Bitcoin Forum

hi im new to mining and been looking on genesis mining.
i was thinking about just buying eth 1MH/s for $30 and when i use the calculator it says ill make my money back in 455 days
idk if i doing it wrong could someone help me im stuck

1MH/s on ETH would be

Mined/day
Ξ 0.0002408
Mined/week
Ξ 0.001686
Mined/month
Ξ 0.007224
Mined/year
Ξ 0.08789


https://www.cryptocompare.com/mining/calculator

I don't think a rental would be worth your time at 1MH Your throwing money away.

You would earn aprox $ 2.82 per week at 1MH so its going to take a while to recoup that innital $30 investment.

My advice. Save your money and buy a miner or gpu or even a cheap PC and throw nicehash on there.

Not a good idea if you are investing in cloud mining and i think if you use the calculation its not a fix earnings and i think it can be change the difficulty is keep increasing so you can only earn dust for $30 usd if you really want to make a good profit better to buy more bitcoin since the price of  bitcoin right now drop after touch at $4900 and the more you invest the more you can make profit..
Or try to mine altcoin instead and use your good PC specs to mine it or build your own rig much better than cloud mining because mostly cloud mining are scam..

I think you should checkout other posts about the genesis mining site. They have recently published article saying that there might be problems for some users in cashing out the payment. The daily payments has been collapsed somehow and many users are complaining about it on the forum as well. Please go through the posts and read details about genesis mining. What I'm currently thinking is genesis is not viable to invest at this time and it was not because its cloud type of mining and they are always Ponzi schemes. So beware guys and read more before you could just trust the calculator.

You might want to read this thread first: https://bitcointalk.org/index.php?topic=1185909.0

To be honest I don't think Genesis Mining wouldn't be worth it if you're cloud mining only through your deposits. I think it's only good if you can spread out your affiliate links to people. Wonder why alot of crypto-YouTubers endorse genesis mining? It's because they get alot of hashrate through their referrals. I suggest that you just purchase antminers or GPUs instead.

I was going to follow through and take a look but it actually sounds right. I would say that 455 days might be a little short. 1 meg is pretty much nothing. I play around with an old laptop sometimes and nearly hit that without any sort of GPU or anything. Most PCS straight out of Walmart should be able to hit anywhere from 5 to 50 without any special Hardware or configuration.

So that is just there to give you a basic barometer to compare what you're looking at online to. There are people that have taken a normal PC and using nothing but a standard PC, over the counter video cards and the average amount of RAM and hit 50 to 100 with no problems at. One mhs is pretty much the equivalent of about a five-year-old laptop with no Hardware.

Its pointless to invest in cloud mining you might even just lose your money its better to invest from pocket or earn it, the price of the coin should eventually go up with time the profit gained from increased price of the currency is way more than what you will get from investing in cloud mining and there is no guarantee you will even get back the invested capital from cloud mining.