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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 381327 times)
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IanFoxley
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August 13, 2014, 03:43:06 PM
 #821

This will be very easy to do calculation like that Shocked). I will be very happy if this will go this way. But, you need to look how payment was done in past and what amount you are receiving these days. We are dealing with increasing difficulty and therefore you need to understand that value is significantly lower now then in the June and will be even lower.

This is a trend:




The trendline is very misleading. It looks like we reach zero in few weeks Wink

It is declining for sure, but using a linear interpolation is wrong. Looking at it, it is actually quite stable for the last few weeks.

In my opinion one should base an analysis on the last few weeks.  A significant amount of the decline is caused by the drop of altcoin value again BTC. From my point of view the altcoin markets will stabilize on roughly the current level. Mining difficulty will most likely come to a halt  as most people think that scrypt profitability is not good (I heard sales numbers from a larger seller of scrypt mining equipment; so I think I am right Smiley. KnC and the like are far away (I would not expect them before mid Oct/Nov 2014 if they are ever released at all). Overall I am optimistic about relatively good results for the next 90 days.


Graph changed to show exponential trendline now Smiley

Yes, I agree that you are optimistic Smiley. You can take what ever portion from my chart you want. For me it`s important to see whole as I pay for it from the beginning Sad.
Will see how it will come in future, but I do not think it will be better or the same level. It will goes down, but hope that will be slow trend.
Genesis-mining keep adding new coins on their list to give better chance to their customers. I don't understand why the profitability graph is downward.

Because they are all scrypt based coins and all scrypt based coins are going down and down and down....and people buying Asics are mining scrypt coins, mostly LTC and they need to mine and dump their coins ASAP to try and get their money back for the Asic miner they just spent hundreds or thousands of dollars on. So this is why!.. LTC has been dropping in price again quite a lot today, although it is still more than it was for example in Nov 2013. Hard to see what might happen, some people predict another boom coming soon. I am just along for the ride!

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monim1
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August 13, 2014, 03:46:39 PM
 #822

Genesis Mining is not one of the 'best performing products on the market'. I am getting about 3% per week using auto switching paying out in btc. There are other legitimate altcoin cloud mining sevices returning over 10% per week.
I am new member of this forum. I am thinking about mining. I have found that a lot of miner are mining with Genesis-mining. So i need to about their performance. What do all of you think? Can i start mining with them.

Well depends...

If you want mine some coins and holds maybe...
If you want to ROI...not a chance...Overpriced MH/s and 1 year contract...Monsters like Gawminer and KNC scrypt aren't even here...
Go buy some Miners or look around...you have plenty alternative.

Beside that, i never be disappoint on the support side of Genesis mining, very Pro...so sad MH/s are expensive and 1 year contract...oh... and no compensation for early buyers...
I totally agree with you. If you are looking for ROI than mining is not a good and useful option. But if you want to hold some coin than you will be profited by mining.

Heu im think the best best best option is directly buy coins  Grin
I am a new miner. I am quite confuse. Some members are suggesting to start mining and hold it and some others are suggesting for buying BTC. Now what would be best for a new miner like me.

I am sharing my experience with GM to help you decide what is better for you:

I began in June 10th - pay 0.42910000 BTC for 2MH/s one year contract.
By today my total earning is 0.129611951 BTC (last payment as today Aug. 12th).
My setting is Auto BTC all the time and I received one 0.03MH/s as reward by end of June for reffering contract.
As difficulty is going up I see no chance to get back my investment.

If you like mining, then I would suggest to buy own miner and start to learn.
If you looking for good investment then I suggest to buy coins directly and keep them.

I am not against GM, I like support and activity here and good atitude. Take your investment seriously and do some math before you decide.

Good luck.
In two months you get 0.129611951 BTC. So everything is gone in this way you will make almost double of your investment. Isn't it good enough?

This will be very easy to do calculation like that Shocked). I will be very happy if this will go this way. But, you need to look how payment was done in past and what amount you are receiving these days. We are dealing with increasing difficulty and therefore you need to understand that value is significantly lower now then in the June and will be even lower.

