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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 382027 times)
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Genesis-Mining
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June 20, 2014, 09:56:31 AM
 #261

I notice that Darkcoin has a system called masternodes which cost 1000 darkcoins and then you have to set it up on a secure server etc.

Is that something that, yourselves at GM would consider doing? Setting up masternodes and then letting people purchase a share in them, say from 10Drk coins etc? So 100 shares and then each month you give people back a payment in DRK coins.

Just a thought.


This is a very interesting idea. I know some of our team members already had a look at Darkcoin masternodes. Doing this as a shared investment is a very good idea! We will have a look and see what we can do.


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IanFoxley
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June 20, 2014, 10:04:24 AM
 #262

I notice that Darkcoin has a system called masternodes which cost 1000 darkcoins and then you have to set it up on a secure server etc.

Is that something that, yourselves at GM would consider doing? Setting up masternodes and then letting people purchase a share in them, say from 10Drk coins etc? So 100 shares and then each month you give people back a payment in DRK coins.

Just a thought.


This is a very interesting idea. I know some of our team members already had a look at Darkcoin masternodes. Doing this as a shared investment is a very good idea! We will have a look and see what we can do.



That's good, thanks for taking the time to reply Smiley

arieq
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June 20, 2014, 10:41:54 AM
 #263

There's a new review of our service online: http://cryptomining-blog.com/2706-trying-out-the-genesis-mining-scrypt-cloud-mining-service/
It's detailed and informational


I put an order of 1 MH/s with a total sum = 0.307 BTC, why is it more expensive than the order as described in the above article ? also i try to put the promo code MEC or MEGA but it gave me "promo code not valid" message, any clues ?

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June 20, 2014, 11:25:30 AM
 #264

There's a new review of our service online: http://cryptomining-blog.com/2706-trying-out-the-genesis-mining-scrypt-cloud-mining-service/
It's detailed and informational


I put an order of 1 MH/s with a total sum = 0.307 BTC, why is it more expensive than the order as described in the above article ? also i try to put the promo code MEC or MEGA but it gave me "promo code not valid" message, any clues ?

The code on the website has expired now, it was available to promote Genesis Mining adding Megacoin and the code was useable for around a couple of weeks. Also the price of BTC and USD changes constantly, so that can affect the price also.

For example, the price of 1 BTC was over 630 USD a week or so ago, now it is around 100 USD less, so that can affect the price you see, when you pay with BTC. The USD price stays the same though.

brasilbitcoin
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June 20, 2014, 11:46:48 AM
 #265

Bought 38 more mh/s Wink Now have total of 48 mh/s Smiley Hope it will be worth it

the last payment was around $ 0.72 per MH/s. You may never recover the investment, the difficulty keeps increasing so rapidly.
Genesis-Mining
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June 20, 2014, 11:55:47 AM
 #266

There's a new review of our service online: http://cryptomining-blog.com/2706-trying-out-the-genesis-mining-scrypt-cloud-mining-service/
It's detailed and informational


I put an order of 1 MH/s with a total sum = 0.307 BTC, why is it more expensive than the order as described in the above article ? also i try to put the promo code MEC or MEGA but it gave me "promo code not valid" message, any clues ?

The code on the website has expired now, it was available to promote Genesis Mining adding Megacoin and the code was useable for around a couple of weeks. Also the price of BTC and USD changes constantly, so that can affect the price also.

For example, the price of 1 BTC was over 630 USD a week or so ago, now it is around 100 USD less, so that can affect the price you see, when you pay with BTC. The USD price stays the same though.

This is correct. We frequently update the BTC/USD prices. You can still use individual affiliate codes to get a 3% discount.

