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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 384355 times)
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Glucose
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September 21, 2015, 01:25:35 PM
 #3281

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!

Let's wait for GM explanation. Maybe it's a technical error. Because I have NO payout at all for 2 days now (the mining days doesn't even appear on the "payout" board)

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clgrissom3
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September 21, 2015, 01:40:08 PM
 #3282

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!

Let's wait for GM explanation. Maybe it's a technical error. Because I have NO payout at all for 2 days now (the mining days doesn't even appear on the "payout" board)

I've gotten payouts for the past 2 days but they are drastically lower than I was getting two weeks ago when BTC prices were lower.  Technical error or not the main failing here is a total lack of transparency with Genesis Mining.  It's even more apparent when a problem like this crops up that we have no meaningful view into the operation at all.

I proudly mine at the KanoPool, the Best Bitcoin Pool in the World!
Roquene
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September 21, 2015, 01:42:02 PM
 #3283

Let's wait for GM explanation. Maybe it's a technical error. Because I have NO payout at all for 2 days now (the mining days doesn't even appear on the "payout" board)

With normal Genesis Contract or Spondoolies?
Because somebody said only the spondoolies have the problem.

At least my normal works fine now. Got every payout and with ~265 Sat. per GH/s not even bad.
Glucose
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September 21, 2015, 01:45:51 PM
 #3284

Let's wait for GM explanation. Maybe it's a technical error. Because I have NO payout at all for 2 days now (the mining days doesn't even appear on the "payout" board)

With normal Genesis Contract or Spondoolies?
Because somebody said only the spondoolies have the problem.

At least my normal works fine now. Got every payout and with ~265 Sat. per GH/s not even bad.

I only have genesis contracts.

It doesn't look good. They answered my ticket saying it's because of difficulty rising.

According to my calculation, it's absolutely IMPOSSIBLE that my payout goes from 0.09 to 0.0000000.

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September 21, 2015, 01:48:16 PM
 #3285

Really strange.
GM shows a similar behavior as Scrypt.cc.

And that's, of course, extremely bad.

But still hope for the best. *Fingers crossed*
clgrissom3
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September 21, 2015, 01:50:17 PM
 #3286

Let's wait for GM explanation. Maybe it's a technical error. Because I have NO payout at all for 2 days now (the mining days doesn't even appear on the "payout" board)

With normal Genesis Contract or Spondoolies?
Because somebody said only the spondoolies have the problem.

At least my normal works fine now. Got every payout and with ~265 Sat. per GH/s not even bad.

I have a normal Genesis contract (1.5TH/s) and my average was at ~254 per GH/s up until 3 days ago.  For the past three days it has averaged ~173 and the progression has been getting lower each day.

I proudly mine at the KanoPool, the Best Bitcoin Pool in the World!
galdur
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September 21, 2015, 02:14:48 PM
 #3287

Well, if it gives up the ghost it will be the universe´s second most legit cloud mining operation to do so this year.

Most legit as in according to scam experts on these here threads.

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September 21, 2015, 02:25:27 PM
 #3288


Here is a visual of what my payouts have looked like compared to the price of BTC over the past month.


I proudly mine at the KanoPool, the Best Bitcoin Pool in the World!
julian071
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September 21, 2015, 02:37:11 PM
 #3289


Here is a visual of what my payouts have looked like compared to the price of BTC over the past month.



On the 17th of september the diff went up 4.17%. I'll do the math of this mess later.

=P
galdur
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September 21, 2015, 02:43:29 PM
 #3290

I´m too lazy now for a 30 miles drive to check out the gigantic facilities of the world´s largest cloud mining operation. Maybe I´ll get around to it later.

The location is known, right? Google? Must be like a freakin aircraft hangar for the world´s largest?!?

It is supposedly at the former NATO base here so I guess a hangar it well could be.

TheRealSteve
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September 21, 2015, 02:50:08 PM
 #3291

Not sure how much math you need for that.  Say we take the ~230 sat/Gh/s as the basis just before the 17th and before the drop.  If the difficulty rose by 4.17% to a level of 104.17%, then the expected revenue would be inversely proportional to that.  230 multiplied by (1/1.0417) is 220 sat/Gh/s, not 165.

