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

[IanFoxley]

Just a FYI.

Those that have an account with GM, if you log in today, you will notice that you can now allocate some hashpower, if you want, to Megacoin.

You are fast

Yes, we have added MEGACOIN (MEC) today after the successful first user poll!

To celebrate the happening we opened a promotion!

You can now use the promotion code "MEGA" in your orders to get Diamond price (14c / kh/s) on all packages!
Simply use it in the order form to get the discount!

I use this website  https://cointweak.com to see which is most profitable coin to mine. I have found Leprocoin on the Scrypt algorithm is currently the top coin to mine. Have you added this coin?

I looked up the coin you mentioned,
https://bitcointalk.org/index.php?topic=400393.0

Only 4 coins per block, yes the difficulty is low, so not many people mining it, WHY? if is it so profitable?? but seems there are problems, dev left, people having problems mining it etc, reason why it is number 1 on cointweak is probably due to people trading it, than to people mining it. When you see the trades, people trading hundreds of thousands of them and millions of them, then you can understand why. In a few days that coin will be somewhere down the charts again. Just my thoughts of course.

[Nathan101]

This website https://cointweak.com  is showing the most profitable coin to mine. I haven't found MEGACOIN on their list.

[IanFoxley]

This website https://cointweak.com  is showing the most profitable coin to mine. I haven't found MEGACOIN on their list.

Yes, because it is not the most profitable, but some people might want to mine it anyway, as it is a popular coin, still lots of people mining it, it has been around a long time, a year, this is why I like to use the Auto option then you have a better chance to get more BTC each day.

When I see leprocoin it is obvious because the difficulty is so low, that nobody is mining it, but if it is so profitable, then why isn't the difficulty higher, I mean if should be right?? As everyone would be wanting to mine it, but when you read through the forums and people are having problems mining it, then the reason for it being profitable is that people are trading it, but tomorrow it might not be so profitable and then will not be on the top of the list. If Genesis Mining turned all their hashpower to Leprocoin and started mining it, then there would be lots of problems. It is not good for them to do that.

Megacoin on the other hand has people mining it all the time, just like Litecoin or dogecoin, they are not so profitable too right now, but people still like to mine them as they know that they are popular coins, a lot of exchanges trade with them and they have larger communities.

Genesis Mining is giving you a choice, you don't have to mine it if you do not want to, but now if you want to, you can.

[Mike18feb]

Problem is that profitability can and will change within minutes so I don't take sites like coinwarz and others very serious.

Either you you go mine at some multipool, or you have a good automated way of mining the best coin yourself. Or, you pick a good coin that has proven itself over and over in the past and will continue to prove itself into the future, and you stick with that long term. Sooner or later you'll be rewarded bigger then a multipool could, though yes, nothing is for sure.
Anyway, Megacoin is the reason why I joined Genesis-Mining. I'm one of the Mec dedicated people. I was looking for a way to replace mining at home (electric bill!) with mining in the cloud, and it just gets better and better.

[IanFoxley]

Problem is that profitability can and will change within minutes so I don't take sites like coinwarz and others very serious.

Either you you go mine at some multipool, or you have a good automated way of mining the best coin yourself. Or, you pick a good coin that has proven itself over and over in the past and will continue to prove itself into the future, and you stick with that long term. Sooner or later you'll be rewarded bigger then a multipool could, though yes, nothing is for sure.
Anyway, Megacoin is the reason why I joined Genesis-Mining. I'm one of the Mec dedicated people. I was looking for a way to replace mining at home (electric bill!) with mining in the cloud, and it just gets better and better.

Yes, I agree with all of that. I like to use Coinwarz mainly just to look at the calculator, on coins such as litecoin etc, just to get an idea on where things might be heading. The price of Bitcoin might rise again soon too I feel and that will have an influence on the amount we get each day also.

[Daniel007]

Just a FYI.

Those that have an account with GM, if you log in today, you will notice that you can now allocate some hashpower, if you want, to Megacoin.

You are fast

Yes, we have added MEGACOIN (MEC) today after the successful first user poll!

To celebrate the happening we opened a promotion!

You can now use the promotion code "MEGA" in your orders to get Diamond price (14c / kh/s) on all packages!
Simply use it in the order form to get the discount!

I use this website  https://cointweak.com to see which is most profitable coin to mine. I have found Leprocoin on the Scrypt algorithm is currently the top coin to mine. Have you added this coin?

I looked up the coin you mentioned,
https://bitcointalk.org/index.php?topic=400393.0

Only 4 coins per block, yes the difficulty is low, so not many people mining it, WHY? if is it so profitable?? but seems there are problems, dev left, people having problems mining it etc, reason why it is number 1 on cointweak is probably due to people trading it, than to people mining it. When you see the trades, people trading hundreds of thousands of them and millions of them, then you can understand why. In a few days that coin will be somewhere down the charts again. Just my thoughts of course.

