Bitcoin Forum

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Dear Miners,

Genesis Mining is a major player in the altcoin space and we are well-known for our great service, and transparency -- we show our faces and we show our miners!¹
With the addition of sha256 (and X11 soon!) mining contracts we expand to be the first large scale multi-algo cloud mining company in the world!

Bitcoin Mining Contracts
Our prices for sha256 lifetime hashpower contracts are:

Gold    :         10 Gh/s    -    9.99 USD (9.99 cents per Gh/s)
Platinum:    1000 Gh/s    -    989  USD (9.89 cents per Gh/s)
Diamond : 10,000 Gh/s    -    9790 USD ([\b]9.79 cents per Gh/s[\b])

For larger type of contracts please contact us: contact@genesis-mining.com

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We will also launch our new re-designed interface (which allows you to manage sha, scrypt and X11 contracts):

http://img5.picload.org/image/cgdloaw/genesis-mining_minign_alocatio.png

See our scrypt hosting main thread here: https://bitcointalk.org/index.php?topic=602022.0 (https://bitcointalk.org/index.php?topic=602022.0)

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Happy Mining,
The Genesis Mining Team


¹  http://cointelegraph.com/news/112329/gavin-andresens-fractional-reserve-mining-cloud-miners-respond (http://cointelegraph.com/news/112329/gavin-andresens-fractional-reserve-mining-cloud-miners-respond)

Definitely interesting.. need to calculate though but at first glance at least way better prices than cloudhashing & co

Interested...

Curious in learning more

No maintenance fee, electricity fee with this?...
The diff is increasing (like 20%) every 10-days.

so?  ???

Everything included - no hidden fees!

 :o :o Woooohoo

I'm on the boat! Count me in

 ::)

Prices - not bad. How much hash power are you thinking of bringing online in the next few months?

Do you help new miners get up to speed with how everything works?

Yeah I'd be interested.

Its a good news for all of us who is mining with Genesis. You have mention that "we will offer special promo codes for the mining community". Last time i have found that there was 3% discount on promo code. What about this time?

Hi Daniel.

I think like they do with Scrypt, GM will sometimes do promotions so that you can get a discount using a code which will be a unique code that will last for a select number of weeks.
For those of us that have referral codes with the 3% etc, then they will also work with BTC contracts so if anyone used my code for example, they would get a discount etc
Mike had asked a similar question on the GM thread in Alternative Currencies, and GM replied to him regarding that.

Hope that helps a little bit.

I have to admit to being rather disappointed with the downturn in performance of my G-M scrypt contracts over recent weeks ... big reduction in payouts ...
Maybe the addition of SHA-256 and X.11 might rejuvenate things ... I'll give it a go.

self-moderated topic
 ::)

That's good.

On the hardware site we will do everything for you so that you will basically just sit in front of your computer and control your hashpower over the new interface. We are sure it will be very easy to understand and to control.
If there are additional questions you can always read it up in our comprehensive faq (https://www.genesis-mining.com/faq) under the technical section or just contact us at contact@genesis-mining.com.
We are always there to help you!

This is a huge announcement. The price that GM is offering is really competitive. Better than the established players like CloudHashing.com. I would definitely be interested. Please send me a PM with promo code.

Few suggestions though,

1) Why not add a revenue reinvestment program?
2) Extend the contract period ?

Another query, if some one uses my promo code that offers 3% to buy SHA contract the cut that i get will be added to scrypt mining or sha mining?

Hey vaisajne,

1) This is definitely something we plan to offer soon.
2) Already done! You will be able to choose the lenght of the contract. Wait until you see the new interface ;)

Your bonus will be added to scrypt for scrypt contracts and to SHA for SHA contracts.

Hope this helps! ;)

You will be directly competing with CEX and PB Mining in SHA-256.

As you probably know CEX are lifetime contracts ... their fees are ridiculous and they are not very reliable ... I ditched them

PB's contracts are currently 5 year duration and cost 0.0027BTC per G/hash ... I have been buying them lately and the payout figure is holding well. They don't have a reinvest facility though which is a bit of a pain, but not the end of the world.