Schinder75
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June 20, 2014, 12:52:04 PM
 #267

Will there be a price adjustment in the near future?

genesis-mining.com 2 MHs for 360$ = 180$ / 1MHs

zeusminer.com (blizzard in stock) 1,3MHs for 110$ = 84$ / 1MHs

So it seems you have more than double the price of asic manufacturer that has miners in stock. There will apply shipping costs and electricity, but anyway, it seems much cheaper to order a miner than to rent the hashing power.
Even if i calculate all true costs (shipping costs, eletricity, raspberry, VAT, usb hub and so on) it will be cheaper to get a miner at home if I just order 2 blizzards.

Do I have forgotten anything?
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June 20, 2014, 02:01:02 PM
 #268

Will there be a price adjustment in the near future?

genesis-mining.com 2 MHs for 360$ = 180$ / 1MHs

zeusminer.com (blizzard in stock) 1,3MHs for 110$ = 84$ / 1MHs

So it seems you have more than double the price of asic manufacturer that has miners in stock. There will apply shipping costs and electricity, but anyway, it seems much cheaper to order a miner than to rent the hashing power.
Even if i calculate all true costs (shipping costs, eletricity, raspberry, VAT, usb hub and so on) it will be cheaper to get a miner at home if I just order 2 blizzards.

Do I have forgotten anything?
A website, a helpdesk, methods of checking for scammers, ease of mind, mining 24/7, room to mine with electricity and cooling, and probably a coffee machine, and so on. If you buy a car, will you complain to the dealer that a complete and ready to go car is more expensive then the components it's made of?! If you have everything you need to mine at home then buy hardware. If not, then you can either accept these prices or shop elsewhere.

The MEC promo code was mine. Guess I promoted it well enough if it made it's way onto cryptomining-blog.com. Though, yeah, by now that one is invalid Smiley

<||=||>  Rule #1a: Never invest more then you can afford to lose. <||=||>  Rule #1b: Never invest all you can afford to lose. <||=||> 
............. Whenever someone idly claims a scam, a Bitcoin somewhere dies .............
Genesis-Mining
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June 20, 2014, 02:07:00 PM
 #269

Will there be a price adjustment in the near future?

genesis-mining.com 2 MHs for 360$ = 180$ / 1MHs

zeusminer.com (blizzard in stock) 1,3MHs for 110$ = 84$ / 1MHs

So it seems you have more than double the price of asic manufacturer that has miners in stock. There will apply shipping costs and electricity, but anyway, it seems much cheaper to order a miner than to rent the hashing power.
Even if i calculate all true costs (shipping costs, eletricity, raspberry, VAT, usb hub and so on) it will be cheaper to get a miner at home if I just order 2 blizzards.

Do I have forgotten anything?

Good question. We are constantly watching the market and negotiate with hardware sellers to find the best possible offers. Unfortunately, Zeus miners consume a lot of electricity (and thus produce a lot of heat) and are not well tested for longer periods of time.

What numbers did you use for shipping costs, electricity, rasberry, VAT, and other equipment etc?

You also need to take into account opportunity costs, e.g., delivery time, your own time you need to setup and operate the miner. Miners will crash from time to time and need to be restarted (so you need constant monitoring and in some cases a manual reset is required), i.e., you will by far not reach a 100% uptime. Furthermore, the manufacturer / seller often limits the warranty to one month (bad luck if it breaks after).

If you take all this into account it will be very difficult to beat 14 cent per 1kH/s. For smaller projects I guess that opportunity costs will be the limiting factor. Or the WAF (= woman acceptance factor) will limit your mining project Wink

For Zeus it will very much depend on where you are and how much you pay for electricity.


marife01
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June 20, 2014, 03:53:08 PM
 #270

Bought 38 more mh/s Wink Now have total of 48 mh/s Smiley Hope it will be worth it

It will be great if you can share another updates with your mining earnings with Genesis mining after this. Wink
Wintermute
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June 20, 2014, 05:14:36 PM
 #271

The MEC promo code was mine. Guess I promoted it well enough if it made it's way onto cryptomining-blog.com. Though, yeah, by now that one is invalid Smiley

Job, well done Smiley I think there will be another coin soon, and maybe a promotion code as well. Promocode for Potcoin would be fun Smiley
Bonobo
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June 20, 2014, 05:30:52 PM
 #272

Bought 38 more mh/s Wink Now have total of 48 mh/s Smiley Hope it will be worth it

the last payment was around $ 0.72 per MH/s. You may never recover the investment, the difficulty keeps increasing so rapidly.

