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Author Topic: Genesis Mining experiance  (Read 144 times)
John Galt 1
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December 06, 2017, 02:53:54 PM
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On 11/20/17 I purchased 3 two year mining contracts with Genesis mining.     I'm going to post the results here occasionally to help people on this site evaluate.      All money values for the purpose of repayment time / profit will be on the posting date's coin values.     I suspect that some of the mining will get harder and but the coins will hopefully get more valuable to counteract the possibly slower mining as the coins get harder to get.     Bitcoin contracts were not available so I purchased 3 Alt coins and requested that they be converted into BTC.

ETH          15 MH/s     $450
Monero     500 H/s      $416
Zcash       600 H/s      $1104

After 2 days I was showing small pending balances in all 3, then payouts didn't update for another 2 days so I filled out the customer service form requesting payouts for ETH and Monero assuming that they would restart up the Zcash also.       Two days later pending payments for ETH and Monero restarted but not Zcash.       After 2 weeks I've gotten payouts for the ETH and Monero daily (and seeing it convert to Bitcash) so yesterday I sent in a ticket requesting the missing Zcash payouts.   I'd anticipate seeing all of the missing Zcash payouts tomorrow.

With Genesis as a security thing (probably because I paid with a card) it will be 30 days until these payouts move from the "Pending" status.         Thus far I'm satisfied with the mining speed and hope to estimate a "repayment time" for the contract costs after the Zcash pending amounts show up.

I understand that I'm losing a tiny but with the conversion to BTC but as mentioned there were no Bitcoin contracts available and by buying a small amount of BTC every few days it's a form of "dollar cost averaging" so I can live with this method.
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John Galt 1
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December 14, 2017, 12:05:14 PM
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I have now submitted 3 requests for the missing ZEC payouts with no response from Genesis Mining.     Mining for Monero and ETH seem to be going well so perhaps they are just pushing the ZEC payments towards the rising Bitcoin total but I'd still like to see a response from Genesis.
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December 14, 2017, 12:29:54 PM
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What is the profitability of investments? What is the payback at the current rates?

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Today at 02:59:45 AM
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What is the profitability of investments? What is the payback at the current rates?

At this time it's looking like 43 weeks for payback.      Once I hit 30 days I'll recalculate.
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Today at 10:05:37 AM
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Hi,
On my side, I have a MONERO contract for 3 years. I am sometimes missing days of mining (for exemple, I have the 20,21,22 of november with a more or less fix number, then nothing for the 23,24, and then something for the 25th with the same amount I have the days before)

Genesis mining is really unstable from what I see, and they barely don't answer to inquiries. (or after long weeks sometimes)

On my side, i consider my "investment" as lost as I don't expect ROI with the actual way they work.
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Today at 10:22:44 AM
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ETH          15 MH/s     $450
Monero     500 H/s      $416
Zcash       600 H/s      $1104


That's crazy expensive. Find someone you trust, pass him an unbuilt rig with 6x Rx 570 4gb. It costs you $2000 or so worst case.

You will get 60mh/s Eth, 1600H/s monero, 600h/s Zcash for the same money. Give him half the profits to built/run it for you and you still come ontop of genesis mining. Plus you get to keep your rig after 2 years.

I do just that for my close friends/family at 30% commission. I'm sure you can find someone who is more than happy to offer you similar arrangements.

If you can still refund it, I highly recommend you refund now.

I offer escrow services for 1%  fee: https://bitcointalk.org/index.php?topic=2221107
Check out EscrowMyEther, a secure and convenient platform to transact in Eth with escrow protection. http://escrowmyether.com/
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