This is my story of how i got into Cloud Mining especially in Genesis Mining and how i earned 1000 USD from my contracts. And if it all was even worth it?
So First time i heard of cloud mining was in June of 2017 when i was searching for usb asic miners for my project, i was searching info on youtube and stumbled upon an video talking about cloud mining.
So i started to think about investing in contracts.
The whole idea was interesting.
You Just buy contract and they give you an allocated hash power from their mining farms, and you don't even have to think about electricity cost and maintaining those electronics, they just take small fee according to your hash power amount.
So i bought 3 contracts for all together at 3 thash of mining power what in that time cost me approximately 390eur or 460 in usd .
So the first contract i bought was 1 thash on 4th of august paying 0,05289415 of BTC and it price for that time period was around 3000 USD.
The second time i bought 0.5 thash on 8th of august paying 0,021... of BTC (3,415.00 USD).
And the last time 1.5 thash on 10th of august paying 0,06689243 BTC (3,407.90 USD).
So putting all together i spent 0.14 BTC or 458 usd ( 390 eur) in those contracts.
At this time when i am writing this in 09.12.2017 the bitcoin price is 14 300 USD.
And the Genesis Mining payed me beck 0.06825174 BTC = 975 USD.
So you could say that i got my invested money beck and even profit.
But the truth is that i lost my money. Cause by just keeping the 0.14 BTC I would be holding on 2000 USD.
And then again you could say "But you still are making the money from genesis contracts, you just have to wait. ".
And again its not true. While they are still paying, the mining difficulty is gone up dramatically and will continue to grow, so the amount of BTC payed out is getting smaller and smaller every single day.
And doing calculations on my own i got that while contracts will be working they would pay me 0.1 BTC at best.
So my thoughts is, it wasn't the best way to invest my money.
But i see why some of people prefer that kind of deal.
Like people who are unsure or scared of holding big amounts of btc in one place or afraid of spending it to fast could get relief in daily payouts in smaller amount.
Or people who didnt wanted to risk all money in holding btc when it could just crash all together, they have the chance to wait until they get even on buying contracts in USD value and just collect profits and if btc crashes they have an option to mine different coin.
The video on this topic is here
Thank you for reading my post and i hope you got something useful from it.