I’ve been mining Ethereum on this cloud mining platform for a full two years now and it’s been paying out daily. To remind you, I bought two years of hashing power for $300 which at the time was worth 1.06 ETH so I needed to mine more than 1.06 ETH in the two years for this to prove profitable (as opposed to spending that money directly purchasing, and holding, Ethereum).
The mining earnings are added to your account on a daily basis and whenever the balance goes over a certain level it gets paid automatically into your personal ETH wallet.
I had these payments sent directly to my Ledger offline wallet:
Total: 0.69128245 ETH
There have only been two payments since my last update six months ago and the last payment was at the end of May as I didn’t accrue enough ETH for a final payout before my contract expired in July, so I’m not sure what happens to the excess but I didn’t get it.
I needed to get another 0.36871755 ETH to break even and so this was clearly an unprofitable venture at this time.
It’s worth noting that cryptocurrency mining across the board has been struggling since the start of 2018 so this is probably a fair reflection of the entire space, rather than Genesis Mining per se.
Also, the values of cryptos are well down on where they were, with ETH going from a high of nearly $1400 right down to less than $100 so there are a lot of factors to consider.
0.69128245 ETH is worth around $150 today so clearly a loss on that front too but even if it were worth more than the $300 I put into this, I still think comparing “ETH in” to “ETH out” is the best way to tell if this is a profitable venture or not and unfortunately it’s not been.
This is clearly a fail and it remains to be seen if crypto mining via cloud based platforms such as this can ever be profitable.