Cloud Mining on Genesis
As promised, here’s an update on my 2-year Dash(x11) mining contract with Genesis Mining. But first, I’d like to thank everyone for the love and using my promo code – KT7r1S (it gives you a 3% discount upon purchase by the way).
If you’re perplexed and utterly confused by everything I’ve just said, head over to my previous post – Bitcoin Cloud Mining in Malaysia.
Now, the update!
ROI on Genesis – Cloud Mining Dash (x11)
I’ll be using the payout on 20th July because the one on 19th includes mining from when I signed up on the 18th.
As of right now, Dash is valued at USD 186.69. That gives me about USD 0.247 per day and USD 90.29 per annum from mining. I spent USD 93.20 purchasing the 2 year contract. That’s an ROI of around 96.8% pa.
Of course, all this is provided the price and mining difficulty remain constant. Which won’t.
Now, this ROI will increase when I purchase the USD500 contract as you get more MH/s per USD. I’m limited to the current one because Genesis has a USD per day limit for Dash x11 contracts (due to the huge demand). Nevertheless, I’ve still been adding and purchasing more Dash mining contracts because I do see Dash’s potential in the future.
I’m really loving Ethereum as well. I’ll be adding more mining power for Ether next month. For now, I’ve been slowly accumulating Dash (x11) and I’m currently almost reaching 50 MH/s. Still waiting for their USD100 per day limit to be lifted so I can get that USD500 for 100MH/s contract.
With the promo code – KT7r1S , I’ll be paying USD485 for 100MH/s. This will be the most value for money in terms of dollars paid per MH/s.
Storing my Coins
Because I’m mining alternative coins like Dash (x11) and Ethereum, I opted to store them on a multi wallet. I use Exodus. Their UI is awesome.
So after transferring and storing my alt coins on Exodus, I’ll then move it to a more local (Malaysian friendly wallet) – Luno.
Enter my promo code: HFCCY. You can still enter the code after signing up. Inside your account as shown in the picture below. We will both benefit from this. It isn’t much, after buying RM250 or more on the site, we will both get RM5. It’s something.
As mentioned earlier, the next big purchase would be Dash (x11)’s USD485 for 100MH/s mining contract. Thereinafter, I’ll be focusing on Ether mining and then reinvesting my returns. In the long run, turning my alternative coins into Bitcoins will be the goal. From there, it’s long term holding of Bitcoin. I’ll have to get used to holding an asset that doesn’t pay interest.
All that being said, the Freedom Fund is doing really well. Hopefully, this exciting little mining venture will pay off in the next 2 years and provide additional funds to be invested in stocks.
Have you purchased any mining contracts with Genesis Mining or are planning to? Hope to hear from my fellow miners. Use promo code – KT7r1S for a small 3% discount.
A warning to everyone, cryptocurrencies in and of itself are extremely volatile and risky. Cloud mining adds to that risk because you’re placing your money with a company and trusting them to continue mining for the foreseeable future. As always, invest at your own risk!