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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 381768 times)
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cancerbola
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January 14, 2016, 10:06:29 AM
 #4001

Thanks Genesis-Mining. It's nice to see the website up and running now. Thanks also for your compensation for the downtime with added hash rate to my contract.
Just a question, was there anyone else who had to reset their password and their wallet receiving address after the site came back up? Or do I have a bad memory?

Anyways, all is fine now. Thanks again GM.

Quick edit: I have received all mining payouts on the days the site was down. However, on their website it says I didn't receive them, which really uglifies my earnings chart with a flat line for 3 days. Could you please check into that? I can PM my account details if necessary.
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Genesis-Mining
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January 14, 2016, 10:28:38 AM
 #4002

Thanks Genesis-Mining. It's nice to see the website up and running now. Thanks also for your compensation for the downtime with added hash rate to my contract.
Just a question, was there anyone else who had to reset their password and their wallet receiving address after the site came back up? Or do I have a bad memory?

Anyways, all is fine now. Thanks again GM.

Quick edit: I have received all mining payouts on the days the site was down. However, on their website it says I didn't receive them, which really uglifies my earnings chart with a flat line for 3 days. Could you please check into that? I can PM my account details if necessary.

Hello cancerbola,

Thanks for the heads up. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Shattered
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January 14, 2016, 10:35:28 AM
 #4003

I still dont understand the formula that Genesis uses for payouts.
I have 1.55 TH/s of mining power currently.
At the current time difficulty of 113,354,299,801 I should be earning approx 0.006877 per day.
I usually receive payouts in the range of 0.001875
There is a significant difference in those numbers and i dont think it can be explained due to fees or difficulty.

I have emailed Genesis months ago regarding an explanation of how payouts are calculated and the response i got was:
Payouts are calculated based on User hashing power, BTC current difficulty, current days luck of finding a block and BTC current days price.

Ive noticed that when BTC price falls, my payoffs fall significantly and when price increases my payouts increase slightly.
Shouldnt my payouts be more tied to luck of blocks found and current days difficulty??

If i double my mining power right now, shouldnt my next days payout close to double also (if we assume there isnt an increase of difficulty and Genesis mining pools luck stays relatively the same)??

Based on what i have seen for the last 6 months, i dont really see any legitimate reason why anyone should continue to increase their mining power since it appears to honestly look like its literally throwing money in the trash...

Am i missing something here?
Indianacoin
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January 14, 2016, 10:41:15 AM
 #4004

How are you going to liquidate hash powers of Ethereum mining contracts into X11 mining contracts when it ends its POW phase?

Are you going to add merged mining for altcoins. Many multipools are accepting that nowadays and it will also be beneficial for customers. Wink

Also adding a profitability calculator for each algorithms would be nicer.

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January 14, 2016, 11:11:16 AM
 #4005

Thanks Genesis-Mining. It's nice to see the website up and running now. Thanks also for your compensation for the downtime with added hash rate to my contract.
Just a question, was there anyone else who had to reset their password and their wallet receiving address after the site came back up? Or do I have a bad memory?

Anyways, all is fine now. Thanks again GM.

Quick edit: I have received all mining payouts on the days the site was down. However, on their website it says I didn't receive them, which really uglifies my earnings chart with a flat line for 3 days. Could you please check into that? I can PM my account details if necessary.

I just logged in also and had to reset my password and setup my wallet address again, thought it was weird so came here to find out what's going on.

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January 14, 2016, 04:03:47 PM
 #4006

I tried mining Eth today, with my 7970 on a pool. As it turns out, my (overclocked) card does 28 MH/s.

As my card uses about 180 Watts, mining 24/7 for 365 days with an electricity price of 22 euro cts / kWh, this would cost me 347 euro's for a year.

Now 28 MH @ Genesis would cost 1.17 BTC. Which is considerably more.

Also, if you spend 1,17 BTC right now, you can buy 444 ETH at the market price (of course, you could set a lower buy order and may get lucky). With current difficulty you can mine about 480 ETH in a year. The difficulty will increase so you'll probably not reach that number. Also, ETH will switch to POS within a year.

Am I missing something here? Is ETH cloud mining a bad deal? Shouldn't cheaper electricity mean you should have an advantage mining with Genesis-mining?

=P
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January 14, 2016, 04:08:05 PM
 #4007

I tried mining Eth today, with my 7970 on a pool. As it turns out, my (overclocked) card does 28 MH/s.

As my card uses about 180 Watts, mining 24/7 for 365 days with an electricity price of 22 euro cts / kWh, this would cost me 347 euro's for a year.

Now 28 MH @ Genesis would cost 1.17 BTC. Which is considerably more.

Also, if you spend 1,17 BTC right now, you can buy 444 ETH at the market price (of course, you could set a lower buy order and may get lucky). With current difficulty you can mine about 480 ETH in a year. The difficulty will increase so you'll probably not reach that number. Also, ETH will switch to POS within a year.

Am I missing something here? Is ETH cloud mining a bad deal? Shouldn't cheaper electricity mean you should have an advantage mining with Genesis-mining?


Umm but yes..all good..but thats with a AMD 7970 which cost how much.

