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RE: A Slow Payday at Genesis Mining!
Nice post. I too bought a 2-year eth contract and it's been painful to see the returns diminish during the ice age. I hope Genesis reallocates our hashpower to a solid coin when eth is no longer viable, or even lets us choose. Like you, I also bought a lifetime BTC contract and have gotten a few referrals to boost my returns. Referrals are key for staying ahead of difficulty without reinvesting more. I'm more excited about their BTC contract as Genesis is now out of stock, and presumably will offer contracts again at potentially higher prices. The ROI on a BTC contract is really solid, especially the longer Genesis operates.
If anything, they should bring them back at lower prices.
See my other post, but why do we want them to make less money and not be able to sustain their business model, so we can save a few bucks on our initial outlay? Difficulty rises, and profits are necessary on both sides to sustain. It takes money to make money.
Hashrate pricing over time goes down, not up. You can use the archive.org Wayback Machine to see what Genesis was charging three years ago:
https://web.archive.org/web/20140704202700/https://www.genesis-mining.com/pricing
And those are MHs prices, not THs prices.
But, we all know how much the difficulty has risen since then. It was an entirely different ecosystem in 2014 when bitcoin was much less expensive and there was much less competition.
And the global hashrate has gone up even faster than the difficulty has. This has huge implications for cloud mining.
Hodl is a much better strategy than buying cloud mining contracts.