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

[greyfoxsylux]

Confirmed my increase in hashrate. Thank you, Genesis Mining! I'm hoping that altcoins rate to the BTC will be increasing...I saw recent news that a guy had sold a chunk of 200,000 Litecoin and caused the LTC/BTC rate to take a huge dive for a moment. As Bitcoin's growing in value, the altcoins value is dropping. It's kinda hurtful to see that the altcoins (a way more viable alternative for those without ASICs and whatnot) are being tossed in the backburner in the world of cryptocurrency. Dogecoin and Litecoin fell in value as far as about 12.5% in a 24h period (I've got pinned tabs based on those charts that get information from Cryptsy) and haven't shown signs of going up yet.

EDIT: As one who doesn't have much hashpower (due to being a Mcdonald's worker. Bleh) making use of the promo code I have in my sig would be much appreciated. Thanks for understanding!

[Mike18feb]

They are not passing on the benefit to old customers.  I am two months into a 12 month contract - am I an 'old' customer?  But I am excluded from the upgrade.  

All you people who have just 'benefited' from the latest price drop and upgrades need to know what to expect because I know you are all, like vaisajne, feeling like you just got a great bargain.  I felt the same way two months ago when I bought my first GM contract and had it almost immediately upgraded from 4 to 9 MH/s - just like what happened last week.  That inspired me to buy another larger contract a week after the first one - I now have 59MH/s.  It felt great to have all this money coming in day after day.  I always understood that the rate of returns would drop off, but what I was not prepared for was the RATE at which they would drop off.  To put it simply the payout in BTC is roughly halving every month.  After two months I am getting less than a quarter the payout I was getting when I started.  GM announced last week that they will be bringing online a new datacenter and new ASICs.  Undoubtedly there will be much competition in the space for the foreseeable future.  I believe we can expect the monthly halving of returns to continue for some time.  I am not even going to come close to breaking even.  If I get back more than 50% of the BTC I invested  I will consider myself lucky.  

Here is another chart.  It shows my accumulated GM payouts in pink.  The black line is an exponential which shows the break-even level.  If the pink line is above the black line I will make a profit at the end of the contract.



I know my opinions may not be popular with people who have just bought contracts (you will be in denial), but I am really talking to people who are on the fence, about to commit.  Think again - you will probably only get half your BTC back.  I am not saying GM is a scam.  I am just saying that the reality is that under present conditions their business model is uneconomic for us customers.  GM have stated very clearly that they will not be upgrading 'old' customers like me, so basically everybody who has a GM contract is going to lose money, at least until the network hashrate stabilises some time way in the future.  The only people who are going to make money are GM.

All you people who are feeling smug about the 'free' upgrade you just got - you will be feeling like me in a month or two when history repeats itself - and even worse when your contract expires and you have lost half your BTC.  

If the rate of returns suddenly improves and I turn out to be full of BS I will not only have egg on my face - I will also have a big smile on my face!  I have 18 BTC in the game.

Well, under present conditions, yes, things are not looking bright, but I don't know how long you've been around, but the present is never a good measure for the future. Things can change and will change. For better, or for worse. That's all in the game. My suggestion to everybody who's just in it for big profit, carefully consider what you are doing.

From my point of view, yes, profit is nice, as that will allow me to invest more, but I'm also in it for the greater good. Keep the mining going on, keep the coins alive (though I wouldn't mind if over half of them go extinct), even at a loss. And that's not something I want to do at home, so I'm grateful for the excellent service GM is providing (and they're not the only one) since, amongst other things, they allow me to point my hashrate where I want it (Megacoin of course...). Sooner or later things will evolve to a different level. Never a dull moment in cryptoworld

[ellen_me]

I want to vote for the new coin that Genesis mining is going to add. Can anyone give me the link where i can submit my vote.

There is no permanent poll. Apparently they do polls every two or three weeks. The polls happen on facebook, so you should like the facebook page in order to be informed.

That is correct. We want to add another coin by beginning of this week (and we think you will like our choice). After that we will come up with another poll.

Cheers, Marco (mk)

That means genesis mining will just add the coin that miners will really like, no voting for that coin. That's correct?

We will just add a coin (like we did for Darkcoin) and then prepare another voting session

Cheers, Marco (mk)

Oh okay. Didn't noticed that Darkcoin was not added through voting.

