My Genesis Mining, Steem and Bitcoin strategy
I am invested in Genesis Mining and Steem. Genesis Mining provides me with bitcoin to either reinvest and compound my earnings in Genesis Mining contracts or buy more Steem Power.
Before I discovered Steem all my bitcoin earnings would go to more Genesis Mining contracts. My strategy was so accumulate bitcoin in my wallet and wait for bitcoin price to go up. When bitcoin price goes up the mining prices goes down in bitcoin prices. The reason is that the mining prices are based in Dollars at GM. So when the bitcoin price rises the mining contracts are cheap. This is when I buy my contracts in bitcoin.
If you use Dollars to buy contracts it is better to buy when bitcoin price goes down.
In the last 3 weeks since joining Steem, I am using my bitcoin to buy Steem Power and Genesis Mining contracts. So my bitcoin income is spilt between Steem Power and Genesis Mining purchases.
Steem Power purchases are better when the Steem price goes down. I have noticed lately that when Bitcoin price falls, Steem price falls much more in percentage. So now I have a new strategy to invest my bitcoin.
My New Investment Strategy
I am buying Steem Power while the price of Steem is lower and I will buy more bitcoin mining contracts when the price of Bitcoin rises again. If I want to exchange my Rands or Dollars to bitcoin, I will use it to buy mining contracts.
This makes it easy for me to decide in what to invest by earned bitcoin. Genesis Mining pays my mining earnings to my bitcoin wallet every day. So from my wallet I can either buy more Steem Power or mining contracts.
The Steem price is way down at the moment and might fall even more with bitcoin price in these uncertain times before Segwit. I am glad I making regular purchases of Steem Power. This way I am averaging down the price I pay for Steem Power. I started buying 3 weeks ago at about $1.80. Today it is about $1.00! Bargain time.
The price of the smallest bitcoin mining contract is up from 0.011 to 0.015 in the last 3 weeks.
So I am off to buy more Steem Power now. :)
Please let me know your investment strategy in comments below.
Give us an Upvote if you think this info was helpful. It will help my online business a lot.
Thank you. :)
PS: Remember don't upvote this post if older than 7 days, you are wasting your voting power!
Regards
Colin Brazendale
Email: [email protected]
Facebook: https://www.facebook.com/colinbrazendalesinternet/
Youtube: https://www.youtube.com/user/czb1972/
More information:
I am a successful bitcoin cloud miner and affiliate of Genesis Mining. I have been mining for the last 12 months. I am in profit and doubled my bitcoin in this time. So I highly recommend Genesis Mining.
Join Genesis Mining here: https://www.genesis-mining.com/a/339950
Here is the promo code to get 3% discount: QqNvn3
Latest update on @randowhale. The price of an upvote is down from $2 to $1. I just did a test and spend $1. I got $1.70 back. That is great if the post does not lose money before the 7 days run out. I did it on 5 days. This is a much better return. This return was achieved at 38% voting power. So @randowhale is still very popular. Would like to see his voting power go back to 50%. But this might be wishful thinking.
That sounds like a smart strategy. I am very new to all this so I don't have much of a strategy yet. Mostly I am amassing liquid dollars on the sidelines watching what's going to happen with the Bitcoin fork. I haven't done any mining yet and I'm still checking that out. I don't fully understand how it works and how to calculate whether you'll make a profit after spending money on a contract. Do you mostly buy contracts on the Genesis Mining website directly? A friend of mine buys contracts on eBay - not sure if there is any advantage to that or why.
I powered up with $500 SteemPower recently and have another small amount in SBD and Steem. I am looking to buy more Steem on the dips.
From everything I have read and studied so far the other crypto I find most interesting is Lisk. I would like to get a long term position in Lisk.
You are on the right path. You will have a great opportunity to by Steem and Bitcoin on the CHEAP!
Bitcoin cloud mining open ended contracts pays you between 4% and 6%. This is life long. The x11 (DASH) 2 year contract pays about 15% to 20% but is only for 2 years.
You can increase your returns by compounding your investment and referring friends and family to Genesis Mining.
Genesis Mining is a trusted cloud mining company. I have been paid every day for the last 12 months. They have been going on for 2 years now and have more that 500 000 members. There are plenty of videos of there real cloud mining farms in Iceland.
