Genesis Mining: 6 Days After 10 TH/s Bitcoin Mining Upgrade

3년 전

This is my review after upgrading my BTC mining to 10.16 TH/s with Genesis Mining. This post is based on my experience and results thus far with Genesis Mining. This post is not meant to be investment advice. Your results may vary based on the many factors associated with cryptocurrency mining contracts. This post is an update to my "Genesis Mining Review: My 7 Months of Mining" post made 7 days ago.


Image Source

Why Bitcoin Mining

Bitcoin mining will continue until the number of Bitcoins reaches 21 million. It is estimated that the last Bitcoin will be mined in the year 2140.

The Bitcoin mining contract offered by Genesis Mining is a lifetime contract.

Next Halving

Bitcoin halving events occur every 210,000 blocks, roughly every four years. The Bitcoin Block Reward Halving Countdown clock currently has the next having occurring in June of 2020.

I was Bitcoin mining during the last Bitcoin halving. Yes, my payout did get cut in half but it recovered when the price of Bitcoin rose.

Consistent Stream of Income

I have been mining with Genesis Mining since June 2016. Mining with Genesis has given me a consistent daily income stream. And that is my goal to have a consistent income stream.

Current Hash Power and Returns

I initially started Bitcoin mining at Genesis Mining with 0.15 TH/s. After about 7 months at this rate to assess the viability and reliability of Genesis Mining, I decided to upgrade my hash rate. I bought a contract to add 10 TH/s to my overall hash rate for mining Bitcoin. A fellow Steemian was kind enough to use my affiliate promotion code, Q1MYO7, for a 3% discount off their upgrade purchase. Their upgrade purchase gave me another 0.01 TH/s of hash power.

The current price of Bitcoin at the time I am writing this post is $922.64 USD per Bitcoin. The following chart shows my last six payouts. "Payout (USD)" is the price quoted at the time of the payout.

Payout DatePayout (BTC)Payout (USD)Current Price (USD)
24-Jan-170.00336605$3.08$3.11
25-Jan-170.00330297$2.96$3.05
26-Jan-170.00326057$2.95$3.01
27-Jan-170.00332719$3.06$3.07
28-Jan-170.00337444$3.11$3.11
29-Jan-170.00335673$3.10$3.10

My average daily payout with 10.16 TH/s has been 0.00333133 BTC.

In the following graph I plotted the individual daily payouts with the mean and upper/lower statistical limits (USL/LSL) two standard deviations from the mean.


Created Using MS Excel

The past six BTC payouts since upgrading to 10.16 TH/s have been consistent. I will continue to watch the payout consistency. Of course the next halving event will reduce the BTC payout.

Based on these statistics I estimate I will recover my initial investment in 446 days or 20 April 2018 which is well before the next halving event.

The following chart to examines the long term potential payouts. I used the following assumptions:

  • Halving events occur in May every four years, 2020, 2024, and 2028.
  • The price of Bitcoin in terms of USD doubles every four years.
Mining Date RangeBTC per DayAvg BTC Price (USD)USD per Day
May '18 - Apr '190.00333133$1,000.00$3.33
May '19 - Apr '200.00333133$1,500.00$5.00
May '20 - Apr '210.00166566$2,000.00$3.33
May '21 - Apr '220.00166566$2,500.00$4.16
May '22 - Apr '230.00166566$3,000.00$5.00
May '23 - Apr '240.00166566$3,500.00$5.83
May '24 - Apr '250.00083283$4,000.00$3.33
May '25 - Apr '260.00083283$5,000.00$4.16
May '26 - Apr '270.00083283$6,000.00$5.00
May '27 - Apr '280.00083283$7,000.00$5.83
May '28 - Apr '290.00041642$8,000.00$3.33

As you can see if the price of BTC doubles every four years the payout in USD per day is a repeating pattern that resets after each halving event.

My Goal for a Daily Income Stream

My goal is to have a minimum daily income stream of $10 USD a day. For that I estimate I will need to upgrade my BTC mining hash power to 33.06 TH/s.

