Still no payout. Too bad...
And no gesture of goodwill for the oldest customers. Not sure you will still go a long way GM. Customers who don't ROI won't reinvest.
You've signed a contract with a predetermined fee. It is not the fault of GM when the Bitcoin price too low, or the Difficulty is too high and the contract is no longer profitable. Even the new contracts with lower fees are a losing proposition. But I speculate on rising prices. Of course, this can also totally go wrong and my money is gone. The risk is always there. Seemingly still think people that here would be a magic money printing machine. But it's a high-risk investment. In a still experimental cryptographic currency. And if GM would everyone pay compensation, the company would be bankrupt within days. Why should they give away money? They are also a profit-oriented company. You got it right Soylent Green! Everyone is responsible for his own investment. People should stop whining and blaming someone else. If you do not understand the risks, you should not invest. I am doing lots of investments and some work out and some do not - that is how it is. GM is doing exactly what they promised according to the contract. And I came to the same conclusion: their X11 contracts look like a good investment opportunity! |
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I also enjoyed the webinar. Interesting discussion!
Please do it again!
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well they said 1 of the mining servers was a mere 2 ph/s which isn't jack vs the 405,204.935 th/s total hash rate that's less then .02 % if that, genesis would have to mine at some other pool to even find a block in 24 hours.
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Total hashrate: approx. 380 PH/s ( https://bitcoinwisdom.com/bitcoin/difficulty ) 2 PH/s => 0.53% @fairglu: the daily payout is about 3600 BTC (=25*24*6) |
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Jetzt sollten die Auszahlungen wieder steigen, wenn ich mich nicht täusche  Der Kurs hat ja knapp 10 % zugelegt. Kann ich bestätigen. Die Auszahlungen sind ein Stück nach oben gegangen :-) |
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Just for your information: I have modelled the payouts and income from Bitcoin Cloud Services. They are now probably paying out more BTC to their users than they receive as income from new users. For the period from Apr 23 to May 5 they probably lost approx. 25 BTC each day.
Draw your own conclusions...
What if they had got 25+ BTC before April 23? I used my model to calculate that as well. In the past they made (huge) profits. This is the first time they are losing Bitcoin for a period of time. It is very likely that Bitcoin Cloud Mining is a Ponzi scheme. As such they will probably not want to run on a loss for a long period of time. If they continue to lose money, I would expect them to shut down the operation in the next couple of weeks. Heh. We ll see how good are your forecasts. For the sake of people who invested there, I home your are wrong. They lost 60-70 BTC/day in the last two days. Thus, they might try to make a new offer to boost their sales one last time. After that the Ponzi will collapse. Unfortunately, there is no hope in this case. It seems Bitcoin Cloud Services has stopped making any payouts. The last "special offer" gave them some income for a few weeks, but it is over now and they are closing down. No surprise, unfortunately. |
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Would it be possible to reduce the number of UTXO by making a transaction to self?
For example, if there are 30 payments to the same address A, this means there are 30 UTXO (assuming nothing was spent so far). If a transaction from A to A would be made (spending all BTC and sending all back to A), would this reduce the number of UTXO?
If this is the case wouldn't it be make sense to allow (as an exception) these kind of transactions to be done by anyone (i.e. *without* signing) in order to reduce the number of UTXO, provided that:
(1) the amount is send from A to A
(2) no fees applied
(3) no other trx uses the respective UTXO
(4) number of UTXO is reduced
Sorry, if I completely miss how UTXO work, I am still learning.
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Just for your information: I have modelled the payouts and income from Bitcoin Cloud Services. They are now probably paying out more BTC to their users than they receive as income from new users. For the period from Apr 23 to May 5 they probably lost approx. 25 BTC each day.
Draw your own conclusions...
What if they had got 25+ BTC before April 23? I used my model to calculate that as well. In the past they made (huge) profits. This is the first time they are losing Bitcoin for a period of time. It is very likely that Bitcoin Cloud Mining is a Ponzi scheme. As such they will probably not want to run on a loss for a long period of time. If they continue to lose money, I would expect them to shut down the operation in the next couple of weeks. Heh. We ll see how good are your forecasts. For the sake of people who invested there, I home your are wrong. They lost 60-70 BTC/day in the last two days. Thus, they might try to make a new offer to boost their sales one last time. After that the Ponzi will collapse. Unfortunately, there is no hope in this case. |
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Just for your information: I have modelled the payouts and income from Bitcoin Cloud Services. They are now probably paying out more BTC to their users than they receive as income from new users. For the period from Apr 23 to May 5 they probably lost approx. 25 BTC each day.
