Genesis-mining.com || World's leading hashpower provider!

[IanFoxley]

Wonders what planet half the people here are on sometimes..

[t0maten]

Wonders what planet half the people here are on sometimes..

Tellus?

[julian071]

Hmmm hard decision indeed... But I'm very grateful that at least there is something to decide, there is no contractual obligation whatsoever to do this. Also, the offer is more then reasonable. So thanks Genesis! Amazing!!

But still a hard decision.

If I calculate everything in the prices I paid at the time (for both Scrypt and SHA256) when I bought Scrypt hashpower, the difference in price in what I bought and what is offered now is exactly 20 fold. If however the new maintenance fees apply, the stiuation is slightly better as they are 25% lower. So let's say for arguments sake that the offer is 1/15th of what you got then, if you would've invested in SHA instead of Scrypt back then.

Chances of ever reaching ROI (let alone a profit) are pretty slim with a factor 15 difference. However, what does the future hold for Scrypt coins? Should I 'cut my loose' (hehe) or hope for some very interesting developments in Scrypt?
Right now I'm totally torn. On the one had this is a very good offer in the current situation, but part of me thinks there might be some hope for some scryptcoins. There are some countrycoins that show potential...

We have three days to debate this issue gentlemen!

[IanFoxley]

Wonders what planet half the people here are on sometimes..

Tellus?

Sorry, it was not at you Tomaten but just that people are being offered something for nothing, with a choice, they do not have to do it, and yet they complain about it.

[IanFoxley]

Hmmm hard decision indeed... But I'm very grateful that at least there is something to decide, there is no contractual obligation whatsoever to do this. Also, the offer is more then reasonable. So thanks Genesis! Amazing!!

But still a hard decision.

If I calculate everything in the prices I paid at the time (for both Scrypt and SHA256) when I bought Scrypt hashpower, the difference in price in what I bought and what is offered now is exactly 20 fold. If however the new maintenance fees apply, the stiuation is slightly better as they are 25% lower. So let's say for arguments sake that the offer is 1/15th of what you got then, if you would've invested in SHA instead of Scrypt back then.

Chances of ever reaching ROI (let alone a profit) are pretty slim with a factor 15 difference. However, what does the future hold for Scrypt coins? Should I 'cut my loose' (hehe) or hope for some very interesting developments in Scrypt?
Right now I'm totally torn. On the one had this is a very good offer in the current situation, but part of me thinks there might be some hope for some scryptcoins. There are some countrycoins that show potential...

We have three days to debate this issue gentlemen!

Yes I agree, you have a choice right now...get a payout of 2 satoshi per 1MH/s or get 600 satoshi per 1GH/s... As you say...BTC might go up in value again so the payouts become less..But I am just thinking about the fact that if nearly all the Life Scrypt users now transfer to SHA 256, that is an awful lot of SHA 256 hashpower that GM have bought and are giving customers for free.. I am sure some of those customers that have bought 1GH/s of Scrypt hashpower and are getting payouts of probably a few thousand satoshis a day now because of the daily fee and the price of BTC etc, suddenly being offered  a chance to get 1TH/s of hashpower instead, they would be quite happy with that....I mean..I do wonder how many TH/s of Hashpower that GM is giving away for this.. It has to be 10s of 1000s USD.
Anyway I have a decision to make myself, I have over 180 MH/s I have to think about transferring and right now...I am sort of torn as well.. lol

[crawler]

This offer seems to be better then nothing ANDsth i have been waiting for

That means we can choose between two ways :

Stay on Scrypt and possibly loose our contracts within the next days or weeks
Switch to SHA with all its consequences

Yes, the conversion is very "expensive"

Are SHA payouts stable ?

I tend to switch, but the ratio should be more like scrypt 1:5 sha or at least more than just 1:1...

[alienesb]

While the terms are not ideal it's better than nothing. My 30 mhs has gotten me exactly that the past week so I went for the conversion. I paid just over 1 BTC in late October for the scrypt hash and the return has been abysmal.

[IanFoxley]

This offer seems to be better then nothing ANDsth i have been waiting for

That means we can choose between two ways :

Stay on Scrypt and possibly loose our contracts within the next days or weeks
Switch to SHA with all its consequences

Yes, the conversion is very "expensive"

Are SHA payouts stable ?

I tend to switch, but the ratio should be more like scrypt 1:5 sha or at least more than just 1:1...

Well at the moment 1GH/s SHA is over 600 satoshis a day, that is based on my older contracts of 0.02 USD per 10GH/s and the transfers would be on the new Contracts I guess with the lower maintenance fee, so the payout will probably be higher, but as long as BTC doesn't fall in value any more so that the daily fee doesn't eat into it any more then, should be ok.

Next BTC difficulty change should be a slight decrease in difficulty as well, which means slightly better payouts.

Its a tough choice for me to make..

[fairglu]

@Genesis-Mining when Scrypt hashing is not profitable, do you still run the miners or do you turn them off to save on power?

Or in other words, do they still contribute to the hashrate and keep the diff higher?

I guess most times profitability will be known a-posteriori, but I guess there are days when it'll be obvious the miners would be running at a loss.

[julian071]

I've made up my mind. I'm going to risk it and keep my 156 MH. Live on the eeedgeeeeee!

(Thanks Genesis)

[Marco Krohn (GM)]

@Genesis-Mining when Scrypt hashing is not profitable, do you still run the miners or do you turn them off to save on power?