In February I plan to upgrade my BTC Genesis Mining hash power again. I will keep you posted on my progress.

Genesis Mining

If you are interested in learn more about Genesis Mining then click here to visit their website.

If you have an account at Genesis Mining, you will recieve a 3% discount on your next upgrade using promo code Q1MYO7

You can pay for your mining contracts at Genesis Mining using Credit Card, Bitcoin, Dash, Litecoin, and Dogecoin.

Coinbase

I buy my Bitcoins through Coinbase. For me, buying Bitcoins through Coinbase is fast and convenient.

Source

Bitcoin Wiki: Controlled supply

Bitcoin Block Reward Halving Countdown

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Sort Order:  trending
  ·  3년 전

If you ever reinvest / upgrade you can use my code : AFcBhU
Let me know about it and i will use yours in return :)

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I just did a 5 TH/s upgrade this morning using another Steemian's code. I have added your code to my list.

Have a great weekend!
Steem on,
Mike

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  ·  3년 전

All good, thanks for the add then :)

Have a great one too! See ya

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Feel free to use my code by a next upgrade. I'll do the same for you ;) j3SbkT

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I have added you to my rotation list.

Have a great weekend!
Steem on,
Mike

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Thanks; me too ;) Steem on :)

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I just used your promo code to upgrade my X11 mining contract by 15 MH/s.

I used BTC to make the purchase and I am still waiting for confirmation.

Have a great day!
Steem on,
Mike

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Thank you very much. I will return you the favor ;-)
Steem on :)

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I just bought a 2 year Ethereum contract with your code
Paid in Dash (0.312) and confirmation okay :)

Have a great day and remember you are also on my rotation list.
I will upgrade soon ... as much as I can :)

Bright blessings,
Take care,

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Thank you! It is greatly appreciated.

I am currently upgrading my X11 contract. However, I am limited to $100 maximum purchase per day by Genesis Mining (as of 5 July 2017). Look for another upgrade using your code in about a week. I am now upgrading X11 everyday for as long as it is available.

Steem on,
Mike

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I just upgraded my X11 contract by 15 MH/s using your promo code. You should get a confirmation soon.

Have a great week!
Steem on,
Mike

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etcmike, i like to invest 100TH but BTC mining is not avaialble ! I have to wait ? Is this normal ? Only Ether and Monero can be mined

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From time-to-time Genesis Mining sells out their capacity in a mining contract. Normally it takes them 3-4 weeks to build out the infrastructure that allows them to sell more hash capacity.

I would wait for BTC mining contracts to return.

In my opinion, I would not enter either a Ether or Monero mining contract base on my experience.

Have a great week!
Steem on,
Mike

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hashflare is pretty good https://hashflare.io/r/998C42A5 they have bitcoin mining contracts. Only one i trust besides Genesis

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  ·  3년 전

@dimitrya123 Just used your code for X11 7.5MHs Upgrade :) Looking forward for you to return the favour, thanks ;)

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@djbk Thank you. I just did the same with your code for a ETH upgrade :) Happy mining :)

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Hi dimitrya123 I will use your code right after I use etcmike's. Here's my code: RUXnyi

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Thank you very much. Will do the same :)

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Can you give everyone an update on your performance with Genesis Cloud Mining. I would like to hear how your doing now that 6 months has past since you initially wrote the article. Is it still profitable?

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Here is my last update:
Genesis Mining Review #7: 1 Year of X11 Dash Mining -- More Than Broke Even

My best days of mining with Genesis Mining contracts are $70 USD/day when BTC is reaching new highs. My average daily payout from Genesis Mining is now between $50 to $60 USD/day.
There was a week where Genesis Mining postponed payments due to an intrusion by a hacker. Payouts have resumed and from what I am seeing, the Genesis Mining payouts are catching up. Just based on my payouts, I can imagine Genesis Mining daily payouts are in the millions of dollars. If I were paying out that much, I would want to do a careful audit too before distributing the payouts.

