Using Genesis to mine :: experiment

[MrDividend]

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/calculator/eth?HashingPower=4&HashingUnit=MH%2Fs&PowerConsumption=0&CostPerkWh=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

[Bandit]

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

[MrDividend]

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-mining-review-scam-legit-investment/

[galathilion]

Any updates MrDividend?

 

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

[MrDividend]

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. 

 

 

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

[galathilion]

Excellent! Thank you for the update

[MrDividend]

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.

[Bandit]

So moral of the story: don't do it

 

?

[MrDividend]

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!!

 

[Bandit]

So it turns out the internet was right

[Purply]

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

[MrDividend]

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

[Spreadsheet Ranger]

 

Yup. 

 

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

 

Still going strong. 

 

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

[Bandit]

 

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

[Spreadsheet Ranger]

Foking lol