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

[Mike18feb]

I just received my payment, so no issues with that. It's not always on the clock, but so far not one payment is missing

[Bonobo]

As a matter of interest does anybody know why the volatility has dropped off in the last six days?  This is a chart of my payouts since I started with GM.  Something seems to have changed six days ago. 

https://i.imgur.com/7MPF4hq.jpg

Not complaining - just curious.

[Wintermute]

As a matter of interest does anybody know why the volatility has dropped off in the last six days?  This is a chart of my payouts since I started with GM.  Something seems to have changed six days ago.  



Not complaining - just curious.

I read somewhere, that they worked on an improved version of their trading engine / multi-pool. Maybe it is related to this?!
Anyway, the payout is significantly better than most of the other multi-pools out there - so I do not complain either

[Genesis-Mining]

I just received my payment, so no issues with that. It's not always on the clock, but so far not one payment is missing

We always have to do some additional security checks before doing the payouts and check everything twice. This delays it sometimes a bit, but you can be sure that you won't miss any payout!

[IanFoxley]

I think at this moment in time, it is just not profitable to be mining Darkcoins.

Difficulty is such, you are only getting 2 coins a block now at the moment.

Just my thoughts, anyway.

[ellen_me]

The secret is out of the box! We will be adding Darkcoin soon!

Stay tuned for more info!

Nice to know that there are new alt coins in the genesis mining now.

[Mike18feb]

Added benefit for the Darkcoin lover, but also for the BTC miner. More algorithms means that the Auto BTC thing has more and different coins to choose from, which should give a slightly better reward rate. That added flexibility is a clear benefit GPU mining operations have over purely scrypt based ones.

[cyberpitstop]

I received my payout I think maybe two slower back to back pmts  and my different time zone made me think it was off, but it was just a little slow getting confirmed too.  
I am new to Genesis but can tell there is a great opportunity with them to turn a profit without all the hassles of traditional mining.
Seems like  they are doing a great thing the only thing that scares me is what happens in a year do we just start all over?? Will we get a current customer discount or be able to build on the hashpower we have now???

[Mike18feb]

You can get a discount already, use promo code MMD when you order hashrate  

But yeah, after a year your contract ends. A year is a long time though, lots of things will change, but we'll see. Option for now, save some of the payout so you can buy a new contract at some time from those savings. That's a wise thing anyway.

[Wintermute]

Comparing altcoin->bitcoin  vs  pure bitcoin mining

Please note: this is just for ballpark numbers to get a feeling whether it is better to mine altcoin and exchange for bitcoin or use one of the bitcoin cloudminers. Also this just considers just the past one month (and not increasing difficulty etc).


Example calculation:

1) From the data from Bonobo I suggest that the average payout over the last 30 days was roughly like: 0.0027 BTC. If you bought the 1 MH/s contract for 180$ (1year) you received approx 0.081 BTC and paid 180$ / 12 = 15$ for the first month. In other words for 1000$ this would be the equivalent of 5.4 BTC.   (=0.081/15*1000)

2) cloudhashing offers: 110 GH/s for 1000$ (now, I do not know their price one month ago). My guesstimate is an average difficulty of 10,200 * 10^6 for the past month (Bitcoin). This is according to the mining calculator (no electricity cost, no difficulty increase etc.) a payout of 0.1627 BTC per month. Cost per month = 1000/12 USD. Or roughly 1.95 BTC for 1000$.

http://bitcoin.sipa.be/speed-lin.png
https://bitcoinwisdom.com/bitcoin/calculator


Just wanted to point out that if you want to mine Bitcoin you are probably better of with mining Altcoin and exchanging them for Bitcoin. At least in this example Genesis Mining is like 175% better than cloudhashing.

Seemed to be interesting enough to share it here, please double-check my numbers (as I said it is a ballpark estimate).

[Mike18feb]

Actually, $999 will get you 165.00 Gh/s at CloudHashing.com. Doesn't matter much because you will still very likely lose money on their deals, as with a lot of bitcoin clouds. In this case, with an average BTC difficulty rise of only 14% and a 10% rise of Bitcoin value every month, CloudHashing.com will turn your $999 into less then $700 (calculator used is this one: http://www.evolyn.net/bitcoin/mining_calc.php ), and maybe even lesser because CloudHashing deducts a 10% fee of your earnings.