To my friends and anyone who asks, I recommend the BTC and X11 (Dash) mining contracts at Genesis Mining. They ran out of X11 hash power to sell, but it should be available again in the near future.

I have an Ether Mining contract(s) with Genesis, but do not think I will break even. This is why I do not recommend those contracts. If ETH spikes up to $1,000 USD in price, the contract may payout better. I do not think that will happen.

If the X11 contracts are not available in August when I start my upgrade cycle again, I will be upgrading my BTC mining contracts. At my current rate of return, I will break even on those mining contracts well before the next BTC halving event.

That's my current update.

Have a great weekend!
Steem on,
Mike

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Amen! 🙏

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If you are interested in some FREE cryptocurrency, I did post the following opportunity yesterday:
Signup for FREE WCX Tokens and Earn by Referring Your Friends Before the ICO Sale

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Mike, do you know why $BTC mining is much more lucrative then $ETH mining right now? If the price of ETH goes to $400 will Ethereum mining be more profitable?

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Part of it has to do with the difficulty level. The difficulty level is a factor in determine how hard (difficult) it will be to come up with the next block in the block chain. That is my extremely basic understanding.

Here is a website where you can see the "difficulty level" for different crypto-coins:
https://www.coinwarz.com/cryptocurrency

Have a great week!
Steem on,
Mike

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Thanks for the update. I still feel there is much opportunity to lose money if conditions are not favorable all the time. If the price of lets say $BTC drops for 6 months, then payouts will drop significantly. Do you know what the time decay looks like on a 2 year contract. For example, how much do daily payments drop on the last month of the 2 year contract vs the first month on the contract? What is the profit margin on $BTC mining until break even? I'm still trying to understand why cloud mining is not a gamble and a good way to lose money in uncertain market conditions. Any additional insights by the Steem community would be very helpful for me to better understand how cloud mining works. Thanks!

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Please use my code also : 4LzYvl :)) So you get 3% - greatly appreciated

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I have added your promo code to my rotation list. My rotation list is getting rather long, it may be a bit of time before I get to your code.

Have a great weekend!
Steem on,
Mike

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I just used your promo code to upgrade my BTC mining contract by 1 TH/s. You should be getting a confirmation soon. (I purchased it with BTC so it may take a bit of time to clear.)

Have a great week!
Steem on,
Mike

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  ·  3년 전

Thank you Mike :) what's yours so we can keep exchanging?

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I am still waiting on the confirmation of the transaction.

My code is Q1MYO7

Thank you!
Mike

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  ·  3년 전

Just used your code for an X11 10 MH/s and SHA256 0.6 TH/s Upgrade :) Looking forward to keep upgrading with you!

Steem on,
Roman

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Thank you Roman! It is greatly appreciated.

I am upgrading my X11 contract daily at 15 MH/s. Look for another upgrade by myself using your code in about a week.

Have a great week!
Steem on,
Mike

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A bit late in posting this ... but pl stop upgrading x11 contract. x11 10GH/s miners are just around the corner. They will make current tech obsolete

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I just used your promo code to buy a 0.7 TH/s upgrade of BTC.

Have a great weekend!
Steem on,
Mike

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Hey djbk I'm about to use your code, mine is RUXnyi..

I'll use your code next etcmike!

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  ·  3년 전

Hey @joshwaa i just used your code for a upgrade, mine is: AFcBhU
Happy to keep exchanging and sharing codes :)

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Thank you my friend. I' ve already used yours.

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  ·  3년 전

Cool, will do the same with yours next :)

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Feel free to use my code by a next upgrade. I'll do the same for you ;) j3SbkT

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I did a 1TH/s using your code, my code 06CS2H Tks a lot!

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I will use your code next upgrade. Please use mine in return n1AW9B.

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Hi all, I have started mining ETH with Genesis Mining for 20 mh/s recently and looking to add some hashrate soon. So if you use my code : uRPBTm I will use yours back. Just let me know.

have a great day !

