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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 381940 times)
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Marco Krohn (GM)
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January 23, 2015, 08:45:48 AM
 #2381

@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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Minimaxa
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January 23, 2015, 09:10:59 AM
 #2382

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
 #2383

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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January 23, 2015, 03:03:04 PM
 #2384

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??




I've been making roughly the same amount using Betarigs and Nicehash for several weeks now so the only thing that has changed is the value of BTC which fluctuates. If you can do it, home mining is the way to go. Get an S5 for SHA or try to find a reasonably priced Innosilicon A2 from Scrypt.
Genesis-Mining
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January 23, 2015, 03:34:19 PM
 #2385

Hey All,

Glad to see that we receive that much positive feedback from you. It was a hard decision for us since it costed us a lot of money, but we were sure it was for the right thing: our devoted customers like you!

Thank you! You can be sure that we will not forget your decision to trust in us and will remember this in all upcoming decisions.
Stay tuned!

MS

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January 23, 2015, 04:28:47 PM
 #2386

I can see why there are problems

Here was the last scrypt 2MH/s payout for those on the 1 year contracts, these contracts do not pay fees  Payout was 0.00027657

The daily fee for Contracts for Scrypt from November was 0.04 USD per MH/s so 2 MH/s would be 0.08 USD.

0.08 USD right now in BTC is 0.00034351 so you can understand why those on contracts with fees are not getting any payout at the moment as the payout is smaller than the fees.

Payout for 1GH/s with 0.002 USD per 1GH/s fee  was 656 satoshi.

So what is better for you right now...zero for any size MH/s or 656 satoshi per GH/s?? That is what you have to decide people.

My payout for 180 + MH/s was zero...btw..so if this carries on for another 17 days or so now..then bye bye 180 MH/s or I can switch.. I have not made my mind up yet.

The figures I just posted will change daily.

crawler
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January 23, 2015, 06:59:50 PM
 #2387

I converted the whole lifetime scrypt contracts to SHA256
I dont expect any increasing altcoins, and even if it happens, contracts would probably be already closed.

We will see

My Genesis Mining promo Code is unavailable Wink
IanFoxley
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January 23, 2015, 11:52:27 PM
 #2388

Another 0 payout today for life scrypt. Sad

That's 3 days in a row, 17 to go..or perhaps 4...well doesn't matter..I just don't feel like giving it up ...Am I crazy..guess I am.

The 1 MH/s 1 year contract payout was 0.00014202.  No fees with that one as was an older contract.

10GH/s payout for me today was 0.0006079 so almost 608 satoshi per 1GH/s.

So those of you that upgraded from 1 MH/s scrypt to 1GH/s will be around 608 satoshis better off today......

Ian

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Seems I deinvested all my btc :(


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January 24, 2015, 02:01:38 AM
 #2389

Lol they didn't even bother putting 0.000000 for scrypt payout  today, think they are trying to tell us something?

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PS


Think i will leave my 20 mh/s as scrypt make it a pain in the ass for them, better to loose the scrypt then sell it for dirt.


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January 24, 2015, 10:34:20 AM
 #2390

I have not had a Scrypt payout in 6 days so I took the conversion option. Converted my 8MH to 8 GH. Seems like the only chance to get any return so really not much choice IMO.  Tongue

Minimaxa
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January 25, 2015, 12:48:28 AM
 #2391

This is plain thievery.

At this rate of 10 to 1 conversion it will take 30 years to recover the amount of the initial investment.

If BTC was regulated and a legitimate finance company did this they would be closed down.

Stay very far away from this company this is a sincere warning, this is a scam.
Zeta0S
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January 25, 2015, 02:46:45 AM
 #2392

This is plain thievery.

At this rate of 10 to 1 conversion it will take 30 years to recover the amount of the initial investment.

If BTC was regulated and a legitimate finance company did this they would be closed down.

Stay very far away from this company this is a sincere warning, this is a scam.

Have you ever invested in a stock that went down and your stock broker gave you the opportunity to swap it for a better performing stock after the fact?

No "regulated or legitimate finance company" would do that for you, but GM just did.

I would be grateful?
lol, your so right!
 Smiley

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
ukiktrader
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January 25, 2015, 04:56:49 AM
 #2393

i Just convert my 60 mh to 60 GH... good luck everyone here... better do something than gone to ass..
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January 25, 2015, 09:26:28 AM
 #2394

This is plain thievery.

At this rate of 10 to 1 conversion it will take 30 years to recover the amount of the initial investment.

If BTC was regulated and a legitimate finance company did this they would be closed down.

Stay very far away from this company this is a sincere warning, this is a scam.

Have you ever invested in a stock that went down and your stock broker gave you the opportunity to swap it for a better performing stock after the fact?

No "regulated or legitimate finance company" would do that for you, but GM just did.

I would be grateful?
lol, your so right!
 Smiley

+1. If there is somehing sincere about that post, it's that it's sincerely stupid. Sorry to be using such words but accusing a company of thievery when you are actually being offered something for free is just plain wrong.

=P
siampumpkin
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January 25, 2015, 09:56:40 AM
 #2395

I accept that the conversion sucks and is pretty much a rip off but it is a choice between something and nothing. I have already been warned by them that the Scrypt is going away so I would rather take a little than nothing at all.  Shocked

Serlite
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January 25, 2015, 08:12:35 PM
 #2396

I converted my (massive) 1 Mh/s into 1 Gh/s. Sadly, daily payouts will never really be high enough for me to see the generated satoshis, due to payouts being dependent on daily payout amount, rather than accumulated balance amount (mentioned a few pages earlier). My only current option to see that money is to buy more Gh/s...but with the state that mining is in right now, I don't think that's a financially wise decision.

Regarding the aforementioned situation, I did contact Support with a ticket about it. Their response:

Quote
"We are looking for a way to payout even if there's not enough. But this applies to a lot of accounts so it will take some time unfortunately. Manual payout is not an option, sorry for that."

So for anyone else stuck in the same boat, maybe there is still hope for us!

thevictimofuktyranny
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January 26, 2015, 12:46:48 AM
 #2397

Are the Bitcoin payouts late tonight, still have not got my payment Huh

Incidentally, I would not be selling Litecoins at the moment or giving up scrypt cloud mining when there is a block halving in just 7 months.

August to December will see Litecoin go above $2.60 Grin

I explain a lot about the maths and macro economics in a post on this LTC thread Wink

https://bitcointalk.org/index.php?topic=47417.2620
TXTCLA55
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Ces't la vie baby.


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January 26, 2015, 02:44:13 AM
 #2398

A late reply, but I made the conversion of my 4 MH to GH last week. So far I've gotten a little more of a payout than before, nothing to write home about but I'll take it.

I'd really like to see some of those previous promises/service improvements come to fruition soon.

Sincera
-TXT
bubbaj
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January 26, 2015, 02:48:22 AM
 #2399

I am just letting mine die, the worst $75 I spent, oh well easy come easy go as they say.
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Seems I deinvested all my btc :(


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January 26, 2015, 02:54:57 AM
 #2400

Well i got a suggestion, seeing we just sold the house for some green seeds .. How about 0 maintenance fees on the converted mh/s to gh/s seems only fair as you made 1000% over what we just did converting it.. (and yes i am a convert too ) Sad

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