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

[galdur]

50 GH/s costs .104 BTC and I guess a voucher can be found for 5% off. This pays what .00030000/day.

So you lend them money in the hope that they´ll repay it over 320 days or so (plus or minus depending on difficulty and USD price) and THEN you will start seeing net returns? Seems like a terrible deal but definitely not for them.

With BTC this low and general uncertainty regarding its action in the coming year I think the minimum yield demand should be around .7%/day or ROI in about 140 maybe 150 days.

While I generally agree with you on the cloud mining, there's a good thing happening as of late for those that did end up investing: difficulty is about to drop 5% (as of my last look) which is huge. Will it jump back up? Probably. But this gives around 2 weeks minimum of boosted income.

Yep, I know. But the greatest cause for uncertainty is the chronically depressed and tanking BTC price. Sure, every bottom is the last one and from there on it´s straight upward march but it´s not something you tie any meaningful amounts of money up in for any significant length of time. So, while BTC is still cratering (hopefully it doesn´t tank enough to put this and other mining operations out of business and send your investment to bitcoin heaven) you obviously pay as little as possible per GH and stay focused on the very very very shortest possible ROI term.

[IanFoxley]

50 GH/s costs .104 BTC and I guess a voucher can be found for 5% off. This pays what .00030000/day.

So you lend them money in the hope that they´ll repay it over 320 days or so (plus or minus depending on difficulty and USD price) and THEN you will start seeing net returns? Seems like a terrible deal but definitely not for them.

With BTC this low and general uncertainty regarding its action in the coming year I think the minimum yield demand should be around .7%/day or ROI in about 140 maybe 150 days.

While I generally agree with you on the cloud mining, there's a good thing happening as of late for those that did end up investing: difficulty is about to drop 5% (as of my last look) which is huge. Will it jump back up? Probably. But this gives around 2 weeks minimum of boosted income.

The only problem is that because of the lower BTC value, then the daily fee is eating more BTC so if the difficulty lowers and the value of BTC lowers too, then the payouts are still going to be affected.

[galdur]

This look played at all ? Nah. 

[Mike18feb]

pay as little as possible per GH and stay focused on the very very very shortest possible ROI term? That's exactly what is killing the industry right now. Loads of people pulling as much money out of the crypto coins without putting anything in. Doesn't take much of a brain to realize such a situation can only head towards the bottom. Short term ROI for mining is dead and people who are still chasing that are filling page after page with whining and yelling scam and ponzi.

[galdur]

pay as little as possible per GH and stay focused on the very very very shortest possible ROI term? That's exactly what is killing the industry right now. Loads of people pulling as much money out of the crypto coins without putting anything in. Doesn't take much of a brain to realize such a situation can only head towards the bottom. Short term ROI for mining is dead and people who are still chasing that are filling page after page with whining and yelling scam and ponzi.

Well, I´m not in this for any emotional reasons. It´s just business. If operations can´t compete they should vanish and make room for others more competent. That´s how real markets work. But when you have a marketplace that is based on an insane and bankrupt ideology of decentralization, "self regulation", total lack of any accountability - in other words a paradise for hucksters and criminals - the inevitable result can´t be good. And here we are.

[Mike18feb]

But we're not here 

[galdur]

But we're not here 

You know; if retarded libertarians just shut up for a few months about fiat and evil government and decentralization and blah blah blah and let instead people with attachment to reality on this planet do the talking the common man would maybe stop associating bitcoin with barf bags.

[thevictimofuktyranny]

But we're not here  

You know; if retarded libertarians just shut up for a few months about fiat and evil government and decentralization and blah blah blah and let instead people with attachment to reality on this planet do the talking the common man would maybe stop associating bitcoin with barf bags.

You show your ignorance man: the opening page of "Common Sense" (1776) says the following :

"Some writers have so confounded society with government, as to leave little or no distinction between them; whereas they are not only different, but have different origins. Society is produced by our wants, and government by our wickedness; the former promotes our happiness POSITIVELY by uniting our affections, the latter NEGATIVELY by restraining our vices. The one encourages intercourse, the other creates distinctions. The first a patron, the last a punisher.

Society in every state is a blessing, but government even in its best state is but a necessary evil; in its worst state an intolerable one; for when we suffer, or are exposed to the same miseries BY A GOVERNMENT, which we might expect in a country WITHOUT GOVERNMENT, our calamity is heightened by reflecting that we furnish the means by which we suffer. Government, like dress, is the badge of lost innocence; the palaces of kings are built on the ruins of the bowers of paradise."  

Thomas Paine, had the brightness equivalent to 800-900 of the most intelligent people alive today. He says all government is evil everywhere, you can be certain this is based on objectively provable truths, if he advocates decentralization, it is to allow society to flourish, again this will be based on objectively provable truths.  

From my own research: "the toys and playthings of brightest men and women so often become the new sectors of economies, which bring into being a new prosperity for the Wealth of Nations". It will take a long time, before the common man can wrap their mind's around idea of crypto currencies; it took them 25 years to get their heads around the idea of computers  

[galdur]

You´re right. Keeping the government and its pesky regulations and law enforcement and other hassles out  has been very healthy for bitcoin and its marketplace and will no doubt keep ballooning public interest and the price. Not to mention big money investors. The advanced and secure trading infrastructure run by self-regulated persons of exceptional integrity is acting as a magnet for billions upon billions of dollars as we speak. The trading volume is just staggering.