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I did not get a confirmation from Genesis Mining that my purchase using LTC went through. Genesis could be bogged down with orders.

Anyway, I purchased another 5 TH/s of BTC mining using your code. As of this time, I have not gotten an confirmation yet. Hopefully, they are just backlogged.

Have a great week!
Steem on,
Mike

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I just started mining today, you are third in line on my list. I will be using your code pretty soon. Here's my code: RUXnyi

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Great ! Please tell me when you use it and I will follow ;-)

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Hi djbk, i like to start and use your code. But no BTC mining is available . Can u advice ?

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  ·  3년 전

@pmoeller
Hi there, Sure.

You can use HashFlare to get a mining contract. Their mining contracts are by the way the cheapest around ;)
Heres the link: https://hashflare.io/r/DCDD8DE3

The other option is to buy a NON BTC Contract with Genesis like X11, Ether..

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@djbk, @etcmike ive added your codes to my list for the next upgrades. Please use my code XouixF as well. :) cheers!

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I have added your code to my rotation list. I only upgrade my BTC mining contract. Currently the BTC mining contracts being sold by Genesis are for a 28 February 2019 start date. And the least you can buy is 1 TH/s. I am still debating whether to purchase more upgrades at this time or wait.

My rotation list has 29 codes in it. It may be some time before I get to your code. It all depends on the availability of BTC contracts from Genesis.

Have a great weekend!
Steem on,
Mike

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Just used yours for a small hashpower purchase.. Thanks!

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Thank you!

I have moved you up on my rotation list. Three codes in front of yours.

At the moment, I do not have anything to spare for purchasing four more 1 TH/s of BTC. Next weekend, I expect that to change. I hope the BTC pre-sale contracts are still available then.

Have a great weekend!
Steem on,
Mike

Please use my code for genesis mining, I used yours for 1 TH of Bitcoin SHA256 mining ! my code is : 3klnx4

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Feel free to use my code by a next upgrade. I'll do the same for you ;) j3SbkT

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Hi, I put your code on my referrals list, I will get to it soon. Please use my code when you can: RUXnyi

Dude, be careful. Their so called lifetime BTC contract is sketchy. I've made a detailed analysis in this post if you're interested.

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Nice analysis mkaya! Most people new to mining fail to take into account the increase in diff. I too made the mistake of pumping money into 9ths. There may be some benefit to the ETH/2yr contracts tho.

For your information, the price of bitcoin between 2012-2017 doubles on average every 9 months.

Great post :) I just used your code for my 15 mh dash upgrade on genesis mining , here is my affiliate code if you will upgrade feel free to use it :) its: Oog8WC

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Thank You!

I have added your code to my rotation list. With BTC recovering over $2,500 it will not be long until I buy a few upgrades. I will concentrate on BTC and LTC contracts (if LTC is available).

Have a great week!
Mike

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Hi Mike,
I used your code for an upgrade of my Btc Hash power. This is my code for you : uRPBTm
Happy mining !

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Thank you! I have added your promo code to my rotation list. If the BTC prices holds I will be upgrading soon.

Have a great week!
Steem on,
Mike

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Thank you! I have added your promo code to my rotation list. I just purchased an upgrade to my X11 mining contract by 15 MH/s using your code.

Have a great week!
Steem on,
Mike

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Thanks Mike ! I will use your code back again soon. My portfolio needs to recover a little before... Hope it will not be too long ;-)

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I just used your code to upgrade my X11 mining contract by 15 MH/s.

You should get a confirmation soon.

Have a great day!
Steem on,
Mike

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thank you :) i will upgrade with your code soon

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Thank you!

Be sure to give me your code after you do. I will add your code to my rotation list.

Have a great day!
Steem on,
Mike

I will be using your code next thanks for the article, and the code. Here's my code: RUXnyi

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Thank you! I have added your code to my rotation cycle. I was thinking of making upgrading this weekend, but BTC did not go up like I was hoping. I am still accumulating BTC for a future upgrade cycle. My next hash power upgrades will be in July and you will certainly be benefiting.

