Community post
Question regarding Genesis-Mining
Hello fellow cryptonians ! :D
I am starting to think to buy a mining rig, but until then, i was thinking to start with Genesis mining , to familiarise a little bit and so on. Since the contracts mention 2 years, do these count from the date of the first purchase or for every purchase/upgrade ?
What i mean is, if i buy now as a test with the minimum, and i decide to invest a larger amount lets say next January, will the power i buy on January 'expire' in June 2019 or January 2020? Every upgrade has its 'own 2 year contract'?
Replies (6)
I am about to upgrade and the way it seems to work is that the upgrade is a separate contract with a 2 year runtime.
Okay, it makes sense, i just wanted to verify if it is worh a 'test' initial investment.
Not quite sure but if you can get a.mining rig, why would you consider genesis mining? Genesis mining or other cloud mining are only 55% efficiency of a mining rig. If you are mining eth on genesis, remember it may switch to pos soon but genesis will let u change the contract to mine other coin at that time.
It is OK. I have my gripes with them but they mine OK. And the payouts are usually on time. Just be warned that if you pay by credit card they have a 30-day no-pay period. You can use my affiliate code, it will give you 3% off: Vqgrc7
Yeah, it looks confusing, doesnt it? Still dont know 'when' i will manage to buy the rig, so i was thinking to start with minimum badget on genesis first (for first couple of months) and see how reliable the profit calculators are, since more or less they mention that investment is covered within 6 months. Its more of a test really!
I was thinking to do it after i buy the rig,but on the other hand the way the contracts are running out , i might not have a good option later on.
Getting your own rig is way more profitable, so if your power cost allows is I would opt for that. + the equipment you are gonna use has resale value, something you will not get with Genesis Mining. I have the basic plan open ended Bitcoin contract, but it will be a loong time before I make my money back. Let alone make a profit.