Hello fellow steemians
Since my interest in cryptos started 3 months ago, i have had an urge to invest in something that with low risk will yield a decent profit. Hence my interest in mining. A secure way to slowly but surely grow your wealth.
I started looking into cloud mining because of its low initial costs, and was very close to investing half of my newly acquired crypto currencies into Genisis Mining. This was early april, and the Dash x11 mining contracts were very popular at the time because of the high returns.
Fortunately, in the mist of this hype, the disclaimer below the online mining profitability calculator stood out to me.
Disclosure: Mining metrics are calculated based on a network hash rate of xxx GH/s
This made me dig a bit deeper into it, to see if there were any mining calculators online, that somehow estimated the difficulty and incorporated this parameter into the profitability calculator. (please tell me if you know of one which does this)
After not finding a satisfying answer, i decided to buy the smallest dash x11 contract, with an initial investment of 0.402 Dash for 5 Mh/s, and log my earnings to the profit.
It has now been 2 months and here are my payouts:
The X axis shows number of days, and Y axis shows payouts in Dash.
This chart shows that my daily payouts have gone down from around 0.0013 to 0.0006 Dash pr. day.
Earnings:
Month 1: 0.0396 DASH
Month 2: 0.0279 DASH
This is a 29.5 % reduction, and if we use this reduction as a rule moving forward, my total expected earnings after month 24 will be:
0.296 DASH
With an initial investment of:
0.402 DASH
Conclusion
After conducting a test based on my payouts from Genisis Mining the last two months, i have shown that my initial investment will not be reached when the contract expires in 24 months. The sample size is very small, however a strong trend in the chart supports my claim.
Therefore my conclusion is that the Dash x11 contract from Genesis Mining is not profitable unless you get referrals.
So people, i would advise you to not buy the x11 contracts on Genisis Mining.