The Real Data behind Genesis Cloud mining!

The Real Data behind Genesis Cloud mining!

Since i was a young boy i have always been adventurous. A risk taker at heart, an innovator and an early adopter. It places me on the cutting edge of risk and uncertainty.

I’ve been told that when something is “TOO GOOD TO BE TRUE” the only truth is that its not true.

Fast forward 31 years to Cloud mining crypto currency.

The promise of mining my own ethereum or bitcoin or litecoin or various other crypto currency by renting server space in iceland, where geothermal energy powers the servers and pays me real time currency 24/7 from the comfort of my own home without all the trouble. No massive rig set up, expensive electricity bills, No need to worry about all of that!

Okay lets give it a go. Lets test it out with $300 and see how profitable it is!

Screen Shot 2017-08-24 at 9.02.47 pm.png

Yes I signed a contract with Genesis Mining LTD and payed $300 USD to mine Ethereum at a rate of 10MH/s for 2 years (720 days) and for a while i was convinced it was a SCAM. Instead of conceding defeat, i did what i always do, I collected the data. I investigated every metric I could collect so that i could project ahead for the entire life of my contract and see what kind of returns i would actually make.

Let me take you through the analysis……

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The metrics I collect daily include the total Ether mined from my 10MH/s, The daily price of Ether, Average daily mined Ether, Number of days until I return my $300 USD investment and the projected total ROI at the end of the full contract term. Here are some visualisations of this data so you can see for yourself:

ETH_DAY

Screen Shot 2017-08-27 at 11.20.16 am

As you can see my ETH_day is on the decline however not as rapidly as during the first stages of the contract. It seems to be plateauing out. On day 1 my mining rate was 0.01 ETH and 96 days in it is now 0.002 ETH so quite a significant drop in rate.

Mining Rate of Change

Screen Shot 2017-08-27 at 11.29.23 am

This chart confirms the previous graph which showed a sudden decline in the ETH_day earned. The mining rate of change measures the difference in mining rate day by day. If the number is negative this means we are mining less than the day before. If it is positive it means we are mining more than the day before (which would be unusual). What is interesting is that this rate of change started significantly below 0 and is slowly approaching 0 meaning the decrease in ETH mined day by day is less and less. This is good news for the long term and i wonder what factors have caused this.

Price of Ethereum

Screen Shot 2017-08-27 at 11.33.34 am

During the 96 days of my contract the price of the asset has moved widly, swinging from the $400 down to $150 and now on its way back up toward $350. It is this change in price which ultimately makes or breaks this pursuit. After all it doesnt matter how much ETH i am mining per day if the asset has no value then i will never reach ROI. On the flip side, if the price of Ethereum Sky rockets then ROI will be achieved quickly.

Number of days ROI

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As you can see from this chart I was originally very concerned and hence why i started to believe this was a SCAM. The number of days to reach ROI was increasing with each day, pushing this horizon further and further away. However over the past week this has now started to reverse and the days are decreasing which is great news and according to the numbers itll take another 3 months until pay back. According to these numbers that will give me an extra 533 days of mining in pure profit!

ROI

Screen Shot 2017-08-27 at 11.42.03 am

So in summary how much will i make on this contract? Taking into account my initital investment of $300 USD my returns will be $869 USD (~285%). This is at the current price of Eth $333.68. Some people predict Eth to rise to $500 or even $1,000 by the end of the year. In the $500 scenario my ROI would be 480% and should Eth reach $1,000 in the next 2 years it would be a massive 1058% or $3,177 Profit from a $300 investment.

It makes me feel more comfortable monitoring these stats and has made me realise that nothing is ever as it seems but i was pleasantly surprised that Genesis Mining keeps up its end of the deal and lets come back in 90 Days to confirm that i have payed back my contract. Not a bad option for those that dont want the hasstle of constantly buying Eth and just want to sit back and let the $$ come into your wallet each and every day.

The other factor that i really like it that within my contract, i can switch to mining other crypto currency if i wish. If Ethereum becomes too difficult and my returns are less than ideal, i can easily switch to others. They also run promotions such as the current 11x on Dash. Meaning you get 11x the Hashrate you signed up for on this mining. At any stage in the contract you can also increase your Hashrate by investing more into your contract:

Screen Shot 2017-08-27 at 11.49.55 am

I would recommend Genesis Mining and i dont think its a scam and have the proof to back up that statement. Im excited to see how this progresses and contact me for any questions or advice!

Please continue to Part 2 to find out how my cloud mining contract is going

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18 Replies to “The Real Data behind Genesis Cloud mining!”

  1. Did you have previous mining knowledge? Could you explain what do you exactly need to do to outsourcing/renting? Do they hash everything and you do not have to do nothing else than monitoring what’s going on?
    I was thinking get into mining world but my understanding and background is too poor at the moment if want to do it on my own. Thank you in advance!

    1. I didnt have any previous mining knowledge which is really what attracted me to it in the first place. It was really easy to get the contract running and i havent had to do anything on my end apart from monitoring closely. I wouldnt recommend mining on your own if your knowledge is limited. its not as easy as you think. Beware of other cloud mining contracts because there are lots of scams out there!

    1. When you mine cryptocurrency on your own you are being rewarded for your energy in the form of actual coins. These coins can be stored in a digital wallet and regardless of fluctuations in price you hold the same amount.
      When you CFD trade, you are not actually owning any of the coins but rather betting on if the value will go up and down. CFD introduces risk in the form of leverage which means you can generate profits from movements in the coins price up and down. You can essentially lock in these profits or losses which does not happen with mining unless you sell your coins.

