Is that the same 5% you mentioned yesterday less then an hour ago

Well, ideally Lifetime is not a gimmick. Future hardware might very well be capable of holding all the hashrate you have now, plus what you buy then, and be more efficient, and so on.

Translated: Genesis Mining has a power bill based on the total amount of MHS/GHS delivered by the current hardware. Maybe a few months from now they buy a batch newer hardware which is more powerful and at the same time more efficient. The power consumption per MHS/GHS is actually going down then. If you add another batch, same thing. If you add another batch and at the same time get rid of a batch of less efficient older hardware, the effect will even be a bit bigger.
And that's just one way, but perhaps GM comes up with more efficient ways of preserving power usage, or make their own power, or...

Get the picture?

There seems to be confusion and uncertainty about the fees.

Currently a fixed fee will be deducted from the mined coins with the Lifetime Contracts. Okay, but as we all know difficulty is not a nice thing, so sooner or later the amount of coins may not be sufficient to pay the fee. According to the contract, in such a case Genesis Mining may deduct a missed fee from later earnings. If that happens once then it's not quite a disaster, but what happens if the fee is structurally higher then the mined coins? Will the fees be lowered? Will the hashrate be set higher? Will GM keep on demanding fee money until the customer is in debt for life? Will the "life time" contract end? Anything else perhaps?

Can Genesis Mining make this subject a bit more clear, please?

Maar welke waarde moet je opgeven? De waarde van de munten die je hebt op 1 januari? Dan zou je bijna zeggen dat je hetb hele jaar kunt doen en laten wat je wilt, als je op 1 januari maar niks in huis hebt. Of de gemiddelde waarde over een heel jaar? En als je 100 euro aan muntjes hebt gemined, hoe zit het dan met die 90 euro stroomkosten? Het zou toch prettig zijn om dat soort dingen toch eens goed uitgelegd te zien. De hele coinwereld (in Nederland) zou er mee gebaat zijn. Tijd voor een stichting of zo.

Well, as I said earlier, if market pressure changes, then sooner or later a response will (have to) come. There's no confirmation yet, but we all see things change all over, so I don't think any change would surprise anyone I guess

I can't remember GM saying anywhere that they are changing to lifetime, though I wouldn't hold a grudge if they did
But... which other GM thread did you see that?

No issue with payout for me.

Well, I've interacted without issue

Whoah! I did not say that's how GM does it! Let's be clear about that. But it is how some others out there are doing it so I keep options open. And I'm not against it even, as long as your open about it. And I'm also not against the idea of buying coins. I'd much rather see cloud mining providers buy coins en masse instead of selling them and push price down. Can you imagine what would happen to the value if that happened. But yes, elrugrim, you are right, thanks for reminding me

And hopefully soon Megacoin will bring out good news. Some projects are finished or nearly finished but no one knows what they are. Well, no one, except for those directly involved obviously. I hope

The referral link is cool

As for bugs, I see a pending order for 200GHs 1 year in my account. So, okay, I can pay or delete, but I didn't put it there. Maybe someone was nice enough to hack into my account and order the hasrate, and if so, please order AND pay a few TH/s'. Or it was a test that wasn't supposed to be there?

Haven't tested the new payment system, I just ordered a few days ago

Any ETA for the SSL stuff? It's major important. And if you need help with that...



And yes, prepare for winter!

jar files are java scripts. Bad shit is inside them I suppose, so if you accidentally started or executed those, or think they might have been executed, then your computer might have been compromised and if you have wallets on your pc (which you shouldn't-keep wallets on a safe computer instead of the "daily usage" computer), transfer any coins in them to another safe wallet, now or rather yesterday. Then scan your computer with at least two good and up to date security programs. In fact, even use a bootable cd or something to scan your pc so you know for sure the computers memory is clean of any crapware that might trick your security programs.
If infected, then reinstall your pc, change passwords everywhere and delete the wallets you have now (you've already transferred the coins elsewhere). Do not trust on one security scanner alone as none of them are perfect, and do not take this lightly. The time you spent on this is a fraction of the time you will spent rebuilding your lost coins and regaining your accounts all over.