If G-M can compete on pricing and contract length then I'll look favorably at buying hash power.

***UPDATE***

Since I wrote this PB hash prices have increased to 0.0033BTC per G/hash ... I held off buying at the earlier price in anticipation of G-M launching and announcing their own price structure ...

I'm still waiting !

When will you launch ?

Found it helpful.

Sounds good! I am in with a small amount, as well. My first Bitcoin mining contract :)

So when are these codes you mentioned being PM'd out? =)

They will be sent our right after the official launch of our SHA contracts

I assume these codes will only work for the sha contracts (and not scrypt), right?

Good job with the interface. It looks great :)

Yes, that's correct!

Nice to hear you like our new interface. We really worked hard for that!

Interested for the least priced contract.  :D

Looks good and ready to give it a try!  Especially with the Promo code offer  :)

I'm also interested! Are there news about the exact date of the release?

Waiting for the official launch of SHA contracts.

So you were not involved with scrypt Contact.

Stay tuned on this thread, you will get all latest news and information.

How many coins Genesis-mining is allowing to mine? Just curious.

In total they are allowing approximately 10-12 coins to mine. But more coins are coming.

Actually.... Just one to start with: Bitcoin. Perhaps other SHA256 coins will be possible later.

Scrypt mining is another matter. As Abdullah001 said, like a dozen coins, from which you can pick Megacoin  ;D

I'm interested in signing up so a promo code would be great. I was going to buy some hashlets but not at the current price (and yes I know this is bitcoin not altcoins before someone points that out :))

Thanks

Why are you preferring Megacoin? Do you think its profitability level is higher than other coins?

Profitability is a one day fly. There's a "better" coin every day and very few can be trusted enough to be profitable for longer periods, or even longer then a few hours. Megacoin hasn't been the most "profitable" coin for quite a while.
But, I've been with Megacoin since almost day 1. When it was first released it was one of the very very few scrypt coins that was based directly on Bitcoin code so not just another Litecoin clone. Since then it has grown quite a bit and has provided some code (KGW) that has been adopted by most of the coinworld to deal with massive difficulty changes. Meaning the dev (Kimoto) has made a difference already. It's one of the coins that can take care of itself. With the current fall of scrypt coins it's not hard to imagine that coins that cannot properly adapt to future needs will simply fade away. I rather think Megacoin is one of the few that will shine when things get rough. New, future proof adaptations are coming, though, in weeks? Months? Don't wait up for them as Kimoto follows his own visions and plans. I'm pretty curious about those myself.
Anyway, don't see Megacoin as "profitable" or as a nice coin to trade with Instead see it as one of those coins that has a longer past then most coins and a much longer life ahead. Stack up on some, and do the playing for profit with other coins.

I totally agree with you. I also think that the profitability level change randomly. It is really difficult to trust a single for long time.

Any news on when this is going to launch, thought it was early this week?

Where is this new interface ? ... I'm already a customer and I'm not seeing a new interface ... It looks exactly as it always has done to me. So post a URL to the new interface please.

To see the new interface go to this thread: https://bitcointalk.org/index.php?topic=602022.new#new

Dear Miners,

We are going live with the new contracts and the new interface within the next moments. Last chance to get discount codes!

Stay tuned!

We are thrilled to announce that the new Bitcoin Mining Contracts are live now and the new user interface enabled!

Thank you all for the great feedback and all the interested users who sent us pms to gather the new promo codes.

We think that you will like it and are looking forward to provide you soon with even more updates and new features!

Exciting times ahead!

Your Genesis Mining Team

Thank you for the discount code.

I'm sorry but I don't think I will be accepting your offer and here is why.

