I have now mined a number of coins with Genesis Mining and they have ALL gone the same way - they start off ok and then little by little they reduce until there is hardly any daily payout.
Has this happened to anyone else?
This is called difficulty adjustment. Mining difficulty changes over time. For Bitcoin it has increased for a few month and is now relatively stable. https://bitcoinwisdom.com/bitcoin/difficultyMy BTC payouts are relatively stable, as well. |
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Wow! Ether price going crazy! Market cap now over USD 1 bn.
what index are u using? i still see the market cap at $961,509,494 on coinmarketcap Ether price had a small dip 24 hours ago, maybe that was the reason for being below USD 1 bn. But most of the time it is stable above USD 1 bn. |
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Wow! Ether price going crazy! Market cap now over USD 1 bn.
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Havent received any payours for sha256 for a couple weeks now looks like a huge scam!
The sha contracts produce a number of Bitcoin per day and some of it is used to pay for electricity. Due to the huge increase of difficulty in the last couple of months the Bitcoin payouts are not enough to pay for the electricity. https://bitcoinwisdom.com/bitcoin/difficultyI assume your contract is not paying anymore because payouts are lower than electricity cost ("maintenance fee"). |
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And higher hashing power is more secure. The higher the hash rate the harder it is for anyone to pull off a coup of the blockchain.
This is not correct. If you hand mining over from a decentralized system of tens of thousands of GPU miners to one ASIC manufacturer it does not increase the network security. For this reason we need to change the hashing algorithm from time-to-time, so that no ASIC can be produced (ASIC production takes a lot of time). |
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Not really in my opinion, resistant means that once ASICs are out they won't have a large advantage over the GPU/CPU miners and the latter group can still compete with them. It remains to be seen if that is possible and how large the advantage of ASICs will be.
I have worked with people that produced ASICs scrypt and sha. Also talked to them regarding X11. An ASIC will always be better than a GPU/CPU. If there would not be an advantage the companies would not do it, as the tapeout is too expensive. In fact they will only do it, if they outperform by a wide margin. Due to the high upfront cost an ASIC is a huge entry barrier. ASICs will lead to significant concentration in the mining sector. |
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Man, you are simply the worse type of troll ever. It's like you don't even try and only care about post count. Yes, X11 was indeed created to be ASIC resistant. ASIC resistant does NOT = ASIC free, incompatible, or impossible. Resistant; offering resistance to something or someone. "some of the old churches are resistant to change" When there is enough incentive, money and will, anything is possible. Correct. Not ASIC resistant forever, no algo is. Thanks for the clarification. The problem is that ASIC leads to a lot of concentration. ASIC producers naturally also mine a lot of coins so their influence expands from a mining level to the masternodes. If we switch the mining algo people will realize that an investment in ASIC is not worth it and DASH will remain decentralized. The algo can also be switched every year or so to make it very clear that we want DASH to remain decentralized on all levels. It is very likely that ASIC companies already pay some people to support ASIC and to claim that it is a good thing. ASIC will transfer power from the community to manufacturers and lead to centralization. |
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...
 Hash rate went up, price has effectively gone down given the emissions and sideways price. DASH was billed as ASIC resistant. So that has to be taken into consideration. Some people falsely believe that an increasing hashrate means a better security model. This is incorrect! In the concrete case of DASH one or two companies now could have complete control over DASH mining by mass-producing and deploying ASIC miners. The hashrate would dramatically increase pushing all the small GPU miners out of the competition. But this is not a better security model, but far worse and centralized. The end-result can be seen when looking at Bitcoin. A few major hardware manufacturers are in control of Bitcoin mining. The whole mining world is very centralized leading to all sorts of problems. One of DASH's major selling points was that it is ASIC resistant. We should keep it this way, to avoid centralization! |
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Genesis Mining just like a couple other are still working but can barely give you a chance to ROI so I guess I must say, Stay away.
I would say it this way * X11 / Ethereum contracts are working very well at the moment * Current sha contracts are too expensive, but I heard from support that price will change in the next few days My experience so far is positive if you buy contracts early (within 2 weeks after new prices are out). My old sha contract is ok, and X11 / Ether contracts are going very strong, too. Being late in the game will let you lose money. |
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Genesis Mining works for sure.I get my daily payouts for more than a year! Is it profitable? My X11 / Ether contracts are going very well at the moment (I am publishing numbers from time to time, like the chart below). My old sha contract also made me a small ROI. However, if you have purchased a new contract in the last 2-3 months the difficulty increase will probably screw you.  The chart shows my payout vs. the cost for the contract. Currently my profit is about +30% with my X11 contract.
