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

[Bonobo]

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)

Marco, you are not in the hardware sales business - you are a service provider.  I have a contract (actually three) which says exactly what the terms are, and you are perfectly within your rights to stick to the letter of the contract.  On the other hand, as a service business, GM will live or die on its reputation.  The way things stand every single contract in the past, and certainly every contract you make in the near future will expire with negative returns.  You may not admit this publicly, but I am sure you are an intelligent fellow and you can see what the numbers are.  I am not saying that exploding scrypt mining difficulty is your fault, but having dozens or hundreds of pissed-off customers telling everybody who will listen to stay away from GM is surely not in your best interests if you truly want to build a long-term business.  Not only is it annoying for us customers to lose money, but ultimately it is dangerous for the survival of GM.  You say GM is operating on a tight margin and cannot afford to upgrade 'old' contracts.  But you are also boasting about opening a huge new data center in Europe.  I think this does not come cheap.  Maybe you should think about re-balancing your priorities.  Better for your long term business survival to expand a little more slowly and gain a reputation for doing the utmost to look after your customers. 

I have made this suggestion before, and I am making it again.  Make it your policy to upgrade EVERY customer by a meaningful amount when you drop hash prices.  If that means fewer data centers and a few more years before you buy your megayacht then it is a small price to pay for survival.

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[Genesis-Mining]

Marco, you are not in the hardware sales business - you are a service provider.  I have a contract (actually three) which says exactly what the terms are, and you are perfectly within your rights to stick to the letter of the contract.  On the other hand, as a service business, GM will live or die on its reputation.  The way things stand every single contract in the past, and certainly every contract you make in the near future will expire with negative returns.  You may not admit this publicly, but I am sure you are an intelligent fellow and you can see what the numbers are.  I am not saying that exploding scrypt mining difficulty is your fault, but having dozens or hundreds of pissed-off customers telling everybody who will listen to stay away from GM is surely not in your best interests if you truly want to build a long-term business.  Not only is it annoying for us customers to lose money, but ultimately it is dangerous for the survival of GM.  You say GM is operating on a tight margin and cannot afford to upgrade 'old' contracts.  But you are also boasting about opening a huge new data center in Europe.  I think this does not come cheap.  Maybe you should think about re-balancing your priorities.  Better for your long term business survival to expand a little more slowly and gain a reputation for doing the utmost to look after your customers. 

I have made this suggestion before, and I am making it again.  Make it your policy to upgrade EVERY customer by a meaningful amount when you drop hash prices.  If that means fewer data centers and a few more years before you buy your megayacht then it is a small price to pay for survival.

We are offering a package of hardware + services. This actually saves quite a lot of money for a number reasons (no shipping, no VAT, economy of scales, etc). For example, if a client pays us 100$ we purchase hardware for 70$, pay for electricity/warehouse etc. 25$ (example numbers, but not that far from reality). If the next hardware generation is out there are two options for us:

(i) we keep the price artificially high and use some of the income to upgrade old users
(ii) we give old clients a small increase of their hashrate and keep the prices on a competitive level.

Even if we would go for (i) it would not help anyone, since no one would be buying from us in this competitive environment. We only can sell hardware + services if the prices are on the same level as (or lower than) our competition (in particular to hardware sellers). By the way: strong competition in this field does not allow us to make a huge margin (so no yacht).

It is our policy to do the best for our clients! As you correctly pointed out it would be suicidal for us to not act in the best interest of our customers. We knew that (i) vs. (ii) is a debatable decision, but actually the market gives us not much choice. The investment in a new farm is part of staying competitive (cheap electricity and cooling).

In my opinion, the weakness of payouts is mainly a problem of the weakness of scrypt coins vs. BTC. In particular LTC lost more than 50% of its value against BTC in the last few months (and this is certainly not the fault of any service provider / hardware seller). The whole situation would look completely different if the LTC/BTC level would stay on the previous level or would have increased. Things would quickly improve if LTC gets stronger again or if new interesting scrypt coins are developed.

