Click Here to read the updated article about DASH mining with April 2017 Updates
X11 is an algorithm that can be used to mine DASH, Litecoin (LTC) and Dogecoin. DASH is the most profitable and explosive currency to mine, with a recent skyrocket boost in value ( from $15 USD to $45 USD in a space of a month). DASH is also the 3rd largest cryptocurrency in terms of market capitalization. In this article, we calculated the daily yields for X11 mining and worked out the Return on Investment for the 2-year X11 contract
On May 4th, 2017 we calculated:
- 2 Years of DASH mining
- Genesis-Mining with 3% off Coupon = 6bXKwD
- Return on Investment (roi) = 286%
- Changes in Difficulty and Value of DASH have NOT be accounted for.
What is X11 Mining
At a fundamental level, X11 is a type of mathematical algorithm. The X11 algorithm is used to mine coins such as Litecoin (LTC), Dogecoin (DOGE) and DASH. Because there are a lot of different coins that use X11, Genesis Mining can be set to mine a particular coin or automatically mine the most profitable coin. The following image shows the X11 settings on Genesis-mining.
The image above shows the default X11 mining option BTC (AUTO). With this setting, genesis-mining will automatically mine the most profitable currency automatically convert it into bitcoins. This is the most convenient choice as it reduces the need to create multiple wallets.
Due to the more growth potential of DASH, you can manually the genesis-mining to mine in DASH and deposit the output as DASH. Make sure you set a DASH wallet in the currency settings.
X11 Mining Cost
Genesis mining is currently selling X11 mining with 2-year contracts. Payment is made upfront for the 2 years. Everything mined during the 2-years will go to the contract owner. Unlike the Genesis mining bitcoin contract, there are no maintenance or electricity fees. This is an important factor in ROI calculations as the electrical bill can significantly cut profits.
Currently, X11 mining costs $8 USD for 1 Mhz. You can get a 3% discount with the X11 mining coupon “6bXKwD“.
X11 Mining Return on Investment (ROI)
Note: The following calculation assumes that X11 mining will be used to mine BTC(AUTO).
Daily X11 Mining Yield (BTC per MH/s)
X11 Yield calculations
We can see that the average daily yield is 0.000030 BTC per day. Over the 2 year period, the expected bitcoin yield is 0.0219 BTC. At the current exchange rate, this is worth $12.26 USD. This means over the whole contract length of 2 years, you will approximately yield $10.24 USD with a $7.76 USD purchase. This gives a Return of Investment (ROI) of 163% (two years, full contract).
Amount Purchased: 100 MH/s
Expected value of 2-year mining contract = $1454.64 USD
Cost of contract = $500 USD (Assuming coupon code “6bXKwD”)
Return on Investment = 290%
About Genesis Mining:
Genesis Mining is based in Iceland and has provided the most evidence for the existence of its mining operation. Their data-center page contains videos of wide angle sweeping shots of its data centers, along with their employees installing bitcoin mining gear. Iceland also has one of the cheapest electricity costs at 5.54 US cents per kWh (source Wikipedia).
Click Here to Sign up with Genesis-Mining. Remember to use the Promotion code “6bXKwD” to get a 3% off discount coupon!!
- Update Dec 2016: Despite having a low ROI, Genesis X11 contracts are officially out of stock! This seems like a very popular contract!
- Update Feb 2017: Article was updated to include new Dash Pricing and ROI information.
- Update March 2017: Updated to account for the DASH’s rise in value and increased market capitalization.
- Update April 2017: Updated new DASH pricing. Updated Return on Investment.
- Update May 2017: Updated Roi. DASH value