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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 382030 times)
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Zeta0S
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October 03, 2015, 03:50:14 PM
 #3501

Bought 1 MH/S X11 hash from GM - received payout: 0.00015965

Set to BTC (AUTO)

That payout is small, perhaps you got your contract half way through a mining day when you purchased it.

Yeh, that`s it.

@IanFoxley, did you get on Auto btc also a Dash payout the first two days?

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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October 03, 2015, 03:54:43 PM
 #3502

Bought 1 MH/S X11 hash from GM - received payout: 0.00015965

Set to BTC (AUTO)

That payout is small, perhaps you got your contract half way through a mining day when you purchased it.

Yeh, that`s it.

@IanFoxley, did you get on Auto btc also a Dash payout the first two days?

My first days payout was Dash when it should have been BTC, so I then reset the settings and allocated it again to BTC (AUTO) and since then its been ok.
So out of the 3 BTC payouts so far, one was wrong and the other two have been ok.

I have 3 accounts set up....One for each payout type...so can post daily payouts for each type at 1MH/s each

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★777Coin.com★ Fun BTC Casino!


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October 03, 2015, 04:18:21 PM
 #3503

I think x11 mining is the right leap towards stable cloud mining ecosystem. Since they initiated taking upfront fees (due to their past experience with script mining), it would be easier to achieve ROI easily against the SHA-256 contract IMO. Now the best bet would be to try out a smaller contract (~1/2 MH/s) and see whether ROI is achieved after 365 days (approx).

P.S. Since cloud mining is an evenly volatile concept and is totally dependent upon the present situation of a particular cryptocurrency, so before trying out any service, be prepared to invest in what you are willing to lose. It's no different than gambling!

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October 03, 2015, 04:28:56 PM
 #3504

I think x11 mining is the right leap towards stable cloud mining ecosystem. Since they initiated taking upfront fees (due to their past experience with script mining), it would be easier to achieve ROI easily against the SHA-256 contract IMO. Now the best bet would be to try out a smaller contract (~1/2 MH/s) and see whether ROI is achieved after 365 days (approx).

P.S. Since cloud mining is an evenly volatile concept and is totally dependent upon the present situation of a particular cryptocurrency, so before trying out any service, be prepared to invest in what you are willing to lose. It's no different than gambling!

You will not make profit though with 1 MH/s..and yes I will get blasted for saying this but higher hashpower amounts will be the ones with the most gains although like everything you need to do your maths and take into account variables and even then...it would be a "cross your fingers for luck" scenario and just hope that things in the crypto currency world go the way you hope it will. But as history has shown us with Lifetime Scrypt contracts and also the older SHA 256 contracts with the higher fees, things dont go the way we want.

I actually like contracts where you pay everything up front.

I think GM should do a 1 year SHA 256 contract, but with fees upfront...so theres none of this low BTC / USD exchange rate eating the payouts each day stuff.

BUT, the only problem is the price.

For example 50 GH/s costs 22.49 USD and the daily fee is 6 Cents...based on 0.0012 x 50  0.06

So over a year the fee would be 21.90 USD.  0.06 x 365 = 21.90

If GM advertised on their website a contract for 50 GH/s which costs 44.39 USD. Nobody would buy it and people would be complaining about the price was far too high and it was a con or a rip off and a scam.

Cost of 44.39 USD is based on 22.49 + 21.90 USD for electricity and maintenance...but at least you would get a full fat BTC 50GH/s payout each day and the only thing affecting the payout would be the difficulty of the Bitcoin network itself.

So anyway, even though it sounds like a nice thought I do not think that would happen soon.

Ian.

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October 03, 2015, 04:34:29 PM
 #3505

Up to 10/2/2015...


Try Kano CKPool - Tip Addy: 1EAbq69WSa1mNKkoWraEyUfqZkcjDcCzYm
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October 03, 2015, 05:49:40 PM
 #3506

Until you can sell your hash you will get burned. Buy a hosted miner and you'll do a lot better.
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October 03, 2015, 06:05:21 PM
 #3507

This is the loser business. And you can't sell your contract when you realize this fact.