We will continue to work on new ways to increase the profitability, e.g., by offering new coins and hashing algorithms. A common request of users is to have longer contract terms and we will offer an option for this, as well. Going forward a vibrant altcoin community is probably the key.

Cheers, Marco (mk)

[HerkulesBee]

Marco, you are not in the hardware sales business - you are a service provider.  I have a contract (actually three) which says exactly what the terms are, and you are perfectly within your rights to stick to the letter of the contract.  On the other hand, as a service business, GM will live or die on its reputation.  The way things stand every single contract in the past, and certainly every contract you make in the near future will expire with negative returns.  You may not admit this publicly, but I am sure you are an intelligent fellow and you can see what the numbers are.  I am not saying that exploding scrypt mining difficulty is your fault, but having dozens or hundreds of pissed-off customers telling everybody who will listen to stay away from GM is surely not in your best interests if you truly want to build a long-term business.  Not only is it annoying for us customers to lose money, but ultimately it is dangerous for the survival of GM.  You say GM is operating on a tight margin and cannot afford to upgrade 'old' contracts.  But you are also boasting about opening a huge new data center in Europe.  I think this does not come cheap.  Maybe you should think about re-balancing your priorities.  Better for your long term business survival to expand a little more slowly and gain a reputation for doing the utmost to look after your customers.  

I have made this suggestion before, and I am making it again.  Make it your policy to upgrade EVERY customer by a meaningful amount when you drop hash prices.  If that means fewer data centers and a few more years before you buy your megayacht then it is a small price to pay for survival.

We are offering a package of hardware + services. This actually saves quite a lot of money for a number reasons (no shipping, no VAT, economy of scales, etc). For example, if a client pays us 100$ we purchase hardware for 70$, pay for electricity/warehouse etc. 25$ (example numbers, but not that far from reality). If the next hardware generation is out there are two options for us:

(i) we keep the price artificially high and use some of the income to upgrade old users
(ii) we give old clients a small increase of their hashrate and keep the prices on a competitive level.

Even if we would go for (i) it would not help anyone, since no one would be buying from us in this competitive environment. We only can sell hardware + services if the prices are on the same level as (or lower than) our competition (in particular to hardware sellers). By the way: strong competition in this field does not allow us to make a huge margin (so no yacht).

It is our policy to do the best for our clients! As you correctly pointed out it would be suicidal for us to not act in the best interest of our customers. We knew that (i) vs. (ii) is a debatable decision, but actually the market gives us not much choice. The investment in a new farm is part of staying competitive (cheap electricity and cooling).

In my opinion, the weakness of payouts is mainly a problem of the weakness of scrypt coins vs. BTC. In particular LTC lost more than 50% of its value against BTC in the last few months (and this is certainly not the fault of any service provider / hardware seller). The whole situation would look completely different if the LTC/BTC level would stay on the previous level or would have increased. Things would quickly improve if LTC gets stronger again or if new interesting scrypt coins are developed.

We will continue to work on new ways to increase the profitability, e.g., by offering new coins and hashing algorithms. A common request of users is to have longer contract terms and we will offer an option for this, as well. Going forward a vibrant altcoin community is probably the key.

Cheers, Marco (mk)

Hi Marco!

Thank you for the detailed explanation what´s going on in the altcoinmarket. I hope that the altcoinmarket will rocket soon again like it was in November/December 2013. I was mining with my own rigs on LTC from July 2013 until November 2013. In November 2013 I decided to turn of my equipment and to sell it because of extremely low profitability. It was an act of despair & I regret it now. We all know what happend in December 2013..... I felt like an idiot.

Now, since 2 months, I have a contract with GM and got already nearly 50% of ROI. The decreasing profitability reminds me to the despair situation in November 2013 - but I know that the situation/profitability can change very quickly. In addition I cant quit my mining contract in contrast if I had own rigs :-) (I think this will save a lot of peoples money).  What I also know is that I couldnt mine cheaper if I had my own rigs than with Genesis Mining.

Everyone should come to his own conclusion. I dont regret that I invested in this contract. Genesis Mining is delivering a great service but they are not magicians.

[martinnew]

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

Congrats! 