This is a trend:



I don't think it's a good sign for miners and for those are thinking about mining.
ellen_me
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August 13, 2014, 03:55:16 PM
 #823

Our Meme and Poem contest is now live!

Contest

The winner gets a free 5Mh/s hosted scrypt mining contract from us!

Participate, share, enjoy Smiley


I think this is a great contest although I am not good on making memes nor poems. Tongue
Will just wait and see the winner.  Cheesy

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August 13, 2014, 08:43:47 PM
 #824

Tel Aviv Special Bitcoin Meetup July 2014

https://www.youtube.com/watch?v=UVvHjtjPTXk#t=1590

Genesis-Mining
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August 13, 2014, 10:52:32 PM
 #825

And one more:

#Bitcoin2014 - State of the Bitcoin Mining 'Arms Race'

https://www.youtube.com/watch?v=t988rMSWuPM

hyoung
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August 14, 2014, 04:03:50 AM
 #826

It seems to me that Genesis is not moving with the market.  We see exchanges like Bittrex supporting almost 200 alt coins, coinmarketcap listing over 450 alt coins and although I didn't get the exact stats, it seems to be that Scrypt/Keccak/X11 coins outnumber SHA-256 coins.  I'm not advocating Genesis taking a "collector mentality" by trying to support most coins, but it would certainly be to their and our advantage to offer a larger selection, perhaps selected on market cap or some other metric of perceived relevance.  Having a vote once a month for one new coin, while hundreds come and go, is hardly tenable other than as an early stage "proof of concept".  Genesis clearly has the infrastructure to support multiple coins, so surely adding new ones is just a modicum of sysadmin work ?  Clearly the mining allocation GUI (a cute gimmick - we can all type numbers if we need to) is not scalable to larger numbers of coins, but that's hardly rocket science to fix.

Genesis broke on the scene with some good innovations.  Now they're getting stale.
marife01
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August 14, 2014, 07:52:21 AM
 #827

Our Meme and Poem contest is now live!

Contest

The winner gets a free 5Mh/s hosted scrypt mining contract from us!

Participate, share, enjoy Smiley

Its a great announcement. I think it will be a big chance for every miner like me.

It is a good opportunity to those who are great on doing memes. Tongue
Mike18feb
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August 14, 2014, 10:08:39 AM
 #828

It seems to me that Genesis is not moving with the market.  We see exchanges like Bittrex supporting almost 200 alt coins, coinmarketcap listing over 450 alt coins and although I didn't get the exact stats, it seems to be that Scrypt/Keccak/X11 coins outnumber SHA-256 coins.  I'm not advocating Genesis taking a "collector mentality" by trying to support most coins, but it would certainly be to their and our advantage to offer a larger selection, perhaps selected on market cap or some other metric of perceived relevance.  Having a vote once a month for one new coin, while hundreds come and go, is hardly tenable other than as an early stage "proof of concept".  Genesis clearly has the infrastructure to support multiple coins, so surely adding new ones is just a modicum of sysadmin work ?  Clearly the mining allocation GUI (a cute gimmick - we can all type numbers if we need to) is not scalable to larger numbers of coins, but that's hardly rocket science to fix.

Genesis broke on the scene with some good innovations.  Now they're getting stale.
We're not talking about a home pc here where you can install wallets until you run out of performance and/or diskspace. Simple as it may seem, I bet there's a shocking bit of work behind it all. More importantly, I think there's more to say for a careful collection of coins then for a sh*tload of coins just because they exist. Adding every hyped coin might be more of a bother then an asset eventually. I still believe only a few coins will keep value into the future, so maybe GM's Collector Mentality is future proof Wink

The stale bit, I know the feeling, but I think GM was about to make some announcement two weeks ago? So, stale might be just our perception because we cant see what's going on behind the curtains

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monim1
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August 14, 2014, 12:28:07 PM
 #829