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Seems I deinvested all my btc :(


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October 03, 2015, 06:28:47 PM
 #3508

I think x11 mining is the right leap towards stable cloud mining ecosystem. Since they initiated taking upfront fees (due to their past experience with script mining), it would be easier to achieve ROI easily against the SHA-256 contract IMO. Now the best bet would be to try out a smaller contract (~1/2 MH/s) and see whether ROI is achieved after 365 days (approx).

P.S. Since cloud mining is an evenly volatile concept and is totally dependent upon the present situation of a particular cryptocurrency, so before trying out any service, be prepared to invest in what you are willing to lose. It's no different than gambling!

You will not make profit though with 1 MH/s..and yes I will get blasted for saying this but higher hashpower amounts will be the ones with the most gains although like everything you need to do your maths and take into account variables and even then...it would be a "cross your fingers for luck" scenario and just hope that things in the crypto currency world go the way you hope it will. But as history has shown us with Lifetime Scrypt contracts and also the older SHA 256 contracts with the higher fees, things dont go the way we want.

I actually like contracts where you pay everything up front.

I think GM should do a 1 year SHA 256 contract, but with fees upfront...so theres none of this low BTC / USD exchange rate eating the payouts each day stuff.

BUT, the only problem is the price.

For example 50 GH/s costs 22.49 USD and the daily fee is 6 Cents...based on 0.0012 x 50  0.06

So over a year the fee would be 21.90 USD.  0.06 x 365 = 21.90

If GM advertised on their website a contract for 50 GH/s which costs 44.39 USD. Nobody would buy it and people would be complaining about the price was far too high and it was a con or a rip off and a scam.

Cost of 44.39 USD is based on 22.49 + 21.90 USD for electricity and maintenance...but at least you would get a full fat BTC 50GH/s payout each day and the only thing affecting the payout would be the difficulty of the Bitcoin network itself.

So anyway, even though it sounds like a nice thought I do not think that would happen soon.

Ian.

So let me get this straight, you are saying a smaller miner wont hit ROI but a larger one will? Just how is that. Seeing everything is relative , IE: the more you pay out the more you get back. The lesser you payout out the less you get back but they both cost the same amount, unless Genesis gives a discount for buying larger amount of hash rate?

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October 03, 2015, 07:24:12 PM
 #3509

Bought 1 MH/S X11 hash from GM - received payout: 0.00015965

Set to BTC (AUTO)

That payout is small, perhaps you got your contract half way through a mining day when you purchased it.


How much did you receive for 1 MH/S X11?

1Cr9iLWm2dSGH8259VQd2wDzpkR63jGVjW
IanFoxley
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October 03, 2015, 07:30:29 PM
 #3510

I think x11 mining is the right leap towards stable cloud mining ecosystem. Since they initiated taking upfront fees (due to their past experience with script mining), it would be easier to achieve ROI easily against the SHA-256 contract IMO. Now the best bet would be to try out a smaller contract (~1/2 MH/s) and see whether ROI is achieved after 365 days (approx).

P.S. Since cloud mining is an evenly volatile concept and is totally dependent upon the present situation of a particular cryptocurrency, so before trying out any service, be prepared to invest in what you are willing to lose. It's no different than gambling!

You will not make profit though with 1 MH/s..and yes I will get blasted for saying this but higher hashpower amounts will be the ones with the most gains although like everything you need to do your maths and take into account variables and even then...it would be a "cross your fingers for luck" scenario and just hope that things in the crypto currency world go the way you hope it will. But as history has shown us with Lifetime Scrypt contracts and also the older SHA 256 contracts with the higher fees, things dont go the way we want.

I actually like contracts where you pay everything up front.

I think GM should do a 1 year SHA 256 contract, but with fees upfront...so theres none of this low BTC / USD exchange rate eating the payouts each day stuff.

BUT, the only problem is the price.

For example 50 GH/s costs 22.49 USD and the daily fee is 6 Cents...based on 0.0012 x 50  0.06

So over a year the fee would be 21.90 USD.  0.06 x 365 = 21.90

If GM advertised on their website a contract for 50 GH/s which costs 44.39 USD. Nobody would buy it and people would be complaining about the price was far too high and it was a con or a rip off and a scam.