[IanFoxley]

Some new pictures on Facebook today.

https://www.facebook.com/media/set/?set=a.692115514187955.1073741836.622023254530515&type=1

[nemisan]

wtf is these lol

Mining Asics Technologies offers in cooperation with Genesis Mining:

Scrypt Cloud Mining – Investor 400 MH/s – START MINING TODAY!

How can they do this before delivering existing orders

[xephyr]

wtf is these lol

Mining Asics Technologies offers in cooperation with Genesis Mining:

Scrypt Cloud Mining – Investor 400 MH/s – START MINING TODAY!

How can they do this before delivering existing orders

They are not. If you inspect the ad cloud mining starts in August. Interesting joint venture between MAT and Genesis Mining. You can buy one mH scrypt cloud mining for $59 now at MAT but have to wait till August for hashing. You can cloud mine right now for $60 per mH using ltcgear.com or GAWMiners. With difficulty going up starting right away is the smart move.

[IanFoxley]

Noticed today that the price of Dogecoin has risen since yesterday, was around mid 30s satoshi yesterday and is now in the mid 40s, so hopefully this means that we have now reached the bottom and are going to slowly move up again regarding profitability.
Will see.
Fingers crossed folks!

I have also noticed a new option called Affiliates on the Genesis Mining web interface. Selecting it, gives you info about your affiliate code.

[Genesis-Mining]

We are going to add another coin soon, but will also start a new poll by the end of this week.

Do you have suggestions for a new scrypt coin which shoudl be part of the list?
Currently we consider: EarthCoin, NovaCoin and PotCoin.

Cheers,
  Marco (mk)

[IanFoxley]

We are going to add another coin soon, but will also start a new poll by the end of this week.

Do you have suggestions for a new scrypt coin which shoudl be part of the list?
Currently we consider: EarthCoin, NovaCoin and PotCoin.

Cheers,
  Marco (mk)

Quite hard now, considering most new coins are with different algos.

I notice that Worldcoin (WDC) was not on the list, perhaps could add that, as community is still thriving and also lot of exchanges etc.

DigitalCoin (DGC) as well seems to be alive too, just not long had a new wallet release.

Edit: Noticed today (10 July), that a new scrypt coin will be released soon, called BanksyCoin.
https://bitcointalk.org/index.php?topic=684008.0

[ellen_me]

Marco, you are not in the hardware sales business - you are a service provider.  I have a contract (actually three) which says exactly what the terms are, and you are perfectly within your rights to stick to the letter of the contract.  On the other hand, as a service business, GM will live or die on its reputation.  The way things stand every single contract in the past, and certainly every contract you make in the near future will expire with negative returns.  You may not admit this publicly, but I am sure you are an intelligent fellow and you can see what the numbers are.  I am not saying that exploding scrypt mining difficulty is your fault, but having dozens or hundreds of pissed-off customers telling everybody who will listen to stay away from GM is surely not in your best interests if you truly want to build a long-term business.  Not only is it annoying for us customers to lose money, but ultimately it is dangerous for the survival of GM.  You say GM is operating on a tight margin and cannot afford to upgrade 'old' contracts.  But you are also boasting about opening a huge new data center in Europe.  I think this does not come cheap.  Maybe you should think about re-balancing your priorities.  Better for your long term business survival to expand a little more slowly and gain a reputation for doing the utmost to look after your customers. 

I have made this suggestion before, and I am making it again.  Make it your policy to upgrade EVERY customer by a meaningful amount when you drop hash prices.  If that means fewer data centers and a few more years before you buy your megayacht then it is a small price to pay for survival.

We are offering a package of hardware + services. This actually saves quite a lot of money for a number reasons (no shipping, no VAT, economy of scales, etc). For example, if a client pays us 100$ we purchase hardware for 70$, pay for electricity/warehouse etc. 25$ (example numbers, but not that far from reality). If the next hardware generation is out there are two options for us:

(i) we keep the price artificially high and use some of the income to upgrade old users
(ii) we give old clients a small increase of their hashrate and keep the prices on a competitive level.