Or in other words, do they still contribute to the hashrate and keep the diff higher?

Rule of thumb: if mining is not profitable anymore we will turn miners off. In some cases this also depends on the type of the electricity contract and if replacement hardware is available at the location.

[Minimaxa]

What a complete and utter scam

So they are happy to convert a loosing investment for 10 to 1 in their favor and then have the audacity to say it is not real money we never said we are converting what you actually paid us into the equivalent from scrypt to sha256.

This company should be reported for FRAUD!

Complete pack of fricking thieves!

Unbelievable!

[IanFoxley]

What a complete and utter scam

So they are happy to convert a loosing investment for 10 to 1 in their favor and then have the audacity to say it is not real money we never said we are converting what you actually paid us into the equivalent from scrypt to sha256.

This company should be reported for FRAUD!

Complete pack of fricking thieves!

Unbelievable!

You should really be grateful they are even offering this.. The costs of them purchasing the new Hardware to transfer people over must have cost 1000s of USD.

Payouts for Scrypt are really quite bad now so offering what they did was better than not doing anything, as the way things are going, contracts could be cancelled anyway if the scrypt market etc keeps going on as it is. That is not a fault of Genesis Mining.

The contract cancelling after no payouts for 20 days in a row is written in the terms and conditions that you can look at before purchasing.. You did read that before you purchased, right??

Based on what you wrote above, were you expecting them to convert your contract that you might have bought months ago into a contract which was the same value months ago?

So as an example, you thought that as you bought 100 USD of Scrypt 3 months ago, they were going to give you 100 USD of SHA 256 in the conversion and anything less was considered theft and Fraud??

If so, that is very unrealistic...Why would you expect them to do that?? You got payouts every day didn't you??

[alienesb]

What a complete and utter scam

So they are happy to convert a loosing investment for 10 to 1 in their favor and then have the audacity to say it is not real money we never said we are converting what you actually paid us into the equivalent from scrypt to sha256.

This company should be reported for FRAUD!

Complete pack of fricking thieves!

Unbelievable!

You should really be grateful they are even offering this.. The costs of them purchasing the new Hardware to transfer people over must have cost 1000s of USD.

Payouts for Scrypt are really quite bad now so offering what they did was better than not doing anything, as the way things are going, contracts could be cancelled anyway if the scrypt market etc keeps going on as it is. That is not a fault of Genesis Mining.

The contract cancelling after no payouts for 20 days in a row is written in the terms and conditions that you can look at before purchasing.. You did read that before you purchased, right??

Based on what you wrote above, were you expecting them to convert your contract that you might have bought months ago into a contract which was the same value months ago?

So as an example, you thought that as you bought 100 USD of Scrypt 3 months ago, they were going to give you 100 USD of SHA 256 in the conversion and anything less was considered theft and Fraud??

If so, that is very unrealistic...Why would you expect them to do that?? You got payouts every day didn't you??

I've been making roughly the same amount using Betarigs and Nicehash for several weeks now so the only thing that has changed is the value of BTC which fluctuates. If you can do it, home mining is the way to go. Get an S5 for SHA or try to find a reasonably priced Innosilicon A2 from Scrypt.

[Genesis-Mining]

Hey All,

Glad to see that we receive that much positive feedback from you. It was a hard decision for us since it costed us a lot of money, but we were sure it was for the right thing: our devoted customers like you!

Thank you! You can be sure that we will not forget your decision to trust in us and will remember this in all upcoming decisions.
Stay tuned!

MS

[IanFoxley]

I can see why there are problems

Here was the last scrypt 2MH/s payout for those on the 1 year contracts, these contracts do not pay fees  Payout was 0.00027657

The daily fee for Contracts for Scrypt from November was 0.04 USD per MH/s so 2 MH/s would be 0.08 USD.

0.08 USD right now in BTC is 0.00034351 so you can understand why those on contracts with fees are not getting any payout at the moment as the payout is smaller than the fees.

Payout for 1GH/s with 0.002 USD per 1GH/s fee  was 656 satoshi.

So what is better for you right now...zero for any size MH/s or 656 satoshi per GH/s?? That is what you have to decide people.

My payout for 180 + MH/s was zero...btw..so if this carries on for another 17 days or so now..then bye bye 180 MH/s or I can switch.. I have not made my mind up yet.

The figures I just posted will change daily.

[crawler]

I converted the whole lifetime scrypt contracts to SHA256
I dont expect any increasing altcoins, and even if it happens, contracts would probably be already closed.

We will see

[IanFoxley]

Another 0 payout today for life scrypt.

That's 3 days in a row, 17 to go..or perhaps 4...well doesn't matter..I just don't feel like giving it up ...Am I crazy..guess I am.

The 1 MH/s 1 year contract payout was 0.00014202.  No fees with that one as was an older contract.

10GH/s payout for me today was 0.0006079 so almost 608 satoshi per 1GH/s.

So those of you that upgraded from 1 MH/s scrypt to 1GH/s will be around 608 satoshis better off today......

Ian

[Icon]

Lol they didn't even bother putting 0.000000 for scrypt payout  today, think they are trying to tell us something?

Icon

PS


Think i will leave my 20 mh/s as scrypt make it a pain in the ass for them, better to loose the scrypt then sell it for dirt.

[siampumpkin]

I have not had a Scrypt payout in 6 days so I took the conversion option. Converted my 8MH to 8 GH. Seems like the only chance to get any return so really not much choice IMO.