Hi All,
This is my second installment of a series of updates following my cryptocurrency experimentation. It's been 10 days since I originally purchased a small amount of Bitcoin and I am getting ready to purchase more. Since I purchased, the value of Bitcoin has gone up over $100, a decent ROI for a large quantity, but a measly ROI on the small test quantity I purchased.
Genesis Mining
10 days ago I purchased 2 contracts with Genesis Mining - an open-ended Bitcoin mining contract and a 2 year Ether mining contract at a combined cost of $141.32. I have not received an official payout from Genesis Mining yet due to the payout minimums, but have accrued 0.01319347 ETH and 0.0009968 BTC (converting to $3.257 and $2.51 respectively). The minimum payout requirements are put in place due to the charges incurred in sending digital currency. I am not going to make any assumptions or come to any conclusions regarding return on investment (ROI) at the moment because I don't know how much of the accrued currency will actually end up in my wallet as well as whether the transfer fees and conversion fees out-weigh the benefits of mining.
That being said, though, based on this small sample and disregarding all of what I just wrote, the initial investment could be paid for in 245 days.
Moving Forward
I will analyze the first official payout from Genesis Mining and determine whether it will be worth purchasing a larger contract with them - either ETH or BTC. The analysis will include fluctuation of currency value, transfer costs, conversion costs, overall return on investment.
I am still looking into purchasing mining equipment in place of virtual mining (due mostly to the unknown aspect to virtual cloud mining) but will not make an official decision until I have more data on the cloud mining contracts I already have.
I'll be looking for another dip in currency value for a larger basic investment into BTC and ETH.