Even if we would go for (i) it would not help anyone, since no one would be buying from us in this competitive environment. We only can sell hardware + services if the prices are on the same level as (or lower than) our competition (in particular to hardware sellers). By the way: strong competition in this field does not allow us to make a huge margin (so no yacht).

It is our policy to do the best for our clients! As you correctly pointed out it would be suicidal for us to not act in the best interest of our customers. We knew that (i) vs. (ii) is a debatable decision, but actually the market gives us not much choice. The investment in a new farm is part of staying competitive (cheap electricity and cooling).

In my opinion, the weakness of payouts is mainly a problem of the weakness of scrypt coins vs. BTC. In particular LTC lost more than 50% of its value against BTC in the last few months (and this is certainly not the fault of any service provider / hardware seller). The whole situation would look completely different if the LTC/BTC level would stay on the previous level or would have increased. Things would quickly improve if LTC gets stronger again or if new interesting scrypt coins are developed.

We will continue to work on new ways to increase the profitability, e.g., by offering new coins and hashing algorithms. A common request of users is to have longer contract terms and we will offer an option for this, as well. Going forward a vibrant altcoin community is probably the key.

Cheers, Marco (mk)

Thanks for explaining this. I hope genesis mining can successfully cope up with the increasing mining difficulties for better profitability.

[monim1]

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

Congrats! 

I think you are really lucky. Anyone get same kind of facility?

[Mike18feb]

.... I hope genesis mining can successfully cope up with the increasing mining difficulties for better profitability.

I think business is quite hard. I'm not seeing a single ref buying fixed contracts anymore, not just for Genesis-Mining but also other cloud mining providers. None for days, and I don't see a solution any time soon. Rather more downfall. Hopefully something good will pop up and reignite the mining light, but with dropping rewards not many will buy at current prices. If this downward trend keeps up then I even wonder whether Asic miners will still continue, much like the GPU miners dropping out because of reward versus powerbill

[Nathan101]

We are going to add another coin soon, but will also start a new poll by the end of this week.

Do you have suggestions for a new scrypt coin which shoudl be part of the list?
Currently we consider: EarthCoin, NovaCoin and PotCoin.

Cheers,
  Marco (mk)

I think starting a poll for adding a new coin is a good decision. My vote is for Earthcoin.

[Wintermute]

.... I hope genesis mining can successfully cope up with the increasing mining difficulties for better profitability.

I think business is quite hard. I'm not seeing a single ref buying fixed contracts anymore, not just for Genesis-Mining but also other cloud mining providers. None for days, and I don't see a solution any time soon. Rather more downfall. Hopefully something good will pop up and reignite the mining light, but with dropping rewards not many will buy at current prices. If this downward trend keeps up then I even wonder whether Asic miners will still continue, much like the GPU miners dropping out because of reward versus powerbill

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” - Warren Buffett

[cyberpitstop]

I think $10 to $12 per MH/s is where we'll need to be by the 1st of Sept. if not sooner to even see a small  ::)positive ROI.

[nemisan]

im think like even more 6 $ fore a good ROI  

But fore the moment im gonna hold mi money en look what are coming because the future with the titans en cloud mining is nieuw en the price to high fore a roi.
I earn more with trading...

ps: Look en think en only listen to you self, this is the key....

[Daniel007]

Noticed today that the price of Dogecoin has risen since yesterday, was around mid 30s satoshi yesterday and is now in the mid 40s, so hopefully this means that we have now reached the bottom and are going to slowly move up again regarding profitability.
Will see.
Fingers crossed folks!

I have also noticed a new option called Affiliates on the Genesis Mining web interface. Selecting it, gives you info about your affiliate code.

Such a good news for dogecoin miners like me. I hope it will keep increasing.

[Mike18feb]

.

ps: Look en think en only listen to you self, this is the key....

Nooooo! Listen to others, but don't take anything anybody says for granted and always draw your own conclusions!

[Genesis-Mining]

Thank you to those who visited us at our booth at the HongKong conference!

All of you who did not make it, maybe you like to visit us at the Tel Aviv conference in two weeks!