Will genesis mining be profitable after halving?

[odolvlobo]

So when the bitcoin halving occurred it seemed logical to me that my payout to the miners would have decreased by 50%.
However my payments decreased by roughly 3.5 times
The payout before the halving was 0.00111840, so I was expecting my new payouts to be about 0.00055920.
However I got paid 0.00032694 yesturday and 0.00032072 today.
It seems to me that genesis-mining is using the halving as an excuse to scrap off additional coins that should be paid out.

Did you include the maintenance fee in your calculations? The mining revenue decreases by 50%, but the income will be reduced by more than 50% after fee.

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[IanFoxley]

So when the bitcoin halving occurred it seemed logical to me that my payout to the miners would have decreased by 50%.

However my payments decreased by roughly 3.5 times

The payout before the halving was 0.00111840, so I was expecting my new payouts to be about 0.00055920.

However I got paid 0.00032694 yesturday and 0.00032072 today.

It seems to me that genesis-mining is using the halving as an excuse to scrap off additional coins that should be paid out.

It is no good looking at your payouts and thinking..well halving means half so that means i should get half of what I get before.

Here is an example, just an example mind you but it will it help show you why you do not get half the amount as before.

A person buy 1TH/s with Genesis Mining in March, their daily fee is 0.55 USD per TH/s per day.

On the day of the halving, 1TH/s mines on average about 1.54 USDs worth of Bitcoin a day before any fee is removed.

Genesis mining then takes 55 cents off that amount for the maintenance, and gives the person 99 cents worth of Bitcoin.  1.54 USD - 0.55 USD = 0.99

Today for example on average 1TH/s mines around 0.78 USD a day. Only an average mind you as pool performance and other factors always influence that payout amount too.

Genesis Mining then deducts 55 cents off that amount for the maintenance and gives the person about 0.23 USDs worth of Bitcoin.  78 cents - 55 cents is 23 cents.
.
As you can see...you quite clearly do not get half. I guess people think that because they were getting 99 cents worth of Bitcoin before the halving then they should get half of that after which is 49 cents or so. But as you can see, once you do the maths, you clearly do not.

But GM has not done anything, the fee is still 55 cents as before, all they are paying you is what you should be getting paid.

My payouts with Hashnest have dropped also btw so this is not just a Genesis Mining thing.

[mrhelpful]

Genesis Mining has NEVER EVER been profitable. I have not been able to find a SINGLE person EVER reaching ROI with them.

So pls, do your calculations the right way and stay away from financing their farms.

Never every huh? Well consider me the first single person to tell you that I have been able to reach ROI and have looked at about a 120% yearly return at the highest with them. My ETH year contract has been a pretty nice success for me.

Most of my Genesis contracts became worthless after mining (in fiat) about 20-35% of their cost. In BTC the return was even worse. I'd like to know what period you purchased them. Mine were in early 2014.

This is pretty accurate.

The reason is due to not being able to produce asics themself so they act more of a bigger re-seller and cant manage the pricing on their own so they have to adjust the price of cost of machines.

I mean that alone is a indicator the business model wouldnt really work unless they had the partners willing to selling it for dirt cheap prices and which direction they took for gensis mining in general.

[FoendyZ]

so i was thinking about putting some money into genesis mining though i had this one question:

when the halving happens will it still be profitable to mine with it? for example if i invest in it now and buy 2 TH/s mining power and get 3 dollars a day right now, will i get 1.5 dollars a day only after the halving?

after halving is mining is decrease 50%, so is rertun with mining if price bitcoin not high is not profitable,
but i think price bitcoin is level now is enough profitable

FoendyZ

[BitcoinSupremo]

So when the bitcoin halving occurred it seemed logical to me that my payout to the miners would have decreased by 50%.

However my payments decreased by roughly 3.5 times

The payout before the halving was 0.00111840, so I was expecting my new payouts to be about 0.00055920.

However I got paid 0.00032694 yesturday and 0.00032072 today.

It seems to me that genesis-mining is using the halving as an excuse to scrap off additional coins that should be paid out.

So is doing also some other non legit cloud mining so far which I don't remember which. But let's get back at genesis mining, I see through facebook they are promoting heavily their website now and claiming that after the halving many ponzi companies have gone out of the market and many legit ones could not afford to continue(all words of Marcus Streng or whatever the CEO of genesis is called). Now they are inviting people to their website and are using the X11 as a profitable way of mining if you join them. Well I really want to believe it but I will not until someone here shows solid evidence that they made profit with this new restarted X11 mining from Genesis-Mining(solid evidence to be from normal users of the forum and not from the shills who have in their signature Genesis mining discount code or are in some form affiliated to them).

[ethereumhunter]

after halving, the fee is jump into twice, the diff bitcoin is going to hard if we just have small TH/s. oh btw, i send an email to GM this morning, i ask them why i do not receive my payment in 2 days ago, as i only have 0.0510 TH/s. i joined with GM as 13 - 12 - 2015 almost a year ago. and here its the answer from GM :

Code:

 Your contracts became unprofitable due to the halving.

