Crypto News & ICO Reviews
Guys PLEASE READ THIS before investing your MONEY at GENESIS MINING This is simple MATH!! 10 years old child can understand this! In this experiment, I will pay 105 $(0.105974 BTC) for 700 GH/s
GENESIS MINING will charge you FEES (Guys please read the Agreement http://imgur.com/a/CRNdl ): a. 0.150 $ per GH/s upfront = 0.000150313 BTC * 700 GH/s = 0.1052191 BTC upfront fee *b. 0.00028 $ per GH/s a day = 0.000000280824 BTC * 700 GH/s= 0.0001965768 BTC A DAY fee (0.071750532 BTC a year)
Now to calculate the profit is very simple, BTC mined in a year minus you cost/investment and the sum of fees. 700GH/s will generate ≈ 0.1554 BTC a year. BTC Profit first year= 0.1554 earning – (0.1052191 + 0.071750532) fees – 0.105974 cost = – 0.127543632 BTC (-127.79 $)
You invested 100 $ in GENESIS MINING after a year you LOST 100 $ and you OWE them 27 $. Their system is designed to keep you buying more Hash Power in the hope of making a ROI in a distant future.
More Hash power= more daily fees = less profitable Bitcoin earnings.
*The cherry on top of the cake, " if, on any day, Coins generated on one day do not suffice to pay item 2 of the Fee above, the Service Provider may use Coins generated on any day thereafter for such payment."
I wont consider this a SCAM because it's written in the Agreement, If you have already invested please stop the bleeding and use you money for better good.
The conversion rate (1 BTC = 990.811 $) and BTC mining rewards (12.5 BTC) are calculated on 2/13/2017