Using Genesis to mine :: experiment
#1
Well, just bought a very small, experimental mining contract from genesis for ethereum (4mhz) - around 4.412ltc including transfer fees so around (4.412 x 25$ x 13) R1433
according to https://www.cryptocompare.com/mining/cal...stPerkWh=0 - should get around $21 p/m with no other fees so (21 x 13) R273p/m so give or take SHOULD be paid of in just over 5 months - then will have 18 months to make cash

Was surprisingly easy to set up and get going - super easy in fact. You up and mining as soon as the cash hits the account.

I transferred litecoin from my bittrex account

Will see - I'll update this at the end of every month to see how it it going. 

for my records :: BTC/LTC 0.116 

If you decide to go the genesis route, please use my code - I get a small hash boost (0.25%) and you get 3% off. Code is kcsjQ0

#2
Interesting. The internet seems to think Genesis is a sure-fire way to lose your money so would be interesting to see your progress.

#3
I had heard they had a good reputation - among cloud miners anyway - but did not do much research. Looked more at comparing buying a rig vs using them. There is a pretty good write up here, to be fair a lot of what he brings up also pertains to mining from home.

https://99bitcoins.com/genesis-cloud-min...nvestment/

#4
Any updates MrDividend?

I have been toying with the idea of mining with them for a while now.

#5
Music 
Fine...I think!

It's mining as to plan - so the amount of ether converted to dollars tallies with initial calculations. I was hoping that amount would be sent to my Jaxx wallet daily - turns out it's too little (min send is 0.05 eth - so around 15$) - so guess it will only get sent every 22 days or so. Fair enough though - don't want to get nailed on charges.

Took a few days for the amounts to show up - you sort of 2 days in arrears - so we on the 20th and only shows up to the 18th. 

JSE Finance Forum Attachment - Filename: pic 2.JPG   

Site is ok - but not the most intuitive site I've ever used - you occasionally wonder if you've done the right thing.

#6
Excellent! Thank you for the update

#7
Ok, not quite a month - but this is where it's at.

It started mining around 0.0022 - 0.0021 eth a day - now down to 0.0014 . Minimum payment to be transferred is 0.05 ETH - still haven't even made that yet. With eth being $200, that's only $10! Should be getting my first $10 some time - might even get a 2nd one (but at 0.0014 will take around 35 days!) But the way it's dropping will probably take 2 months.

Highly unlikely I will see my $100 "investment" ever again - doubtful I will see half.

LTC is trading at $45 (4.4 x 20)- so would have been up around $90 had i left it in LTC. Mutherchucker.

That said, pretty happy I just stuck my toe into mining and didn't go all in.

#8
So moral of the story: don't do it

?

#9
Photo 
So - have have finally had one payout a couple of weeks back - 0.05 eth - big deal

mining is now so "slow" that they have stopped quoting every day - and looks like it will be a weekly thing. Seriously wonder if this "mining contract" will last 3 months, never mind 2 years. No way in hell will I even see close to what I paid for it.

ETH roughly $220 so 0.05 = R143 - so have received around 1/10 of my investment - if I am lucky, will see another 1/10 in a couple of months - but pretty sure that will be that.

Don't do it!!

JSE Finance Forum Attachment - Filename: genisis 2.JPG   

#10
So it turns out the internet was right

#11
Giga Watt seems far more promising to be honest, I might give it a go since I got some tokens during their ICO

#12
(08-03-2017, 09:52 AM)Bandit Wrote: So it turns out the internet was right

Yup. 

Wonder how the guys that built rigs are going? At least this way the pain is quick and sharp - there's no bleed Smile

#13
(08-03-2017, 10:10 AM)MrDividend Wrote: Yup. 

Wonder how the guys that built rigs are going? At least this way the pain is quick and sharp - there's no bleed Smile

Still going strong. 

Profits took a nose dive not going to sugarcoat it, but we are still making dough.
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#14
(08-03-2017, 10:13 AM)Spreadsheet Ranger Wrote: Still going strong. 

Profits took a nose dive not going to sugarcoat it, but we are still making dough.

Ah, right: "the 5 phases of crypto mining".

1. Excitement
2. Contentment
3. Cautious Optimism
4. Bargaining/Alternative strategies
5. Acceptance that buying on the exchanges is the only way

#15
Foking lol
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