My Ethereum Cloud Mining Experiment

(DISCLAIMER: i'm new to all of this and don't know s&&t about s&&t. Take everything i say with a ginormous grain of salt. In fact, use all the salt.)

Right after getting into cryptocurrency and the whole blockchain thing, in addition to dropping some quid on cryptocurrencies directly, i decided to dig into (no pun intended) this whole mining thing.

It quickly became apparent that i was not going be mining Bitcoin, Ethereum, or even Litecoin on my own. The difficulty level and required hardware priced me right out of any potential mining option, even if i joined a mining pool.

So, i opted to try cloud mining through Genesis Mining (use my referral code gIN9tD for a 3% discount).

About 4 weeks ago i bought a 2-year Ethereum mining contract operating at 4MH/s for $116USD (i received a $4USD discount -- regular price = $120USD).

Since then, on average, i've mined about 0.00072eth/day.

When i first purchased, Ethereum was trading for just shy of $300USD.

Based on ETH pricing on date of purchase, i would see ROI at day 541.

Today, Ethereum is trading for just over $460USD.

Based on ETH pricing currently, i would see ROI at day 349.

In any event, as long as ETH doesn't drop below $219USD (which i'm pretty sure won't happen), i'm going to at worst break even. Of course, that is unless Genesis decides to cancel my mining contract. :(

The reality, though, is that i've likely added a significant % on top of what i would have seen simply buying ETH straight out.

Now, as i mentioned, i don't know jack s**t. So, take all of this as just an anecdote.

Of course, if you'd like to take a risk and try your hand at cloud mining, Genesis Mining will give me a wee bonus if you use one of my links in this post. :)

Also, use the code gIN9tD to get a 3% bonus for yourself!

Happy mining!

john

(My writing. Original post appears on Crypto Coin Newbie.)