You are sort of forgetting the cost of that too in the equation.? I mean..if someone wanted to mine ETH and they had to buy a GPU too, you have to consider that also, surely.

Yes it is good it works out for you as you already have a card but if someone was trying to mine ETH from scratch then they would have to have a decent GPU to mine with and if they did not they would then have to buy it and then add that to the cost.




julian071
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January 14, 2016, 04:22:52 PM
 #4008

Right now it is about 140 euro's for a card with a decent (quiet) cooler, second hand.

Also, not only would someone have to buy a decent graphics card, they'd have to have their computer running 24/7, endure the noise etc. But that wasn't my point. My point is, where are the savings that would come from large scale operation and having cheap electricity? They do not seem to go to the customer. The customer is better of going to Poloniex and buying some ETH, wouldn't you agree?

=P
IanFoxley
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January 14, 2016, 04:26:57 PM
 #4009

Right now it is about 140 euro's for a card with a decent (quiet) cooler, second hand.

Also, not only would someone have to buy a decent graphics card, they'd have to have their computer running 24/7, endure the noise etc. But that wasn't my point. My point is, where are the savings that would come from large scale operation and having cheap electricity? They do not seem to go to the customer. The customer is better of going to Poloniex and buying some ETH, wouldn't you agree?

Yes but you are paying for the hashpower and the rental of a GPU for a card..You seem to just basing the costs on just the electricity ..etc

But if you were someone at home and couldnt have access to Bitcoin for whatever reason so had to turn to mining and bought all the stuff you had, it would still be cheaper for someone to just get their Credit or Debit Card, bypass the Bitcoin route completely because perhaps they can't have easy access to paying with Bitcoin and then purchasing hashpower with GM and then all their costs.. the costs of buying a GPU and then having all the setup and the heat...for example you overclock...but what if user has no idea about that and then they just get ETH payouts straight away so they can then go and trade that for whatever..

Thats the sort of point I am getting at too

julian071
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January 14, 2016, 04:59:57 PM
 #4010

Well most people do have easy access to BTC. If they don't I doubt they would get into mining, let alone into mining ETH.

My point stands that people are better off just buying ETH right now from an exchange like Poloniex, then buying mining power with Genesis-mining. I think Genesis-mining should pass on more of their saving to their customers. They are keeping so much for themselves that their proposal just doesn't make sense for a customer anymore.

=P
Shattered
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January 14, 2016, 06:52:14 PM
 #4011

Well most people do have easy access to BTC. If they don't I doubt they would get into mining, let alone into mining ETH.

My point stands that people are better off just buying ETH right now from an exchange like Poloniex, then buying mining power with Genesis-mining. I think Genesis-mining should pass on more of their saving to their customers. They are keeping so much for themselves that their proposal just doesn't make sense for a customer anymore.

Completely agree with this statement. I used to be a solid supporter of Genesis Mining, but things just dont add up....
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January 14, 2016, 07:08:15 PM
 #4012

Can you PM us please with your user details so we can check your account regarding your payouts?

@Genesis-Mining After the site went back online I tried to login to my account, but surprisingly I couldn't access it even with the correct password and email. Then I tried to request a new password (password reset) and got the new one via email however went I successfully log into my account, my purchased mining hashrate contract of x11 is gone! I had 1.5 TH/s and the term was 1 year of mining. Also, payouts log and everything is gone...it looks like my account is a totally new one from start.  Sad

Please help! For your reference, I will include a pdf document where it states the mining contract agreement upon request.

 

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Genesis-Mining
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January 14, 2016, 07:11:31 PM
 #4013

Can you PM us please with your user details so we can check your account regarding your payouts?

@Genesis-Mining After the site went back online I tried to login to my account, but surprisingly I couldn't access it even with the correct password and email. Then I tried to request a new password (password reset) and got the new one via email however went I successfully log into my account, my purchased mining hashrate contract of x11 is gone! I had 1.5 TH/s and the term was 1 year of mining. Also, payouts log and everything is gone...it looks like my account is a totally new one from start.  Sad

Please help! For your reference, I will include a pdf document where it states the mining contract agreement upon request.

Abiky. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Shattered
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January 14, 2016, 07:16:13 PM
 #4014

Can you PM us please with your user details so we can check your account regarding your payouts?

@Genesis-Mining After the site went back online I tried to login to my account, but surprisingly I couldn't access it even with the correct password and email. Then I tried to request a new password (password reset) and got the new one via email however went I successfully log into my account, my purchased mining hashrate contract of x11 is gone! I had 1.5 TH/s and the term was 1 year of mining. Also, payouts log and everything is gone...it looks like my account is a totally new one from start.  Sad

Please help! For your reference, I will include a pdf document where it states the mining contract agreement upon request.

