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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 384356 times)
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IanFoxley
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January 20, 2015, 12:34:28 PM
 #2361


Ian, how are the new maintenance fees structured exactly?
[/quote]

Well, all I know is that since the new contracts started, then with the lower prices came lower daily fees.

Originally with SHA contracts, there was a daily fee of 0.02 USD per 10GH/s that we have taken off our payouts.

But with the new lower priced contracts, then it is now 0.015 USD per 10GH/s so basically if you purchase 1TH, you would have 1.50 USD taken from your payout instead of 2 USD which it was before.

These fee changes are only for the new priced contracts so if you have one that was before the change, then they do not apply.

It is easy to find out though, just view your contract and it will list in there what your daily fee is..

Ian

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galdur
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January 20, 2015, 12:46:35 PM
 #2362

I purchased a contract today at the new prices and the lower fees that they have.
They must have new hardware for these new contracts, so can pass on those savings to those customers.

Anyway I will post my payouts in a day or so as the first payout tomorrow will only be a partial payout anyway.

I will get a 50GH/s payout, but to compare it to 10GH/s  I will divide the payout by 5 to make 10GH/s, then will compare it with the others.

Ian

Best of luck with that. After watching their overpriced scrypt (fortunately I gave them only .189 BTC) soon turn into horse shit I will never ever do business with this company and certainly not recommend it to anyone.

4 GH/s divided mines

0.03447330 DOGE
0.20997374 RDD
0.00000399 LTC (which isn´t even paid out)

Really ? Really ?


It is funny to see the same people that wrote "Their scrypt is good." now come back and scream "scam".

https://bitcointalk.org/index.php?topic=768931.msg9476459#msg9476459

Take responsibility for your investment decision! You knew before that it was risky. If you do not understand what you are doing, better do not get involved in mining.


+1. Enough with the whining.

I have 156 MH. It's 'learning money that I paid' now, as we say in Holland. I did not invest more then I could afford to lose and that's that.

Ian, how are the new maintenance fees structured exactly?

Congratulations. Hope you throw even more into this sinkhole.

julian071
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January 20, 2015, 01:11:20 PM
 #2363

Quote
Ian, how are the new maintenance fees structured exactly?

Well, all I know is that since the new contracts started, then with the lower prices came lower daily fees.

Originally with SHA contracts, there was a daily fee of 0.02 USD per 10GH/s that we have taken off our payouts.

But with the new lower priced contracts, then it is now 0.015 USD per 10GH/s so basically if you purchase 1TH, you would have 1.50 USD taken from your payout instead of 2 USD which it was before.

These fee changes are only for the new priced contracts so if you have one that was before the change, then they do not apply.

It is easy to find out though, just view your contract and it will list in there what your daily fee is..

Ian

Thanks! So a 25% reduction in fees, that's very good.

=P
alienesb
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January 20, 2015, 02:45:09 PM
 #2364

Still nothing since the 12th. Not a lick of payments in sight.
IanFoxley
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January 20, 2015, 03:17:54 PM
 #2365

Still nothing since the 12th. Not a lick of payments in sight.

Send them a ticket then, they might be able to help.

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January 21, 2015, 07:05:03 PM
 #2366

So got an email today saying genesis mining will convert my scrypt to sha256 mining 1 to 1 1mh/s  to 1 gh/s, that's great in all something is better then nothing, that said your scrypt was A WHOLE LOT MORE EXPENSIVE, vs the the price of sha256 contract, for me i paid over 1.019 btc for my 20 mh/s scrypt and a meer .08 for the 40 gh/s i own. So if it all possible how about a 10 to 1 scrypt to sha256 so my 20 mh/s = 200 gh/s?