Cost of 44.39 USD is based on 22.49 + 21.90 USD for electricity and maintenance...but at least you would get a full fat BTC 50GH/s payout each day and the only thing affecting the payout would be the difficulty of the Bitcoin network itself.

So anyway, even though it sounds like a nice thought I do not think that would happen soon.

Ian.

So let me get this straight, you are saying a smaller miner wont hit ROI but a larger one will? Just how is that. Seeing everything is relative , IE: the more you pay out the more you get back. The lesser you payout out the less you get back but they both cost the same amount, unless Genesis gives a discount for buying larger amount of hash rate?

Icon


If you look at the pricing...
1MH/s is 23 USD per MHs ........100 MH/s is 1900 USD...or 19 USD per MH/s.. then 5% off the price. Do the maths!

Plus I wrote you would not make profit. so why twist my words by saying I wrote that nobody would make ROI. If you made 50 cents over a year, would you call it profit...Sure technically it would be profit but cmon, What would be be point in giving GM 24 USD to get 24.50 USD back in a year...

Of course you might get lucky by mining Dash and Start and those coins might increase in value, but who knows..Nobody does...Crypto is just so unpredictable.

But those that purchase 100 MH/s could make more than 50 cents from their contracts just because of the fact the cost per MH/s is much cheaper for them from the moment they purchase.

Ian

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October 03, 2015, 07:33:10 PM
 #3511

Bought 1 MH/S X11 hash from GM - received payout: 0.00015965

Set to BTC (AUTO)

That payout is small, perhaps you got your contract half way through a mining day when you purchased it.


How much did you receive for 1 MH/S X11?

0.00030651 BTC But that was for a full 24 hours as I purchased my contract on the first day it was out so a few days ago now.

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October 03, 2015, 07:58:39 PM
 #3512

How much Average daily Profit per 1 MH/s. X11 ?
I do not know how to calculator

X11 Asics does not exists. I don't believe Genesis Mining bought GPU, and even if they did they are unable to be profitable.

So today ROI is 400 days but it is a ponzi scheme and I bet with you in 6 months your contract will be off, you final ROI will be 50% at best.
As usual they offer larger payouts first weeks to attract noobs.

This company is now an obvious scam machine.


First of all, thanks once again Cruez for your kind comments.

Let me answer some of your thoughts.

X11 Asics does not exists
Yes that is true, at the moment we do not see any X11 Asics on the horizon so this is good for X11 mining in general.

I don't believe Genesis Mining bought GPU, and even if they did they are unable to be profitable.
Well unfortunately for you, it is true. We have the largest GPU farms in Europe. Infact our GPU farm has been running for a long time and we now are offering users the chance to cloudmine X11 using it.

In our last webinar, CEO Marco Streng showed some video clips of our GPU farm and if you look around on the internet there are some pictures from 2014 taken at one of our GPU farms.
https://youtu.be/bwCDI4axuKg?t=8m12s

I bet with you in 6 months your contract will be off, you final ROI will be 50% at best.
X11 mining contracts can not end because the maintenance fees are paid upfront so unlike our Scrypt Lifetime contracts from the past and our Lifetime SHA 256 contracts there is no daily fees to come out.

This company is now an obvious scam machine.
Thanks for your opinion. I am sure others can look at what we post online, pictures of our staff, our farms, our videos and live streaming etc and judge for themselves.

"Infact our GPU farm has been running for a long time and we now are offering users the chance to cloudmine X11 using it." i.e. : we were mining for our own profit for a long time and now it is no more profitable we take chance to catch noobs cash. Why don't you continue to run them as you did ?

"X11 mining contracts can not end because the maintenance fees are paid upfront so unlike our Scrypt Lifetime contracts from the past and our Lifetime SHA 256 contracts there is no daily fees to come out." We know how you manage the payouts : no proof of anything. You did it for scrypt and SHA256. Your HUGE55%DISCOUNT guys tell us to look at coinwarz to check the non profitability. So today I tell you how are you profitable with X11, because CoinWarz show us it is NOT.
I want you to tell us how many you will pay per difficulty ratio because we know now how you are able to stop payouts.

