Genesis Mining vs GAW Mining, Spondoolies, Hashnest and Mining Sweden updates

[IanFoxley]

Well the halving has come and gone now, a few days ago in fact but now that a few days has passed, I am going to post the payouts now so you can see what the effect of the halving has had with my Genesis Mining and Hashnest contracts.

The news is not good as predicted so unless Bitcon price rises or difficulty drops or both, then alot of my Genesis Mining contracts will be terminating within the next few weeks.

My Hashnest contract which was left, remember I did have lots once, but they all died off and the only one left now is the S7 contract is still paying out but the payouts on that have lowered also. Hashnet do not seem to be wanting to update its site with options for S9 mining at the moment either so if the S7 contracts die then unless Hashnest offers anything else apart from SHA 256, then how can it carry on operating as a site when it doesnt actually have any mining contracts left, so at some point they must start to offer S9, if not they will close, perhaps that is Bitmains agenda. No idea.


Currently at the moment with current difficulty and BTC price, a typical miner mining at 1TH/s will mine on average around 77 cents worth of Bitcoin each day, so any mining contract that charges more than that for maintenance is not going to be paying out now.

Before the halving it was over 1.50 USD, so the halving affected things alot.

Anyway on with the payouts.

These are the payouts for yesterday which would be for Mining Day 10.07.2016

Genesis Mining

Genesis Mining 50 GH/s @ 0.0012 USD per GH/s    0......   No payout, this is because the maintenance fee would be 1.20 USD per TH/s and you can now only get about 77 cents worth of BTC a day. SO you can see, that this is not profitable now

Genesis Mining 50 GH/s @ 0.00099 USD per GH/s   0....  No payout. this is because the maintenance fee is eqv to 0.99 USD per TH/s and again, the fee is more than what you get mining.

Genesis Mining 50 GH/s @ 0.00089 USD per GH/s   0...... No payout, this is because the maintenance fee is eqv to 0.88 USD per TH/s and like the others above, you are paying more for maintenance now than what you can actually mine.

Genesis Mining 50 GH/s @ 0.00079 USD per GH/s   0..... No payout, this is the because the maintenance fee is eqv to 0.79 USD per TH/s and again..the fee is more than the payouts.

Genesis Mining 50 GH/s @ 0.00055 USD per GH/s   0.00001753 BTC     A payout but very small, if difficulty keeps rising and BTC price does not within a month or two this contract will be gone also.

Genesis Mining 1 MH/s X11 BTC (AUTO)                0.00002203 BTC    Remember this is based on most profitable X11 coin being mined and paid to BTC.


So all in all, not very good for Genesis Mining, their latest contracts have an even lower fee now, these came in May, I have not purchased any hashpower at this rate though and these have a maintenance fee eqv to 0.40 USD per TH/s and at the moment I do not want to invest in Cloud mining as it is just too risky and not very profitable.


Hashnest

Now lets look at the only Hashnest payout now. Remember once I had UMISOO, S2, S3, S4, S5 as well but they were all terminated. Only S7 is left now.

Payouts based on 39 blocks found.

Hashnest S7 50 GH/s  @ $0.0006 USD per GH/s   0.00003472

Payout for that day was good but Antpool also had a good day with hitting blocks.

I will also post the Hashnest payout for the mining for yesterday.
I will post the Genesis Mining payouts for today later but as their payouts come anytime during the day, i could not post them at the time of doing this thread.
Hashnest always start to list their payouts from midnight.

Here are the payouts for Hashnest for today. For mining day 11.07.2016

Payouts based on 32 blocks found.

Hashnest S7 50 GH/s  @ $0.0006 USD per GH/s   0.00001942

As you can see the amount of blocks found can impact the payouts alot. Hashnet use a different system than GM for payouts so this is one reason why Hashnest payouts can fluctuate so wildly from day to day. If they do not find so many blocks then the payouts can be bad and if they find lots of blocks, the payouts can be good.  GM bases their payouts different using PPS method...and Hashnet uses PLNS.

I would advise you to look up these methods and try and understand the differences..

Anyway will update this post later with GM payouts for yesterday but wanted to show you the effect that halving is having with my cloud mining contracts.

Update

Genesis Mining payouts for Mining Day 11.07.2016, the majority of these contracts will terminate if something does not happen with Bitcoin difficulty or price etc.

Genesis Mining 50 GH/s @ 0.0012 USD per GH/s    0......   No payout.

Genesis Mining 50 GH/s @ 0.00099 USD per GH/s   0....  No payout.