Unfortunately you might be right.  Here is the updated chart of my returns in mBTC per mH/s since I started with GM on May 10th:

http://i.imgur.com/sUVTSb2.jpg

Here is the same data in context with previous returns since February (derived from payments made to other users and publicly available on the blockchain):

http://i.imgur.com/qbMAlQd.jpg

Could the trend reverse in time to get a positive ROI?  I suppose, but there are going to be a lot of new ASICS coming on stream this year.  At the moment my best guess from extrapolating the trend shows the ROI about minus thirty percent by contract expiry.  If somebody can put a positive spin on the data I would love to hear from you!
xpalax
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June 20, 2014, 05:58:12 PM
 #273

I orded 1mhs today. One of the biggest reasons is that they will be supporting nee aglos which imo is better then straight ASIC mining.
Schinder75
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June 20, 2014, 05:59:30 PM
 #274

Will there be a price adjustment in the near future?

genesis-mining.com 2 MHs for 360$ = 180$ / 1MHs

zeusminer.com (blizzard in stock) 1,3MHs for 110$ = 84$ / 1MHs

So it seems you have more than double the price of asic manufacturer that has miners in stock. There will apply shipping costs and electricity, but anyway, it seems much cheaper to order a miner than to rent the hashing power.
Even if i calculate all true costs (shipping costs, eletricity, raspberry, VAT, usb hub and so on) it will be cheaper to get a miner at home if I just order 2 blizzards.

Do I have forgotten anything?

Good question. We are constantly watching the market and negotiate with hardware sellers to find the best possible offers. Unfortunately, Zeus miners consume a lot of electricity (and thus produce a lot of heat) and are not well tested for longer periods of time.

What numbers did you use for shipping costs, electricity, rasberry, VAT, and other equipment etc?

You also need to take into account opportunity costs, e.g., delivery time, your own time you need to setup and operate the miner. Miners will crash from time to time and need to be restarted (so you need constant monitoring and in some cases a manual reset is required), i.e., you will by far not reach a 100% uptime. Furthermore, the manufacturer / seller often limits the warranty to one month (bad luck if it breaks after).

If you take all this into account it will be very difficult to beat 14 cent per 1kH/s. For smaller projects I guess that opportunity costs will be the limiting factor. Or the WAF (= woman acceptance factor) will limit your mining project Wink

For Zeus it will very much depend on where you are and how much you pay for electricity.

I have to say sorry.

Doing the math again I have to say it really belongs to e-costs. Contracts from you seems overpriced at first look, but after doing math again, it seems they are ok. It really belongs how much scrypt power you rent or buy and where to host it and to calculate the hidden costs.

And do not forget the WAF factor...

Genesis-Mining
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June 21, 2014, 07:28:38 AM
 #275

Genesis loves all coins!
We do now accept Dogecoin for contract payments! Such mining!

Users that want to support the Dogecoin network can now do so by purchasing hashpower with Doge and mine Doge directly to their wallet.
So Genesis Mining is becoming the first truly multi-coin mining company. We eat our own dogfood!  Smiley

First user that pays in doge gets a free 10%  upgrade on his hashrate!

And we will accept even more crypto-coins in the future!



AngryGrunt
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June 21, 2014, 08:25:48 AM
 #276

Bought 38 more mh/s Wink Now have total of 48 mh/s Smiley Hope it will be worth it

It will be great if you can share another updates with your mining earnings with Genesis mining after this. Wink

Sure, maybe after 10 more days

Hey.. take it easy..
IanFoxley
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June 21, 2014, 08:53:41 AM
 #277

Genesis loves all coins!
We do now accept Dogecoin for contract payments! Such mining!

