0
I am a noob to bitcoin and want to know a few things-:
I saw the Genesis Mining pricing here. Now my question is that if I use cloud mining can I transfer that amount to my Bitcoin wallet ? Like CoinBase or Bitcoin core ?
Can that be done in Genesis Mining ?
2
Yes, the payouts can be send to your Bitcoin wallet.
But as with all cloud mining services, they would not offer that service if they would not make any profit with it. Instead of investing $ 2400 on life time 10 TH/s mining, have you considered just buying Bitcoin worth $ 2400?
I tend to tell people to be cautious with such services and do the maths properly in advance. Let me do it for you:
10 TH/s, 2400 USD, 0 electricity, 0 fees:
You would lose around 1562 USD on that deal.
0
There is another big problem with cloud mining. It look very profitable, but the bitcoin transaction fees are killing Because you get your mining payouts in small transactions you have to pay an enormous amount of bitcoin transactions fee
** € 900,- fee to transfer € 133,-**
According to your estimate difficulty would have reached 22734G by now. However, it is at 475G. So you're way off. – JacquesFin – 2017-03-25T09:41:50.817