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By the way: I think it is a huge advantage to invest in a mining contract soon after new prices are available. Then you can get buy the best hardware at that point in time.
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Hi Genesis Mining community.
Just to let you know that Ethereum contracts have been very popular and we are now sold out of them.
We will let you know when they are back again.
Genesis Mining.
I was surprised to realize that my payouts from the mining contract have reduced drastically. About a month ago, I was receiving around 0.00075000btc and now am receiving 0.00008000 btc. What could be cause for this drastic drop? You are probably referring to a Bitcoin contract, right? The Bitcoin contracts suffer from a relatively low Bitcoin price and because difficulty increased by a huge amount in the last two months. Difficulty before was slowly rising, but the last two months really killed payouts  https://bitcoinwisdom.com/bitcoin/difficultyI certainly did not forsee that Bitcoin difficulty would increase that much, but preferred investing in X11 / Ether for a long time. X11 hashrate is not increasing in such an insane way and the Dash price is doing very well (Ether is even better!). |
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Updated X11 Mining PayoutsDash price is up up up and so is my contract. Almost +30% ahead of the curve by now.
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I have lost all faith in Genesis Mining. You buy your hashpower through them and then they wont give any figures as to how that hashpower is performing. It's impossible to work this out from the payouts. They benefit from lowering your payouts to zero as they can then keep the hash power you have bought, and sell it to someone else. A genuine company would not operate like this.
Constantly cancelling long-term contracts after a few months, leads to the conclusion that they are constantly reselling the same amount of hashpower and not expanding.
Genesis Mining must do everything they can to keep contracts going for a reasonable amount of time and not just cancel them. Only then can confidence in this company be regained.
I have also wondered if maybe everyone's lifetime contracts magically drop in payouts as they approach and pass ROI. Someone should set up a site where Genesis investors can anonymously share their Payout/Hashrate ratio in bulk, and what they are mining. This would quickly identify any inconsistencies. Ideally people would share a wallet Addy so those payouts could be verified but I don't believe this level of trust would be viable unless only done between trusted friends. Genesis: Understand please that if you keep your investors in the dark, the smarter ones will eventually organize and find ways to enlighten themselves. I have explained how you can quickly calculate the expected BTC payout: https://bitcointalk.org/index.php?topic=602022.msg13555299#msg13555299My calculations for the last couple of months clearly show that the BTC payouts make sense. I also track DASH payouts and they are in line with expectations, too. I have once asked talked to GM on a conference. With a lifetime contract you are basically buying a miner. If the miner does not generate enough coins to pay for electricity, the miner will be turned off. It is the same as if you buy a miner for your home. Depending on electricity price you will turn it off at some point in time. |
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I still dont understand the formula that Genesis uses for payouts.
I have 1.55 TH/s of mining power currently.
At the current time difficulty of 113,354,299,801 I should be earning approx 0.006877 per day.
I usually receive payouts in the range of 0.001875
There is a significant difference in those numbers and i dont think it can be explained due to fees or difficulty.
I have emailed Genesis months ago regarding an explanation of how payouts are calculated and the response i got was:
Payouts are calculated based on User hashing power, BTC current difficulty, current days luck of finding a block and BTC current days price.
Ive noticed that when BTC price falls, my payoffs fall significantly and when price increases my payouts increase slightly.
Shouldnt my payouts be more tied to luck of blocks found and current days difficulty??
If i double my mining power right now, shouldnt my next days payout close to double also (if we assume there isnt an increase of difficulty and Genesis mining pools luck stays relatively the same)??
Based on what i have seen for the last 6 months, i dont really see any legitimate reason why anyone should continue to increase their mining power since it appears to honestly look like its literally throwing money in the trash...
Am i missing something here?
The payout structure has been discussed here several times. This is not from GM, but I have checked their payouts for a while to see if they are in line with what the say (they are). If found that the following calculation gives results that are close to the actual payout (out of my head): daily payout = h / H * 3600 - m*h/p h = your hashrate in GH/s H = network hashrate in GH/s (based on the current difficulty e.g. 811,421,684 right now according to https://bitcoinwisdom.com/bitcoin/difficulty ) m = maintenance fee per contract (in USD per GH/s); you will find the value in your contract p = price of Bitcoin in USD (take the weighted average price for bitstamp for example) This explains your observation that the payouts go down when the BTC price falls. The reason is that electricity becomes (in relative terms) more expensive. The critical thing here is the maintenance fee. There was a good period where difficulty was very stable and mining contracts were profitable. Now with the recent increase of difficulty in the last 2 months contracts are getting under water. Recent contracts have a much lower maintenance fee, which is probably due to the arrival of newer technology. |
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Well most people do have easy access to BTC. If they don't I doubt they would get into mining, let alone into mining ETH.
