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

[Glucose]

We are sponsering the ‪#‎ScalingBitcoin‬ conference in Montreal which is in our view a key conference for finding a solution for the blocksize debate.

Debate is almost over. Bitcoin XT lost.

[TheRealSteve]

Debate is almost over.

You do realize that discussion and in-depth review of proposals isn't until Phase 2 of the Scaling Bitcoin conferences, right? Debate is far from being over - and I doubt it'll be 'over' even after that.

Phase 2
Presentation and review of technical proposals, with simulation, benchmark results.
Hong Kong, SAR, China: December 6th-7th, 2015

[fairglu]

Debate is almost over. Bitcoin XT lost.

One option lost, many still are on the table.

And to make it worse, then current BIP-100 is more like a discussion starting point than a finished proposal than can be turned on.

On the other hand, the demand is not really there, outside of "stress tests", blocks have been 30-45% full since January, and even during stress, they were never full. Other constraints are limiting block size.

[dead_m92]

@Genesis Mining

Are you already scared of 2016 when the block reward halving will take place=?

Whats your opinion on that is it correct that when the reward is only half at current price all contracts will go out of business??

greetings dead

[fairglu]

Whats your opinion on that is it correct that when the reward is only half at current price all contracts will go out of business??

If the price does not go up, a lot of mining operations are likely to stop.

There is even a risk that bitcoin will come to a standstill, stuck with a high difficulty and not enough hashrate to solve new blocks.

[speedt_ouch]

Whats your opinion on that is it correct that when the reward is only half at current price all contracts will go out of business??

If the price does not go up, a lot of mining operations are likely to stop.

There is even a risk that bitcoin will come to a standstill, stuck with a high difficulty and not enough hashrate to solve new blocks.

Cant the difficulty go down?
It should, profit for mining is getting less and less

[TheRealSteve]

There is even a risk that bitcoin will come to a standstill, stuck with a high difficulty and not enough hashrate to solve new blocks.

No, there is no such risk outside of mental exercise.  For more information, see: Increasing Zero towards unreachable difficulty ?

Cant the difficulty go down?

Yes.  The difficulty adjusts up or down depending on whether blocks are being found faster or slower than the intended rate (2016 blocks every 2 weeks).  See: https://en.bitcoin.it/wiki/Target

[Borgminer]

yeah i was thinking the same thing .   easy fix they just have to get the majority hashing power.

[fairglu]

Cant the difficulty go down?

Yes.  The difficulty adjusts up or down depending on whether blocks are being found faster or slower than the intended rate (2016 blocks every 2 weeks).  See: https://en.bitcoin.it/wiki/Target

It adjusts once every 2016 blocks.

If the hashrate is cut in half, this would mean up to 2016 blocks that would take 20 min to mine, so up to a month to the next diff, and this would effectively cut the daily profitability in half for miners, which could decide more miners to pull the (electric) plug, resulting in a cascade effect.

Also the bitcoin difficulty adjusts by no more than a factor four, in your hypothetical 330 PH to 330 MH case f.i., it would thus take 10 difficulty adjustments (4^10 approx equal to 1e6) for the difficulty to adjust back to 10 minutes blocks (without a hard fork), or 20160 blocks. If the block erupter is alone, it just would never be able to get through those 20160 blocks in any reasonable timeframe.

This is actually something that altcoins have been facing for a while (because of multipools jumping in & out), and the reason why fast difficulty adjustments have become standard in altcoins, with retargets every block.

Also since the mining hardware would still physically exist, a lower diff bitcoin would become easy prey to a 51% attack.

So it's far from a  mental exercice.

[Genesis-Mining]

BIG News!

Hello miners!

I know that we end every email to you saying how much we appreciate having you as a customer, but we realize that actions often speak louder than words.

So we’ve got some BIG news that I think you will be happy to hear.

Due to recent improvements in new hardware and infrastructure, we are pleased to announce we are able to decrease maintenance from 0.0015 to 0.0012 USD per Gh/s per day for purchases starting from September 16th.

This represents an increase in payouts by over 60% at the current Bitcoin price and difficulty.

We look at our customers as our partners and when we are able to increase our efficiency, it’s only fair and responsible to pass those savings on to you.

As always, thank you for being a customer of Genesis Mining and growing with us over the last 2 years. We look forward to many years of service ahead as we all grow together.

Sincerely,

Marco Streng

[TheRealSteve]

( continuing o/t discussion in that "Increasing Zero towards unreachable difficulty ?" thread )

[alienesb]

Um, wouldn't a decrease in maintenance be applicable to ALL customers not just new ones? You're not passing anything along to your partners with this.

[alomonos2210]

I'm new in bitcoin mining. I have a question. Is there anyway to calculate the mining daily profit at genesis-mining?
I know it depends on difficulty but I want a rough result. for example if I buy 1TH/s for 419$, how much I will profit every day?
And please if you have answer, give the calculations. Thanks.

[IanFoxley]

I'm new in bitcoin mining. I have a question. Is there anyway to calculate the mining daily profit at genesis-mining?
I know it depends on difficulty but I want a rough result. for example if I buy 1TH/s for 419$, how much I will profit every day?
And please if you have answer, give the calculations. Thanks.