Users that want to support the Dogecoin network can now do so by purchasing hashpower with Doge and mine Doge directly to their wallet.
So Genesis Mining is becoming the first truly multi-coin mining company. We eat our own dogfood!  Smiley

First user that pays in doge gets a free 10%  upgrade on his hashrate!

And we will accept even more crypto-coins in the future!




Reposted this in the Dogecoin message thread also.

Genesis-Mining
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June 21, 2014, 11:59:25 AM
 #278


Reposted this in the Dogecoin message thread also.


Thank you Ian!
We are now also thinking about accepting Darkcoin payments (work in progress).

Genesis-Mining
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June 21, 2014, 12:16:01 PM
 #279

I notice that Darkcoin has a system called masternodes which cost 1000 darkcoins and then you have to set it up on a secure server etc.

Is that something that, yourselves at GM would consider doing? Setting up masternodes and then letting people purchase a share in them, say from 10Drk coins etc? So 100 shares and then each month you give people back a payment in DRK coins.

Just a thought.


This is a very interesting idea. I know some of our team members already had a look at Darkcoin masternodes. Doing this as a shared investment is a very good idea! We will have a look and see what we can do.



That's good, thanks for taking the time to reply Smiley

Short update about the masternode: we have discussed this internally and everyone in the team likes the idea! Technically it is certainly doable, our darkcoin specialist Stefan will setup a masternode for testing purposes, soon. We need some changes in our infrastructure and of course for the webinterface (we want to keep the interface simple & clean).

The easiest implementation would be to sell shares of a masternode and pay the server cost by deducting a small fee from the income. Then distribute the remaining income among shareholders. Sounds easy but is still quite some work for the IT team (and they have a looong TODO list already). In this scenario the investor would not be able to withdraw his invested amount. But for the start that would be ok and we can convert it into a tradeable asset later.

Just wanted to give you a short update that you know where we stand on this. Will keep you posted here.

Cheers, Marco (K)



IanFoxley
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June 21, 2014, 12:29:38 PM
 #280

I notice that Darkcoin has a system called masternodes which cost 1000 darkcoins and then you have to set it up on a secure server etc.

Is that something that, yourselves at GM would consider doing? Setting up masternodes and then letting people purchase a share in them, say from 10Drk coins etc? So 100 shares and then each month you give people back a payment in DRK coins.

Just a thought.


This is a very interesting idea. I know some of our team members already had a look at Darkcoin masternodes. Doing this as a shared investment is a very good idea! We will have a look and see what we can do.



That's good, thanks for taking the time to reply Smiley

Short update about the masternode: we have discussed this internally and everyone in the team likes the idea! Technically it is certainly doable, our darkcoin specialist Stefan will setup a masternode for testing purposes, soon. We need some changes in our infrastructure and of course for the webinterface (we want to keep the interface simple & clean).

The easiest implementation would be to sell shares of a masternode and pay the server cost by deducting a small fee from the income. Then distribute the remaining income among shareholders. Sounds easy but is still quite some work for the IT team (and they have a looong TODO list already). In this scenario the investor would not be able to withdraw his invested amount. But for the start that would be ok and we can convert it into a tradeable asset later.

Just wanted to give you a short update that you know where we stand on this. Will keep you posted here.

Cheers, Marco (K)




Thanks for the update Marco, of course this all relies on the Darkcoin team getting their problems sorted too, especially with what happened yesterday for example. But it is nice that you are all thinking about perhaps setting something up. If this happens, I feel that you might entice quite a few dark coin holders who might not have the necessary 1000 drk coins to set up a masternode, or they might have 1000 dark coins but might be abit wary about setting up a masternode and this might help some get all the benefits, but without the hassle.


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