Have a great day and thanks again!!
Steem on,
Mike

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I just used your promo code to upgrade my X11 mining contract by 15 MH/s.

Have a great week!
Steem on,
Mike

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Thank you!

Nice article Mike, it will be interesting to see how long the genesis contract survives with the rising difficulty. Should be fine for a while due to current BTC rates, but the returns will dwindle in the coming months

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I do expect the returns to dwindle in terms of number of coins mined over time as the difficulty rises. But I also expect that to be compensated for or even eclipsed by the rising price of BTC in USD over time.

The biggest hurdle to BTC mining is the next halving in June 2020. I think the return on investment will be fine as long as BTC contracts are bought at least two years before June 2020.

At least for the rest of this year, I will continue to purchase BTC mining contracts from Genesis Mining.

Have a great weekend!
Steem on,
Mike

I love mining ,been mining on Genesis and bitclub for a year now, so powerful platforms. Thanx for the post ,i noticed we have lots of crypto traders on steem than minners

Bitclub is a powerful platform to create passive income.my first mining experience was Genesis,but find bitclub more attractive on what they offer.
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I just joined the Steem community and mining has been on my mind for a while. Your article has pushed me to signup and try it for myself. Will be using your referral code.

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The rising BTC difficulty is something to consider. I've been dabbling in the ETH contract instead. Like mike has mentioned, it lets you automine the most profitable altcoin and convert it into BTC. You may be better off going with that instead. Start of with 5mhs of so and see for yourself.

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Will give it a shot. The difficulty has been going us and it is very obvious in the daily payout that has been dropping for the past 2 months now. Might make a separate post once I have enough data.

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Hey Mohtab, let me know what your referral code is and I'll use it. Please use my code when you are able: RUXnyi

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I just saw this. Haven't logged in since I first created the account. Will keep your code for my next upgrade. Happy to say that 2 months after using Genisis I am a happy customer so far. My code is c7ybMp

Thanks for the info. I have recently started to us Genesis Mining for Ethereum and have had no issue with them. They have proven reliable and trustworthy. I did a fair bit of research before hand and they seemed like the only credible cloud mining company. I'd be interested to hear if anyone has positive experience with any other cloud mining providers.

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Thank you!

I got scammed by one cloud miner early on... it no longer exists.

That is why I too was very cautious about Genesis Mining. I am definitely benefiting from my early investments into Genesis Mining. I do hope the BTC open-ended contracts become available again soon.

One of the ways to spot a scam is if they offer multi-level marketing and promise high payouts.

Have a great weekend!
Steem on,
Mike

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Thanks, you too. I just missed the last BTC open-ended sales, holding out for the next too :)

I just did a upgrade with your code :)
My code: umT56P

great episode in mining community, dam these codes :)

10$ per day is an awesome target! I hope you achieve your goal.

I made a comparison of the best hashing-power versus price comparison in genesis ethereum mining contract.
you can see it here

Which are the Sweet Spots in Hashing-Power versus Price combination - Genesis Ethereum Mining? - My Article

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Yes, I achieved and exceeded my goal.

I will check out your post.

Have a great week!
Steem on,
Mike

Guys, i have got 1.3 Th/s contract, but the pay out is only 0.00011749/day(about 0.5 $) but according to the calculators it should be $1.

Any Idea??

Thanks!

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You didn't account for the overhead costs like electricity and maintenance.
I your calculation above, you set the power consumption to zero and the cost per KW/h to zero. I do not think that is realistic.

Have a great week!
Steem on,
Mike

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Hey everyone, I recently joined GM and bought 10 TH/s and a 30 MH/s Etherum contract and I am averaging $9.53/day at this rate, is this good? At this rate I will recover my initial investment in 238 days... also why do people share their codes and where do you get these codes. Thanks.

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GM has an Affiliate program found under "MY ACCOUNT" on the menu. That is were you find your "affiliate code" or promo code.