If you go to my thread here you can get my daily payouts and multiply them by 20 to get a typical 1TH/s payout at the moment.

I have just purchased 50GH/s at the new fee and will add that to my thread soon so will have 50GH/s payouts at the old maintenance fee and the new one as well.
Will be interesting to compare

My thread is here.
https://bitcointalk.org/index.php?topic=768931.msg12429254#msg12429254


Ian

[Zeta0S]

BIG News!

Hello miners!

I know that we end every email to you saying how much we appreciate having you as a customer, but we realize that actions often speak louder than words.

So we’ve got some BIG news that I think you will be happy to hear.

Due to recent improvements in new hardware and infrastructure, we are pleased to announce we are able to decrease maintenance from 0.0015 to 0.0012 USD per Gh/s per day for purchases starting from September 16th.

This represents an increase in payouts by over 60% at the current Bitcoin price and difficulty.

We look at our customers as our partners and when we are able to increase our efficiency, it’s only fair and responsible to pass those savings on to you.

As always, thank you for being a customer of Genesis Mining and growing with us over the last 2 years. We look forward to many years of service ahead as we all grow together.

Sincerely,

Marco Streng

Nice, love to see the older contracts get a small reduction to.

[IanFoxley]

Um, wouldn't a decrease in maintenance be applicable to ALL customers not just new ones? You're not passing anything along to your partners with this.

So when you purchased an Antminer S5 and then the S7 came along. Did you write to Bitmain to say that you want them to send you the parts to turn your S5 into a S7 as the S7 was more power efficient and you felt cheated as you were an old customer and not a new one.

Just wondering!

[alienesb]

Um, wouldn't a decrease in maintenance be applicable to ALL customers not just new ones? You're not passing anything along to your partners with this.

So when you purchased an Antminer S5 and then the S7 came along. Did you write to Bitmain to say that you want them to send you the parts to turn your S5 into a S7 as the S7 was more power efficient and you felt cheated as you were an old customer and not a new one.

Just wondering!

That's not the same thing but nice try. With Bitmain I have the option of selling my hardware or even my hash at Hashnest; that's not the case here.

So, you are the official shill of this thread right?

[Icon]

BIG News!

Hello miners!

I know that we end every email to you saying how much we appreciate having you as a customer, but we realize that actions often speak louder than words.

So we’ve got some BIG news that I think you will be happy to hear.

Due to recent improvements in new hardware and infrastructure, we are pleased to announce we are able to decrease maintenance from 0.0015 to 0.0012 USD per Gh/s per day for purchases starting from September 16th.

This represents an increase in payouts by over 60% at the current Bitcoin price and difficulty.

We look at our customers as our partners and when we are able to increase our efficiency, it’s only fair and responsible to pass those savings on to you.

As always, thank you for being a customer of Genesis Mining and growing with us over the last 2 years. We look forward to many years of service ahead as we all grow together.

Sincerely,

Marco Streng

LOL big news indeed, now all we need to do to "save" $$ is you guessed it, spend more money.

Hey Marco, here is an idea how about actually saving us money by lowering your already paying customers maintenance fees instead of just new customers?


Icon

PS

Oh just saw the "gift" email. now seems to me a gift is given hence the name... But paying for the gift?

[Glucose]

BIG News!

Hello miners!

I know that we end every email to you saying how much we appreciate having you as a customer, but we realize that actions often speak louder than words.

So we’ve got some BIG news that I think you will be happy to hear.

Due to recent improvements in new hardware and infrastructure, we are pleased to announce we are able to decrease maintenance from 0.0015 to 0.0012 USD per Gh/s per day for purchases starting from September 16th.

This represents an increase in payouts by over 60% at the current Bitcoin price and difficulty.

We look at our customers as our partners and when we are able to increase our efficiency, it’s only fair and responsible to pass those savings on to you.

As always, thank you for being a customer of Genesis Mining and growing with us over the last 2 years. We look forward to many years of service ahead as we all grow together.

Sincerely,

Marco Streng

Looks just more and more like a ponzi to me... How to attract new customers ?? Lower your prices...

[IanFoxley]

BIG News!

Hello miners!

I know that we end every email to you saying how much we appreciate having you as a customer, but we realize that actions often speak louder than words.

So we’ve got some BIG news that I think you will be happy to hear.

Due to recent improvements in new hardware and infrastructure, we are pleased to announce we are able to decrease maintenance from 0.0015 to 0.0012 USD per Gh/s per day for purchases starting from September 16th.

This represents an increase in payouts by over 60% at the current Bitcoin price and difficulty.

We look at our customers as our partners and when we are able to increase our efficiency, it’s only fair and responsible to pass those savings on to you.

As always, thank you for being a customer of Genesis Mining and growing with us over the last 2 years. We look forward to many years of service ahead as we all grow together.

Sincerely,

Marco Streng

Looks just more and more like a ponzi to me... How to attract new customers ?? Lower your prices...

Haha you guys crack me up, you whine about wanting GM to lower prices and to do this and to do that and when they do, you then scream Ponzi...haha You guys should write comedy!