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.
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.
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 Date||Payout (BTC)||Payout (USD)||Current Price (USD)|
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 Range||BTC per Day||Avg BTC Price (USD)||USD per Day|
|May '18 - Apr '19||0.00333133||$1,000.00||$3.33|
|May '19 - Apr '20||0.00333133||$1,500.00||$5.00|
|May '20 - Apr '21||0.00166566||$2,000.00||$3.33|
|May '21 - Apr '22||0.00166566||$2,500.00||$4.16|
|May '22 - Apr '23||0.00166566||$3,000.00||$5.00|
|May '23 - Apr '24||0.00166566||$3,500.00||$5.83|
|May '24 - Apr '25||0.00083283||$4,000.00||$3.33|
|May '25 - Apr '26||0.00083283||$5,000.00||$4.16|
|May '26 - Apr '27||0.00083283||$6,000.00||$5.00|
|May '27 - Apr '28||0.00083283||$7,000.00||$5.83|
|May '28 - Apr '29||0.00041642||$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.
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.
I buy my Bitcoins through Coinbase. For me, buying Bitcoins through Coinbase is fast and convenient.