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My first two days on Genesis Mining by robsteady

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· @robsteady · (edited)
$0.04
My first two days on Genesis Mining
I've been pretty quiet around here lately, mostly because I've had a lot of things going on off-line and I haven't been able to devote much time at all to staying active. Steemit actually helped resolve one of the biggest issues, but I'll cover the repairs of my car in another post, if I decide to share. I finally decided to break my silence and come back after I spent a couple of days (literally two) with the bare-minimum hashpower on a [Genesis Mining](http://www.genesis-mining.com) account.

On the 8th I decided to finally bite the bullet and purchase the smallest lifetime contract available. So I switched my payment type to Bitcoin and moved the slider to .1 TH/s. That evening the rate was .03 BTC for this power. I completed the purchase and closed the tab on the site for a couple of days. This afternoon I went back to the site to check on what had happened...

<center>
https://www.steemimg.com/images/2016/09/11/ScreenShot2016-09-11at8.05.18PMf9738.png
</center>
<center>
https://www.steemimg.com/images/2016/09/11/ScreenShot2016-09-11at8.05.22PMade6a.png
</center>

As you can see by the images, the first two days garnered me roughly 5000 satoshi per-day (I will have to wait an average of 3 days to see a payout to my wallet since the minimum payout is .00016). With this information I did the math to find out how long it would take me to get 100% return on investment. I did the simple calculation of .03 (my deposit) divided by my (low) average of .00005 and come up with 600. Simply put, it will take me roughly 600 days to start turning a profit with the minimum investment possible. At this point, I wouldn't really say that going with this small of an investment is worthwhile since you can make the same amount of coin lending it out at Poloniex (where you don't have to sacrifice the investment). As of writing this tonight, the price for the .1 TH/s plan has gone up to .031. 

I wrote this because I haven't been able to find a simple write-up for what the return is on the smallest available hash purchase, and now that I did so I wanted to share the information. I don't want to turn this into an ad for Genesis so I'm only going to hand out my affiliate code (good for a 3% discount on hashpower purchases) if people ask for it. I couldn't find this information when I decided to look for it, and now that I have it, I wanted to share. I'm hoping I can purchase some more power over time and I'll try to update how that goes as I do so. If you've got any other questions or suggestions or if you'd like to share your experience with Genesis, please don't hesitate to do so in the comments section!

Edit: I just want to post a correction that with the current lending rate at Poloniex (.0695) you only make about 2000 satoshi per-day. I do hold to lending at Polo being a benefit that you keep the .03 instead of giving it up to Genesis.
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properties (23)
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vote details (16)
@busser ·
Seems to me that cloud minings are some like Ponzi - they go down too often
properties (22)
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@robsteady ·
Yeah, part of why I waited so long to make a deposit was because I kept hearing all kinds of mixed reviews. I finally found enough people saying they consistently get paid so I decided to give it a shot myself. I'd still worry a bit that it's not legit (the payouts are pretty low) but I could spare an extra .03 to try it out. I don't know if I'm going to put anything else into it or not, but I'll post again whichever way I go with it.
properties (22)
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@busser ·
very easy to check if it's profitable at all: install some simple miner with GUI - minergate for example, and compare payouts.
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@doitvoluntarily ·
great post!
followed!~~
properties (22)
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@robsteady ·
Thanks, I'm not very active, but I try to be involved in the community as much as I can.
properties (22)
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