Genesis Mining 50 GH/s @ 0.00089 USD per GH/s   0...... No payout.

Genesis Mining 50 GH/s @ 0.00079 USD per GH/s   0...... No payout but 0.00000411 BTC was saved on their system until the minimum withdraw amount is reached which is 1000 satoshis.

Genesis Mining 50 GH/s @ 0.00055 USD per GH/s   0.00001713 BTC     A payout but very small, if difficulty keeps rising and BTC price does not within a month or two this contract will be gone also.

Genesis Mining 1 MH/s X11 BTC (AUTO)                0.00002439 BTC    Remember this is based on most profitable X11 coin being mined and paid to BTC.

Payouts for X11 are awful now compared to how they were a few months ago. This is because of all those darn X11 Asics coming along and making the difficulty shoot up so much.

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[IanFoxley]

Just to update the news about Mining Sweden.

Looks like tommy has turned off the site now.

[IanFoxley]

Payout info for Mining Day 12.07.2016 All payouts listed are for 50GH/s except GM X11 1MH/s payout and are after the maintenance fees have been removed

Hashnest Payouts

Payouts based on 33 blocks found.

Hashnest S7 50 GH/s  @ $0.0006 USD per GH/s   0.00001870 BTC


Genesis Mining

Genesis Mining 50 GH/s @ 0.0012 USD per GH/s    0......   No payout.

Genesis Mining 50 GH/s @ 0.00099 USD per GH/s   0....  No payout.

Genesis Mining 50 GH/s @ 0.00089 USD per GH/s   0...... No payout.

Genesis Mining 50 GH/s @ 0.00079 USD per GH/s   0.......No Payout but 0.00000527  was saved until the minimum withdraw amount, Minimal amount GM will autopay out is 1000 satoshi.

Genesis Mining 50 GH/s @ 0.00055 USD per GH/s   0.00001800 BTC     A payout but very small, if difficulty keeps rising and BTC price does not within a month or two this contract will be gone also.

Genesis Mining 1 MH/s X11 BTC (AUTO)                0.00002451 BTC    Remember this is based on most profitable X11 coin being mined and paid to BTC.

[IanFoxley]

The Mining Sweden website is back up and running again and Tommy has updated the news with this.


This was updated on the 12th July.

Hello,

As you all know the halving has occurred and as you probably also know KNC has closed down their operation in Sweden due to that it is not profitable to mine bitcoin in Sweden anymore. The cost is to high and if we would continue with the miners we would need to file for bankruptcy but since we closed down miners we don’t have any cost for them only to get the payouts that has been processed in your accounts.

These accumulated payouts will be paid in time to you as we can start generating income from other solutions to cover your accumulated payouts but from today there will be no more accumulations to any accounts.

I´m really sorry for this but Bitcoin mining is not easy and the high difficulty makes it impossible to continue running the mining operation. If you understand how mining works you will see this.

With regards
Tommy

[IanFoxley]

Posted payout info for Mining Day 13.07.2016 and Mining Day 14.07.2016

Not a good day for Hashnest on Mining Day 13.07.2016

Only good news i can see is that it looks like the total Mining Hashrate for Bitcoin Mining has been going down since yesterday, so the next difficulty change in the next 4 days could be a negative which is good for mining returns, unless Bitcoin price also drops down more as well.

At the time of writing the hashrate according to bitcoinwisdom has gone back to the same level in late May.

Unfortunately I do not think it it will save some of Genesis Minings contracts though but I would recommend any of you to go here and keep an eye on the situation.

https://bitcoinwisdom.com/bitcoin/difficulty


Payout info for Mining Day 13.07.2016 All payouts listed are for 50GH/s except GM X11 1MH/s payout and are after the maintenance fees have been removed

Hashnest Payouts

Payouts based on 20 blocks found.

Hashnest S7 50 GH/s  @ $0.0006 USD per GH/s  - 0.00000025 BTC   Not a good day on the Antpool. The amount of blocks found was just 20 so this has meant that the amount you got paid for 24hours ended up being lower than the maintenance fee, hence the minus payout


Genesis Mining

Genesis Mining 50 GH/s @ 0.0012 USD per GH/s    0......   No payout.

Genesis Mining 50 GH/s @ 0.00099 USD per GH/s   0....  No payout.

Genesis Mining 50 GH/s @ 0.00089 USD per GH/s   0...... No payout.

Genesis Mining 50 GH/s @ 0.00079 USD per GH/s   0.00002005  This payout includes the stored payouts from the previous days.