As expected, The Halving has reduced payouts by 50% on the 9th of July 2016. 
This is programmed within the Bitcoin algorithm and Genesis Mining can do nothing about it. Please, find more information about the halving in this article →

http://finance.yahoo.com/news/bitcoin-halving-blockchain-mining-000000868.html

However, the real decrease of your payouts is higher than 50% because the maintenance fee has not been reduced by 50% as well. Unfortunately, as stated in the contract, we cannot reduce the maintenance fee because it is associated to the machines that we purchased with your investment. Your machines have fixed electricity, maintenance, cooling and hosting costs during their productive life. Unfortunately, your payouts cannot cover the maintenance fee of your machines any more, which will result on the termination of the contract after 20 consecutive days of zero payouts. This is written so in the contract and it is done because it makes no sense to keep unprofitable machines operating. 

so its become useless if we only have small TH/s. in that email, my contracts became unprofitable so i should bought more contracts to get payment like before. i've been thinking over and over, if the price is not reduce to get more TH/s, so its useless, maybe i will wait until 18 days later to make my decision to buy or stop with GM.

[bapparabi]

after halving, the fee is jump into twice, the diff bitcoin is going to hard if we just have small TH/s. oh btw, i send an email to GM this morning, i ask them why i do not receive my payment in 2 days ago, as i only have 0.0510 TH/s. i joined with GM as 13 - 12 - 2015 almost a year ago. and here its the answer from GM :

Code:

 Your contracts became unprofitable due to the halving.

As expected, The Halving has reduced payouts by 50% on the 9th of July 2016. 
This is programmed within the Bitcoin algorithm and Genesis Mining can do nothing about it. Please, find more information about the halving in this article →

http://finance.yahoo.com/news/bitcoin-halving-blockchain-mining-000000868.html

However, the real decrease of your payouts is higher than 50% because the maintenance fee has not been reduced by 50% as well. Unfortunately, as stated in the contract, we cannot reduce the maintenance fee because it is associated to the machines that we purchased with your investment. Your machines have fixed electricity, maintenance, cooling and hosting costs during their productive life. Unfortunately, your payouts cannot cover the maintenance fee of your machines any more, which will result on the termination of the contract after 20 consecutive days of zero payouts. This is written so in the contract and it is done because it makes no sense to keep unprofitable machines operating. 

so its become useless if we only have small TH/s. in that email, my contracts became unprofitable so i should bought more contracts to get payment like before. i've been thinking over and over, if the price is not reduce to get more TH/s, so its useless, maybe i will wait until 18 days later to make my decision to buy or stop with GM.

yes they will close it as soon as its not profitable because after halving many user account has been closed because of not profitable contact ..

[krishna1]

I suggest you That Stay away From all Mining Sites Because everyone knows that Mining sites are Scamming People.....
Due to halving the Bitcoin Block solving Reward Remains Half So According to me You Earnings are also Cut in Half and also there is no Guarantee that You Make ROI or Not......

[Babayega31]

after halving, the fee is jump into twice, the diff bitcoin is going to hard if we just have small TH/s. oh btw, i send an email to GM this morning, i ask them why i do not receive my payment in 2 days ago, as i only have 0.0510 TH/s. i joined with GM as 13 - 12 - 2015 almost a year ago. and here its the answer from GM :
-snip-

so its become useless if we only have small TH/s. in that email, my contracts became unprofitable so i should bought more contracts to get payment like before. i've been thinking over and over, if the price is not reduce to get more TH/s, so its useless, maybe i will wait until 18 days later to make my decision to buy or stop with GM.

yes they will close it as soon as its not profitable because after halving many user account has been closed because of not profitable contact ..

You are right and ive seen many of investor didn't get their roi and they have many bad claims and i think they are now joining the ponzi scheme game, mining is not very profitable for now so how could people think to invest in minings when they already known and many people says here that mining is not profitable business for now since blocks are very difficult ti find. And how come some other people didn't listened and invest again in their.

[Ryan Dugan]

I suggest you That Stay away From all Mining Sites Because everyone knows that Mining sites are Scamming People.....
Due to halving the Bitcoin Block solving Reward Remains Half So According to me You Earnings are also Cut in Half and also there is no Guarantee that You Make ROI or Not......

Earnings didn't halve it is the ratio.

Bit many sites dont do mining they lie and it is a ponzi all they own is the website. There is no miners or building just fake google address of any place and pictures of people and things. Never a picture of the office building or miners or source of power or even cabling just nothing. Then it is known to be a scam for sure so beware !

[ultrloa]

after halving, the fee is jump into twice, the diff bitcoin is going to hard if we just have small TH/s. oh btw, i send an email to GM this morning, i ask them why i do not receive my payment in 2 days ago, as i only have 0.0510 TH/s. i joined with GM as 13 - 12 - 2015 almost a year ago. and here its the answer from GM :

~snip~

so its become useless if we only have small TH/s. in that email, my contracts became unprofitable so i should bought more contracts to get payment like before. i've been thinking over and over, if the price is not reduce to get more TH/s, so its useless, maybe i will wait until 18 days later to make my decision to buy or stop with GM.

yes they will close it as soon as its not profitable because after halving many user account has been closed because of not profitable contact ..

There so many issue among them and they are bit shady now and i dont think it is the best investment thing to look for to earn money online, Genisis mining is it horrible state its not worthy to give your trust in them and invest a lot of money since they are not really profitable in their own rigs as bad claims stated in their fb groups and some of them are already deleted by them, and for those new one's want to invest their think better enough and dont do bad decision because your money will might be compromised and sleep longer to them.

[Lionidas]

Another cloud mining scheme fails. Take out your coins now or you will regret it from putting them into something more useful.

[Sanguintan]

I just checked https://www.genesis-mining.com/pricing, one year Eth mining is 2900 dollars, there will be no ROI.