Cloud Mining Bitcoin With Genesis Mining
Mining for Bitcoin at home is becoming increasingly uneconomic due to the cost of the electricity required, the mining pool fees and the equipment itself. Indeed, that expensive ASIC computer from Amazon will probably need to be upgraded on a regular basis in order to keep up with the hashing power of the competition.
Furthermore, we can speculate that perhaps not a few divorces have been instigated by the sound of all those cooling fans driving the other half round the bend. The heat must be good for drying the washing though. All in all, it is a daunting task and not one to be taken lightly by the happily married or those with parental responsibilities.
An Easy Alternative
An easy alternative is to rent a share of a mining farm to carry out the mining on your behalf. The reader should be aware that there are many scammers operating Ponzi schemes under which funds from new recruits are used to pay a small dividend to existing members for a while and eventually stops. The mining pool server farm does not even exist.
There are some genuine cloud schemes however. One I recommend is Genesis Mining which I have found to be safe, profitable and easy to use.
Is Cloud Mining Still Profitable?
Yes, it can be. The break-even analysis below shows that you can make money provided the Bitcoin price remains above $375. Genesis takes a fixed fee of 30 US cents per day per terra hash to cover their maintenance costs. After that, all the profit is yours so if the value of Bitcoin rises, you win.
How Long Will It Take For Me To Get My Money Back?
It depends on the plan you buy and the price of Bitcoin. If you use the discount code 4bY6sc at today’s price you will break-even in about a year.
Here is an analysis showing the break-even point under various scenarios:
Is It Risky?
Yes of course. You could lose your initial investment if the contact is terminated. You could also end up opening lots of Bitcoins which prove to be worthless. Therefore, do not invest more than you can afford to lose just in case.
Will I Get Rich?
It is possible if the price of Bitcoin goes up. There is certainly a better chance than if you play the lottery.
Which Plan Should I Buy?
Only invest what you can afford. However, the next halving of the Bitcoin pay-out is in just under four years, so perhaps you should make hay while the sun shines and go for the diamond contract!
Ps. Don’t forget to use the discount code 4bY6sc when you sign up!