Tel Aviv Special Bitcoin Meetup July 2014

https://www.youtube.com/watch?v=UVvHjtjPTXk#t=1590

I have found that after every Meetup you post some photos of the meetup. So i hope you will post few photos this time also.
bitcoinminer007
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August 14, 2014, 12:37:24 PM
 #830

It seems to me that Genesis is not moving with the market.  We see exchanges like Bittrex supporting almost 200 alt coins, coinmarketcap listing over 450 alt coins and although I didn't get the exact stats, it seems to be that Scrypt/Keccak/X11 coins outnumber SHA-256 coins.  I'm not advocating Genesis taking a "collector mentality" by trying to support most coins, but it would certainly be to their and our advantage to offer a larger selection, perhaps selected on market cap or some other metric of perceived relevance.  Having a vote once a month for one new coin, while hundreds come and go, is hardly tenable other than as an early stage "proof of concept".  Genesis clearly has the infrastructure to support multiple coins, so surely adding new ones is just a modicum of sysadmin work ?  Clearly the mining allocation GUI (a cute gimmick - we can all type numbers if we need to) is not scalable to larger numbers of coins, but that's hardly rocket science to fix.

Genesis broke on the scene with some good innovations.  Now they're getting stale.
How many Altcoin Genesis-mining is supporting? Please anyone can give me a number?
bitcoinminer007
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August 14, 2014, 12:45:09 PM
 #831

Tel Aviv Special Bitcoin Meetup July 2014

https://www.youtube.com/watch?v=UVvHjtjPTXk#t=1590

What about next Meetup? In how many days it is going to held?
Nathan101
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August 14, 2014, 12:48:12 PM
 #832

Tel Aviv Special Bitcoin Meetup July 2014

https://www.youtube.com/watch?v=UVvHjtjPTXk#t=1590

What about next Meetup? In how many days it is going to held?
Keep in touch with the forum and this thread you will get information about next Meetup.

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August 14, 2014, 01:53:57 PM
 #833


How many Altcoin Genesis-mining is supporting? Please anyone can give me a number?
BitCoin (auto)
DarkCoin (auto)
LiteCoin
DogeCoin
AuroraCoin
FeatherCoin
LotteryCoin
MegaCoin
ReddCoin
BlackCoin

There, all current coins. And you do NOT need to choose Megacoin (but you should). Auto means the most profitable coin is mined and exchanged for either Bitcoin or Darkcoin.

<||=||>  Rule #1a: Never invest more then you can afford to lose. <||=||>  Rule #1b: Never invest all you can afford to lose. <||=||> 
............. Whenever someone idly claims a scam, a Bitcoin somewhere dies .............
hyoung
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August 14, 2014, 03:12:24 PM
 #834


How many Altcoin Genesis-mining is supporting? Please anyone can give me a number?
BitCoin (auto)
DarkCoin (auto)
LiteCoin
DogeCoin
AuroraCoin
FeatherCoin
LotteryCoin
MegaCoin
ReddCoin
BlackCoin

There, all current coins. And you do NOT need to choose Megacoin (but you should). Auto means the most profitable coin is mined and exchanged for either Bitcoin or Darkcoin.

So that's a great example of Genesis not staying current.  ReddCoin is no longer mine-able having moved to its Proof of Stake phase.  AuroraCoin seems to have flopped as has LottoCoin.  So really the effective choice/value comes down to Lite/Doge/Feather/Black/Mega, with payout in Bit/Dark.  Personally I would like a larger effective choice than five.

And on the sysadmin work front, the real complexity jump is going from one to multiple, unless there are horrendous manual processes hidden behind the scenes.  Certainly the variability of daily payout time and prior comments here about a manual sign-off process would suggest that the current Genesis infrastructure may not be operationally scalable in the multi-coin dimension in quite that same way that Bittrex seems to be.  And in saying that I'm not trivializing the difference between exchange and mining operations, but I hope you take my point to some degree.  Some of the issues in supporting multiple coins are common to both.
IanFoxley
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August 14, 2014, 03:26:41 PM
 #835


How many Altcoin Genesis-mining is supporting? Please anyone can give me a number?
BitCoin (auto)
DarkCoin (auto)
LiteCoin
DogeCoin
AuroraCoin
FeatherCoin
LotteryCoin
MegaCoin
ReddCoin
BlackCoin

There, all current coins. And you do NOT need to choose Megacoin (but you should). Auto means the most profitable coin is mined and exchanged for either Bitcoin or Darkcoin.

