Dear Newbie, you're forgetting to mention that the "maintenance fee" is ~$0.12 per kWh and if you plug it into any Bitcoin calculator you have 400+ days to "ROI" if diff stays constant, and you would barely get half of your "investment" back if diff goes up at 2% on average. SO... you may want to visit an eye doctor if you can't see that "scenario".
Real hardware at least has a resale value.
Of course...I see S3's selling for $30 all over the place...so lets equal out the "maintenance fee" with electricity. for someone new to BTC who wants to understand the working and movement etc....while not getting entangled in hardware that's a pain in the ass to use and keep mining.
I think this is a great entry level investment. again, outside of them disappearing the risk is pretty much the same in all of crypto......people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair. of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.
What are you mumbling about here?
S3? What does THAT have to do with anything?
Understand working and movement? What does GM "teach" you that you couldn't learn by using BTC elsewhere? How to lose 50% or more on a misguided "investment"?
All of crypto? You mean shitcoins and stuff?
Why don't we stick to the subject of Genesis Mining.
http://genesismining.freshdesk.com/support/solutions/articles/1000128858-maintenance-feeThe maintenance fee is deducted from your daily mining output each day and is 0.0003 USD per 1 Gh/s for SHA 256 hashpower. These are the current fees for these contracts and was updated January 24 2017.
If you take an S9, which is approximately 13 TH/s @ 1.4 kWh, this maintenance fee translates into ~0.116 USD per kWh. Or you can use the maintenance fee itself in a calculator such as this:
https://bitcoinwisdom.com/bitcoin/calculator(use Maintain Cost instead of Electricity Price)
Let us know what you get.