  2. Hi , thanks for your exaustive report on ETH Genesis mining ,
    so to mine through Genesis , you don’t need any special gear , just a laptop to monitor the progress and get other contracts, and of course pay initial $$ to start .? do they accept bitcoin eth or just USD $
    what do you think about genesis now ( its early october ETH still recovering but slowly .. how wil the upcoming upgrade influence this mining contract ?
    your sincere reply is much appreciated
    thanks
    Rad G.

    1. Genesis-mining takes credit card, btc, ltc and dogecoin. I recommend using https://www.genesis-mining.com/. They offer other “in-stock” plans that still show some ROI. Zcash and Monero still have profits, but based on current difficulty, the ROI does not roll in till year 2. These are both 2 year contracts, no daily maintenance, unlike the open ended contract of $0.00028 per g/h per day. If you do plan to use genesis, please use code: grZ3U0 You will receive a 3% discount on your entire purchase. To try and help with projected calculations you can also visit: https://www.cryptocompare.com/mining/calculator

  3. Hi thanks for your report. After reading your post I decided to try Ether mining with genesis and bought a 10Mhz Ether contract. The payout is around $0.43 a day for my first 10 days of the contract after converting it to bitcoin. At this rate it will take 2 years to get my money back. Am I doing something wrong here? Any suggestion would be helpful.

    1. I don’t convert mine into bitcoin… You should be keeping in ETH and set up an ethereum wallet with myetherwallet.com to send this to. Payout should be around the 120 days. What is you daily ETH payout?

      1. After reading your reply, I kept the payout to ETH. The payout is 0.0007 ETH for the last 2 days which is approximately $0.21 with today’s rate. Not sure this is something to do with the mining pool they assigned to me. Is there a way to request for a change of pool?. Their customer service is too bad. I sent them couple of emails and they never responded.

        I will wait for couple of more weeks and post back if there is any improvement. so far its been a disappointment atleast in my case.

  4. Hey, first of all i love the way you used all your data. This is the first post i’ve found that used data like this. I was wondering if you could also tell us something about your ROI in ETH instead of dollars. How many ETH did you invest and how many did you get back?

    I hope to hear from you,
    Greetings and thanks in advance

  5. Here is my 12 days mining pay; Day by day going down
    dagger-hashimoto ETH balance of 0.00118592 added to your account on 2017-10-19T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.00119637 added to your account on 2017-10-18T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.00124285 added to your account on 2017-10-17T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.00143541 added to your account on 2017-10-16T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.0015144 added to your account on 2017-10-15T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.001474 added to your account on 2017-10-14T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.00139721 added to your account on 2017-10-13T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.00143444 added to your account on 2017-10-12T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.00137516 added to your account on 2017-10-11T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.00148551 added to your account on 2017-10-10T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.00145881 added to your account on 2017-10-09T12:00:00+00:00
    dagger-hashimoto ETH balance of 0.00148995 added to your account on 2017-10-08T12:00:00+00:00

  6. Mining ETH is not worth it anymore. Yes, you will most likely get your money back plus some based on the current difficulty, however, this will be well into your second year contract before you will see that. The market for ETH is well past boom for miners and its just a matter of it getting harder from this point forward.

  7. Love this man!
    Great info for people looking at mining the cryptos themselves 🙂

    However I have found that investing with a company that does it for you much more profitable and safer for someone like me who doesn’t have the technical knowledge or the desire to do the work themselves ha ha.

    On an initial investment of $10,000 I have grown my packs from 124 to 176 in 18 days and the current returns are coming in at just over $200 a day which is easy to either withdraw straight back into my bitcoin wallet or reinvest in more packs to grow my returns even more.

    The beauty of this is that you get up to 1% profit on your capital per day for the 140 day lifespan of the packs and your profit isn’t reliant on the volatile nature of the value of bitcoin. They are also in the process of setting up to mine all forms of crypto currency as well and do the same as you are saying by mining the most profitable on the day.

    This is the company that I am doing it with: https://therealdanball.usitech-int.com/

    That is the referral link to the website for anyone who may be interested in looking into this, if anyone reading this would like any more information on this company and the processes/profits feel free to contact me through Facebook at https://www.facebook.com/nomeric.

    Good luck with the mining and thanks for sharing this page with me.

    The more people we get on the crypto train the better for all! 🙂

    Here’s to the future!!!

    1. I have heard about USI tech … thanks for the insightful post. They are also running their servers in Iceland and recently invested millions in upgrades!

      What is the minimum amount a new investor can start with? How much did you start with?

      We will check it out! Thanks for the link!

  8. Hey man,

    Yea they have just done a 70 million dollar upgrade on their mining farm and website. It’s awesome! 😀

    You can start from as little as $85 AUD. The packs are 50 euros each. They are set up in 65 countries around the world and now have over 400K clients and hope to grow that to 1 million by mid next year. My upline went to the Sydney event last night and came away absolutely buzzing after meeting the owners personally and all of the awesome announcements they made.

  9. I am pretty much pleased with your good work. You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post.

    1. Thanks for your valuable feedback! I’m glad as this is why we do what we Do, to help those in the world who need reliable, timely information to make better decisions in the crypto world. Look forward to sharing more useful updates over time! Cheers

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