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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 384096 times)
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galdur
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September 21, 2015, 07:56:09 AM
 #3261

Anyway, they´re the biggest in the world, most trusted in the world, dedicated to transparency and maximizing profits for the customers. All according to themselves and all lies. So the obvious question is how much of the hash they´ve sold is actually mining?

They are real, they mine and they deliver payouts.

The problem is those payouts will NEVER EVER get you ROI. Even if they do, your profits after that will be so low, due to diff growth in the meantime, that all you achieved was lending money to GM at no interest at all so they can build their farms and make more money.

For them, an excellent business model. For you, total disaster.

Yeah well, I´ve actually mentioned this many times here this year. I don´t doubt that they have some mining going what I find interesting is that they can´t disclose the volume of that mining, the hashpower they control. The blocks they find are a closely guarded secret. So much for "dedication to transparency".
It´s just we´re the biggest and best and everybody loves us because we´re so honest and transparent. Well, I call bullshit. It should be easy for them to prove me wrong if they can. Let´s see what we´ll see.

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julian071
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September 21, 2015, 08:44:03 AM
 #3262

I did receive payments yesterday and the day before, but they have decimated. Literally. That might explain why some people have not received anything, the amount due was to small to pay out at all.

Still no response on the ticket I logged.

=P
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September 21, 2015, 10:48:30 AM
 #3263

For those interested, here is the "guesstimated" balance and history of the Genesis Mining hot wallet (guesstimated through taint analysis), figures in BTC, aggregated by day.

Keep in mind these are not accurate figures, but a "probable under-estimation", the taint analysis will miss some addresses, some change addresses, etc.

What stayed a tranquil but slow growing operation apparently changed gears a few months ago. What this means -or not- is anybody's guess.

Individual spikes are mostly movements to & from a large wallet with addresses all beginning with '3' (Bitfinex cold wallet/proof of reserve maybe? not sure, richest address of that wallet is 394p1k5wfY96hQXgppDFvmVUAJfhQaNHu8).

Since the beginning



Since august




julian071
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September 21, 2015, 11:04:01 AM
 #3264

Looked into mining UNO as a workaround, but they switched to merge mining in May. I guess GM forgot to update because mining UNO directly is still an option....

=P
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September 21, 2015, 11:16:01 AM
 #3265


Exciting times ahead.

Be prepared for a major announcement coming up next week!


If your announcement could talk about our really terrible payouts these days, we would be glad.

Yeah, it´s the same shit they pulled before they made the scrypt worthless. I wonder what scam they´ll force on  old sha investors. Maybe half the hashpower in the "new" sha. Wouldn´t be surprised.

I wouldn't be so surprised yeah.. I hope we are wrong...

My last mining day was 17th september. Didn't receive anything since it... Same for you guys ?? Today's screenshot : http://imgur.com/r7BZbYg

bittamak
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September 21, 2015, 11:36:19 AM
 #3266

UNO is merge mined if so all those who are mining bitcoin should also receive part of UNO too if i am not wrong !!
julian071
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September 21, 2015, 12:05:15 PM
 #3267

*sigh*

Still no word from GM..... If it really is a technical issue we should've heard from them by now.

Maybe we should tip a BTC-news-site like Coindesk, maybe if they ask GM what's up there will be an answer. If GM is really ponzi-ing out on us we should get the news out ASAP to prevent new customers losing their money.

Edit: Got a reply on my ticket, here it is:

Quote
What you are seeing is the effect of the rise in difficulty in relationship to current Bitcoin value and the maintenance fee. You have quite a few contracts, with different fee's, and a lot are the old contracts with a fee of 0.002USD per GHs per day. Those contracts are barely returning anything, or are in fact negative. It should be easily checked by using online Bitcoin calculators (inaccurate as they are, they do give clues still). A quick look shows me you have like 6.25 THs of hashrate with the 0.002 fee.
Coinwarz says that that amount could mine around $12.50 per day. See http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=6250&p=0&pc=0&pf=0.00&d=59335351233.86660000&r=25.00000000&er=236.10000000&hc=0.00
Maintenance fee is 6250 GHs * 0.002 = $12.50

In short, that part of your hashrate is not providing earning anymore, if not negative in earnings. Difficulty still has a tendency to go up, and Bitcoin value does not seem to want to go up right now, so at this moment I see no improvement for those contracts. Wish I had better news for you, but unfortunately this is the way things are.

Doesn't really explain why the payments suddenly fell so sharply while price rose (a little) in the same period.

=P
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September 21, 2015, 12:06:55 PM
 #3268

UNO is merge mined if so all those who are mining bitcoin should also receive part of UNO too if i am not wrong !!

Most merge mining places I have seen end up paying BTC. Onces that have BTC NMC Doge on it combined all and sell automatic and get no option to keep the alts. Theirs a few pools that do pay the alts separate if want to sell them at a later date but its next to nothing unless you got a big chunk of hash power.

=
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September 21, 2015, 12:13:52 PM
 #3269

I have a spondoolies referral account and no payout since 19.09.2015
I wonder for the explanation  Roll Eyes

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julian071
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September 21, 2015, 12:24:18 PM
 #3270

OK, so the 4.17% rise in diff of the 17th of september made all existing contracts totally unprofitable. Right.