Moreover, the difficulty jumped by 4.98% on September 4th.  While there was a drop around that time from 270 down to 230 (for whatever reason), that later stabilized just below 260.  Doing the same math, that seems more reasonable; 270 * 1/(1.0498) = 257.

Most legit as in according to scam experts on these here threads.
I don't know if anybody's a scam expert, but it's not like they didn't have marks against them in that cloud mining 101 thread.  Their acquisition of SP hardware (back in February) lent them some credibility.

I'd wait for GM to come in and give an official explanation, as right now it's just guesswork. (disclaimer: I don't use GM, if you do and you feel something hinky is going on, act accordingly).

julian071
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September 21, 2015, 02:53:59 PM
 #3292

Steve, the calculation would be different, it's not simply inversely proportional, as there is also a subtraction (profit minus fees) in the equation. You have to divide the profit by the %'ual increase in diff, then subtract the fees, taking into account the changing exchange rate of BTC to USD.

=P
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September 21, 2015, 03:01:49 PM
 #3293

Cool down people, let`s wait for a answer from one of the Marco`s first.

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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September 21, 2015, 03:07:23 PM
 #3294


Here is a visual of what my payouts have looked like compared to the price of BTC over the past month.



On the 17th of september the diff went up 4.17%. I'll do the math of this mess later.

And it went up 5% on 3rd of september, right for the first dip in the chart... coincidence?

galdur
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September 21, 2015, 03:12:20 PM
 #3295

I guess a picture really does say more than a thousand words  Grin

TheRealSteve
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September 21, 2015, 03:55:40 PM
 #3296

You have to divide the profit by the %'ual increase in diff, then subtract the fees, taking into account the changing exchange rate of BTC to USD.
Oh I fully acknowledge that it's a simplification - but even that simplification should give an indication of whether the difficulty change and the exchange rates combined would have as large an effect as shown in the sample graph.  When you find the time to throw your math at it, please do Smiley

julian071
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September 21, 2015, 04:19:50 PM
 #3297

You have to divide the profit by the %'ual increase in diff, then subtract the fees, taking into account the changing exchange rate of BTC to USD.
Oh I fully acknowledge that it's a simplification - but even that simplification should give an indication of whether the difficulty change and the exchange rates combined would have as large an effect as shown in the sample graph.  When you find the time to throw your math at it, please do Smiley

I will do that tonight.

=P
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September 21, 2015, 05:01:21 PM
 #3298


Here is a visual of what my payouts have looked like compared to the price of BTC over the past month.



On the 17th of september the diff went up 4.17%. I'll do the math of this mess later.

And it went up 5% on 3rd of september, right for the first dip in the chart... coincidence?

I would go along with dips because of difficulty jumps except that the pools that I regularly mine with my hardware don’t show these types of dips in earnings when difficulty jumps.  On top of that, GM advertises that they use multipool algorithms which should even out pool variance even more so they should have even less problems here.  Are they that bad at selecting pools to mine?

I proudly mine at the KanoPool, the Best Bitcoin Pool in the World!
galdur
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September 21, 2015, 05:17:37 PM
 #3299

So, has anybody noticed any especially nervous activity around these threads? I guess what with this thing having such a good seal of approval from the world´s (and the moon´s)  best scam experts many people have sunk substantial amounts into it.

julian071
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September 21, 2015, 05:38:58 PM
 #3300

If you use these numbers you can calculate your profit. You can also fill in your investment costs to calculate ROI. Just replace the 0.15 for the fee your contract has. This one is for 1,50 per TH per day. For the new 1,,20 contract fill in 0.12. Most of my mining has a fee of 0.20, the profitability of that is 0.

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=1000.00&p=416.67&pc=0.15&pf=0.00&d=59335351233.86660000&r=25.00000000&er=236.10000000&hc=0.00

To explain, I used a fictional number of Watts to end up with an electricity bill with the same pricetag as the fee. Outcome is per TH unless you specify otherwise.

=P
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