So that's a great example of Genesis not staying current.  ReddCoin is no longer mine-able having moved to its Proof of Stake phase.  AuroraCoin seems to have flopped as has LottoCoin.  So really the effective choice/value comes down to Lite/Doge/Feather/Black/Mega, with payout in Bit/Dark.  Personally I would like a larger effective choice than five.

And on the sysadmin work front, the real complexity jump is going from one to multiple, unless there are horrendous manual processes hidden behind the scenes.  Certainly the variability of daily payout time and prior comments here about a manual sign-off process would suggest that the current Genesis infrastructure may not be operationally scalable in the multi-coin dimension in quite that same way that Bittrex seems to be.  And in saying that I'm not trivializing the difference between exchange and mining operations, but I hope you take my point to some degree.  Some of the issues in supporting multiple coins are common to both.

The Reddcoin option now works by mining the other coins and then getting a payout in RDD coin each day, which saves you having to go to an exchange with your BTC payout or other coin, and then having to exchange it to RDD yourself.

So yes, you are correct that you can not mine it, but some people still like to acquire them and this is the most simple way to do this.

One of the good things about Genesis Mining is that it is simple to use, some people just want to be able to pay for hashpower and get coins each day and not have to worry about all the other stuff.

hyoung
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August 15, 2014, 01:34:30 AM
 #836


How many Altcoin Genesis-mining is supporting? Please anyone can give me a number?
BitCoin (auto)
DarkCoin (auto)
LiteCoin
DogeCoin
AuroraCoin
FeatherCoin
LotteryCoin
MegaCoin
ReddCoin
BlackCoin

There, all current coins. And you do NOT need to choose Megacoin (but you should). Auto means the most profitable coin is mined and exchanged for either Bitcoin or Darkcoin.

So that's a great example of Genesis not staying current.  ReddCoin is no longer mine-able having moved to its Proof of Stake phase.  AuroraCoin seems to have flopped as has LottoCoin.  So really the effective choice/value comes down to Lite/Doge/Feather/Black/Mega, with payout in Bit/Dark.  Personally I would like a larger effective choice than five.

And on the sysadmin work front, the real complexity jump is going from one to multiple, unless there are horrendous manual processes hidden behind the scenes.  Certainly the variability of daily payout time and prior comments here about a manual sign-off process would suggest that the current Genesis infrastructure may not be operationally scalable in the multi-coin dimension in quite that same way that Bittrex seems to be.  And in saying that I'm not trivializing the difference between exchange and mining operations, but I hope you take my point to some degree.  Some of the issues in supporting multiple coins are common to both.

The Reddcoin option now works by mining the other coins and then getting a payout in RDD coin each day, which saves you having to go to an exchange with your BTC payout or other coin, and then having to exchange it to RDD yourself.

So yes, you are correct that you can not mine it, but some people still like to acquire them and this is the most simple way to do this.

One of the good things about Genesis Mining is that it is simple to use, some people just want to be able to pay for hashpower and get coins each day and not have to worry about all the other stuff.

OK that's great.  So this is in effect "Auto(RDD)" in their UI terms.  So why hasn't Genesis updated their UI to reflect this and make the option clear to customers.  It was well known in advance when the change over day (block number actually) would be.  And the back end work to support this must have been much more complex than the UI update.  So this just proves my point that Genesis are not keeping up with events to best effect.  I guess it's possible they have a UI guy and a back end guy and there were availability issues for part time or multi-role staff.  Or they decided to roll this into other UI updates upcoming.  At the very least it would be nice to be told.  I may have continued on RDD because the price is pretty bombed out right now (due to Northern Hemisphere summer vacation time imho - for Bitcoin too) and I believe it should run up again when the Redd team get going with their road map again.