Anything else someone can add?

Well, guess no one found a third option. Prime has gone up. Not unexpected, as the other option was to lower the Genesis in price. But it's like the 4th time Prime went up in price. Price with other Hashlets is now quite big. Combined with the maintenance fee there's also quite a big difference with competition like Zeus and Zoomhash. Even for the Solo's. I've almost "blindly" invested in previous hashlets, but now it needs some serious math. Are the current features enough to justify the higher price? Future features sound nice, but that's like betting on a pre-order and I've given up on pre-orders. Shame, was just about to get a new Prime and the price cancelled that idea straight away.

Well, I'm also mining at the other 5year contract provider (spread your investment/risk!) and they pay out every day. For some that's handy. We also had this discussion over there in their thread, and the people wanting daily payouts are also the ones that use the payouts for day trading and moving reward from one cloud to another and so on. Apparently it can raise the profit, but it's still beyond me.
I prefer weekly payout. That way I have a "larger" sum. Easier to reinvest and to withdraw some. If I get peanuts every day, then I spent peanuts, if I get a coconut every week, then I spent a coconut
But as you said, if I had like 50TH/s running, then by all means, pay me every day

Ah, my point was more about the "lifetime" of the contracts, but yes, cheap, while maintenance costs take a large percentage. But with the promise that those costs go down to ensure the hashlet remains profitable, until that situation can no longer be sustained, end of hashlet.
Hashrate is cheaper then BCS hashrate, but when adding the maintenance costs I doubt it matters much, and the "lifetime" promise also matters little, but from a marketing point of view it looks better, but most important, the buyer sees his amount growing ever and ever. Kinda like a savings account. The psychological effect of such a thing is completely different and will in fact make it easier for people to keep on (re)investing.
Buying 10 GHS and then months later another 10GHs so you have 2x10GHs,
Or buying the extra 10GHs and then see you see a total of 20GHs. Add a reinvestment scheme to that so people have an easy way of building up their hashrate, also with smaller amounts and presto, people get hooked on the More-More-More principle

Oh, I bought another BCS contract yesterday

Actually, that's a a good question, and the answer is rather simple: support. I'm a Megacoin fan (have I mentioned that yet?!) and I do what I can to support the coin. I can buy Megacoin (and I do), and I can throw hashrate at the network to make it (a tiny bit) stronger. I have limited options at home, so this service is rather perfect for me.

I have a few question marks myself though...
The more I'm beginning to understand cloud mining, the more I see pro's and con's, and the more less obvious things I see. One of the things is, does GM really mine Megacoin, or do they mine Bitcoin through the most profitable course, calculate the appropriate amount of Megacoin anyone should receive and buy that, and keep whatever's left to themselves. Kinda like GAW does with their hashlet's. They have different names, for different pools, but in reality they all mine the most profitable pool and the equivalent of each pool is payed out to those who "mine" at those pools. If a hashlet would mine at Clever and make 1BTC per day, but in reality that hashlet is mining at GAW's Zenpool where it actually mines 1.5 BTC, then GAW pay's the 1 BTC to the customer and has .5 BTC profit. Same sort of thing might apply here at GM. If mining at a Megacoin pool would make 100 Megacoin, but by mining the most profitable coin you mine enough to buy let's say 150 Megacoin, then it's a smart thing to do so. But is that happening?

So you see, I think there is a market for pure coin mining where hashrate is aimed at the exact coin of choice, just for those who wish to invest in the strength and future of "their" coin. That market may be small as most people can't say two sentences about cloud mining without mentioning ROI at least once. But that market is there.  It's what I'm trying to realize actually.

