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

[Genesis-Mining]

Can you PM us please with your user details so we can check your account regarding your payouts?

@Genesis-Mining After the site went back online I tried to login to my account, but surprisingly I couldn't access it even with the correct password and email. Then I tried to request a new password (password reset) and got the new one via email however went I successfully log into my account, my purchased mining hashrate contract of x11 is gone! I had 1.5 TH/s and the term was 1 year of mining. Also, payouts log and everything is gone...it looks like my account is a totally new one from start. 

Please help! For your reference, I will include a pdf document where it states the mining contract agreement upon request.

Abiky. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

[1713910410]

1713910410

[Shattered]

Can you PM us please with your user details so we can check your account regarding your payouts?

@Genesis-Mining After the site went back online I tried to login to my account, but surprisingly I couldn't access it even with the correct password and email. Then I tried to request a new password (password reset) and got the new one via email however went I successfully log into my account, my purchased mining hashrate contract of x11 is gone! I had 1.5 TH/s and the term was 1 year of mining. Also, payouts log and everything is gone...it looks like my account is a totally new one from start. 

Please help! For your reference, I will include a pdf document where it states the mining contract agreement upon request.

Abiky. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Can you address my post regarding payouts here in this open forum?
Thank you in advance.

[Abiky]

Abiky. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Thanks for your reply. I have contacted support and received response quickly. Everything was fixed and I have my purchased mining contract of 1.5 MH/s back now. Excellent customer service. Would recommend this service to my friends and family. 

[Shattered]

Abiky. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Thanks for your reply. I have contacted support and received response quickly. Everything was fixed and I have my purchased mining contract of 1.5 MH/s back now. Excellent customer service. Would recommend this service to my friends and family. 

Abiky, how does your payout to purchased hashing power break down?
Does it make sense in terms of all the factors that should directly effect payouts?

Im asking you since you are openly willing to state that you would so eagerly recommend Genesis to friends and family.
Surely they would ask you about ROI and you would explain to them the daily/weekly/monthly payout structure.....

So if you wouldnt mind, can you give us your experience on this specific subject?
Thank you in advance

[Abiky]

Abiky, how does your payout to purchased hashing power break down?
Does it make sense in terms of all the factors that should directly effect payouts?

Im asking you since you are openly willing to state that you would so eagerly recommend Genesis to friends and family.
Surely they would ask you about ROI and you would explain to them the daily/weekly/monthly payout structure.....

So if you wouldnt mind, can you give us your experience on this specific subject?
Thank you in advance

Well, it might be a little difficult to explain in here but I can tell you that most recently my payouts have increased a little compared to when I first started. (Dec 17, 2015) According to my calculations, I should be getting ROI when the contract is close to becoming expired (which is 1 year) but it all depends on different factors such as mining difficulty, etc. Since this is an Accelerated ROI Contract, you don't need to pay for maintenance/electricity fees for the term of the contract (in contrast to lifetime mining contracts)

You can check my BTC address here: https://blockchain.info/address/17L7mPauF9ymGpqBe2HjKM7L48e5qFxMGc

The starting date for my payouts were in the date of December 17, 2015

I hope that I have answered your question correctly. 

[Genesis-Mining]

Abiky. For any enquiries about your account please contact us via contact@genesis-mining.com and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Thanks for your reply. I have contacted support and received response quickly. Everything was fixed and I have my purchased mining contract of 1.5 MH/s back now. Excellent customer service. Would recommend this service to my friends and family. 

You are welcome! Thank you!

Your Genesis Mining Team

[Wintermute]

Well most people do have easy access to BTC. If they don't I doubt they would get into mining, let alone into mining ETH.

My point stands that people are better off just buying ETH right now from an exchange like Poloniex, then buying mining power with Genesis-mining. I think Genesis-mining should pass on more of their saving to their customers. They are keeping so much for themselves that their proposal just doesn't make sense for a customer anymore.

Completely agree with this statement. I used to be a solid supporter of Genesis Mining, but things just dont add up....

They certainly have to get the investment for the GPU miners / hardware. But there is an other point that is often overlooked. After Ether mining ends they will convert Ethash to X11 on a 1:1 basis. In reality the hashrate conversion is 4:1 because X11 is a more complex algorithm. So they give you 300% GPU power on top after Ether mining ends. This certainly has an impact on the overall pricing.

