My experience with Genesis Mining since 2017
I have been using Genesis mining with satisfaction since 2017. I started in 2017 with a contract of 7.5 MH / s for ethereum mining.
I paid $ 225 for this in 2017. That seemed like a lot to me at the time. The mining contract had a term of 2 years.
After three months of constant payments from the ethereum mining contract, I signed another mining contract for bitcoin mining. In 2017 I paid $ 149.50 for 1TH / s mining capacity with an unlimited term.
At this point in time, genesis mining still had cloud mining contracts with an unlimited term.
Mining contract terms
The problem with the contracts of unlimited duration is that these contracts do not really have unlimited duration. The effectiveness of crypto mining with proof of work depends on the amount of total mining processes and the so-called degree of difficulty.
The more participants or mining farms there are on the network, the greater the degree of difficulty.
this means that with increasingly older hardware and rising electricity costs, the use of the hardware that was used at the beginning is no longer worthwhile at some point.
A clause in the endless cloud mining contract is that the provider can terminate the contract if the mining hardware and maintenance costs are not profitable for 60 days.
So it was with my bitcoin cloud mining contract. The contract was terminated after about 2 years because the hardware was out of date.
But in the end it was still extremely worth it for me.
The Ethereum rate and the bitcoin rate increased from 2017 to 2019 and thus I not only had the profit from mining but also from the price increase.
Genesis Mining was and is extremely profitable for me
The value of the coins from the ethereum contract is today at $ 652 and the value of the coins from the bitcoin contract is today at $ 772. The total stake was $ 374.50.
I have unfortunately said the following sentence many times in my life: If I had known how well it was going, I would have put in a few thousand dollars straight away. But as already described in other places in this blog, I am a security candidate.
3% discount on the first Genesis Mining contract
If you register at Genesis Mining via my referal link, receive it and register the following code, you will receive a 3% discount on your first contract.
My discount code is: 7npQLh
My referal link is: Register at Genesis Mining