Genesis cloud mining not a scam but...😐

If you are reading this you must be feeling a little late to the party with all this ICO's and crypto boom in general, and you are considering mining to be a good investment. The cryptocompare.com and their calculator must have promised you to get your money back in 4-5 months, here you are thinking to mine by yourself or cloud mine.

Genesis cloud mining
Genesis is a great company that does mining for you somewhere in Iceland thanks to cold climate and cheap electricity at 0.01$ per kWh. Genesis also has a great customer support which I used to ask few questions.
However the actual problem is not Genesis, but the mining itself.

I started mining Eth on Genesis in the beginning of June by investing 10k(they can give you discount if you let them know you are investing around this sum), I was kind f skeptical until I received my first transaction from them in about 2 weeks time, so everything is fine with their legitimacy, however that's not the point I want to make.

First I started mining I was getting 0.26 Eth a day and now I'm getting only 0.14 on average. So the rate at which the return is falling is just crazy, and a 2 year contract seems to be very reasonable because mining as a source of income might be dead by that time.

Good thing is that your plan is flexible and you may switch to other currencies that become more profitable to mine, to me this is very important as it reduces risks and may keep you floating if Ethereum won't be PoW anymore.

If you still plan to invest in mining I wouldn't trust any other cloud mining companies even though they may offer a higher return as they may actually be scammers.

Let me know if you'd like to hear about my experience with building mining rigs, which is much harder than those guides tell you tbh, or my overview on mining.

follow as I'll be posting more useful content which may save you some time or money. thanks and good luck🙃