I'm sorry if that sounds like a negative whinge, but these details matter.
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August 15, 2014, 05:15:31 AM
 #837

Genesis do payout on time and have machines but indeed the setup needs updates from old lame coins

IanFoxley
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August 15, 2014, 05:36:14 AM
 #838


How many Altcoin Genesis-mining is supporting? Please anyone can give me a number?
BitCoin (auto)
DarkCoin (auto)
LiteCoin
DogeCoin
AuroraCoin
FeatherCoin
LotteryCoin
MegaCoin
ReddCoin
BlackCoin

There, all current coins. And you do NOT need to choose Megacoin (but you should). Auto means the most profitable coin is mined and exchanged for either Bitcoin or Darkcoin.

So that's a great example of Genesis not staying current.  ReddCoin is no longer mine-able having moved to its Proof of Stake phase.  AuroraCoin seems to have flopped as has LottoCoin.  So really the effective choice/value comes down to Lite/Doge/Feather/Black/Mega, with payout in Bit/Dark.  Personally I would like a larger effective choice than five.

And on the sysadmin work front, the real complexity jump is going from one to multiple, unless there are horrendous manual processes hidden behind the scenes.  Certainly the variability of daily payout time and prior comments here about a manual sign-off process would suggest that the current Genesis infrastructure may not be operationally scalable in the multi-coin dimension in quite that same way that Bittrex seems to be.  And in saying that I'm not trivializing the difference between exchange and mining operations, but I hope you take my point to some degree.  Some of the issues in supporting multiple coins are common to both.

The Reddcoin option now works by mining the other coins and then getting a payout in RDD coin each day, which saves you having to go to an exchange with your BTC payout or other coin, and then having to exchange it to RDD yourself.

So yes, you are correct that you can not mine it, but some people still like to acquire them and this is the most simple way to do this.

One of the good things about Genesis Mining is that it is simple to use, some people just want to be able to pay for hashpower and get coins each day and not have to worry about all the other stuff.

OK that's great.  So this is in effect "Auto(RDD)" in their UI terms.  So why hasn't Genesis updated their UI to reflect this and make the option clear to customers.  It was well known in advance when the change over day (block number actually) would be.  And the back end work to support this must have been much more complex than the UI update.  So this just proves my point that Genesis are not keeping up with events to best effect.  I guess it's possible they have a UI guy and a back end guy and there were availability issues for part time or multi-role staff.  Or they decided to roll this into other UI updates upcoming.  At the very least it would be nice to be told.  I may have continued on RDD because the price is pretty bombed out right now (due to Northern Hemisphere summer vacation time imho - for Bitcoin too) and I believe it should run up again when the Redd team get going with their road map again.

I'm sorry if that sounds like a negative whinge, but these details matter.


To be honest, they did come here and tell us what they were going to RDD coin regarding how it was going to be mined, as I had been aware that POW was ending on the coin and what they were going to do with RDD going forward, if you look through posts here, maybe go back 2 or 3 pages they were going to do a major update with the UI and were going to add more features, but they were not happy by the way it was going, so have delayed it for a little while, this was over a week ago now, so perhaps very soon, these new changes will appear. I would rather them release something that is stable than buggy, as I am sure you would also.

Perhaps the Auto RDD UI change was going to be part of this update too, but has been held back also.

GM will read your comment and will reply about it, would be surprised if they did not as they tend to read feedback and reply to it when they can.

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August 15, 2014, 06:50:54 AM
 #839

Tel Aviv Special Bitcoin Meetup July 2014

https://www.youtube.com/watch?v=UVvHjtjPTXk#t=1590


I will watch this whole video later in my spare time.  Cheesy

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August 15, 2014, 12:09:00 PM
 #840


I will watch this whole video later in my spare time.  Cheesy
Spare time?! Wish I was rich like you Tongue


<||=||>  Rule #1a: Never invest more then you can afford to lose. <||=||>  Rule #1b: Never invest all you can afford to lose. <||=||> 
............. Whenever someone idly claims a scam, a Bitcoin somewhere dies .............
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