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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 381987 times)
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AleScamHole
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Don't you looooooove how offensive my name sounds?


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October 04, 2016, 10:43:30 PM
 #4401

The maintenance fee is based on actual costs, not on chance or BTC value. That's why it is charged in USD, since the costs to us are charged in USD as well.

Are my maths right, that maintenance fee translates to a cost of about $336 to mine a coin?

It takes more than 0.5 BTC to mine 1 BTC. No wonder they are so profitable. They are reusing power from customers who had their contracts terminated.



Just for the fun of it, I went back to this interview to see how the make up of the Genesis maintenance fee has changed in the last year (since that article in August 15).

Making a couple of suppositions, basically that both then and now they are use the best mining gear available...

In August 2015, Mr. Streng said it cost Genesis ~$60 in electricity to mine one coin, and another $128 in general overhead/fixed costs, a total of $188.
Their maintenance fee then was $0.0015 per Gh/s or $160 per coin, or a ~90% contribution to the total operational costs involved in mining one coin (worth $235).

Supposition One:
If they were using S7 equivalents (new out then) then that would have meant an electricity cost of ~ $0.09 k/Wh.
There's no reason to suspect that unit Icelandic electricity costs have increased over the last year
Supposition Two:
If they are using ~ 0.1 J/Ghs gear now, still paying $0.09, then it now costs Genesis $207 in electricity to mine a coin.
(Difficulty has increased by ~500% and rewards have halved, but miner efficiency has increased)

So, in that year, power cost for Genesis to mine one BTC has increased by $147.
There is no reason to expect fixed costs to have increased, so now it's a total operational cost to Genesis of $335 to produce one BTC, or virtually the same as their current maintenance fee.

From this admittedly loose data, you could say that Genesis have been consistent in charging a maintenance fee that covers their costs.
The fact that customers' net income doesn't live up to hopes is one thing, but calling Genesis scammers solely because of their maintenance charges seems to have no basis in fact.




lol maybe you should work for genesis, you have the same big business "but we didn't do any thing TECHNICALLY ILLEGAL"   legal garble that got everyone ripped off by them in the first place
i see it much simpler. they are rich, we lost money.  no sense suger coating to blame the victims, this isn't your social media site
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tmfp
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MLM: Many Layers of Misery


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October 05, 2016, 07:37:43 AM
 #4402

lol maybe you should work for genesis, you have the same big business "but we didn't do any thing TECHNICALLY ILLEGAL"   legal garble that got everyone ripped off by them in the first place
i see it much simpler. they are rich, we lost money.  no sense suger coating to blame the victims, this isn't your social media site

Listen, I'm no shill for Genesis or big business and personally think that cloud mining is to be avoided at all costs.
Sure, people are pissed that they're getting dust from their Genesis contracts and I don't blame them in the slightest.
What I'm saying with the above guesstimations is that their maintenance charges seem consistent with the actual increase in the cost of mining and don't seem to be a scam in themselves.
There's never been a Free Money Machine ever, and ASIC's operated by someone else definitely ain't.

Extraordinary Claims require Extraordinary Evidence
robertkedves
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October 06, 2016, 11:24:28 AM
 #4403

So far, genesis seems ok. Not great, but ok.

I have a contract with them and they pay me daily exactly like the estimation I'm making.

Their fee for BTC mining is $0.0004 per GH/s. It seems a little bit high because one of their strong arguments is: "cheap electricity". Anyway, if you include all the costs, it may be a reasonable price for the fee from their point of view (they have to make a profit as well....like...millions of dollars)


Genesis-Mining
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October 06, 2016, 12:54:17 PM
 #4404

Hello miners, in this case especially the Ethereum miners,

As you may know the Ethereum network is under attack, see https://www.reddit.com/r/ethereum/comments/55s085/geth_nodes_under_attack_again_we_are_actively and perhaps subsequently https://www.reddit.com/r/ethereum/comments/561nrr/gavin_wood_calls_for_hardfork

Under the current circumstances we will not send out Eth payments to your wallet but instead keep them in balance. Normal payouts will resume as soon as we think it is safe enough to do so, but not before. Hopefully this situation will be resolved soon.