When someone users your code to buy hash power, they get a 3% discount and you get an affiliate reward depending on your referrals which starts at 2.5% of the hash power they purchased.

That is why people share their codes. The buyer saves 3% and the person's code earns them rewards too.

Have a great week!
Steem on,
Mike

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What is this DRK balance That I'm seeing in the payout history???

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Dash, it used to be called darkcoin.

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I open GM webpage and this is what I see!! lol

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No idea, is this a BTC contract ? I have 10
TH and get daily 0.0020 , around 8 USD
as more little the contract in a pro
rata you get less

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I think i found out the reason, i had made 3 upgrades from 0.25 th and then
.35 th and paid for this using BTC. and later on I bought a 0.7 Th upgrade but used a credit card.

Apparently they will with hold payouts for 30 days if you use credit cards, and will release at the end of 30 days!

Hi etcmike & everyone else. Hashflare.io have some BTC contracts available still. (Feel free to use my referral link here https://hashflare.io/r/24733602). I don't believe it gives you any discounts tho :(.

I have one question regarding Genesis-Mining and their Ethereum farm. What will happen when Ethereum goes PoS? I hope they have a backup plan because they advertise that they have the largest Ethereum mining farm in the world. It make me a bit skeptical on what they are going to do and how it will affect their overall operations.

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The "?" mark on the Ether Mining upgrade states:
"If Ether mining is not possible anymore, the contract will be switched to another algorithm on a best-effort basis.

there is a video where guy visits genesis mining facilities in iceland...posts a whole video on steemit...definitely worth checking out! I too invest in Genesis!

  ·  2년 전

Thanks for the information in the post, it's always good to get someone else's perspective! I used your code to get 3% off of my purchase of 5 TH/s. To get 3% off your purchase here is my code JfwN98.

Genesis mining code KD76tg for 3 percent off your next cloud mining upgrade

Well done! Also reading through your comments I love that you have rotation list! I just started mine. Doing really low amounts but I think with mixed investment between physical hardware mining, buying/trading, and genesis I should be able to build slowly. Congrats man! Looking forward to your 30+Th/s amount!

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Thank you!

In terms of BTC mining at Genesis Mining, I currently have 80 TH/s mining BTC which I am having Genesis Mining pay me in LiteCoin for now.

Here is my last BTC review I posted:
https://steemit.com/review/@etcmike/genesis-mining-review-6-11-days-after-upgrading-to-70-9525-th-s-open-ended-bitcoin-mining

If you would like to give me your promo code at Genesis Mining, I will add you to my rotation list.

I am currently done upgrading this month. With the fall in crypto prices, I will be accumulating the rest of this month.

Have a great weekend!
Steem on,
Mike

"DYIiFn" use my genesis mining code with 3% discount!

Hey I saw this post and I made a new account. Here's the code I have:7iwTmH. I also wrote down all the codes in this post for future upgrades.

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I have added your promo code to my rotation list. I will let you know in a comment when I use it.

Have a great weekend!
Steem on,
Mike

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I just used your promo code for a 0.7 TH/s BTC upgrade.

Have a great weekend!
Steem on,
Mike

Used your code again man! :) My code: umT56P

Thank you for that insightful post. I'm also mining at genesis, but I see steadily decreasing my payouts (due to rising difficulty). I've calculated that I won't reach break-even (in terms of invested BTC) if payouts continue to decrease like this.

What have been your experiences so far? Did you net the amount of BTC that you have invested? I feel like you have to upgrade constantly (and rely on promo-codes), otherwise you won't be able to gain profit.

Is it just me or did you make a similar experience?

Have a nice day!

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I just used your promo code for a 0.7 TH/s BTC upgrade.

Have a great weekend!
Steem on,
Mike

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awesome thanks man ill use your code next time if you want to post it

Hi, I am planning on several upgrades over the next month or 2. Today, I am about to buy 10TH BTC contract. If I use your code, would you upgrade/match the same amount to help each other? I have used some youtuber's referral codes for several thousand $ upgrades, but they didn't help back.

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