[Wintermute]

I still dont understand the formula that Genesis uses for payouts.
I have 1.55 TH/s of mining power currently.
At the current time difficulty of 113,354,299,801 I should be earning approx 0.006877 per day.
I usually receive payouts in the range of 0.001875
There is a significant difference in those numbers and i dont think it can be explained due to fees or difficulty.

I have emailed Genesis months ago regarding an explanation of how payouts are calculated and the response i got was:
Payouts are calculated based on User hashing power, BTC current difficulty, current days luck of finding a block and BTC current days price.

Ive noticed that when BTC price falls, my payoffs fall significantly and when price increases my payouts increase slightly.
Shouldnt my payouts be more tied to luck of blocks found and current days difficulty??

If i double my mining power right now, shouldnt my next days payout close to double also (if we assume there isnt an increase of difficulty and Genesis mining pools luck stays relatively the same)??

Based on what i have seen for the last 6 months, i dont really see any legitimate reason why anyone should continue to increase their mining power since it appears to honestly look like its literally throwing money in the trash...

Am i missing something here?

The payout structure has been discussed here several times. This is not from GM, but I have checked their payouts for a while to see if they are in line with what the say (they are). If found that the following calculation gives results that are close to the actual payout (out of my head):

daily payout = h / H * 3600 - m*h/p

h = your hashrate in GH/s
H = network hashrate in GH/s (based on the current difficulty e.g.  811,421,684 right now according to https://bitcoinwisdom.com/bitcoin/difficulty )
m = maintenance fee per contract (in USD per GH/s); you will find the value in your contract
p = price of Bitcoin in USD (take the weighted average price for bitstamp for example)

This explains your observation that the payouts go down when the BTC price falls. The reason is that electricity becomes (in relative terms) more expensive. The critical thing here is the maintenance fee. There was a good period where difficulty was very stable and mining contracts were profitable. Now with the recent increase of difficulty in the last 2 months contracts are getting under water. Recent contracts have a much lower maintenance fee, which is probably due to the arrival of newer technology.

[biggbox]

I have my pet issues with GM but lets be objective here:

gm is a business entity. Not a social enterprise or charity. Despite the outspoken support for btc, it is still a business and her goal is to profit.

It needs to pay marketing costs, hire engineers, customer service, operation analysts, legal consultants and more. It has to pay taxes, maintain office space, servers, security systems. The staff deserves corporate benefit and bonuses too, similar to you and me in our day time job.

After dabbling in bitcoins for a few months and had experience in other sites and talked to miners, many of us would notice gm's payouts per 1 th/s do not make economical sense. This is a fact

But what are  the advantages of engaging gm's service: It is the most reputable and open organisation in the business, u don't have to be concerned with setup of miners, endure the noise, and troubleshooting. Time saved is money saved.


edit: grammar

[julian071]

I have my pet issues with GM but lets be objective here:

gm is a business entity. Not a social enterprise or charity. Despite the outspoken support for btc, it is still a business and her goal is to profit.

It needs to pay marketing costs, hire engineers, customer service, operation analysts, legal consultants and more. It has to pay taxes, maintain office space, servers, security systems. The staff deserves corporate benefit and bonuses too, similar to you and me in our day time job.

After dabbling in bitcoins for a few months and had experience in other sites and talked to miners, many of us would notice gm's payouts per 1 th/s do not make economical sense. This is a fact

But what is the advantage of engaging gm's service: It is the most reputable and open organisation in the busines, u dont have to be concerned with setup of miners, endure the noise, and troubleshooting. Time saved is money saved.

Excellent points. I still think it should be possible for them to construct a business proposal that is also profitable for the customer, but still, good points.

Another point: what do you guys think will happen to the SHA-256 contracts now BTC is tanking? There will be a diff change in 11 days, but will the diff lower enough to compensate the lower price? Which contracts will not survive and which contracts will?

[bapparabi]

How can i find what maintenance fee is charging in my account as per my GH/s ..is there any way i can find it what is fee they charging right now

[IanFoxley]

How can i find what maintenance fee is charging in my account as per my GH/s ..is there any way i can find it what is fee they charging right now

It is in your contract.

Go to your orders page and then you should see view contract, something like that then you bring your contract up and the fee is listed in there.

How long ago did you purchase?

[IanFoxley]

I have my pet issues with GM but lets be objective here:

gm is a business entity. Not a social enterprise or charity. Despite the outspoken support for btc, it is still a business and her goal is to profit.

It needs to pay marketing costs, hire engineers, customer service, operation analysts, legal consultants and more. It has to pay taxes, maintain office space, servers, security systems. The staff deserves corporate benefit and bonuses too, similar to you and me in our day time job.

