Monero (XMR) : Genesis Mining Contract Evaluation (Caution!)
cryptocurrency·@rabbt·
0.000 HBDMonero (XMR) : Genesis Mining Contract Evaluation (Caution!)
<html> <p>Hey Steemians and Miners,</p> https://steemitimages.com/DQmNnXjfcmcMcG33WJGp4KSaANQ8uwWhqZWmMAdfpgUJSGw/monero.PNG <p>Monero (XMR), an often undervalued coin that many have looked over in favor of other coins, has seen upward momentum recently that has begun a large stimulation of the coin's interest lately in the market. </p> <p>Monero saw an all-time-high in it's strength on June 12th, reaching a price point of <code>59.09 USD </code>with a Market Cap of 863 mil. This came back down to a heavily supported level of <code>43.00 USD</code> at the beginning of July and has been rising steadily, the Market Cap at 602 mil on July 2nd is now at the recent level of 677 mil. </p> <p>This market stimulation could show indications of finding a stronger support-level, which may make <code>50.00 USD </code>XMR a new possibility. </p> <p>Though the price of Monero (XMR) is showing supportive signs, the price of 3rd party mining contracts at <a href="https://www.genesis-mining.com/a/860575">Genesis Mining</a> have remained the same. I wanted to re-evaluate the profitability of these contracts, for the purpose of reviewing whether or not this is something I could take a renewed look at obtaining. </p> <p>For these calculations, I will be using the <code>500 H/s</code> 2-Year Contract that will cost <code>416.50 USD</code>. Genesis Mining claims that their Monero contracts are without 'maintenance fees for the whole period', so I will use <code>0 Watts </code>and <code>0.00 USD </code>variables for energy costs. </p> <p>Using a profitability calculator such as the one available at coinwarz.com, we receive the following output:</p> https://steemitimages.com/DQmcjw58XJoU95h5md8Lt31gPd3Hhb7va6JnmZ2vW9raNKu/XMRprof.PNG <p></p> <p>This shows a daily accumulation of <code>0.00232 XMR</code> at a value of <code>1.12 USD</code>. At this rate, the hashpower will produce <code>1 XMR</code> every 44 days. This cycle would require roughly 384 days at the current price of <code>47.68 USD </code>to return your cost-basis and begin earning profit. </p> <p>These results will vary from day to day and will be affected by different market factors, but this is a good estimation of the value of the contract. With a forecast return on cost-basis at over 1 calendar year, I would strongly urge caution before jumping on-board with many of the people advocating these contracts in the last few days as highly-profitable. </p> <p>If the price of Monero (XMR) does find new support-levels and continues a bullish trend, a return of cost-basis could be achieved much quicker, making the contract a better option. However, if market price of XMR is the determining factor on whether or not the contract yields enough profitability then I would suggest buying into the coin directly with the funds in order to speculate on this price prediction. </p> <p>If XMR loses it's recent support lines and drops back down to <code>40.00 USD</code>, this contract would go below <code>1.00 USD</code> per day and would not be a viable option in my opinion. </p> <p>For these contracts to produce a better yield, it appears that the hashrate would need to be doubled to <code>1000 H/s</code> at a minimum, quickly becoming UN-affordable for the average person. </p> <p>It's my opinion that buyers use caution on Monero contracts at this time. </p> <p>Anyway, I'd like to hear everyone's thoughts, so follow and comment below. I am not a financial advisor, so please do your own research before making any financial decisions. </p> <p>Keep mining friendos. </p> <h2><em><strong>@rabbt</strong></em></h2> https://steemitimages.com/DQmdVSNimUy8JFeKGKRqXA3xyKDU1qqqezD9wo2B6r7nbfi/rabbt.png <p><br></p> </html>
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