Thank you for understanding!

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October 06, 2016, 03:04:24 PM
 #4405

So far, genesis seems ok. Not great, but ok.

I have a contract with them and they pay me daily exactly like the estimation I'm making.

Their fee for BTC mining is $0.0004 per GH/s. It seems a little bit high because one of their strong arguments is: "cheap electricity". Anyway, if you include all the costs, it may be a reasonable price for the fee from their point of view (they have to make a profit as well....like...millions of dollars)




Their profit comes from maintenance fees (from their perspective, they collect in satoshis), then consolidate the fees, and do trading. If there are extra mining power, they keep the mining rewards for themselves

Otherwise how do GM maintain and upkeep the whole team? It's a massive corporation.


1Cr9iLWm2dSGH8259VQd2wDzpkR63jGVjW
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October 06, 2016, 04:06:47 PM
 #4406

Hello miners,


We are proud to announce that you can now pre-order Zcash Mining!

The pricing for our Equihash contracts is as follows :

  • Our Starter packages start at : 0.1 H/s for USD $ 29
  • The Advanced packages start at : 1 H/s for USD $280
  • The Professional packages are available from :  10 H/s for USD $ 2600

This offer is for 1 year of mining (without additional maintenance fee)

For more information on ZCash, please visit our Altcoin Report blog :  http://blog.genesis-mining.com/the-altcoin-report-3-zcash
For our pricing page and ordering, please visit : https://www.genesis-mining.com/pricing


The actual mining will start at Zcash mining launch on 28th October 2016, if all developments go as planned (see note below!). On the mining allocation page you can already set which payout you wish to receive once the mining starts. By default the allocation is set to BTC(AUTO), but other options are ETH(AUTO) and of course ZEC. You can choose any one of those, or set a percentage for each.



The supply is limited so do not wait too long if you want to get in early!



Happy mining!

Your Genesis Mining Team



Note:
It is important to note that Zcash is a young technology, and no GPU miner exists for it at this time. Genesis Mining is working hard to provide a GPU version in time to allow you to mine at the highest efficiency possible. In the unlikely event that Genesis Mining is not able to deliver the promised hashrate two weeks after expected Zcash mining start (28th of October 2016), you will be eligible for a full refund. We are very confident that we will deliver in time so that you can start mining from day 1. In addition, we will ensure that your leased GPU will mine with the best possible algorithm available at the mining start date and we expect that we will ultimately deliver a higher hashrate than currently advertised here.


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October 07, 2016, 08:20:48 AM
 #4407

Hello miners,


We are proud to announce that you can now pre-order Zcash Mining!

The pricing for our Equihash contracts is as follows :

  • Our Starter packages start at : 0.1 H/s for USD $ 29
  • The Advanced packages start at : 1 H/s for USD $280
  • The Professional packages are available from :  10 H/s for USD $ 2600

This offer is for 1 year of mining (without additional maintenance fee)

For more information on ZCash, please visit our Altcoin Report blog :  http://blog.genesis-mining.com/the-altcoin-report-3-zcash
For our pricing page and ordering, please visit : https://www.genesis-mining.com/pricing


The actual mining will start at Zcash mining launch on 28th October 2016, if all developments go as planned (see note below!). On the mining allocation page you can already set which payout you wish to receive once the mining starts. By default the allocation is set to BTC(AUTO), but other options are ETH(AUTO) and of course ZEC. You can choose any one of those, or set a percentage for each.



The supply is limited so do not wait too long if you want to get in early!



Happy mining!

Your Genesis Mining Team



Note:
It is important to note that Zcash is a young technology, and no GPU miner exists for it at this time. Genesis Mining is working hard to provide a GPU version in time to allow you to mine at the highest efficiency possible. In the unlikely event that Genesis Mining is not able to deliver the promised hashrate two weeks after expected Zcash mining start (28th of October 2016), you will be eligible for a full refund. We are very confident that we will deliver in time so that you can start mining from day 1. In addition, we will ensure that your leased GPU will mine with the best possible algorithm available at the mining start date and we expect that we will ultimately deliver a higher hashrate than currently advertised here.




