Genesis Mining Review #6: 11 Days After Upgrading to 70.9525 TH/s Open-Ended Bitcoin Mining
review·@etcmike·
0.000 HBDGenesis Mining Review #6: 11 Days After Upgrading to 70.9525 TH/s Open-Ended Bitcoin Mining
This is my review after upgrading my BTC mining to 70.9525 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 crypto-currency mining contracts. <center>  *Created Using MS PowerPoint and Snapshots from* [Genesis Mining](https://www.genesis-mining.com/a/384030) </center> # 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](https://www.genesis-mining.com/a/384030) is an open-ended contract. According to [Genesis Mining](https://www.genesis-mining.com/a/384030) the Bitcoin mining will continue as long as it is profitable. I do not expect the Bitcoin mining to be profitable up to the year 2140. I would be surprised if my BTC mining contract is profitable after 2024. <center>  *Created Using MS PowerPoint and Snapshots from* [Genesis Mining](https://www.genesis-mining.com/a/384030) </center> ### Next Halving Bitcoin halving events occur every 210,000 blocks, roughly every four years. The [Bitcoin Block Reward Halving Countdown](http://www.bitcoinblockhalf.com/) 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. This is just another factor which may make a mining contract unprofitable. ### Daily Stream of Income I have been mining with [Genesis Mining](https://www.genesis-mining.com/a/384030) since June 2016. Mining with Genesis has given me a daily income stream. And that is my goal to have a daily income stream. ### Current Hash Power and Returns <center>  *Snapshot from* [Genesis Mining](https://www.genesis-mining.com/a/384030) </center> I initially started Bitcoin mining at [Genesis Mining](https://www.genesis-mining.com/a/384030) with 0.15 TH/s. After about 6 months at this rate to assess the viability and reliability of [Genesis Mining](https://www.genesis-mining.com/a/384030), 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. Since then I have done several more upgrades. <center>  *Created Using MS Excel* </center> On 6 June 2017 my total hash power stood at 70.9525 TH/s for a total cost of 7.345 Bitcoins. Here are the results and projections based off of 11 days at the hash power of 70.9525 TH/s. In the following graph I plotted the individual daily payouts with the mean and upper/lower statistical limits (USL/LSL) three standard deviations from the mean. <center>  *Created Using MS Excel* </center> Since 6 June 2017 the Bitcoin mining payout has been relatively consistently staying within the upper/lower statistical limits. The Bitcoin price and volume during the payout period is in the following chart. <center>  *Snapshot from* [Coin Market Cap](http://coinmarketcap.com/)</center> Daily Average Payout (BTC) | Monthly Projected Payout (BTC) | Yearly Projected Payout (BTC) ---------------- | ------------------ | ----------------- 0.02149782 | 0.65389203 | 7.84670430 The average daily payout with 70.9525 TH/s is 0.02149782 BTC. Based on my accumulated Bitcoins since I started Bitcoin mining in June 2016 and using the current average daily payout my break even date is 19 February 2018. This is well ahead of the next halving in June of 2020. However, the actual results are likely to vary due the an increase level of mining difficulty. Using the lower statistical limit (LSL) of 0.01966182 BTC per day, the break even date is 15 March 2018. ### My Goal for a Daily Income Stream and Return On Investment I have recieved daily payouts from my [Genesis Mining](https://www.genesis-mining.com/a/384030) Open Ended Bitcoin mining contract since June 2016. At this time I have exceeded my goal for a daily income stream. <center>  *Snapshot from* [Genesis Mining](https://www.genesis-mining.com/a/384030) </center> As of today my accumulated payouts from my [Genesis Mining](https://www.genesis-mining.com/a/384030) Open Ended Bitcoin mining contract since June 2016 is $4,901. The total cost for my Open Ended Bitcoin mining contract is $9,385. Based on my current average daily payout my break even date is 8 September 2017. Again, this is likely to vary with the mining difficulty level and the price of Bitcoin. Assuming my average daily payout remains constant up through to the next Bitcoin halving in June 2020 (**THIS IS A BIG ASSUMPTION**), my return on investment is estimated to be 575%. However, I would conservatively hope for a 100% return or slightly more. Today I upgraded my [Genesis Mining](https://www.genesis-mining.com/a/384030) hash power again by another 5 TH/s. I will monitor the payouts again to put together another review post. # Pitfalls of Cryptocurrency Mining Contracts Based on my experience with cryptocurrency mining contracts here is what I have learned from the school of hard-knocks: * Do not start a Bitcoin mining contract before a halving event. This is a sure way to at best lengthen your period of time before you break even and at worst ensure you do not break even. * If the price of the cryptocurrency being mined declines, then your period of time to break even will be lengthened. If the price never recovers, then you are extremely likely not to break even. * Because a daily fee is associated with some mining contracts like Genesis Mining's Open-Ended Bitcoin mining contract (*"USD 0.00028 per GH/s and day, deducted on a daily basis from the generated Coins"*), it is possible for a mining contract to go underwater. If this happens you will cease to see a payout until the fees are covered. This typically happens when the price of the crypto-currency is in a prolonged and extended downturn. * [Genesis Mining](https://www.genesis-mining.com/a/384030) represents a percentage of the total global mining hash rate. As the price of the crypto-currency increases the mining competition is likely to increase. * Increases in mining difficulty does affect payouts. # Genesis Mining If you are interested in learning more about Genesis Mining then click [here](https://www.genesis-mining.com/a/384030) to visit their website and use promo code **Q1MYO7** for a 3% discount on your first mining contract purchase. 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. ### Genesis Mining Bitcoin Mining Farm in Iceland (1 minute) Video https://www.youtube.com/watch?v=7A-mcSOGolM ### Genesis Mining X11 Cryptocurrency Farm Build (2 minute) Video https://www.youtube.com/watch?v=RqEgF7NCJ-0 ### Genesis Mining Enigma "The Largest Ethereum Mining Facility" (2 minute) Video https://www.youtube.com/watch?v=RhLVELIXjs0 # Coinbase I buy my Bitcoin, Ethereum, and Litecoin through [Coinbase](https://www.coinbase.com/join/576692abac0fae434c000c9b). For me, buying them through Coinbase is fast and convenient. Plus, you will get $10 in Bitcoin when you signup at [Coinbase using this link](https://www.coinbase.com/join/576692abac0fae434c000c9b) and you buy $100 or more of crypto-currency. # Sources [Bitcoin Wiki: Controlled supply](https://en.bitcoin.it/wiki/Controlled_supply) [Bitcoin Block Reward Halving Countdown](http://www.bitcoinblockhalf.com/) # Thank You! <center>*If you like this post, you can upvote, follow, share, and re-steem this post. Thank you!*</center>
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