“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” - Warren Buffett

No one does want to take a loss. Mining is a highly risky investment and we all know it. At the moment difficulty is rising quickly and altcoins have a difficult time (we have seen this before but we also know it can change quickly). Let's see how it goes, I am still optimistic!

In any case we should not blame GM for selling a service. They just buy hardware from the manufacturers and maintain it, and I think they are doing a great job so far (in particular compared to all the pre-order scams like BFL, KnC and Fibonacci). It is like blaming Gawminers for selling a piece of hardware that is 20% cheaper the next month.

I for one would be interested in X11 mining - any news on this?

Job, well done I think there will be another coin soon, and maybe a promotion code as well. Promocode for Potcoin would be fun

Please vote for reddcoin

BTC, LTC, DRK, Megacoin, Vertcoin. Most of the value is in Bitcoin though.

Wire is possible according to their website. I have not tried it yet though.

If they are smart then their optimizer will just use a different target function. For example, assume that coin A, B can be mined at the same difficulty.

Exchange rates:
A/BTC: 1.01
B/BTC: 1

So in this case it would be better to mine A if you want to have the maximum output in BTC.

BTC/DRK
A/DRK: 1
B/DRK: 1.01

Here it is better to mine B if you want to maximize your output in DRK.

Because markets are efficient there will not be too much difference. However, if you you convert to BTC first and then to DRK you have to pay additional fees. So if they are smart and optimize correctly they should yield better results this way.

Interesting read -thanks!

excellent work in describing the various services!

That is great! I like that you guys not only provide altcoin mining services, but that you also start eating your own dog food!    Hope more payment methods will be added soon and you become one of the first truly multicoin companies!

Excellent work guys, keep it up!

Nice idea!

Is there already some sort of Pizzacoin? Could be a market niche if one gets some of the major Pizza delivery services behind it. There are a number of delivery services that already accept Bitcoin.

Haha, you are right Mike! On their main page they state "Get 110 Gigahash for only $9.08", which is roughly 1000$. They seem to be a bit lazy, if they do not even update their main advertisement.


Interesting. Did not know that have additional fees on top. Their offer was already bad enough without

Yes, that is right. Compared to Bitcoin difficulty increase (>900% in the last 5-6 months) we are still in a very good position though.

The point of my post was to show that altcoin mining is by far better than Bitcoin mining. We all know that mining is risky (there is no free lunch!) and that it depends on a number of variables (e.g. difficulty, popularity of altcoin etc). My impression is that the guys of Genesis Mining make a lot of effort to give the best possible results (and I really like their interface).

By the way I am also mining some of the smaller coins (for fun and also for speculation). On average I am doing quite well. Their multipool is very good, but with some experience and trading skill you can probably achieve better results. This is also one of the nice things about the altcoin market: diversity!

Comparing altcoin->bitcoin  vs  pure bitcoin mining

Please note: this is just for ballpark numbers to get a feeling whether it is better to mine altcoin and exchange for bitcoin or use one of the bitcoin cloudminers. Also this just considers just the past one month (and not increasing difficulty etc).


Example calculation:

1) From the data from Bonobo I suggest that the average payout over the last 30 days was roughly like: 0.0027 BTC. If you bought the 1 MH/s contract for 180$ (1year) you received approx 0.081 BTC and paid 180$ / 12 = 15$ for the first month. In other words for 1000$ this would be the equivalent of 5.4 BTC.   (=0.081/15*1000)

2) cloudhashing offers: 110 GH/s for 1000$ (now, I do not know their price one month ago). My guesstimate is an average difficulty of 10,200 * 10^6 for the past month (Bitcoin). This is according to the mining calculator (no electricity cost, no difficulty increase etc.) a payout of 0.1627 BTC per month. Cost per month = 1000/12 USD. Or roughly 1.95 BTC for 1000$.

http://bitcoin.sipa.be/speed-lin.png
https://bitcoinwisdom.com/bitcoin/calculator


Just wanted to point out that if you want to mine Bitcoin you are probably better of with mining Altcoin and exchanging them for Bitcoin. At least in this example Genesis Mining is like 175% better than cloudhashing.

Seemed to be interesting enough to share it here, please double-check my numbers (as I said it is a ballpark estimate).

I read somewhere, that they worked on an improved version of their trading engine / multi-pool. Maybe it is related to this?!
Anyway, the payout is significantly better than most of the other multi-pools out there - so I do not complain either

1GH/s? All your Mega are belong to us! 

Haha. That is the normal thing KnC does. They cannot deliver in the foreseeable future, but try to cause trouble for their competitors. KnC is very well-known for not delivering in time (and instead mining for themselves). So far, I had a terrible experience with their BTC miners (very late and bad quality). The same story repeats again, but some people believe it - good job KnC

for now X11 / X13 is your best choice. I do not think CPU mining is worth it (unless you have free electricity)

Chat is a matter of taste. For bank transfers you can leave a message, as well, so it would be useful to link the message more closely with the payment.

I think Bitcoin wallets could in general use a better design and this looks good to me!

Nice. I would like one. PM sent!