[fractal02]

342 days to ROI  

23 days for profit ?
At the rate LTC and other Alt are falling and soon with KNC and GAW 500Mh/s hardware pumping the diff...

For the moment i switch my Hashrate to LTC (gambling to recover price or more....but still gambling...)

Sorry Gensis-mining...maybee you have good intention but mine isn't take a loss 

[Wintermute]

[...]
Sorry Gensis-mining...maybee you have good intention but mine isn't take a loss 

No one does want to take a loss. Mining is a highly risky investment and we all know it. At the moment difficulty is rising quickly and altcoins have a difficult time (we have seen this before but we also know it can change quickly). Let's see how it goes, I am still optimistic!

In any case we should not blame GM for selling a service. They just buy hardware from the manufacturers and maintain it, and I think they are doing a great job so far (in particular compared to all the pre-order scams like BFL, KnC and Fibonacci). It is like blaming Gawminers for selling a piece of hardware that is 20% cheaper the next month.

I for one would be interested in X11 mining - any news on this?

[Daniel007]

• upgrading the hashpower as announced for existing users - this should be ready within the next 12 hours

i
[/list]

Is it ready now? Haven't found any announcement on this forum?

If you have an account and log in, you should notice if your hashpower has increased or not as the graphic showing you how much hashpower you have, will have changed to the new total.

It had for me, so I am sure it has for others too.

I just check it. I have got mine too.

Congratulation. I have also got mine.

[nemisan]

No Upgrade fore old members ??  comaan GM 

[greyfoxsylux]

I was lucky enough to have my 2MH/s upgraded to 2.23MH/s. Woot woot!

[brasilbitcoin]

Great news and thanks for the bonus hash power. You are doing a great job by passing on the benefit to old customers whenever you are slashing your prices down.

Use code UMANO_17 for 3% discount.

They are not passing on the benefit to old customers.  I am two months into a 12 month contract - am I an 'old' customer?  But I am excluded from the upgrade.  

All you people who have just 'benefited' from the latest price drop and upgrades need to know what to expect because I know you are all, like vaisajne, feeling like you just got a great bargain.  I felt the same way two months ago when I bought my first GM contract and had it almost immediately upgraded from 4 to 9 MH/s - just like what happened last week.  That inspired me to buy another larger contract a week after the first one - I now have 59MH/s.  It felt great to have all this money coming in day after day.  I always understood that the rate of returns would drop off, but what I was not prepared for was the RATE at which they would drop off.  To put it simply the payout in BTC is roughly halving every month.  After two months I am getting less than a quarter the payout I was getting when I started.  GM announced last week that they will be bringing online a new datacenter and new ASICs.  Undoubtedly there will be much competition in the space for the foreseeable future.  I believe we can expect the monthly halving of returns to continue for some time.  I am not even going to come close to breaking even.  If I get back more than 50% of the BTC I invested  I will consider myself lucky.  

Here is another chart.  It shows my accumulated GM payouts in pink.  The black line is an exponential which shows the break-even level.  If the pink line is above the black line I will make a profit at the end of the contract.


https://i.imgur.com/vYam17P.jpg

I know my opinions may not be popular with people who have just bought contracts (you will be in denial), but I am really talking to people who are on the fence, about to commit.  Think again - you will probably only get half your BTC back.  I am not saying GM is a scam.  I am just saying that the reality is that under present conditions their business model is uneconomic for us customers.  GM have stated very clearly that they will not be upgrading 'old' customers like me, so basically everybody who has a GM contract is going to lose money, at least until the network hashrate stabilises some time way in the future.  The only people who are going to make money are GM.

All you people who are feeling smug about the 'free' upgrade you just got - you will be feeling like me in a month or two when history repeats itself - and even worse when your contract expires and you have lost half your BTC.  

If the rate of returns suddenly improves and I turn out to be full of BS I will not only have egg on my face - I will also have a big smile on my face!  I have 18 BTC in the game.

The same thing happened to me. I doubt anyone get the money back. If someone is more than four months to Genesis and can pass their experience of profitability would be great for the community.
thank you.

[Genesis-Mining]

I was lucky enough to have my 2MH/s upgraded to 2.23MH/s. Woot woot!

Typo? A 15% upgrade should be 2.3 MH/s. Otherwise please contact the support team and we have a look what is going on.

On a general note: We purchase hardware at discounted prices from manufacturers. As much as we would like to magically upgrade everyone's hardware, this is unfortunately not possible. So basically it is the same situation as if you purchase the hardware in a shop and mine at home. In contrast to a shop we are trying at least to mitigate the effect between price changes.