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January 21, 2015, 07:27:13 PM
 #2367

Wow expensive ghs conversion...
IanFoxley
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January 21, 2015, 07:34:08 PM
 #2368

Wonders what planet half the people here are on sometimes.. Huh

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January 21, 2015, 07:38:33 PM
 #2369

Wonders what planet half the people here are on sometimes.. Huh
Tellus?
julian071
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January 21, 2015, 07:43:17 PM
 #2370

Hmmm hard decision indeed... But I'm very grateful that at least there is something to decide, there is no contractual obligation whatsoever to do this. Also, the offer is more then reasonable. So thanks Genesis! Amazing!!

But still a hard decision.

If I calculate everything in the prices I paid at the time (for both Scrypt and SHA256) when I bought Scrypt hashpower, the difference in price in what I bought and what is offered now is exactly 20 fold. If however the new maintenance fees apply, the stiuation is slightly better as they are 25% lower. So let's say for arguments sake that the offer is 1/15th of what you got then, if you would've invested in SHA instead of Scrypt back then.

Chances of ever reaching ROI (let alone a profit) are pretty slim with a factor 15 difference. However, what does the future hold for Scrypt coins? Should I 'cut my loose' (hehe) or hope for some very interesting developments in Scrypt?
Right now I'm totally torn. On the one had this is a very good offer in the current situation, but part of me thinks there might be some hope for some scryptcoins. There are some countrycoins that show potential...

We have three days to debate this issue gentlemen!

=P
IanFoxley
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January 21, 2015, 08:14:46 PM
 #2371

Wonders what planet half the people here are on sometimes.. Huh
Tellus?

Sorry, it was not at you Tomaten but just that people are being offered something for nothing, with a choice, they do not have to do it, and yet they complain about it.


IanFoxley
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January 21, 2015, 08:28:11 PM
 #2372

Hmmm hard decision indeed... But I'm very grateful that at least there is something to decide, there is no contractual obligation whatsoever to do this. Also, the offer is more then reasonable. So thanks Genesis! Amazing!!

But still a hard decision.

If I calculate everything in the prices I paid at the time (for both Scrypt and SHA256) when I bought Scrypt hashpower, the difference in price in what I bought and what is offered now is exactly 20 fold. If however the new maintenance fees apply, the stiuation is slightly better as they are 25% lower. So let's say for arguments sake that the offer is 1/15th of what you got then, if you would've invested in SHA instead of Scrypt back then.

Chances of ever reaching ROI (let alone a profit) are pretty slim with a factor 15 difference. However, what does the future hold for Scrypt coins? Should I 'cut my loose' (hehe) or hope for some very interesting developments in Scrypt?
Right now I'm totally torn. On the one had this is a very good offer in the current situation, but part of me thinks there might be some hope for some scryptcoins. There are some countrycoins that show potential...

We have three days to debate this issue gentlemen!

Yes I agree, you have a choice right now...get a payout of 2 satoshi per 1MH/s or get 600 satoshi per 1GH/s... As you say...BTC might go up in value again so the payouts become less..But I am just thinking about the fact that if nearly all the Life Scrypt users now transfer to SHA 256, that is an awful lot of SHA 256 hashpower that GM have bought and are giving customers for free.. I am sure some of those customers that have bought 1GH/s of Scrypt hashpower and are getting payouts of probably a few thousand satoshis a day now because of the daily fee and the price of BTC etc, suddenly being offered  a chance to get 1TH/s of hashpower instead, they would be quite happy with that....I mean..I do wonder how many TH/s of Hashpower that GM is giving away for this.. It has to be 10s of 1000s USD.
Anyway I have a decision to make myself, I have over 180 MH/s I have to think about transferring and right now...I am sort of torn as well.. lol


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January 21, 2015, 08:35:22 PM
 #2373

This offer seems to be better then nothing ANDsth i have been waiting for

That means we can choose between two ways :

Stay on Scrypt and possibly loose our contracts within the next days or weeks
Switch to SHA with all its consequences

Yes, the conversion is very "expensive"

Are SHA payouts stable ?