No fees, ok, so, give us garantees if you are able to.

What I understand is that you need cash and know that you will pay less in lifetime contract (1 year) than what we will pay for.
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October 03, 2015, 07:59:38 PM
 #3513

Bought 1 MH/S X11 hash from GM - received payout: 0.00015965

Set to BTC (AUTO)

That payout is small, perhaps you got your contract half way through a mining day when you purchased it.


How much did you receive for 1 MH/S X11?

0.00030651 BTC But that was for a full 24 hours as I purchased my contract on the first day it was out so a few days ago now.

Thanks Ian. I will post another update again once I receive the next payout. If it is a constant 0.0003, it will be about $25 per year.

1Cr9iLWm2dSGH8259VQd2wDzpkR63jGVjW
IanFoxley
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October 03, 2015, 08:04:11 PM
 #3514

Bought 1 MH/S X11 hash from GM - received payout: 0.00015965

Set to BTC (AUTO)

That payout is small, perhaps you got your contract half way through a mining day when you purchased it.


How much did you receive for 1 MH/S X11?

0.00030651 BTC But that was for a full 24 hours as I purchased my contract on the first day it was out so a few days ago now.

Thanks Ian. I will post another update again once I receive the next payout. If it is a constant 0.0003, it will be about $25 per year.

Which is exactly my point.. Pay 24 USD for something that pays you back 25 USD a year in BTC...If you get a 5% discount it helps abit but it is still a small amount that you get back.

Thats not exactly profit is it and even then crypto is so unpredictable you have no idea if the payouts will get better either. The only good thing is that there are no maintenance fees so as written already.. none of that BTC/USD exchange rate to worry about.

I bought the low priced contracts primarily so that I can post them on my threasd so that people can have an idea before purchasing what kinds of payouts they could expect.

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October 03, 2015, 08:09:01 PM
 #3515

Bought 1 MH/S X11 hash from GM - received payout: 0.00015965

Set to BTC (AUTO)

That payout is small, perhaps you got your contract half way through a mining day when you purchased it.


How much did you receive for 1 MH/S X11?

0.00030651 BTC But that was for a full 24 hours as I purchased my contract on the first day it was out so a few days ago now.

Thanks Ian. I will post another update again once I receive the next payout. If it is a constant 0.0003, it will be about $25 per year.

Don't expect to receive this amount for a year. Difficulty will obviously change because now the World's leading hashpower provider! is going to mine X11 and a lot of clever customers will buy this contract. This is systematic, just look now for Startcoin hashrate : 24.81 GH/s. Let's see how it will increase over time.
http://www.coinwarz.com/cryptocurrency

I promise to give you $25 next year if you reach ROI..
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October 03, 2015, 09:20:06 PM
 #3516

This is the loser business. And you can't sell your contract when you realize this fact.


Not really, its fun to receive coins daily, even if it cost me a view bucks.

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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October 03, 2015, 10:24:47 PM
 #3517

This is the loser business. And you can't sell your contract when you realize this fact.


Not really, its fun to receive coins daily, even if it cost me a view bucks.
So true... Wink
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October 04, 2015, 03:33:20 AM
 #3518

This is the loser business. And you can't sell your contract when you realize this fact.


Not really, its fun to receive coins daily, even if it cost me a view bucks.

Yes. I agree it's fun! I really like auto payouts.  Smiley

1Cr9iLWm2dSGH8259VQd2wDzpkR63jGVjW
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October 04, 2015, 12:14:52 PM
 #3519

Bought 1 MH/S X11 hash from GM - received payout: 0.00015965

Set to BTC (AUTO)

That payout is small, perhaps you got your contract half way through a mining day when you purchased it.


How much did you receive for 1 MH/S X11?

0.00030651 BTC But that was for a full 24 hours as I purchased my contract on the first day it was out so a few days ago now.

Ian,

0.0003003  for 1 MH/S X11 algo.

1Cr9iLWm2dSGH8259VQd2wDzpkR63jGVjW
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October 04, 2015, 12:44:53 PM
 #3520

0.0003003  for 1 MH/S X11 algo.

Yes that is almost the same as what i got today. I will post other info on my thrad

I actually had 0.00030036

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