That is very impressive! I have seen a video of someone visiting them in Iceland, lol. It seems pretty funny, but if I were mining a lot I think I would also like to go see them (not to mention I already wanted to see Iceland one day.)
So I don't fully understand how Genesis works - how long did it take until you are profitable? I saw your video where you showed how much you had spent so far and how much you had earned and you were not yet profitable, but could project the day when you would be. Is it a matter of earning enough to pay back the cost of the contract, and then the earnings after that are all gravy? Does it go faster if you invest more up front?
Do you think Genesis Mining will be affected by the Bitcoin fork coming up? Do you think it would be better to start mining after August 1st and we can see how everything settles down?
You many allocate your mining to many different crypto. In the beginning you just need to select if you want life time contract in bitcoin, x11, ether or monero. From there you can select in what crypto you would like to get paid.
The split will not have a big effect, because you can allocate what you want to mine after the split.
Thanks for the advice I will take it into consideration seeing that Steem is so cheap at the moment, can afford to buy a little STEEM POWER! Power on.
Yes, I agree. Lets Steem on. :) Thank you for your comment @estellemcl
Great article! What kind of equipment is required for the GM contracts?
I don't know if you do any investing in other cryptos, but if you do, check out my blog @seanengman. I have some articles on some great crypto projects.
Also, I'll be adding you to my list of people to follow.
Cheers,
Sean
Thank you Sean. You don't need any equipment. It is cloud mining, not regular bitcoin mining. GM is doing every thing for you. It is 100% passive. I am off to your blog now. Following you back. Thanks
Follow?! I hope to see you engage in conversation in some of my articles. I would love to hear more feedback from people. I will research the Genesis Mining some more.
Thank you,
Sean
Yes, I made a comment. :)
How is your return from genesis investment? You may wanna check this:
https://steemit.com/genesis/@cardboard/genesis-mining-36-return-of-investment-yep-that-s-a-negative
Hi @cardboard, thank you for your comment. Following you now. :)
I just read your post. Everything does not always work according to math. You can put something on paper but the reality is the only truth. I bought my first GM contract in July 2016 and then got negatively influenced by online negative nay sayers. Big mistake. We I login to my GM account after 5 months I saw my $30 contract returned $45! Yes I did refer some friends, but GM does work this way. So from Jan 2017 I am buying every week and in profit. I have video proof on Youtube.
Internet marketing is part of the game to make GM profitable, but people can passively use gm too. Just reinvest your earning to see your ROI go up from 4% to more than 10% per month.
Thanks for the info. I guess that the time when someone buys the conctract is really important here. Following ;)
Great post man :)
Thank you @gingerninja. Nice to see follow Saffas on here. Following you now. :)
Good work mate keep the posts coming! Following upvoted
Thank you @ch00fy. Following you back. :)
Still on the fence about Genesis, bought a $100 contract and noticed the payouts drop very fast unless you keep paying more and more. Plus this 3% referral thing reminds me of a ponzi scheme (not saying it is one though). IMO only some big Youtubers who shill their subcribers into using their codes are making a profit.
Personally I find trading much more profitable but would love to be proven wrong :)
Thank you for your comment @tradealert. It is sad to see that you are not seeing good returns like I am. But have you tried to re-invest your earning into more bitcoin mining contracts? You need to get the compounding going.
Yes, referring people is very rewarding as you have seen on YT. But you don't have to be a big gun on YT to earn commission. I see the referral commission like any commission I earn when selling something.
Everything you buy in life earns someone higher up in the value chain commission. Does not matter it it is food or rent you are paying. Somewhere someone is earning commission. Offering commission is a great way to promote sales. And it is a very fare system. The people that work the hardest get the most returns.
Humm, interesting, I never thought of compounding the profit, might give it a try :)
Btw, I've posted some new content on my channel, feel free to drop by and join the conversation :)
This post has been ranked within the top 80 most undervalued posts in the first half of Jul 15. We estimate that this post is undervalued by $9.87 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jul 15 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
Thank you for your update and comment @screenname
This post has received a 6.68 % upvote from @booster thanks to: @colinbrazendale.
Very cool! Thank you @booster. Looking to use your service every day from now on. :)