Regarding question about X11: yes, we plan to offer something soon.

Cheers, Marco (mk)

[fractal02]

I was lucky enough to have my 2MH/s upgraded to 2.23MH/s. Woot woot!

Typo? A 15% upgrade should be 2.3 MH/s. Otherwise please contact the support team and we have a look what is going on.

On a general note: We purchase hardware at discounted prices from manufacturers. As much as we would like to magically upgrade everyone's hardware, this is unfortunately not possible. So basically it is the same situation as if you purchase the hardware in a shop and mine at home. In contrast to a shop we are trying at least to mitigate the effect between price changes.

Regarding question about X11: yes, we plan to offer something soon.

Cheers, Marco (mk)

Except the miner won't disappear after 1 year...and have a resell value...So...

[nemisan]

I was lucky enough to have my 2MH/s upgraded to 2.23MH/s. Woot woot!

Typo? A 15% upgrade should be 2.3 MH/s. Otherwise please contact the support team and we have a look what is going on.

On a general note: We purchase hardware at discounted prices from manufacturers. As much as we would like to magically upgrade everyone's hardware, this is unfortunately not possible. So basically it is the same situation as if you purchase the hardware in a shop and mine at home. In contrast to a shop we are trying at least to mitigate the effect between price changes.

Regarding question about X11: yes, we plan to offer something soon.

Cheers, Marco (mk)

Except the miner won't disappear after 1 year...and have a resell value...So...

exactly

[Hubert]

Except the miner won't disappear after 1 year...and have a resell value...So...

Big +1

GM is absolutely not profitable for its clients.

[Bonobo]

Great news and thanks for the bonus hash power. You are doing a great job by passing on the benefit to old customers whenever you are slashing your prices down.

Use code UMANO_17 for 3% discount.

They are not passing on the benefit to old customers.  I am two months into a 12 month contract - am I an 'old' customer?  But I am excluded from the upgrade.  

All you people who have just 'benefited' from the latest price drop and upgrades need to know what to expect because I know you are all, like vaisajne, feeling like you just got a great bargain.  I felt the same way two months ago when I bought my first GM contract and had it almost immediately upgraded from 4 to 9 MH/s - just like what happened last week.  That inspired me to buy another larger contract a week after the first one - I now have 59MH/s.  It felt great to have all this money coming in day after day.  I always understood that the rate of returns would drop off, but what I was not prepared for was the RATE at which they would drop off.  To put it simply the payout in BTC is roughly halving every month.  After two months I am getting less than a quarter the payout I was getting when I started.  GM announced last week that they will be bringing online a new datacenter and new ASICs.  Undoubtedly there will be much competition in the space for the foreseeable future.  I believe we can expect the monthly halving of returns to continue for some time.  I am not even going to come close to breaking even.  If I get back more than 50% of the BTC I invested  I will consider myself lucky.  

Here is another chart.  It shows my accumulated GM payouts in pink.  The black line is an exponential which shows the break-even level.  If the pink line is above the black line I will make a profit at the end of the contract.


https://i.imgur.com/vYam17P.jpg

I know my opinions may not be popular with people who have just bought contracts (you will be in denial), but I am really talking to people who are on the fence, about to commit.  Think again - you will probably only get half your BTC back.  I am not saying GM is a scam.  I am just saying that the reality is that under present conditions their business model is uneconomic for us customers.  GM have stated very clearly that they will not be upgrading 'old' customers like me, so basically everybody who has a GM contract is going to lose money, at least until the network hashrate stabilises some time way in the future.  The only people who are going to make money are GM.

All you people who are feeling smug about the 'free' upgrade you just got - you will be feeling like me in a month or two when history repeats itself - and even worse when your contract expires and you have lost half your BTC.  

If the rate of returns suddenly improves and I turn out to be full of BS I will not only have egg on my face - I will also have a big smile on my face!  I have 18 BTC in the game.

The same thing happened to me. I doubt anyone get the money back. If someone is more than four months to Genesis and can pass their experience of profitability would be great for the community.
thank you.