I tend to switch, but the ratio should be more like scrypt 1:5 sha or at least more than just 1:1...

My Genesis Mining promo Code is unavailable Wink
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January 21, 2015, 08:42:44 PM
 #2374

While the terms are not ideal it's better than nothing. My 30 mhs has gotten me exactly that the past week so I went for the conversion. I paid just over 1 BTC in late October for the scrypt hash and the return has been abysmal.
IanFoxley
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January 21, 2015, 08:42:51 PM
 #2375

This offer seems to be better then nothing ANDsth i have been waiting for

That means we can choose between two ways :

Stay on Scrypt and possibly loose our contracts within the next days or weeks
Switch to SHA with all its consequences

Yes, the conversion is very "expensive"

Are SHA payouts stable ?

I tend to switch, but the ratio should be more like scrypt 1:5 sha or at least more than just 1:1...

Well at the moment 1GH/s SHA is over 600 satoshis a day, that is based on my older contracts of 0.02 USD per 10GH/s and the transfers would be on the new Contracts I guess with the lower maintenance fee, so the payout will probably be higher, but as long as BTC doesn't fall in value any more so that the daily fee doesn't eat into it any more then, should be ok.

Next BTC difficulty change should be a slight decrease in difficulty as well, which means slightly better payouts.

Its a tough choice for me to make..

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January 23, 2015, 07:29:42 AM
 #2376

@Genesis-Mining when Scrypt hashing is not profitable, do you still run the miners or do you turn them off to save on power?

Or in other words, do they still contribute to the hashrate and keep the diff higher?

I guess most times profitability will be known a-posteriori, but I guess there are days when it'll be obvious the miners would be running at a loss.

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January 23, 2015, 08:31:58 AM
 #2377

I've made up my mind. I'm going to risk it and keep my 156 MH. Live on the eeedgeeeeee!

(Thanks Genesis)

=P
Marco Krohn (GM)
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January 23, 2015, 08:45:48 AM
 #2378

@Genesis-Mining when Scrypt hashing is not profitable, do you still run the miners or do you turn them off to save on power?

Or in other words, do they still contribute to the hashrate and keep the diff higher?

Rule of thumb: if mining is not profitable anymore we will turn miners off. In some cases this also depends on the type of the electricity contract and if replacement hardware is available at the location.


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January 23, 2015, 09:10:59 AM
 #2379

What a complete and utter scam

So they are happy to convert a loosing investment for 10 to 1 in their favor and then have the audacity to say it is not real money we never said we are converting what you actually paid us into the equivalent from scrypt to sha256.

This company should be reported for FRAUD!

Complete pack of fricking thieves!

Unbelievable!
IanFoxley
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January 23, 2015, 09:29:55 AM
 #2380

What a complete and utter scam

So they are happy to convert a loosing investment for 10 to 1 in their favor and then have the audacity to say it is not real money we never said we are converting what you actually paid us into the equivalent from scrypt to sha256.

This company should be reported for FRAUD!

Complete pack of fricking thieves!

Unbelievable!

You should really be grateful they are even offering this.. The costs of them purchasing the new Hardware to transfer people over must have cost 1000s of USD.

Payouts for Scrypt are really quite bad now so offering what they did was better than not doing anything, as the way things are going, contracts could be cancelled anyway if the scrypt market etc keeps going on as it is. That is not a fault of Genesis Mining.

The contract cancelling after no payouts for 20 days in a row is written in the terms and conditions that you can look at before purchasing.. You did read that before you purchased, right??

Based on what you wrote above, were you expecting them to convert your contract that you might have bought months ago into a contract which was the same value months ago?

So as an example, you thought that as you bought 100 USD of Scrypt 3 months ago, they were going to give you 100 USD of SHA 256 in the conversion and anything less was considered theft and Fraud??

If so, that is very unrealistic...Why would you expect them to do that?? You got payouts every day didn't you??



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