Draw your own conclusions...
What if they had got 25+ BTC before April 23? I used my model to calculate that as well. In the past they made (huge) profits. This is the first time they are losing Bitcoin for a period of time. It is very likely that Bitcoin Cloud Mining is a Ponzi scheme. As such they will probably not want to run on a loss for a long period of time. If they continue to lose money, I would expect them to shut down the operation in the next couple of weeks. |
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Just for your information: I have modelled the payouts and income from Bitcoin Cloud Services. They are now probably paying out more BTC to their users than they receive as income from new users. For the period from Apr 23 to May 5 they probably lost approx. 25 BTC each day.
Draw your own conclusions...
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I stick to Genesis Mining, they help me whit my questions, and if a problem occurred Marco fixed it him self. Do not forget Genesis Mining is whit CEX.io and cloudhashing the oldest cloudminer. Cex.io already stoped mining, and cloudhashing..  who wants to talk about cloudhashing lol they suck.. So... in my opinion Genesis Mining is the only cloud-hasher we can trust. Megamine has been around for a long time too. They too are very transparent and have very good customer support. I have an all-in contract there which is very nice; no worrying about maintenance fees at all =) Quote: "The new PAYG hosted contracts are available [...] with a daily hosting fee of $0.579/GH/Year (which equates to a charge of $0.00158630136/GH/Day [...]). The hosting fee is charged in BTC based on the market mid price of the day. All PAYG contracts run for a maximum of three years, but are terminated earlier if the earnings from the contract are not able to fund the hosting fees." http://www.megamine.com/latestnews.phpFurthermore, there is a 5%(!) charge on the gross income. According to my calculation this results in about $0.0018-0.0019 per GH/s and day, which is more expensive than Genesis Mining. |
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Just say if you would like me to specify in details what companies in the cloud mining world I prefer.
I can do it here in this thread, compare prices, ROI and everything else. I m not talking about bunch of ponzies which emerge here and there, I m talking about big guys compared to Genesis Mining.
So if you would like me to do that, just say the word.
I do not care too much as I have done my own research. Probably the most appropriate is to open a new threat and write your thoughts there. Like the guys writing about Ponzi risk assessment. https://bitcointalk.org/index.php?topic=878387.0 |
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Never used or promoted PBMining. LTCgear s still on and arbitrage site has been refunding people since the crash. Also, all of my investments are my own choices and whenever I promote something I clearly state it s extremely risky so people can decide whether this is something for them or not.
Trying to discredit me s not going to stop me posting on this thread unless you ban me from it, now I m gonna be even more interested in Genesis Mining offer and results. BTW, I used to promote Genesis Mining as well. That one, I admit, was a big time mistake.
Why is that? All the others crushed while this one is still officially working and quite transparent in their operations. That is easy: Genesis is only paying relatively small bonus if you promote them (like 2.5%). Promoting scams gives a much higher return (like 10+%). So guess what people like him prefer? It is always the same: open some scam cloudmining site and promise quick ROI. Promotion is done by people who write in the forums that there are "better ROI" opportunities available. They earn a nice bonus for this and do not take any responsibility. |
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The recent dip seems to rattle the whole Bitcoin ecosystem. It's really interesting, Bitcoin seems to completely change every 2-3 years. Only a few percent of people, services, stocks, companies, etc. truly remain!
Interesting indeed. The same can be observed for hardware manufacturers, cloud mining and exchanges. Only few stay in business for the long run (e.g. hardware: KnC/Bitfury hardware, cloud mining: Genesis Mining, exchange: Bitstamp). |
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[...] he can probably reach his ROI unless we come back to 30% per month diff increase which I seriously doubt unless BTC price goes back to $1000. However, this does not change the fact there are cheaper cloud mining options available.
