Greetings, let's look at why it is better to just hold the coins instead of mining them on sites such as genesis mining. Genesis mining is by far the best cloud mining site out there.
Please note that only reason I bought the contract is that there was no way for me to buy a lot of coins from Mongolia without paying an unbelievable amount of taxes. I bought 2 year dash x11 contract 500$ with credit card of Mongolia. When buying with credit card well at least for me, it charged 5$ and I used promo code of youtuber which gave me 3% discount making the final payment 485$ in total.
Here is my orders. Genesis mining has your payout's holding for 32 days if you made the purchase with credit card. These 5 days have been the best for mining but its not gonna last long..
I got my first order as 0.01552755 which is equal to 3.3$ and from then on, I earned similar amount for 4 more days and got total order of 0.08221401 which is roughly 17.4$ with todays price.
Let's look at how much I could have made if I just bought Dashcoin with my initial investment and saved it.Dashcoin price was 166$ at the lowest in 7.1.Then, I would have got 2.92 dashcoins that day. Okay, let's multiply that by today's Dashcoin price which is 212$ currently on coinmarket.com. Those 2.92 dashcoins are worth 2.92*212=619$ today. The amount of profit I would have made would be, 619$-485$=134$.
See the difference? If I bought just the dashcoins, I would have profited 116.6$. However, because I chose mining, I gained 17.4$ which is not even profit. This is because of the difference in how much of dashcoins I gained. Since dashcoin's price rose significantly, the bigger the amount of dashcoin I gained the bigger the profit. In the long run, even if I were to make my money back doubled by the end of the contract, It still is wiser to hold the coins. It will only be more profitable than holding if prices of Dashcoin, Ethereum, Bitcoin or whatever you are looking to mine does not change that much. But this scenario is very unlikely.
And now that dashcoin price has increased by a lot of amount, its difficulty has increased. The earnings I made so far was calculated around difficulty of 250000 but now its sitting at 358000. So by tommorow, my earnings will start to decrease.
So please guys, do not trust people who advertise genesis. The only reason they make a profit is that people use their code to buy and that gives them bonus payout as their affiliate rank increases. Also, please resteem so that beginners like myself can see and make the right choice. When I first begun, I really wanted to see a post like this.
