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Author Topic: The Real Data behind Gensis Mining  (Read 86 times)
Fkleppe
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February 22, 2018, 07:49:19 AM
 #1

This is the original article: https://medium.com/@BinanceExchange/the-real-data-behind-genesis-cloud-mining-e4d54f8c1170

This article breaks down some of the problems and gains with cloud mining. Found it and thougt I should share it!

If you need help getting started with Cryptocurrency, you can read here: https://medium.com/@BinanceExchange/a-must-readbeginners-guide-to-getting-started-with-cryptocurrencies-6b88d66f215

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February 22, 2018, 03:03:35 PM
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Thanks for sharing. Good information. Few months back I looked into cloud mining only to realize that if I invest that same money in bitcoin or other alts i would be better off. Much better rate of return than any cloud mining site can provide. In addition I gathered some old computers in my house and started to learn a little more about mining just starting with what I had. Once I learn enough I plan to invest in some equpment to ve able to mine more seriouly. Lets see how it goes but cloud mining is definetely not an option for me and I certainly dont reccomend to others.

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February 22, 2018, 05:43:05 PM
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There are few companies like Hashflare and Genesis that are genuine with physical data centres but other then these companies I do not trust other providers. I was earning $22 a day with 9.05 TH/s a few weeks ago and now I am down to $7.5 a day on HashFlare. Bitcoin will surely and slowly recover.

If I had to build a system that produces 9.05 TH/s I would have had to invest lots of money and resources.
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February 22, 2018, 10:39:24 PM
Merited by richardsNY (1)
 #4

This is the original article: https://medium.com/@BinanceExchange/the-real-data-behind-genesis-cloud-mining-e4d54f8c1170

This article breaks down some of the problems and gains with cloud mining. Found it and thougt I should share it!

If you need help getting started with Cryptocurrency, you can read here: https://medium.com/@BinanceExchange/a-must-readbeginners-guide-to-getting-started-with-cryptocurrencies-6b88d66f215


You're not taking into account the possibility that:

- Ether could crash
- Ether mining difficulty could spike over time and result in your returns per day going down
- Your contract terminated because of the combination of these two factors which results in your maintenance fee being unable to paid back.

The thing is, your cloud mining contract will always start off well and over time, as difficulty increases and mining rewards essentially lessen, you're going to be making out most likely a loss at the end of the day.

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February 22, 2018, 11:09:33 PM
Merited by timerland (1)
 #5

The thing is, your cloud mining contract will always start off well and over time, as difficulty increases and mining rewards essentially lessen, you're going to be making out most likely a loss at the end of the day.

Pssst, don't crush people's dreams to become rich with cloud mining. Oh wait, it's impossible to do that with how dumb the majority of the people here are. If the past has taught us one important thing, then it's the fact that cloud mining could have only survived this long, due to how mentally incapable people are when it comes to calculating basic risk and reward ratios. Seriously, if you look at the insane amount of risk you expose yourself to with cloud mining contracts, and realize that the return (if ever) is just a fraction of your initial investment due to the likelihood of your contract getting terminated at some point, you'll instantly ask yourself how on earth you wasted so much time on this nonsense....
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February 22, 2018, 11:45:42 PM
 #6

The thing is, your cloud mining contract will always start off well and over time, as difficulty increases and mining rewards essentially lessen, you're going to be making out most likely a loss at the end of the day.

Pssst, don't crush people's dreams to become rich with cloud mining. Oh wait, it's impossible to do that with how dumb the majority of the people here are. If the past has taught us one important thing, then it's the fact that cloud mining could have only survived this long, due to how mentally incapable people are when it comes to calculating basic risk and reward ratios. Seriously, if you look at the insane amount of risk you expose yourself to with cloud mining contracts, and realize that the return (if ever) is just a fraction of your initial investment due to the likelihood of your contract getting terminated at some point, you'll instantly ask yourself how on earth you wasted so much time on this nonsense....
Seems people can't learn on their mistakes. Hashocean - this website was running for months, people invested and invested as much as they can and boom, one day they dissapeared and people still believed that their server had problems and they weren't scammers and etc.
Now what I think is that talking about how bad cloud mining is don't has any idea, just look how many thread is created here everyday about cloud mining.
Now somehow someone opened thread against genesis, that's progress. Hope people will realize that cloud minings aren't a group of silly people who works for you. they get a lot of profit with your money and in reality they hang on you and show it with the result of saying: difficulty increased and we can't cover money.

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