Questions on Genesis mining and Mining Rigs
Hello Everyone! and here we go again with more crypto information. I have been gathering information on whether mining is still profitable. After some research it seems that a lot of people conclude that bitcoin mining is not very profitable and requires very expensive rigs while other currencies seem to be profitable still without having to invest too much in it.
I am looking for experienced miners to give some insight on what coins are actually worth the try, as a lot of you know, once the complexity of the block increases it becomes more difficult to mine but even so, people still do it.
I have also done some research regarding Genesis mining and I am pretty much getting mixed results from everything I see, some people say it is a scam and some other love it. One of the things I did notice, is that the people who seem to be happy with the service, always seems to be involved in some kind of referral program with Genesis that allows them to triple their hardware's capabilities.
I have started mining SiaCoin and so far so good, I am using an NVIDIA GTX980m and I was able to mine about 100 coins in half of a day which is great, currently the cost of a SiaCoin is about 0.02 cents and you can get an average of 4-5 US Dollars per day.
I have also done my calculations with energy consumption and I am looking at a 5 dollars per week increase in my electricity bill. Overall I can get a total profit of 130 USD per month, which is pretty decent based on the fact that I did not need a specialized miner computer like other coins are currently using.
I have way more information that I would like to share regarding mining and crypto. I am really looking forward to help from the community to keep the revolution of decentralization alive and if you have any questions please don't hesitate to shoot me a message, Thanks everyone and Happy Mining!
I have a couple contracts with Genesis-Mining and a few miners of my own that I've setup. The Bitcoin contract is a little questionable. At this point it may be better to just straight up buy Bitcoin rather than mining it. It's hard to tell because for Bitcoin to be profitable it must continue growing in market value since the rewards for mining have decreased so much. The only plus side to the Bitcoin contracts with GM is that they will continue indefinitely as long as it is profitable to mine. But I would really only recommend getting an Ethereum contract if any with Genesis Mining, which you can then switch over to some other currency when Eth goes to POS. Setting up your own miners will definitely earn you more coin, but requires more time and effort to get working properly.
@evanfravert Thanks for your response, that is exactly what I have been thinking. Since you started your contract, how long has it taken to get your return and maybe some profits? I see a lot people saying something between 4-5 months but I guess it all depends on how much MH you are buying.
If you don't mind asking which contract did you buy?
I have a 20TH Bitcoin contract and a 100MH Ethereum contract. I'm only on my 3rd week with Genesis-Mining, but I would say about 5 months on your return is accurate and it mainly depends on how well the coin you are mining is doing in the market. If Eth were to blow up to about $500/coin I would make my money back in less than 4 months.
Also here is my affiliate code if you need one: 36gekR
Thank you for the information @evanfravert If I end up going the contract route I will certainly use your code. I think I am more interested in setting up a small rig for now, it seems more profitable my 1200 CAD computer gives me about 900 M/H which is much more that Genesis offers and for a better price.
I now just need to figure out the energy part and perhaps implementing a small solar system to make it more profitable in the future.