Abiky. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Can you address my post regarding payouts here in this open forum?
Thank you in advance.
Abiky
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January 14, 2016, 08:22:32 PM
 #4015


Abiky. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Thanks for your reply. I have contacted support and received response quickly. Everything was fixed and I have my purchased mining contract of 1.5 MH/s back now. Excellent customer service. Would recommend this service to my friends and family.  Cheesy

 

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Shattered
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January 14, 2016, 09:05:13 PM
 #4016


Abiky. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Thanks for your reply. I have contacted support and received response quickly. Everything was fixed and I have my purchased mining contract of 1.5 MH/s back now. Excellent customer service. Would recommend this service to my friends and family.  Cheesy

Abiky, how does your payout to purchased hashing power break down?
Does it make sense in terms of all the factors that should directly effect payouts?

Im asking you since you are openly willing to state that you would so eagerly recommend Genesis to friends and family.
Surely they would ask you about ROI and you would explain to them the daily/weekly/monthly payout structure.....

So if you wouldnt mind, can you give us your experience on this specific subject?
Thank you in advance
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January 14, 2016, 09:19:54 PM
 #4017


Abiky, how does your payout to purchased hashing power break down?
Does it make sense in terms of all the factors that should directly effect payouts?

Im asking you since you are openly willing to state that you would so eagerly recommend Genesis to friends and family.
Surely they would ask you about ROI and you would explain to them the daily/weekly/monthly payout structure.....

So if you wouldnt mind, can you give us your experience on this specific subject?
Thank you in advance

Well, it might be a little difficult to explain in here but I can tell you that most recently my payouts have increased a little compared to when I first started. (Dec 17, 2015) According to my calculations, I should be getting ROI when the contract is close to becoming expired (which is 1 year) but it all depends on different factors such as mining difficulty, etc. Since this is an Accelerated ROI Contract, you don't need to pay for maintenance/electricity fees for the term of the contract (in contrast to lifetime mining contracts)

You can check my BTC address here: https://blockchain.info/address/17L7mPauF9ymGpqBe2HjKM7L48e5qFxMGc

The starting date for my payouts were in the date of December 17, 2015

I hope that I have answered your question correctly.  Smiley

 

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Genesis-Mining
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January 14, 2016, 10:53:27 PM
 #4018


Abiky. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Thanks for your reply. I have contacted support and received response quickly. Everything was fixed and I have my purchased mining contract of 1.5 MH/s back now. Excellent customer service. Would recommend this service to my friends and family.  Cheesy

You are welcome! Thank you!

Your Genesis Mining Team

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January 15, 2016, 12:43:10 AM
 #4019

Well most people do have easy access to BTC. If they don't I doubt they would get into mining, let alone into mining ETH.

My point stands that people are better off just buying ETH right now from an exchange like Poloniex, then buying mining power with Genesis-mining. I think Genesis-mining should pass on more of their saving to their customers. They are keeping so much for themselves that their proposal just doesn't make sense for a customer anymore.

Completely agree with this statement. I used to be a solid supporter of Genesis Mining, but things just dont add up....

They certainly have to get the investment for the GPU miners / hardware. But there is an other point that is often overlooked. After Ether mining ends they will convert Ethash to X11 on a 1:1 basis. In reality the hashrate conversion is 4:1 because X11 is a more complex algorithm. So they give you 300% GPU power on top after Ether mining ends. This certainly has an impact on the overall pricing.
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January 15, 2016, 01:05:48 AM
 #4020

I still dont understand the formula that Genesis uses for payouts.
I have 1.55 TH/s of mining power currently.
At the current time difficulty of 113,354,299,801 I should be earning approx 0.006877 per day.
I usually receive payouts in the range of 0.001875
There is a significant difference in those numbers and i dont think it can be explained due to fees or difficulty.

I have emailed Genesis months ago regarding an explanation of how payouts are calculated and the response i got was:
Payouts are calculated based on User hashing power, BTC current difficulty, current days luck of finding a block and BTC current days price.

Ive noticed that when BTC price falls, my payoffs fall significantly and when price increases my payouts increase slightly.
Shouldnt my payouts be more tied to luck of blocks found and current days difficulty??

If i double my mining power right now, shouldnt my next days payout close to double also (if we assume there isnt an increase of difficulty and Genesis mining pools luck stays relatively the same)??

Based on what i have seen for the last 6 months, i dont really see any legitimate reason why anyone should continue to increase their mining power since it appears to honestly look like its literally throwing money in the trash...

Am i missing something here?

The payout structure has been discussed here several times. This is not from GM, but I have checked their payouts for a while to see if they are in line with what the say (they are). If found that the following calculation gives results that are close to the actual payout (out of my head):

daily payout = h / H * 3600 - m*h/p

h = your hashrate in GH/s
H = network hashrate in GH/s (based on the current difficulty e.g.  811,421,684 right now according to https://bitcoinwisdom.com/bitcoin/difficulty )
m = maintenance fee per contract (in USD per GH/s); you will find the value in your contract
p = price of Bitcoin in USD (take the weighted average price for bitstamp for example)

This explains your observation that the payouts go down when the BTC price falls. The reason is that electricity becomes (in relative terms) more expensive. The critical thing here is the maintenance fee. There was a good period where difficulty was very stable and mining contracts were profitable. Now with the recent increase of difficulty in the last 2 months contracts are getting under water. Recent contracts have a much lower maintenance fee, which is probably due to the arrival of newer technology.

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