I guess it's time to get me some Zcash hashpower  Smiley

Get a 3% discount on all new contracts @ Genesis Mining with promo code : 05PaSf
bittamak
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October 09, 2016, 09:54:14 AM
 #4408

Though its good to see ZCash getting ready for mining, since there is too much hype and lots are going to get involved in the mining, interesting to see how the coin is going to fare after its launch as without that its difficult to predict the ROI
arcathomas
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October 09, 2016, 03:32:26 PM
 #4409

I bought 2.5 MH in x11 to mine XMR, it should be giving me 3800$ per day at that rate...
The point is i have a lot less that 3800$ per day so i suppose XMR mining is not the actually 2.5 MH that they promise me..
https://www.cryptocompare.com/mining/calculator/xmr Just type 2.5MH to see.

Fuck the signature - if you are so desperate for money why dont you go and get a fucking job first - once you did that, perhaps you will think twice what kind of shit you want to be affiliated with.
Roquene
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October 09, 2016, 10:02:20 PM
 #4410

I bought 2.5 MH in x11 to mine XMR, it should be giving me 3800$ per day at that rate...
The point is i have a lot less that 3800$ per day so i suppose XMR mining is not the actually 2.5 MH that they promise me..
https://www.cryptocompare.com/mining/calculator/xmr Just type 2.5MH to see.

XMR is not X11. It's CryptoNight.

And just to understand you correctly,
you bought hashrate worth $20
and expect to earn $3800 per Day?

Is that a joke?
Reiva
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October 12, 2016, 04:19:53 PM
 #4411

I bought 2.5 MH in x11 to mine XMR, it should be giving me 3800$ per day at that rate...
The point is i have a lot less that 3800$ per day so i suppose XMR mining is not the actually 2.5 MH that they promise me..
https://www.cryptocompare.com/mining/calculator/xmr Just type 2.5MH to see.

XMR is not X11. It's CryptoNight.

And just to understand you correctly,
you bought hashrate worth $20
and expect to earn $3800 per Day?

Is that a joke?

In relation to that, can somebody explain how to calculate x11 contract profitability with coins, Genesis-Mining is provided to mine?
Is it possible to do with this site http://www.coinwarz.com/cryptocurrency ? If so, what do I enter in electricity and power consumption fields?
Genesis-Mining
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October 12, 2016, 04:43:35 PM
 #4412

Hello Miners!

In our previous Zcash announcement we mentioned that we expected hashrate efficiency to improve as we worked to prepare for the launch. After days of hard work we’re glad to announce that our efforts on the Zcash mining software has been successful and we have tripled the Zcash hashpower of every user that had already obtained a contract, at no cost to the user!

Due to high demand we cannot guarantee to keep sales open until launch anymore, but we will do everything to ramp up new capacities as quickly as possible. If you want to start mining Zcash from Day 1 then it’s best to join now!

We’ve also updated the contract pricing respectively and you are now able to get three times as much hashrate for the old prices! We still have a few weeks before the Zcash launch on 28th October 2016 and we’re working hard on further optimizations so that you can mine Zcash with maximum performance right from the start! We will let you know as we make further improvements.


For more information on ZCash, please visit our Altcoin Report blog :  http://blog.genesis-mining.com/the-altcoin-report-3-zcash
For our pricing page and ordering, please visit : https://www.genesis-mining.com/pricing


--

Your Genesis Mining Team

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October 12, 2016, 05:06:46 PM
 #4413

Hello Miners!

In our previous Zcash announcement we mentioned that we expected hashrate efficiency to improve as we worked to prepare for the launch. After days of hard work we’re glad to announce that our efforts on the Zcash mining software has been successful and we have tripled the Zcash hashpower of every user that had already obtained a contract, at no cost to the user!

Due to high demand we cannot guarantee to keep sales open until launch anymore, but we will do everything to ramp up new capacities as quickly as possible. If you want to start mining Zcash from Day 1 then it’s best to join now!