Recent offer from Cointerra ... 2Th/s 1 year contract $3,500USD ... your price = $5,000USD less 7% = $4,650USD

On offer from PB Mining ... 2,000 Gh/s (2 Th/s) 5 year contract 6.60007649 BTC ... your price = 48.097 BTC for 3 years less 7% = 44.73021 BTC

CEX.io ... 2,000 Gh/s (2Th/s) lifetime contract* 7.59952 BTC ... your price = 48.097 BTC for 3 years less 7% = 44.73021 BTC

*note: CEX.io deduct fees for maintenance prior to payout


If I'm missing something please do let me know, but on the surface of it, it does look like you've missed the mark ...

I'm sure the 2Th/s 3 year price your website generates of 48.097 BTC must an error as it is wildly above anything comparable, is it ?

Hey MichaelNZ,

Although I am not too happy about the delayed launch that I expected on monday/tuesday I actually came to the conclusion that their prices seem to be really good.

1) As far as I can tell from CoinTerra's homepage they are currently selling hashrate for 4 USD per GH/s, which is nearly double the price of Genesis Mining. The prices you are referring to are their prices for their pre-orders who start December 29th which is actually a decade away in the mining world.

2) Regarding CEX.io: I followed the interesting discussion started by you (https://bitcointalk.org/index.php?topic=676104.msg7664447#msg7664447) and took your comments as a reference for their service so far. Their fees are indeed extremely high.

And from my point of view it does not make any sense to buy a 3 or 5 year contract. If you bought a five year contract a year ago the extra four years would be practically worthless by now. So to be fair compare one year prices and give no credit for longer contracts (in an exponential mining world it just does not make any sense).

3) For pbmining it seems obvious: their prices are much lower than everyone else. The only thing that bothers me still considering their service is just that they are anonymous and I already had a lot of bad experiences with anonymous services in the bitcoin world. I am much more careful now and Gavins statement about some cloudmining services are spot on (http://cointelegraph.com/news/112329/gavin-andresens-fractional-reserve-mining-cloud-miners-respond). It is just a question of time, until some of the cloud mining companies turn out to be scams, and people lose their money.

Correct me if I am wrong, but I think this is definitely an offer worth considering.

Longer contracts make sense IF you buy massive loads of hashrate. For most of us 1 year is the max, but if you have like 50TH/s then 2 years makes sense. The math for much larger amounts is different again.

Though, I'm not sure what to think of the prices. Even with 7% discount it seems like the total return is max 4/5 of the (BTC) investment. So, I wonder what GM was thinking when they started this adventure. There are some trends visible:
1 - Difficulty is high and most, nearly all miners currently for sale are too expensive (in purchase AND maintenance costs) for the amount of hashrate they offer.
2 - People spend their money/coins less easily, partially because of the number of scams, partially because they have become smarter and less greedy and are aware of the previous mentioned trend of hashrate versus costs.
3 - The difficulty increase seems to slow down, which might look good, but it's too early to trust. 5% average is a long way away still, and a drop will not happen within the next... year.
4 - ... Darn. As usual when I have several things in mind, as soon as start writing them down I forget one of them. I'll add it later, when I remember.

All in all I'm afraid that the current offering is not special enough to lead to good sales. Hopefully GM will be able to mine themselves a load of Bitcoins, so no fear of the future. But it still worries me. Companies like GM matter greatly, and I still might buy some hashrate purely to support them and the greater good they offer directly and indirectly.

On top of that another difficulty adjustment is coming within two days which will lift difficulty up another 13% or 14%, making this not the best of times to buy anyway. Since they didn't make it early this week, I actually thought GM was waiting for the beginning of next week, after difficulty adjustment. Guess I was wrong. Which I am, once or twice a year, but who's counting ;D

So, now the discount is closed.

99% of the time I agree with your postings Mike, but here I do not quite agree ;)

The ROI is invariant. In other words it does not make any difference whether you buy 1 kH/s or 1 TH/s.

If you believe the curve will continue to grow exponentially like before, then it does not make any sense to buy a contract that is longer than 1 year. Longer term contracts are basically driven by electricity costs. If you do the math and calculate what a state of the art miner consumes you will arrive at similar prices for the following years.

