The Real Data Behind Cloud Mining Part 2

If you have missed Part 1  I wrote back in August give it a read before continuing to this part 2 follow up.

It is now day #185 / 720 of my Ethereum mining contract with genesis mining. I have continued to record my daily output from my investment for all to see. One thing to mention in this next instalment is the number of missed payouts on my contract. Previously there were some days where there was no payout recorded but since the Bitcoin Gold fork, I have contacted Genesis about a total of 30 missed payments scattered across the past 4 months. I am yet to receive an update but will be sure to update this post as a receive information.

Screen Shot 2017-11-24 at 2.37.15 pm.png

At day 185 I have made $235.65 leaving a gap of $64 until i break even. You can see my ETH mining /day output. The gaps representing days where 0 payout was recorded and the spikes represent days when i was back payed for prior missing payments by Genesis.

Screen Shot 2017-11-24 at 2.29.00 pm.png

At this point it is important to note that with my intial investment of $300 @ ETH price $124.30, If i had just invested that money in ETH i would now have $724 @ ETH price $414. Yet on my Genesis contract, I am still chasing my original investment with an estimated 50 days until i break even.

Screen Shot 2017-11-24 at 2.30.43 pm.png

The ETH price has just broken an important resistance $400 over the past 48 hours so if it continues to rise, I will hit my ROI quicker than the 50 days.

Screen Shot 2017-11-24 at 2.31.09 pm.png

Given the missed payments and the rate of ETH payouts decreasing to the levels they are at now my ROI is now down from $869 USD to $622. Which is quite disappointing considering If i was to just invest my original $300 from the start I already would have reached this ROI and not have to wait the remaining 535 days.

Screen Shot 2017-11-24 at 2.31.32 pm.png

Its always good to summarise this down. I am concerned about the missed payments from Genesis and hearing reports of people trying to contact support for months and being ignored does not help the matter. I think i’ve been at this for long enough to safely say, Genesis mining Ethereum contract is not even worth the paper it is printed on. You would be better off taking your capital and investing it directly into the asset, beit Ethereum, Bitcoin etc… of course this is just my opinion and my experiences. Im interested to hear how you differ? Have you had a similar experience with Genesis? The contract started off really well but unfortunately lately it has fallen apart. There is no easy money in this world and anybody claiming they have found the magic sauce, i would question them as I have done here by sacrificing a small amount of capital so you all can see the truth.

If this article has saved you from poorly investing in Genesis I kindly take pity donations
ETH: 0x5c0e01fff8a2bc2cc13137095ab8e17f908a7d21

BTC: 1HAVU4bENCbFYqB1UUwDm43FcJdGAGPeYJ

3 thoughts on “The Real Data Behind Cloud Mining Part 2

  1. thanks for this info. was also considering cloud mining but all my research, including your helpful article, indicates to me that it is not worth it. at the most basic level, i have to ask, if these companies have the hardware to mine, and the prices of the coins keep going up over time, which they are almost guaranteed to do, then wouldn’t it be more cost effective for them to just mine the currency instead of selling supposed mining services? In a declining market, selling the capacity is advantageous, in an increasing market, just run the rigs and skip payouts. good business model for them. as long as they are providing you the leased hash rates, they can’t be held liable for payouts.

Leave a Reply