Genesis Mining 50 GH/s @ 0.00055 USD per GH/s   0.00001802 BTC    

Genesis Mining 1 MH/s X11 BTC (AUTO)                0.00002601 BTC    Remember this is based on most profitable X11 coin being mined and paid to BTC



Payout info for Mining Day 14.07.2016 All payouts listed are for 50GH/s except GM X11 1MH/s payout and are after the maintenance fees have been removed

Hashnest Payouts

Payouts based on 24 blocks found.  Slightly better day for Antpool.

Hashnest S7 50 GH/s  @ $0.0006 USD per GH/s   0.00000446 BTC  

Genesis Mining

Genesis Mining 50 GH/s @ 0.0012 USD per GH/s    0......   No payout.

Genesis Mining 50 GH/s @ 0.00099 USD per GH/s   0....  No payout.

Genesis Mining 50 GH/s @ 0.00089 USD per GH/s   0...... No payout.

Genesis Mining 50 GH/s @ 0.00079 USD per GH/s   0.00000000  No payout but amount of 0.00000522 BTC was stored until payouts reach 1000 satoshi or 0.00001 BTC

Genesis Mining 50 GH/s @ 0.00055 USD per GH/s   0.00001801 BTC    

Genesis Mining 1 MH/s X11 BTC (AUTO)                0.00002077 BTC    Remember this is based on most profitable X11 coin being mined and paid to BTC

[IanFoxley]

Typical that just as I wrote about the difficulty decreasing and might be a negative it picked itself up again and then became a positive, although a very small one. 0.04%

As always you can keep track of what the next difficulty change could be by going to https://bitcoinwisdom.com/bitcoin/difficulty

Here is the Payout info for Mining Day 19.07.2016 All payouts listed are for 50GH/s except GM X11 1MH/s payout and are after the maintenance fees have been removed

Hashnest Payouts

Payouts based on 26 blocks found.

Hashnest S7 50 GH/s  @ $0.0006 USD per GH/s   0.00001128 BTC   

Genesis Mining

Genesis Mining 50 GH/s @ 0.0012 USD per GH/s    0......   No payout.

Genesis Mining 50 GH/s @ 0.00099 USD per GH/s   0....  No payout.

Genesis Mining 50 GH/s @ 0.00089 USD per GH/s   0...... No payout.

Genesis Mining 50 GH/s @ 0.00079 USD per GH/s   0.00001293  This payout is based on two days payouts, the previous days payout of 668 satoshi was stored and then added to the payout today. The payout today would have been 625 satoshis as when you add them together you get 1293 satoshis.  Genesis Mining only pay out when the amount of satoshi is 1000 satoshi or more. Once again imagine if you were a provider that only allows you to manually withdraw and at a set limit. It would take ages for your payouts to reach that level and even when they did, you would then end up with nothing as the fee had just taken it.

Genesis Mining 50 GH/s @ 0.00055 USD per GH/s   0.00001879 BTC   

Genesis Mining 1 MH/s X11 BTC (AUTO)                0.00002641 BTC    Remember this is based on most profitable X11 coin being mined and paid to BTC

So out of SHA 256, the best paying contract for that mining day was the Genesis Mining with the eqv maintenance fee of 40 US cents per TH/s.
The Hashnest S7 contract is based on a maintenance fee eqv to 60 US Cents per TH/s

But on somedays if Antpool has a good day finding blocks then the payout can be better than GM and on somedays it is less.

[IanFoxley]

Bitcoin network hashrate is starting to fall, not sure by how much or for how long.

As always can check it here.
https://bitcoinwisdom.com/bitcoin/difficulty

8 days or so till the next change so this change will come too late for some of my contracts though. Some of my contracts stopped paying from the halving and it will not be long now when the '20 days of no payouts term' in the contracts takes effect.

 Also at time of writing Genesis Mining had problems with logins on their website.

But as you do not need to log in to get payouts, then just check your wallets as normal and things should be ok, hopefully.

Anyway here are the payouts for Mining Day 23.07.2016

Hashnest Payouts

Payouts based on 20 blocks found.   Not a good day for finding blocks on Antpool, so this is why payout is just above maintenance fee today.

Hashnest S7 50 GH/s  @ $0.0006 USD per GH/s   0.00000211 BTC  

Genesis Mining

Genesis Mining 50 GH/s @ 0.0012 USD per GH/s    0......   No payout.  Will be terminated soon unless BTC price rises and does not seem that will happen.

Genesis Mining 50 GH/s @ 0.00099 USD per GH/s   0....  No payout.   Will be terminated soon unless BTC price rises and does not seem that will happen.