After dabbling in bitcoins for a few months and had experience in other sites and talked to miners, many of us would notice gm's payouts per 1 th/s do not make economical sense. This is a fact

But what is the advantage of engaging gm's service: It is the most reputable and open organisation in the busines, u dont have to be concerned with setup of miners, endure the noise, and troubleshooting. Time saved is money saved.

Excellent points. I still think it should be possible for them to construct a business proposal that is also profitable for the customer, but still, good points.

Another point: what do you guys think will happen to the SHA-256 contracts now BTC is tanking? There will be a diff change in 11 days, but will the diff lower enough to compensate the lower price? Which contracts will not survive and which contracts will?

Well 0.0015 USd per GH/s per day contracts are the next ones on the firing line so to speak.
Bitcoin will have to fall to 340 USD for those to be unprofitable or there abouts.

Dont really want to mention Hashnest here but as i have contracts there  too, then the S3s contracts are the next to fall in the way of what I am doing, as their payouts will  be negative now for 10 days unless Bitcoin goes up above 450 USD again.

[clgrissom3]

Up to 1/13/2016...Another couple of difficulty jumps and this 0.0015 SHA contract will most likely end.  I'm about 40% to the breakeven point at about 5 months.  Do I regret it?  No, I really wanted to find some reliable cloud mining to supplement my hardware running in data centers.  Will I do anymore contracts?  No, I can find plenty of ways to spend my money that actually are profitable.

 

[cancerbola]

Up to 1/13/2016...Another couple of difficulty jumps and this 0.0015 SHA contract will most likely end.  I'm about 40% to the breakeven point at about 5 months.

Rofl. I joined in late november, and I'm barely at 20% profit, not including the principal right now. Worst part is/was, I joined in near the end of that payout spike in November, so my contract price was high af.
Even worse is that my contract is going to end in a few weeks because of the difficulty increase. Do I regret it? Hell yes, I should had bought the X11 or waited and tried the ETH contract instead.
But the good thing is that I've learnt a lesson: cloud mining is usually not profitable.

[biggbox]

I have my pet issues with GM but lets be objective here:

gm is a business entity. Not a social enterprise or charity. Despite the outspoken support for btc, it is still a business and her goal is to profit.

It needs to pay marketing costs, hire engineers, customer service, operation analysts, legal consultants and more. It has to pay taxes, maintain office space, servers, security systems. The staff deserves corporate benefit and bonuses too, similar to you and me in our day time job.

After dabbling in bitcoins for a few months and had experience in other sites and talked to miners, many of us would notice gm's payouts per 1 th/s do not make economical sense. This is a fact

But what is the advantage of engaging gm's service: It is the most reputable and open organisation in the busines, u dont have to be concerned with setup of miners, endure the noise, and troubleshooting. Time saved is money saved.

Excellent points. I still think it should be possible for them to construct a business proposal that is also profitable for the customer, but still, good points.

Another point: what do you guys think will happen to the SHA-256 contracts now BTC is tanking? There will be a diff change in 11 days, but will the diff lower enough to compensate the lower price? Which contracts will not survive and which contracts will?

Well. My  last 2 payouts for a 1.9 TH/s SHA256 contract....

14.01.2016     BTC     0.00225101
13.01.2016     BTC     0.00223717


I wonder when will GM execute its contract termination clause.

[Genesis-Mining]

Hi Everyone.

Our latest Webinar is up now and can be watched here. This is Episode 6.

https://www.youtube.com/watch?v=flbT9urGenE

Also do not forget as mentioned in the video we are offering free tickets to the Bitcoin Conference in Miami which is held on Jan 21-22 2016

We are going to be there participating and will also have a Booth where you can come and visit us.

To have a chance of winning a ticket please email live@genesis-mining.com and use the Subject line I want free tickets.

More information on the conference can be found here.
http://www.btcmiami.com

[Crypto8]

Well. My  last 2 payouts for a 1.9 TH/s SHA256 contract....

14.01.2016     BTC     0.00225101
13.01.2016     BTC     0.00223717


I wonder when will GM execute its contract termination clause.

After your payout reaches Btc 0.0000 of course

[tokingtoking]

about 36% drop for today PO. argh...

[Makingsure]

about 36% drop for today PO. argh...

aye, was thinking the same.   it's evident my contracts will be null soon, thank god they were super small.
strangely i am more at peace as they end, kinda happy to be away from this company i guess