got this dawg. I crunched the digits, im good.

Just because you should make profit in a certain time doesn't mean you will. Cloud mining never ends well for the participants, I'd get your money out if you can.

bapparabi

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Genesis mining is right now top mining company ..but the thing is getting roi in cloud mining will take quite long time approx 8-9 month it will take to get roi . SO invest in cloud mining where you can able to sell so even if you not getting roi you can sell it in market and get money back what you invested

hello_good_sir

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Quote from: CaliforniaCrypto on September 27, 2017, 06:31:56 PM

Below is a link to my ongoing Genesis Mining Bitcoin cloud mining case study! So far we are in week five, take a look to see how close to ROI I am so far!
https://www.youtube.com/watch?v=YGIr5BENMNQ

There are definitely some interesting statistics.

I guess Genesis Mining could work if you are investing at a time when it is nowhere near a halving or a halving just occurred. For me i invested just before the halving happened, and they just erased my contract off of my account.

Hopefully you do get some profit as well as a full ROI. Looking forward to future episodes.

CaliforniaCrypto

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Nah, I got this dawg. I crunched the digits, im good.

CostaRibeiro

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Stay away from cloud mining, this is the best you can do.

CaliforniaCrypto

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Below is a link to my ongoing Genesis Mining Bitcoin cloud mining case study! So far we are in week five, take a look to see how close to ROI I am so far!
https://www.youtube.com/watch?v=YGIr5BENMNQ

Topic: Genesis Mining Bitcoin Case Study Week Five (Read 312 times)