As you said that the list may be based upon trading, so i think it would be better to call the chart something else not the most profitable altcoin to mine at the moment. But on their site they are saying "The list below gives you an overview of the most profitable altcoin to mine at the moment."

[Wintermute]

Problem is that profitability can and will change within minutes so I don't take sites like coinwarz and others very serious.

This! 100% agree.

[IanFoxley]

So is it Anon Coin that is up next??

Thanks for the Mega Promotion btw.

I made good use of it and bought some more hashpower.

Many thanks

[Genesis-Mining]

No, it's not AnonCoin
For now, it's secret, but it will be great

Awesome news out there:
We are BEST RATED at https://cloudmining.guru/wp/

[IanFoxley]

No, it's not AnonCoin
For now, it's secret, but it will be great

Awesome news out there:
We are BEST RATED at https://cloudmining.guru/wp/

Ah...hmmmm ok, will wait and see what this SECRET coin is then

Good to see you are best rated on Cloudmining. Well deserved too

[Nathan101]

No, it's not AnonCoin
For now, it's secret, but it will be great

Awesome news out there:
We are BEST RATED at https://cloudmining.guru/wp/

Why it is secrete? You may arrange another Facebook campaign and let's see which coin is more popular.

[ellen_me]

This website https://cointweak.com  is showing the most profitable coin to mine. I haven't found MEGACOIN on their list.

Thanks for the link. I also think that profitable may be changing time to time since values of coins are also changing.

[monim1]

No, it's not AnonCoin
For now, it's secret, but it will be great

Awesome news out there:
We are BEST RATED at https://cloudmining.guru/wp/

I go through your link. Congratulation, you are at top with 7.2 rating. I have found that your price and profitability is 7 out of 10. It seems quite good.

[Bonobo]

I got 2 M/hs in my acc now, payouts seem to be better than with my own rigs (0.003x compared to 0.002x btc yesterday), but i really wish for more detailed information, historical data, daily stats, daily expected payout and so on...

Thank you for your input! We are constantly working on enhancing our service and appreciate such input! We've got a few more requests for historical and daily data and have placed it on our todo list. Unfortunately, no ETA yet.

Could be that GM have not already prioritized showing historical data because it is actually not all that encouraging.  I have been mining with GM since May 10th and I am prepared to share my data with the community.  I started with a 5MH/s contract on May 10th which was upgraded free of charge (thank you GM) to 9 MH/s on May 15th.  I then bought another contract to give me extra hashpower on May 16th.  In order to make the results meaningful I will divide the BTC payouts by the hashpower on the particular day and multiply by 1000 to present them in mBTC/MH/s.  My mining has been set to 'auto' all the time.  Please note that I will not include the pay-out in fiat because that will complicate the results due to exchange rate variability.  I am not interested in the exchange rate because I invested BTC and I am being paid in BTC.  Some would argue that the results are better than I am showing because the price of BTC has gone up in the past week, but I could have kept my BTC in cold storage and received the same benefit.  So here are the returns to date (mBTC per MH/s):

5/10/2014   3.19
5/11/2014   3.77
5/12/2014   3.17
5/13/2014   4.02
5/14/2014   3.34
5/15/2014   3.34
5/16/2014   3.01
5/17/2014   2.91
5/18/2014   3.64
5/19/2014   2.42
5/20/2014   2.45
5/21/2014   2.73
5/22/2014   3.07
5/23/2014   2.56
5/24/2014   3.09
5/25/2014   2.33
5/26/2014   2.86
5/27/2014   2.86
5/28/2014   2.53
5/29/2014   2.04
5/30/2014   3.01

That is a total of 62.33 mBTC for each MH/s that I bought.  That would be 1083 mBTC after twelve months at this rate.  My average cost per MH/s was 325 mBTC so that would be better than 230% ROI.  Nice!

... Or is it?