Mja, bij GAW miners kun je je eigen link gebruiken en krijg je commissie over je eigen aankoop. Keiharde regel is wel dat je wel degelijk meer moet binnen halen dan alleen je zelf, anders kun je direct ophoepelen. Alleen is er over het algemeen is er wel een betere korting te vinden dan je eigen commissie

15-16 dollar is de nieuwe standaard in MH/S prijzen, zie ook zoomhash.com, maar toch. Goedkopere hashrate leidt niet automatisch tot een betere ROI.

De opbrengst van een Hashlet ten opzichte van een Zeushash LTC miner scheelt nogal geloof ik, maar ik moet eerst maar eens gaan zitten rekenen. Voorlopige gedachtegang:
GAW heeft een eigen pool die beter presteert dan de concurrentie pools, al doet NiceHash flink mee, maar ook daar kun je minen via GAW. ZoomHash maakt gebruik van CleverMining (ook beschikbaar bij GAW, voor een dollar meer dan Zoomhash), en Clever zit onder GAW's Zenpool en Nicehash. Ik verwacht dat direct LTC minen in het algemeen, met welke pool dan ook, daar weer onder zit.
Het valt te bezien welke de beste opbrengst heeft. In de meeste gevallen centenwerk tot een paar dollar. Tenzij je echt groot geld erin steekt. Oh, en tenzij je specifiek Litecoin wilt natuurlijk, dan is het misschien weer de beste optie om rechtstreeks LTC te minen zodat je geen extra kosten hebt bij eventueel omwisselen.

Maar het is zonder mee goed om keuze te hebben, en om je investeringen een beetje te spreiden.

Ik heb al, en mijn voorraad coins is helaas niet onuitputtelijk. Zit momenteel weer even op de bodem

10%... ook over wat je zelf koopt via je link?

Grootste bezwaar die ik heb tegen Zeus is dat het wel enorm beta is nog. Geen ssl (wachtwoorden worden open en bloot verzonden!), geen enkele andere manier om je account/payout adres te beschermen. Daarnaast kun je alleen LTC minen, prima hoor.

Ik moest overigens een dag wachten voor mijn bestelde hashrate actief was.
En die ref link is leuk, maar weet je wat je voor referrals krijgt eigenlijk? Dat staat nergens beschreven.

Payment received.

And spent 

Wish every day was Sunday...

Ah, but what do you expect of Genesis Mining then?

Like Ian, when I bought my first contract, it was doing well. And then things went down all over the place. It still is. But is that GM's fault?! No, it's not. We're all in the same boat here.

Currently we're still on a rocky road and it's not clear when things are going to stop falling. In the past GM has already compensated people for the loss in returns, which was a generous gesture. But as long as things keep on falling, how many times can you expect them to do such a thing? Every time someone complains? Or perhaps it's wiser to wait until it's clear where this is headed and it's clear what you can and can't do without killing your entire business. Or clearer at least, as everybody guesses.

I'm sure GM will respond at some time. Currently the math is just bad, which will be seen in sales figures. Bad sales figures will demand a response sooner or later, there's no escaping from that. But it won't be easy. GM is depend on costs, and let's face it, hardware manufacturers are not doing the coin community any favor, and GM in this case is part of that community.

As for the future?! I said it before, I think we're headed towards a small coin apocalypse. Some coins will rise, most will fall. It's a matter of sticking with the right ones. Currently the only way to make a decent ROI is simply by abusing "the system" further, mine the newest coins and dump them to those who think the rise in value is a promise for the future. Which is fine for home users, but I'm not sure a business which has a far larger operation and and hell of a lot more responsibility towards their customers can even make such quick changes all the time.

Lastly, everyone is always complaining about ROI, but GM is just about the only company out there that gives people opportunity to mine a specific coin of their choice. Some people don't do that for profit and are glad for this opportunity and will pay what they think the service is worth instead of the value in return. I think this is one of the keys towards a better future if it's taken to the next step. But GM can't do that alone.

I'm supporting GM, and I will keep on supporting them, just because of that, and because I have faith that there aren't just here to suck the community dry. But all in good time.


Hope it's a bit clear, got a big head ache which clouds the mind a bit