Bottomline, same as Wintermute says: Doublecheck! Always do your own math before buying something, especially when it comes to dedicated Bitcoin mining. And don't be afraid to ask other people's opinions when in doubt. Though, getting honest opinions here is a scary operation sometimes

[Bonobo]

Comparing altcoin->bitcoin  vs  pure bitcoin mining

Please note: this is just for ballpark numbers to get a feeling whether it is better to mine altcoin and exchange for bitcoin or use one of the bitcoin cloudminers. Also this just considers just the past one month (and not increasing difficulty etc).

Yes, but we can't ignore the fact that just in the last month the payout has dropped about 40% so whether we make ANY return from our investment after a year is a big question.  Further to the charts I posted on June 1st I have managed to extract further data from the blockchain which puts it into better perspective.  The following chart is compiled from my own data (starting May 10th) combined with payouts to three other GM user addresses going back to around February 21st.  It seems to confirm the point that I called "Stefan's Data Point" in my previous post.

https://i.imgur.com/4PvqqM1.jpg

Clearly the average downtrend has not always been as steep as it has been for the last month, which is good news.  Maybe there is some reason to hope that the past month was not typical and the payout will rise again - or at least drop off at a shallower angle.

[Wintermute]

Clearly the average downtrend has not always been as steep as it has been for the last month, which is good news.  Maybe there is some reason to hope that the past month was not typical and the payout will rise again - or at least drop off at a shallower angle.

Yes, that is right. Compared to Bitcoin difficulty increase (>900% in the last 5-6 months) we are still in a very good position though.

The point of my post was to show that altcoin mining is by far better than Bitcoin mining. We all know that mining is risky (there is no free lunch!) and that it depends on a number of variables (e.g. difficulty, popularity of altcoin etc). My impression is that the guys of Genesis Mining make a lot of effort to give the best possible results (and I really like their interface).

By the way I am also mining some of the smaller coins (for fun and also for speculation). On average I am doing quite well. Their multipool is very good, but with some experience and trading skill you can probably achieve better results. This is also one of the nice things about the altcoin market: diversity!

[Wintermute]

Actually, $999 will get you 165.00 Gh/s at CloudHashing.com. [...]

Haha, you are right Mike! On their main page they state "Get 110 Gigahash for only $9.08", which is roughly 1000$. They seem to be a bit lazy, if they do not even update their main advertisement.

and maybe even lesser because CloudHashing deducts a 10% fee of your earnings.

Interesting. Did not know that have additional fees on top. Their offer was already bad enough without

[martinnew]

Dear all,

we are proud to announce our new affiliate program!

We already handed out personalized promo codes to chosen users.
If you like to have a personalized code, contact us via PM and tell us where you want to spread the word!
Right now, each participant is chosen individually by us.

The personalized promo codes grants you 3% of the hashpower of the order made by the customer you won! Additionally, the new customer has 3% off his order with using the code!
Additionaly, you are able to increase your percentage over time!

The more users you win, the higher your percentage gain will be!

Is there no limit of getting that 3% of hashpower for every won customer?

No limits!
You can get several GH/s and more if you are working really hard!

That was great news especially for those who are really able to drive more people to GM. 

[jdebunt]

http://www.cryptoarticles.com/crypto-news/genesis-mining-launches-affiliate-program-referrals-get-3-discount-on-order-price

Small article about the affiliate program (took a bit longer than expected)

[Genesis-Mining]

Dear all,

2 cool new major features are activated as per now:

- Payment via Litecoin is now available!
- Payout in DRK (Darkcoin) is now available!

We are further working on improving our services for you and you can expect more to come in the close future

[Mike18feb]

Excellent! You guys are going full speed ahead. 

[IanFoxley]

Dear all,

2 cool new major features are activated as per now:

- Payment via Litecoin is now available!
- Payout in DRK (Darkcoin) is now available!

We are further working on improving our services for you and you can expect more to come in the close future

Thanks for the good work.

[Wintermute]

- Payment via Litecoin is now available!

That is great! I like that you guys not only provide altcoin mining services, but that you also start eating your own dog food!    Hope more payment methods will be added soon and you become one of the first truly multicoin companies!

Excellent work guys, keep it up!