[galdur]

Lets talk again in maybe a month or so? We can share the elation over yet another sizable appreciation in the market cap of bitcoin. This is post #2455, I will quote it for the record.

[crazyivan]

There is time for investing and there s time for not doing anything. Right now I think that doing nothing is the smart thing. First, BTC price s very low, buying hash with BTC is not a very smart idea. Second, the more efficient ASIC models are probably going to be out in the next quarter so buying these old ones now is again not a smart idea. Third, if you do decide to go for cloud, there are at least 2 or 3 cheaper options compared to Genesis Mining, strictly talking about legit companies with photos and transparency. Fourth, POS become more and more important recently, there are some coins which might be worth of investing and are based on POS. In this case, electricity is not important cause you can forge them by yourself. At least these are my thoughts.

[galdur]

There is time for investing and there s time for not doing anything. Right now I think that doing nothing is the smart thing. First, BTC price s very low, buying hash with BTC is not a very smart idea. Second, the more efficient ASIC models are probably going to be out in the next quarter so buying these old ones now is again not a smart idea. Third, if you do decide to go for cloud, there are at least 2 or 3 cheaper options compared to Genesis Mining, strictly talking about legit companies with photos and transparency. Fourth, POS become more and more important recently, there are some coins which might be worth of investing and are based on POS. In this case, electricity is not important cause you can forge them by yourself. At least these are my thoughts.

Yep, when in doubt do nothing. At present I think preservation of current coin holdings is more important than ROI. But if you choose to be in play absolutely demand high yield.

[IanFoxley]

Just came across this article.
https://www.cryptocoinsnews.com/cloud-mining-will-profit-bitcoin-price-rise-says-genesis-ceo/

[Glucose]

Just came across this article.
https://www.cryptocoinsnews.com/cloud-mining-will-profit-bitcoin-price-rise-says-genesis-ceo/

Thx. Just read it. Interesting.

[galdur]

CLOUD MINING WILL PROFIT FROM BITCOIN PRICE RISE, SAYS GENESIS CEO

Interesting. Producers profit from a rising product price. What a novel idea. I´ll need some time to wrap my head around this one.

[TXTCLA55]

Just came across this article.
https://www.cryptocoinsnews.com/cloud-mining-will-profit-bitcoin-price-rise-says-genesis-ceo/

I hate that news site, a lot of it is poorly written dribble about price and yatta yatta yatta. Seems odd to me Marco would bring up alts as we (or at least the vast majority of us) have pulled the plug on our scrypt and switched over to SHA due to low payouts. If I may be so bold, he should have spoken about that...how Genesis allowed customers escape low scrypt and switch to SHA at no extra cost...thats worth bragging about.

[IanFoxley]

Just came across this article.
https://www.cryptocoinsnews.com/cloud-mining-will-profit-bitcoin-price-rise-says-genesis-ceo/

I hate that news site, a lot of it is poorly written dribble about price and yatta yatta yatta. Seems odd to me Marco would bring up alts as we (or at least the vast majority of us) have pulled the plug on our scrypt and switched over to SHA due to low payouts. If I may be so bold, he should have spoken about that...how Genesis allowed customers escape low scrypt and switch to SHA at no extra cost...thats worth bragging about.

GAW have stopped cloudmining with Scrypt and SHA now apparently so from today, which is crazy considering their SHA 256 Genesis Hashlets were still paying out each day, not as much as a GM 10GH/s SHA 256 contract but still above what I would call a zero payout. .WIll be lots of unhappy Genesis Hashlet owners today, I didn't have a huge amount but for my video comparision it basically only leaves the GM SHA 256 contract now actually giving me a payout.

[Icon]

Yea guess the GAWsome is all over now.. Anyways there still places to buy gh/s amhash and my fav BDD shares that pay 99% daily of the theoretical payouts and been around for over a year now.

https://www.havelockinvestments.com/order.php?symbol=B.MINE

& a daily summery of whats left in the holdings..

https://bitcointalk.org/index.php?topic=430137.860

Icon

[TXTCLA55]

Just came across this article.
https://www.cryptocoinsnews.com/cloud-mining-will-profit-bitcoin-price-rise-says-genesis-ceo/

I hate that news site, a lot of it is poorly written dribble about price and yatta yatta yatta. Seems odd to me Marco would bring up alts as we (or at least the vast majority of us) have pulled the plug on our scrypt and switched over to SHA due to low payouts. If I may be so bold, he should have spoken about that...how Genesis allowed customers escape low scrypt and switch to SHA at no extra cost...thats worth bragging about.

GAW have stopped cloudmining with Scrypt and SHA now apparently so from today, which is crazy considering their SHA 256 Genesis Hashlets were still paying out each day, not as much as a GM 10GH/s SHA 256 contract but still above what I would call a zero payout. .WIll be lots of unhappy Genesis Hashlet owners today, I didn't have a huge amount but for my video comparision it basically only leaves the GM SHA 256 contract now actually giving me a payout.

I heard about that just five minutes ago; I'm sorry for your loss, hopefully you got some sort of ROI out of them before they stopped. I've done my research on that obvious scam since they started (reminded me of Enron), I'm glad to see its finally coming to a close.

[siampumpkin]

I am only getting paid for SHA every other day? Is anyone else having this issue? Probably just too little to pay I guess.