We’ve also updated the contract pricing respectively and you are now able to get three times as much hashrate for the old prices! We still have a few weeks before the Zcash launch on 28th October 2016 and we’re working hard on further optimizations so that you can mine Zcash with maximum performance right from the start! We will let you know as we make further improvements.


For more information on ZCash, please visit our Altcoin Report blog :  http://blog.genesis-mining.com/the-altcoin-report-3-zcash
For our pricing page and ordering, please visit : https://www.genesis-mining.com/pricing


--

Your Genesis Mining Team


Thanks for the upgrade!
 Smiley

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
Reiva
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October 12, 2016, 05:09:45 PM
 #4414

I bought 2.5 MH in x11 to mine XMR, it should be giving me 3800$ per day at that rate...
The point is i have a lot less that 3800$ per day so i suppose XMR mining is not the actually 2.5 MH that they promise me..
https://www.cryptocompare.com/mining/calculator/xmr Just type 2.5MH to see.
It could be right, if we could know estimated consumption of power, that each GPU take and electricity price per KW/h, that is provided to datacentre. But who can provide such information? Huh
Roquene
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October 13, 2016, 06:31:08 AM
 #4415

I bought 2.5 MH in x11 to mine XMR, it should be giving me 3800$ per day at that rate...
The point is i have a lot less that 3800$ per day so i suppose XMR mining is not the actually 2.5 MH that they promise me..
https://www.cryptocompare.com/mining/calculator/xmr Just type 2.5MH to see.
It could be right, if we could know estimated consumption of power, that each GPU take and electricity price per KW/h, that is provided to datacentre. But who can provide such information? Huh

The X11 Contracts at Genesis have no Fee. So no need to enter this details in the calculator.
So 2.5 MH/s X11 for $20 would earn you around $0.04 / Day. ROI in around 500 Days.

Contract run for 2 years = 730 Days.
So you have 230 Days of Profit. That's $9.20.

If $9.20 Profit after 2 Years are okay for you, go for it.

Or buy hashrate for $400. Would be around $150 profit.

As usual, i don't include in/decreasing difficulty and price trends in the calculation.
So this could go high up or crash horrible. It's more or less gambling.

Most 'Cloud Miner' have a Fee per GH/s per day. Here you can also set the values in the calculator to zero
and deduct the fees from the result.


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Seems I deinvested all my btc :(


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October 13, 2016, 11:42:15 PM
 #4416

Hey Genesis Mining, with your big update on the zcash seems you forgot to mention that you removed btc auto conversion, meaning we are stuck with zcash payouts only!

Now that's a big update..

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Genesis-Mining
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October 14, 2016, 09:37:38 PM
 #4417

We may add BTC AUTO conversion (and perhaps others as well) at a later time to the Zcash Mining Allocation section. For the launch of Zcash mining, it will be Zcash payout only.

The launch period in itself will be exciting enough, and making sure we have the best possible Zcash mining build-out available by then is priority one. We are building the mining facilities as we speak, we are also still working on the mining software to see if we can improve that even further then we already have so far. Adding even more options around all this in the form of BTC AUTO option does not have top priority right now. But it should not be too hard finding exchanges yourself as even before the launch Zcash is already quite popular, which makes it interesting for exchanges to offer a Zcash market. You can be sure though that we will be looking at AUTO options again and decide then.

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October 17, 2016, 01:48:22 AM
 #4418

anyone got a link to a calculator for Zcash ROI?

Roquene
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October 17, 2016, 06:10:47 AM
 #4419

anyone got a link to a calculator for Zcash ROI?

As far as i see Zcash is not traded yet, so there is no price to calculate with. Genesis is on October 28th.
But for the future is here a calculator: https://www.nicehash.com/?p=calc&name=

Zcash algorithm is Equihash

Current ROI would be 5378424 Days  Grin
Which of course is nonsense.

It's to early to say where the journey goes.
Danz0r77
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October 17, 2016, 11:04:57 AM
 #4420

Hey guys

Is there any reason my Ethereum payouts have stopped coming in since 10th October? My contracts are still valid.. Thanks

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