Let's look at a graph of the results:

https://i.imgur.com/XtpbzwK.jpg

The trend is pretty obvious I think.  The trend line was drawn by Excel and it is the best fit to the data.  I always expected the returns to drop off over time, but not to that extent.  Let's put it in context.  GM are pretty coy with their historic data, but I have found one point of reference which I will call "Stefan's data Point" (SDP).  I found a screen shot of a GM dashboard posted by Stefan from Genesis Mining: https://bitcointalk.org/index.php?topic=467587.20.  On it you can see the hash power (35 MH/s), the output (roughly $120 per day) and the date.  Note that the returns graph was going negative at the top so I am assuming the screen shot was taken on March 8th but the last payout was March 7th.  The price of BTC averaged about $627 on March 7th so the pay-out would have been about 191.38 mBTC (0.19138 BTC).  Divided by 35 the pay-out would have been about 5.46 mBTC for each MH/s.  In the following graph I have extrapolated the trend line back to March 7th.  I have also drawn a line from SDP through my data and extrapolated it forward to the 0.89 mBTC/MH/s line.  The significance of 0.89 mBTC/MH/s is that I need to average above this line in order to make a profit over the year.  The cost of each MH/s was 325 mBTC.  325/365 = 0.89.

https://i.imgur.com/AY3ffMJ.jpg

In fact a straight line decay is not likely because it would imply that the returns go to zero, which would only happen if GM went out of business.  More likely would be an exponential decay.  The following graph shows the best fit exponential decay from SDP through my data and extrapolated for the year beyond the start of my data.

https://i.imgur.com/b9Jeite.jpg

So, if this turns out to be what will happen, what will my returns look like?

https://i.imgur.com/JaKPUNL.jpg

In this scenario the exponential curve is exactly the same as the one in the previous graph (using the same decay factor) except that the start point is where I began mining with GM and I am showing the accumulated pay-outs.  I have overlayed  my actual returns so far.  The end point in one year shows total pay-out of 365.72 mBTC per MH/s which is just a 12.27% ROI on my initial investment of 325.75 MBTC per MH/s.

I make no claims to be a mathematician or statistician.  If anyone can spot mistakes please accept my humble apologies in advance, and if you can interpret these figures better than me please go ahead.  I am happy to share my Excel spreadsheet with anyone who can help make this better. 

I have had an email exchange with Marco Streng to discuss this.  He has always replied politely (always a positive sign) but did not respond to all my questions.  He did not dispute my figures but pointed out that mining is a risky business and profits are not guaranteed!  I am aware of the dangers of extrapolating data forward a whole year based on less than one month of information, so the reality could be much better or worse than these graphs suggest, but I think it is worth sharing what I have seen so far.  12% ROI looks a bit marginal and even that could easily be wiped out.

[Daniel007]

No, it's not AnonCoin
For now, it's secret, but it will be great

Awesome news out there:
We are BEST RATED at https://cloudmining.guru/wp/

Why it is secrete? You may arrange another Facebook campaign and let's see which coin is more popular.

I agree with Nathan. You may arrange a Facebook voting Campaign. I think it is the best way to get opinion of users.

[IanFoxley]

There are a few coins out there, X11 based that have ANON type features, Darkcoin, XC coin etc.

I know that GM have large GPU farms, so maybe they are giving us the option to perhaps use our hashpower on these.

Will wait and see.

[Genesis-Mining]

We will add the next FB Poll for a new coin after the actual this week's coin addition.

@Bonobo: Thank you for the effort of those huge tables and graphs. We think the scrypt-btc conversion rate will not fall forever, though we have no fancy graph for it. If we could predict the prices accurately - we already would be at our own islands in the carribean But honestly, we do believe in strong scrypt coin prices in the future and good chances within the mining models, we would not be running this company if we didn't believe its giving back value and profit to also our customers!

[Nathan101]

I got 2 M/hs in my acc now, payouts seem to be better than with my own rigs (0.003x compared to 0.002x btc yesterday), but i really wish for more detailed information, historical data, daily stats, daily expected payout and so on...

I already visited https://www.genesis-mining.com/ several times. I haven't found much update on their site. I hope they will add more option on their site.

[Bonobo]

@Bonobo: Thank you for the effort of those huge tables and graphs. We think the scrypt-btc conversion rate will not fall forever, though we have no fancy graph for it. If we could predict the prices accurately - we already would be at our own islands in the carribean But honestly, we do believe in strong scrypt coin prices in the future and good chances within the mining models, we would not be running this company if we didn't believe its giving back value and profit to also our customers!

I hope you are right.  My point is that, with the current rate of returns at an annual rate which would more than double the initial investment, it is tempting to let greed get the better of caution.  It is now clear to me that making a profit from mining, even with a good, honest service like Genesis Mining, is by no means a certainty.  I was about to double my investment until I crunched the numbers, but now I will hold back and see what happens for at least a month or two.  If the current down-trend in returns is short lived I will be back for more.  I would also be much more inclined to increase my investment if GM would make a firm commitment to proportionally increase the hashpower of existing customers if and when you drop the prices for new contracts.  You did exactly that on May 15th, which seems to me a very good way to keep your customers loyal, and if I could be sure that this was company policy, not just a one-off, I would be buying new contracts now.

[martinnew]

Good to see some charts now. 
Also agree that returns may varies time to time.