Offering 5 year contracts is a marketing gag, but nothing more. Actually they are cheating because from the money they cannot pay the electricity bill for five years unless (i) they have hardware no one else has, or (ii) they are betting on higher hashrates / better hardware for the future, or (iii) never intend to pay anyway. If you are an anonymous company it might be easier to offer 5y contracts ;)

I agree with Mike (we are back to the 99% :), that we are close to a equilibrium state. Difficulty will not grow as fast as before anymore. In this region mining will make more sense as a long term investment, e.g. for about a year (before that you either had achieved ROI in three months or not at all).

Ah! But I wasn't talking about ROI, just returns, any return, good or bad, profit or loss, maybe I should have explained that better :)

In short:
Small amounts (let's say GH/s amounts) return something for up to a year before payout is so low it's practically useless
Larger amounts (let's say at least a few handful of TH/s) will return something payable for up to two years before payouts get too low to mean anything
Really large amounts... well... longer. Buy a PH/s and perhaps 5 years is more then a marketing gag :)

Whether you get more out of it then you invested (positive ROI) is a different matter, but the larger the amount of hashrate, the longer you receive payouts. So, I think we still 100% agree ;)

I have notice that Genesis-mining always try launch new features for their customer.I am waiting for something new.

Umm?! They added Bitcoin mining, SHA256, brand new, and a new interface. What other new stuff are you waiting for ;)

Is there any new update from Genesis-mining?

Nathan, you will get recent update about Genesis-mining from this thread: https://bitcointalk.org/index.php?topic=602022.new#new

Dear Community,

We worked hard within the last days to be able to make this announcement:
Thanks to our partnership with the hardware manufacturers we are able to lower the price for hashpower (scrypt and sha) to a level not seen before in the market.
We are also glad to tell you that we expanded our yearly contracts to lifetime contracts so that you can keep the purchased hashpower without any expiration.
For all of our devoted customers who supported us from the beginning on we want to say thank you! This has never been possible without you:

All customers who purchased yearly contracts from us get a free upgrade to lifetime contracts after expiration!


Our new rock bottom prices are the following:


Scrypt:

Gold      :   1 Mh/s    -  17.99 USD (17.99 USD per Mh/s)
Platinum :  20 Mh/s   -    339 USD (16.99 USD per Mh/s)
Diamond : 100 Mh/s -  1,499 USD (14.99 USD per Mh/s)


SHA:

Gold       :    10 Gh/s      -    9.99 USD (9.99 cents per Gh/s)
Platinum  :  1000 Gh/s    -    989  USD (9.89 cents per Gh/s)
Diamond  :10,000 Gh/s  -    9790 USD (9.79 cents per Gh/s)


We currently have a lot of new features in the pipeline we are eager to announce! Stay tuned for the upcoming times. It will be great!

Your Genesis Mining Team

Way to go stepping up the game GM.

I might jump in on this soon...The ability to actually mine actual coins such as ltc and keep them is what separates you and gaw

Great to hear that you like our product! Although we cannot guarantee ROI, we indeed think that those prices together with the stagnating litecoin difficulty is a very attractive combination to make profit.

Thank you very much for your feedback!

That's a great news for all of us, specially for old members. I am waiting for new features which are on pipeline.

Due to the extreme demand for our new lifetime contracts you currently might experience some delays in our payment approval system.

Please be patient, we are doing our best to approve all orders as fast as our system can and we are confident to clear the delay soon. Current delay time: Maximum few hours.

Thanks for your understanding!

Your Genesis Mining Team

Genesis-Mining Could you explain why your customers are fully liable for hardware and software management when purchasing a fractional lifetime mining contract?

From your TOS: "The Customer will be solely liable for the maintenance of the relevant technical equipment (software/hardware) that is required to receive the above service."

What about customers who are not familiar with maintaining websites, miners, mining hardware, fractional mining software or calculators etc.?

I had everything ready to go until I read that I would have to maintain my purchased hardware.

I believe that is the line that provides the rational for them chargining you maintaince fee's on the cloud hosted mhash/ghash.   You are responsible for maintaince of the equipment, which they in turn provide for the fee they charge for it.