=P
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September 21, 2015, 12:28:48 PM
 #3271

Without the ability to resell your shares/machine/whatever you should never buy into a "cloud" operation.
fairglu
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September 21, 2015, 12:29:21 PM
 #3272

Doesn't really explain why the payments suddenly fell so sharply while price rose (a little) in the same period.
Also difficulty went up from 57 (x1e9) to 59.3, or a mere 4% increase.

On the sept 4, there was a similar increase in difficulty (54.25 to 57, or 5% increase), which did not result in a sharp drop in payouts.

So clearly something does not compute.

Glucose
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September 21, 2015, 12:37:21 PM
 #3273

Doesn't really explain why the payments suddenly fell so sharply while price rose (a little) in the same period.
Also difficulty went up from 57 (x1e9) to 59.3, or a mere 4% increase.

On the sept 4, there was a similar increase in difficulty (54.25 to 57, or 5% increase), which did not result in a sharp drop in payouts.

So clearly something does not compute.

GM should practice mathematics.

Still waiting for a serious explanations here.

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September 21, 2015, 12:48:21 PM
 #3274

Doesn't really explain why the payments suddenly fell so sharply while price rose (a little) in the same period.
Also difficulty went up from 57 (x1e9) to 59.3, or a mere 4% increase.

On the sept 4, there was a similar increase in difficulty (54.25 to 57, or 5% increase), which did not result in a sharp drop in payouts.

So clearly something does not compute.

GM should practice mathematics.

Still waiting for a serious explanations here.

Check Hashnest - they are diving down too.. Sad It is about BTC price vs. mining difficulty..
elrippo
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September 21, 2015, 12:50:05 PM
 #3275

Doesn't really explain why the payments suddenly fell so sharply while price rose (a little) in the same period.
Also difficulty went up from 57 (x1e9) to 59.3, or a mere 4% increase.

On the sept 4, there was a similar increase in difficulty (54.25 to 57, or 5% increase), which did not result in a sharp drop in payouts.

So clearly something does not compute.

GM should practice mathematics.

Still waiting for a serious explanations here.

Check Hashnest - they are diving down too.. Sad It is about BTC price vs. mining difficulty..

Yeah, but you cant dive down from 10k satoshi to nothing bcause of a 4% increase in Diff, that is not possible  Shocked

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Roquene
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September 21, 2015, 12:52:41 PM
 #3276

Hashnest is worse at the moment.
Lost 0.004 since yesterday.
Very bad luck.
AltFaucets
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September 21, 2015, 12:56:56 PM
 #3277

Doesn't really explain why the payments suddenly fell so sharply while price rose (a little) in the same period.
Also difficulty went up from 57 (x1e9) to 59.3, or a mere 4% increase.

On the sept 4, there was a similar increase in difficulty (54.25 to 57, or 5% increase), which did not result in a sharp drop in payouts.

So clearly something does not compute.

GM should practice mathematics.

Still waiting for a serious explanations here.

Check Hashnest - they are diving down too.. Sad It is about BTC price vs. mining difficulty..

Yeah, but you cant dive down from 10k satoshi to nothing bcause of a 4% increase in Diff, that is not possible  Shocked

No, for sure not! But the price of GHS on Hashnest in the past two weeks dropped 60% down !! Hopefully GM will explain this situation soon..
AltFaucets
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September 21, 2015, 12:58:56 PM
 #3278

Hashnest is worse at the moment.
Lost 0.004 since yesterday.
Very bad luck.

Everyday i'm afraid to check their stats.. is worse and worse..
alienesb
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September 21, 2015, 12:59:02 PM
 #3279

Doesn't really explain why the payments suddenly fell so sharply while price rose (a little) in the same period.
Also difficulty went up from 57 (x1e9) to 59.3, or a mere 4% increase.

On the sept 4, there was a similar increase in difficulty (54.25 to 57, or 5% increase), which did not result in a sharp drop in payouts.

So clearly something does not compute.

GM should practice mathematics.

Still waiting for a serious explanations here.

Check Hashnest - they are diving down too.. Sad It is about BTC price vs. mining difficulty..

Yeah, but you cant dive down from 10k satoshi to nothing bcause of a 4% increase in Diff, that is not possible  Shocked

No, for sure not! But the price of GHS on Hashnest in the past two weeks dropped 60% down !! Hopefully GM will explain this situation soon..

Of course it's dropped with S7 announced and shipments starting soon (already in some cases.) That is a price correction, not a complete disaster in rewards.
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September 21, 2015, 01:13:47 PM
 #3280

Without the ability to resell your shares/machine/whatever you should never buy into a "cloud" operation.

You've nailed it!  I went against my own better judgment and bought a hash contract while knowing there was no way to get out.  I basically did it as a test to see how long it would run with steady payouts but dang, it started falling apart after only 25 days!  I thought if this was legit it might last a little more than a year.  I knew I would need 2 years to come close to ROI so I was okay with doing this as a test but I didn’t realize I was going to lose my whole investment before the end of the first month.  I thought I was sharper than that!

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