Quote from: Slow death on March 03, 2018, 02:34:41 PM

Quote from: west75 on March 02, 2018, 07:21:48 PM

Is genesis mining is good to min bitcoin

you have to look at the profits, how much profit someone who invests in genesis mining does in a year vs how much profit you can make if only you buy and hold bitcoin.

for example:

you invested $1000 in bitcoin in the genesis mining and in a year you get $2000.

But another person takes $1000 and buys bitcoin and the price of bitcoin in a year increases 500%. What is more advantageous? buy and hold.

This is spot on and it's what I've been trying to preach for ages.

If you're investing into Genesis Mining/Hashflare/etc. you sure are looking at the prices of these coins going up. However, historically these cloud mining businesses have not been generating good returns for investors and there are only cases of ROI when the prices of cryptos rise.

So even if you make a profit(unlikely in the first place due to various changes that could occur to your contract or difficulty/price of crypto you're mining), it's not going to be more profit than buying and holding a certain coin you're mining with your contract.

Genesis is probably mining, but it's just not profitable unless you can bring in referrals.