Are Monero Cloud Mining Contracts Profitable?
The short answer is yes. In fact compared to savings accounts, mutual funds, and bonds one might go as far as to say they are wildly profitable. Also, at Genesis Mining the Monero contracts are open-ended, meaning you get to keep them until they stop making money. Sounds fair to me!
Monero Contract Features:
2 Year Contract
The Monero contract as I stated before is a 2-year contract. It takes the better part of the first year to make your money back. After that, however, it’s pure profit! We all know the appeal of anonymous coins. If the government doesn’t know about the money how could they tax it?
At Genesis Mining, their payout standard is daily, instead of weekly or monthly unlike some other less reputable services out there, so you never really worry about getting dividends on your investment.
Payment Reallocation Service
If you would rather get paid out in a different coin, Genesis offers reallocation service, essentially the just take your coin you mining and pay you in an alternative coin at no cost to you. When the fees for transferring Bitcoin were really high earlier this year, I switched the allocation of my contracts to payout in Litecoin instead of Bitcoin to circumvent the fees. It’s actually pretty nice to have that flexibility when you’re in a long-term investment.
No High Power Bills
With more traditional mining practices (GPU/CPU Mining) often you have to plan for hefty power bills, but since Genesis Mining is taking care of the whole process, you don’t have to budget to cover the cost. It’s like having a money printing machine that someone else maintains and gives you all the cash it makes. :p
Low Start-Up Cost
Building your own miner can be costly. Even with the most economic of setups you’d have to spend a minimum of $500 just to get started! However, at Genesis Mining, their Monero hashpower starts as low as $60 and you start getting your coins immediately! I know several people that every time they get paid they just buy a 60 stack of hashpower.
It would be wise to verify the figures before investing as mining difficulty and price varies from time to time.
The average electric cost in the USA is about 12 cents. Feel free to use all the other parameters aforementioned.
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OTHER ARTICLES OF INTEREST
Need a more secure wallet? Check Out Ledger’s Hardware Wallet
How does 1% a day for 300 days sounds? Check out my article on Crypto Lending only if you like money that is.
Interested in mining crypto? Consider Genesis Mining they are my preferred mining company.
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