Cloud Mining Earnings

Genesis Mining Results (Our 2nd Try / Account 2) for Diamond Plan (100MH/s of Scrypt Mining) Yielded 0.94% on Day1!

2014/10/02

Genesis Mining Review

We purchased 100MH/s of Scrypt Mining with Genesis Mining and Day 1 Payout has been paid.

We were paid 0.2999965BTC for 100MH/s of Scrypt mining power (Diamond Plan), which is being sold for 1,499USD, or 3.1801595384BTC (1BTC=471.36USD) at the time of purchase.

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Day 1 ROI was 0.94%.

Considering that GAW Miners Hashlet Clever Mining only yielded 0.53% on Day 1, Genesis Mining's Day 1 results look OK, comparatively speaking.

We've put the mining allocation to 100% Bitcoin (Auto), which means that Genesis Mining will automatically select the most profitable coins to mine and convert them to bitcoin for payouts.Genesis Mining ReviewAccording to them, this method was 3 times more profitable than mining bitcoin directly early on this year.

Just to explain our background behind this purchase, originally, we had bought 2MH/s at 360USD with Genesis Mining back in May 2014, and that worked out to be a terrible investment.

We were paying 180USD/MH/s, and we had only recovered approximately 31% of our investment after 3 months of operations.

While this account - Account 1 - still delivers payouts, the payout amount is becoming extremely small due to rising levels of difficulty, and we are most likely not going to see even 50% ROI, let alone 100%.

However, starting early September, Genesis Mining has decided to lower their prices on a massive scale, and is now offering 100MH/s of Scrypt Mining for 1,499USD!  That's 14.99USD/MH/s, and about 1/12 the price per MH/s we paid back in May!

Plus they decided to extend their contract length from 1 year to lifetime!  Big changes!

Genesis Mining Review

Up to that point, Genesis Mining had been lowering prices every 1-1.5 month by 30-50%, but was still expensive compared to other Scrypt Mining companies.

Now, with their latest price of 14.99USD/MH/s, and a contract length of lifetime, Genesis Mining is among the most competitive in pricing among Scrypt Mining companies.

The only company that offers a better price per MH/s is Litecoin GEAR (ltcgear.com), which is offering 5.3USD/MH/s as an Anniversary Campaign (which is still going on, but has been announced to close soon).  That's about 1/3 of Genesis Mining's new price of 14.99USD/MH/s!

However, we find Genesis Mining's wide selection of altcoins available for cloud mining to be quite attractive, and their latest price of 14.99USD/MH/s was good enough, so we decided to give Genesis Mining a 2nd try with Account 2.

We will stick to bitcoin payouts for some time, but plan to shift to allocate mining power to altcoins once we have done our research and understand them better.

We'll continue to make updates here on our 2nd try with Genesis Mining - stay tuned!

Genesis Mining Review

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