My point stands that people are better off just buying ETH right now from an exchange like Poloniex, then buying mining power with Genesis-mining. I think Genesis-mining should pass on more of their saving to their customers. They are keeping so much for themselves that their proposal just doesn't make sense for a customer anymore.
Completely agree with this statement. I used to be a solid supporter of Genesis Mining, but things just dont add up.... They certainly have to get the investment for the GPU miners / hardware. But there is an other point that is often overlooked. After Ether mining ends they will convert Ethash to X11 on a 1:1 basis. In reality the hashrate conversion is 4:1 because X11 is a more complex algorithm. So they give you 300% GPU power on top after Ether mining ends. This certainly has an impact on the overall pricing. |
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can someone convince me about GM services? I heard lots of rumors but I know some of them just only shouting without having experience with GM, aint gonna hear this kind of comment.
i want to hear someone who already investing in GM, what is better lifetime with 1TH or with 20Mh? And how much earning if I buy this amount? I didn't see any profit calculator on their site
There a number of people in the forums that bash legit services and promote scams. So always check things on your own. I have invested in GM contracts for some time. It is hard to say which is "better". X11 is doing very well at the moment (please see my previous posting). SHA is a bit more difficult to predict because of difficulty increases. On the other hand, the maintenance fee for sha lifetime contracts was reduced recently. So payouts for new sha contracts are now much better, as well. I am tracking payouts for sha and X11 and GM is doing exactly doing what they promise. As for any investment there is no guarantee for making a profit, though. Any service that promises you a profit is a scam. Hope this helps! Hey Wintermute Thank you for sharing the result and strategy. I think the reduce of cost is because the btc price went up quite a bit yes? Maintenance fee reduction is probably related to more efficient hardware and electricity prices. Some services fix the hardware prices in BTC, which to a certain extent might make sense, but is bad if the BTC price goes up. GM is known for fixing their prices in USD and kept prices constant when the BTC price went up in the past (which is good for its clients). |
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can someone convince me about GM services? I heard lots of rumors but I know some of them just only shouting without having experience with GM, aint gonna hear this kind of comment.
i want to hear someone who already investing in GM, what is better lifetime with 1TH or with 20Mh? And how much earning if I buy this amount? I didn't see any profit calculator on their site
There a number of people in the forums that bash legit services and promote scams. So always check things on your own. I have invested in GM contracts for some time. It is hard to say which is "better". X11 is doing very well at the moment (please see my previous posting). SHA is a bit more difficult to predict because of difficulty increases. On the other hand, the maintenance fee for sha lifetime contracts was reduced recently. So payouts for new sha contracts are now much better, as well. I am tracking payouts for sha and X11 and GM is doing exactly doing what they promise. As for any investment there is no guarantee for making a profit, though. Any service that promises you a profit is a scam. Hope this helps! |
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Update: X11 Mining PayoutsPeople asked me a few times to update the X11 payouts chart I did some time ago. Please find the updated chart below. Recent X11 payouts are very going very well and Dash has a relatively stable price. However, my calculation is based on BTC (auto), which use the Genesis Mining auto-trader and seems to give better results than pure Dash mining. In short: Graviton +26.8%, Ferox +14.7%Payout: the total amount of USD earned so far Graviton / Ferox: the contract price of USD 19 /21 adjusted for the time period of 103 days since contract start 
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According to the graphs being posted the payout falls much more than the difficulty rise even with flat or rising BTC price. Seems kind of strange. How´s that supposed to work? I´m sure that the self-proclaimed paragon of transparency in charge of this outfit has no explanation.
The numbers are correct, I am checking all payouts from time to time. The reason is that there are two terms that define the payout: payout = income - cost It can be (up to some constants) be described as: payout = h / D - m / p h = own hashrate D = difficulty m = maintenance fee p = price Then it becomes very clear that p and D are in different terms in the equation and there is no reason why there should be a proportional relation between the two (as you implied). As I said, I am checking the payouts on a regular basis, and they are basically correct. |
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