Agreeing with the first part. It can turn out to be a good investment. For the second part: crazyivan, arent you the guy who promoted 1) PBMining which turned out to be a scam 2) an arbitrage trading site which turned out to be a scam 3) LTCgear which turned out to be a scam ? |
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Ready for a long term investment...upgrading to more in the next few days : )  -B- So the sleeping whales awake  In my opinion this can work out. In the current market environment efficiency is the key. If you are one of the most efficient miners, you will stay in the market while others have to turn their machines off. We are clearly moving away from an exponential growth scenario where you had to ROI within 2-3 months (or get screwed by the exponential function) to a more sustainable scenario where mining is a long term investment. The only negative scenarios that can happen are: 1) Mass deployment of machines with same electricity efficiency class and cheaper or free electricity. This is unlikely to happen. Those who have cheap electricity available will already make a profit from it. I am not talking about 100 kW free electricity here, but about amounts like 20-50 MW that make a difference. 2) Significantly more efficient ASICs are available. This could theoretically happen, however: (i) making major improvements over current design gets gradually more difficult (and expensive!) (ii) investments in chips would have been taken place at a time where Bitcoin price was under massive pressure (iii) I am not aware of any next generation tape outs (a friend has good contact to several manufacturers and he did not hear about next generation chips). I have purchased also some sha256 hashrate recently (knowing that it is a long-term investment). Thumbs up BittBurger! |
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The price is right, so today I transfered money to Bitstamp and tomorrow I will buy Bitcoin again! As Zhou Tonged said before their video was taken down, Price Down, Pick up! With everything happening in the bitcoin space plus price being ridiculously low, I ones again for the first time in over a year is buying. Just wanted to let you know about my optimism  Do you still trust Bitstamp at this point? I would withdrawn all BTC as soon as possible after operating. Unless you are a daytrader imo don't leave a single satoshi in any exchange. Even Andreas has been saying this for ages. Amen to that. Lost quite some BTC in mtgox because I trusted that their cold wallet is a cold wallet (and does not "leak"). Never underestimate counterparty risk! |
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I purchased a contract today at the new prices and the lower fees that they have.
They must have new hardware for these new contracts, so can pass on those savings to those customers.
Anyway I will post my payouts in a day or so as the first payout tomorrow will only be a partial payout anyway.
I will get a 50GH/s payout, but to compare it to 10GH/s I will divide the payout by 5 to make 10GH/s, then will compare it with the others.
Ian
Best of luck with that. After watching their overpriced scrypt (fortunately I gave them only .189 BTC) soon turn into horse shit I will never ever do business with this company and certainly not recommend it to anyone. 4 GH/s divided mines
0.03447330 DOGE
0.20997374 RDD
0.00000399 LTC (which isn´t even paid out)
Really ? Really ?It is funny to see the same people that wrote "Their scrypt is good." now come back and scream "scam". https://bitcointalk.org/index.php?topic=768931.msg9476459#msg9476459Take responsibility for your investment decision! You knew before that it was risky. If you do not understand what you are doing, better do not get involved in mining. |
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I haven't got anything in days from my 8 MH. It is only a matter of time before Genesis pulls the plug on this scam. It is obvious they are not mining anything as I can earn more with a gridseed orb than my 8 MH earns.  I guess their maintenence which includes electricity and labor costs, which the home miner would not expect a salary so they dont want to work for free, and have to pay location costs too. 10-12 Watt per Mh/s for the miner + cooling is realistic. With 10 Cents per kW/h this means about 3 Cents per day. That leaves 1.5 Cent for rent, to cover machine failures, labor cost and so on. If you deduct the electricity cost from your mining output then most miners will operate on a loss. |
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I have 130.7 MH/s Scrypt "Life" contract pointed at BTC(Auto) and I am currently getting nothing for it.  My 0.02TH/s SHA contract is pulling in +-0.000011800 BTC per day. I paid over $2000 for all of this hashing power TWO months ago. I earned $0.26 in the last 7 days mining interval. Going to try redirecting Scrypt to Reddcoin, or will Dogecoin be more 'rewarding', i.e. will I actually get to see a payout?  Unfortunately it will not change anything. The other scrypt providers stopped payouts long time ago (Gawminers, Zeushash). Both of them had much higher maintenance fees (8 cents). Genesis Mining was only charging about 4.5 Cent per MH/s, but due the collapse of altcoin prices and the low BTC prices this is not covering the cost anymore. This might end the contract within the next 2-3 weeks. Unfortunately they cannot use scrypt hardware to mine sha coins. So the only hope is that the altcoin price recovers, but tbh it does not look like it. |
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