Hmmm - interesting question.  I have only been with GM since May 10 but I can have a stab at answering your question.  I already have a chart of GM output back to February 21.  This is deduced from payouts to bitcoin addresses on the blockchain.  Most useful is 1FMDZFPohTpLy4RZsWhum9dRKBnANbTXF which started receiving payouts on February 21 2014 when there appear to have only been five users.  It seems to have been a GM test account because on May 5 it stopped receiving and sent all the earnings to 1ATRmyPxNqpFgcn8Dna31F5BkKP4sPAQhW  which is a GM address.  Of course I don't know how many MH/s was associated with this account but by comparing my received payments with other receiving addresses I have been able to calibrate it.  This is the chart going back to February 21:

https://i.imgur.com/CYtRN2V.jpg

The pink line is my own data.  The yellow is 1FMDZFPohTpLy4RZsWhum9dRKBnANbTXF and the blue is 1Bg6P6Ve2WVtiqBS8YEKZjPK71QQvcpBMs which overlaps my data and the other set.

Clearly prior to May there was a lot more up and down, but since then it has just been down all the way.

To answer your question we need to guess what a GM contract would have cost on February 21.  I bought a 5MH/s contract on May 10 for 3.43467 BTC (I was upgraded to 9MH/s a few days later).  The price of BTC on that day was about $453.  If GM contract prices (in dollars) were the same Between Feb 21 and May 10 I am guessing the cost of 5MH/s would have been around 2.75 BTC because the price of BTC was about $565.

Taking all the payouts since February 21 until today a 5MH/s contract would have earned 2.17 BTC which is 79% of the original cost.  Extrapolating the current trend in payouts I reckon a 5MH/s contract will take a further 0.137 BTC from now until Feb 21 2015.  This, of course, is conjecture but it is based on the observed figures.

It is clear to me that if GM had continued to perform in a similar way to how it was from February to May it is quite likely that it would have been profitable, but it is what it is.  Since May it has just gone through the floor.  It seems highly likely that all GM contracts, including ones started as far back as February, will all expire losing BTC.  If you calculate in dollars you might not see a loss if the price of BTC explodes, but personally I am only interested in the ROI in BTC.

[marife01]

Not looking very good for me either.. with 48MH/s i'm getting around 0,05-0,06 BTC/day.. amount of mined BTC was 50% bigger few days ago..

I seems not so good for any member. I hope it will increase shortly.

A "generous" promo from GM will help. Also i have stopped to reinvest since altcoins prof. is worst day by day  (sorry for my English)

I just noticed also a small increase in price of MH (with 3% promo)

Yesterday the same time was 0,267 and now is 0,271 .......................................

0,273 now.......so since btc price decrease GM price increase !!

Because the price is linked to USD. The USD price for 1 MH/S is 180USD and that is always the same. So if BTC falls in price, then of course it will cost more BTC to buy 180USD and if BTC rises then it means you have to pay less BTC to pay 180USD.

That means better to pay in real currency when BTC was decreased in value?

[xiaogr]

Totally. DISASTER.

30MH

06.07.2014     BTC       0.01840195
05.07.2014     BTC       0.02410507

But this is not related to GM....All scrypt mining services have almost the same payouts just in some of them you can take your investment back. (part of the investment)

[nemisan]

50.23 Mh/S
coming from 0.12 btc tho that wtf, more than 1 month  mining........

5/07/2014  0.04295196 btc
6/07/2014  0.03966319 btc
 

Litecoin Difficulty:    16,585
Estimated Next Difficulty:    18,262 (+10.11%) holly shit

[xiaogr]

BTC difficulty increase so need re-investment continuously.
SCRYPT loosing profitability and difficulty will also be increased because of new asics.

"There is no light in tunnel." Hope i will be wrong.

[nemisan]

I will reinvest ok but in shares en not in one year contract so bullshity, the price of mh/s is so expencive 

[Bonobo]

BTC difficulty increase so need re-investment continuously.
SCRYPT loosing profitability and difficulty will also be increased because of new asics.

"There is no light in tunnel." Hope i will be wrong.

You are not wrong, unfortunately.  None of us with GM contracts will make our investments back.  Any investor who buys a GM contract right now needs their head examining - you will lose money for sure.  If you invest now you are betting that difficulty will remain the same or increase slowly.  And pigs may fly.  The reality is that we have seen nothing yet.  Difficulty is about to REALLY explode.  Look what happened when ASICs hit SHA-256 mining.  The same is about to happen with scrypt.  We are right on the edge of the cliff.  I know I lost most of my investment in GM - my fault, I should have known better -  but if you have not yet taken the plunge STAY OUT for your own good!