No, the maintenance fee is covered under paragraph 2:

As well as the footnote:

I think few hours delay is not a big fact.

Big enough to mention, Daniel. A lot of people expect things now, immediate, pronto, not a second to waste! So, any delay should be mentioned so people don't start worrying for no reason other then success :)

--

miaviator, the TOS may not be clear, but whatever liability you have, no one will ask you to keep up the website literally or any such thing. I'm sure you can't even change a single character on their web pages, or enter any datacenter. And if you can, please notify GM asap :D
I think elrugrim is right and the fee covers any liability you may have. If you still worry, I've been with GM for like half a year now, and they've never requested me to reboot the webserver or flip the powerswitch of some miner. The only thing you have to do is buy hashrate, and in the case of SHA hashrate sit back and wait for returns, or in the case of Scrypt hashrate allocate the hashrate to the coin or coins of your choice and then sit back and wait for returns (oh, and enter a wallet where the mined coins must be send to)

I've been waiting for 2 days now, to get mine contract approved.

Hey yuckotheclown80,

Your payments should be approved by now.

If not, please don't hesitate to contact support and we will immediately take care of this.

Your Genesis Mining Team

Yes, exactly. We provide all the services for our clients and you can sit back and receive your daily payouts without any effort.

For more advanced miners you can mine your own customized cryptocurrency porftolio by distributing scrypt hashpower over all integrated altcoins in a way you prefer. We think this is a great opportunity for everyone!

What is your current status? I hope Genesis-mining has been already solved your problem.

This morning, my last contract was approved.
So at this moment, my problem is solved.

An article you might be interested in:

http://cryptomining-blog.com/3493-what-you-can-currently-earn-with-genesis-mining-cloud-mining/

I'd like to point out again that LEGALLY AND BY CONTRACT genesis mining may at any point take all of your money and stop payouts in accordance to the TERMS which YOU must agree to in order to purchase.   

What that users posts to this thread DOES NOT change the BINDING agreement which you agree to when purchasing a financial instrument from them.

You as the customer are LIABLE for maintenance of all miners and all systems to run the website!  GO Read the ToS.

Hi Miavator,

I think Mike18feb already covered this a few comments above.

It's really nice to see that you are reading the agreement in detail, but please don't misinterpret them. If you have any more questions, feel free to let us know any time.

Thank you!

This part of the contract means that the customer has to provide all relevant technical equipment to receive the payment. Most importantly he has to have a wallet address for each coin, in order to allow us sending him the coins. For example, we will not send a paper wallet to a physical address. It is the customers obligation to have a wallet.

Our users do not have to maintain mining hardware or any technical equipment / software in our locations (this would not be a reasonable requirement).

Hope this clarifies the above point.

Best regards,
  Marco (mk)


Please post new questions / comments to the main thread   https://bitcointalk.org/index.php?topic=602022.0

GM is a great Company and worlwide leader!   I'm proud to be a Genesis investor.
If you want to join us and become a crypto miner here is a 3% exclusive discout code  ALQ3jY and the link for subscription  https://www.genesis-mining.com/a/916434
Have a nice day!

Hi,
It's already been 72+ hours but my contract has not been activated yet.
I bought a monero contract on 5th of August.
My invoice ID is 5985dd6a-8038-4f97-b4de-4c2bc0a85928

Genesis Mining has tanked

https://imagebin.ca/v/3d10DlKFv0fs

Warning to anyone advertising affiliate codes: you are bringing liability onto yourself by enticing people to invest in a fraud

i really love genesis mining since iam owning some ghs there !
but iam waiting now since moths untill i can buy more Bitcoin mining power its allways sold out XD
if the bitcoin hashpower comes back in shop i will buy more and more !
hope you installing new miners for me to rent soon :P


kidn regards

All i can see is that i can buy only 2 Years Monero Mining contract... why? Where is BTC or ETH??

Support will be here and your quries will be addressed by them but right nothing the ETH and BTC are in big fluctuations in terms of price. So may be they need to take some time in order to get sales for both of them.

thx!