this is a good example of how inefficient the banking system is.
Amen to that! Did a bank wire recently (not to Genesis), and stated in the bank form that I want to pay all the fees. Nevertheless, the client missed $6 in the end. No one knows why.... The banking system is very broken. But we all are going to fix this  |
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From the FAQ @ genesis-mining.com:
"As of September 2014, we provide: Bitcoin, Litecoin, Dogecoin, Darkcoin, Reddcoin, Blackcoin, Feathercoin, Auroracoin, Lottocoin and Megacoin."
Expect more coins to follow (GMCoin? MegaMikeCoin?)
+ Novacoin + Potcoin If I remember correctly. |
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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?
So ideally GM might continue to provide mining service until the fees (all inclusive) equals the daily payout for a particular contract. There may not be such thing as lifetime IMHO. "Lifetime" is a promotion gimmick. You will pay an ongoing maintenance fee (similar to Gaw, the kings of self-promotion). |
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Have updated the OP again. They have announced even lower prices, some of the lowest out there now and also their contracts are now lifetime and not tied to just one year etc. Taken from GM post. 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) Great news for all. Competition is good for all of us! Good times ahead! |
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I was just looking at the contracts now.
There is a part about having to pay fees now each day. Is this the same as before or is this a new cost now because the contracts are now lifetime?
2. Remuneration
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):
a. 0.01795 USD per kH/s upfront
b. 0.08 USD per MH/s and day, deducted on a daily basis* from the generated Coins
Is this for new contracts only and will those who have the yearly contracts not have this fee in place until the year is up and they get moved automatically to the new unlimited one??
Thanks in advance.
Ian
I remember that the first version of their contracts were working this way (they called it "electricity cost" at that time IIRC). Then they changed to 1y contracts with all fee etc included. Now they are back with lifetime contracts and an ongoing"maintenance fee". Seems to be the same fee amount that gaw is charging (0.08 USD per day and MH/s). However, GM is cheaper and allows to mine a number of Altcoins, while you are locked with BTC mining only in gaw-land (not even pool switching is possible or cost extra - seriously?). |
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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
Super news! Yay! Have PM'd you guys! Second! Wohooho! And have a look at the difficulty levels https://bitcoinwisdom.com/litecoin/difficulty |
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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.
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). |
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And I keep getting my payouts... If this is some kind of scheme they better start running or we'll all profit.  Before I joined the crypto community I didn't know that people here are so fearful and suspect a scam in every investment. We are dealing with one of the most unstable comodities in the world, so I expected to see more confidence. Bitcoin Savings and Trust (pirateat40) was also paying their clients for a long time. People are careful about their investment decision because Bitcoin transactions are irreversible AND because there have been so many scams in the past. That Gavin was asking his question about "fractional reserve mining" as a reply to a GAW posting is remarkable. |
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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. |
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I count 7, so that's 7 drawfs, off to do another day of mining hahha The bits sticking out at the beginning and end are just the axes lol ROTFL... I also see 7 dwarfs on their way to the mining site. |
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How can you say hat the maximum difficulty is reached ?
Economic considerations (equilibrium): Let's take the following example: <snip> It seems that LTC difficulty is indeed stable: https://bitcoinwisdom.com/litecoin/difficultyAs long as the price does not change / there is no technology available we are in an equilibrium state now. |
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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 |
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Sounds good! I am in with a small amount, as well. My first Bitcoin mining contract |
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I own/operate Multipool.us. If someone from GAW miners can give me your username(s) on the pool, I can verify your hashrate. Or, you can set up a "handle" via the account page and it will appear rather than your User ID under the top hashrates for each coin (assuming you are within the top 15, which should be easily within your capabilities.)
For the record, I have not been contacted (to my knowledge) by anyone at GAW miners about setting up an account, IP whitelisting what would most likely be a massive number of workers, etc.
Wow. That is an interesting one! |
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I also complete my vote. I haven't found too much participation. There are only 5 votes.
It seems not many people are interested in poems I was surprised about the quality of entries. Voted! |
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+1
And the guys are nice and responsive. Probably one of the few companies out there, that really *does* mining. Most cloud miners are scam unfortunately.
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How can you say hat the maximum difficulty is reached ?
Economic considerations (equilibrium): Let's take the following example: A Zeus X6 (20 MH/s) costs + 1 year electricity costs about 940$ (if you are lucky, assuming 0.1 USD per kW/h); in fact most people will pay significantly more for it (VAT, transportation, higher electricity costs etc. will probably mean that most people will effectively pay about >1200$), In 2014 approximately 5.256 million LTC will be mined, assuming 5.4 USD per LTC, that means 28.3 mn USD. To cover your cost of 940$ your miner should make a share of 0.003312% of the total pie (otherwise you will mine at a loss) If this is the case the total hashrate should never be higher than 600 GH/s = 20 MH/s / 0.003312%. Now take into account that large buyers, manufactuers etc. will get a discount and do not pay 940$ for the package, but rather 700$, then you arrive at an equilibrium level of 810 GH/s. In other words, no one with a sane mind will invest in a X6 for these prices given the difficulty / LTC price. Thus it is rather unlikely that the hashrate will grow much higher than 800-900 GH/s unless new hardware is available or the LTC price increases again. https://bitcoinwisdom.com/litecoin/difficulty |
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