Genesis Mining 50 GH/s @ 0.00089 USD per GH/s   0...... No payout.  Will be terminated soon unless BTC price rises and does not seem that will happen.

Genesis Mining 50 GH/s @ 0.00079 USD per GH/s   0...... No Payout to wallet. As I can not check my web account to see if there was a small payout that is being stored there, then at the moment i have no idea. Will update when I find out.

Genesis Mining 50 GH/s @ 0.00055 USD per GH/s   0.00001776 BTC    

Genesis Mining 1 MH/s X11 BTC (AUTO)                0.00002944 BTC    Remember this is based on most profitable X11 coin being mined and paid to BTC


So another day where Hashnest payouts are poor due to bad luck on the Antpool.

Now for today's payouts, based on Mining Day 24.07.2016

Only have hashnests payouts for now as Genesis Minings payout can come anytime.

Better payout for Hashnest today as had better luck on Antpool.

Hashnest

Payouts based on 26 blocks found on Antpool.

Will update with Genesis Mining later

Hashnest S7 50 GH/s  @ $0.0006 USD per GH/s   0.00001967 BTC  


Genesis Mining

Genesis Mining 50 GH/s @ 0.0012 USD per GH/s    0......   No payout.  Will be terminated soon unless BTC price rises and does not seem that will happen.

Genesis Mining 50 GH/s @ 0.00099 USD per GH/s   0....  No payout.   Will be terminated soon unless BTC price rises and does not seem that will happen.

Genesis Mining 50 GH/s @ 0.00089 USD per GH/s   0...... No payout.  Will be terminated soon unless BTC price rises and does not seem that will happen.

Genesis Mining 50 GH/s @ 0.00079 USD per GH/s   0...... No Payout to wallet. As I can not check my web account to see if there was a small payout that is being stored there, then at the moment i have no idea. Will update when I find out.

Genesis Mining 50 GH/s @ 0.00055 USD per GH/s   0.00001775 BTC    

Genesis Mining 1 MH/s X11 BTC (AUTO)                0.00002605 BTC    Remember this is based on most profitable X11 coin being mined and paid to BTC

[IanFoxley]

Here is the Payout info for Mining Day 25.07.2016 All payouts listed are for 50GH/s except GM X11 1MH/s payout and are after the maintenance fees have been removed

Hashnest Payouts

Payouts based on 22 blocks found.   So below average, hence the low payout.

Hashnest S7 50 GH/s  @ $0.0006 USD per GH/s   0.00000712 BTC  


Edit: Finally updated the GM payouts.


Genesis Mining

Genesis Mining 50 GH/s @ 0.0012 USD per GH/s    0......   No payout.  Will be terminated soon unless BTC price rises and does not seem that will happen.

Genesis Mining 50 GH/s @ 0.00099 USD per GH/s   0....  No payout.   Will be terminated soon unless BTC price rises and does not seem that will happen.

Genesis Mining 50 GH/s @ 0.00089 USD per GH/s   0...... No payout.  Will be terminated soon unless BTC price rises and does not seem that will happen.

Genesis Mining 50 GH/s @ 0.00079 USD per GH/s   0.00001481 Payout based on  payouts that are stored and then only paid to wallet when over 1000 satoshi.
 
Genesis Mining 50 GH/s @ 0.00055 USD per GH/s   0.00001792 BTC    

Genesis Mining 1 MH/s X11 BTC (AUTO)                0.00002676 BTC    Remember this is based on most profitable X11 coin being mined and paid to BTC.

X11 contract display is buggy. Interface shows only payouts up to Mining Day 20.07.2016, so if yours is the same, then do not assume that Genesis Mining is not paying you, check your wallet or place where you get your payouts sent to and you should find that they are there as normal.

[IanFoxley]

Here is the Payout info for Mining Day 26.07.2016 All payouts listed are for 50GH/s except GM X11 1MH/s payout and are after the maintenance fees have been removed

Bitcoin hashrate seems to be currently at the same level in May now, still over a week to go before the change. Hopefully the downward trend will continue.

Hashnest Payouts

Payouts based on 18 blocks found.   Even worse than yesterday, perhaps the hashrate that has been going down was removed from Antpool so they are finding less blocks than other pools now.

Hashnest S7 50 GH/s  @ $0.0006 USD per GH/s   0.00000090 BTC     90 Satoshis today, so not a good payout at all for Hashnest and the Antpool.

Will update the GM payouts when they arrive. Normally arriving very late at the moment during the day.