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

[Tripjammer]

So Project X looks like it is a Contract where you can switch between Scrypt, Sha256 and X11 whenever you want and allocate a percentage to each algo.

For example 60 percent to X11, 20 % Scrypt or 20 % SHA256

Will be interesting to see what happens to those that have hashpower already..

This is interesting, could bring Genesis-Mining back to the top depending on price of the contract and if existing contracts can get upgraded.

[IanFoxley]

Day 28 Video is now up.

http://youtu.be/1ADIAHHPU1g?list=UUjuA5pMUn38CNcPmmxTE1Aw

Ian

[JohnDorien]

Here's a snippet of CEO Marco Streng talking in Las Vegas:

https://www.youtube.com/watch?v=3qT2wVFqwW0

Feel free to use my promo code: JohnGM

Thank you

[IanFoxley]

Day 29 comparison video.

http://youtu.be/6SgbLxnTqao

Ian

[IanFoxley]

Just found out that the price of the SHA 256 contracts have dropped to $8.79 now per 10 GH/s

Ian

[Genesis-Mining]

Short Update regarding maintenance fees:

Contractual maintenance fees for lifetime contracts are $0.08 per MH/s and day (scrypt). These fees cover electricity costs, servicing and so on. If BTC prices decline (like in the past month) the amount of BTC deducted from the mining output increases.

To mitigate this effect we decided from day 1 on to reduce the maintenance fee to $0.05 per MH/s and day (no one ever paid more). Genesis Mining will do whatever is possible to protect their valuable customers against adverse market effects and to improve their profit. This reduction of the maintenance fee (by almost 40%!) to $0.05 is permanent!

Happy Mining,
Your Genesis Mining Team

News regarding Project X will follow shortly. Stay tuned

[varthshenon]

Short Update regarding maintenance fees:

Contractual maintenance fees for lifetime contracts are $0.08 per MH/s and day (scrypt). These fees cover electricity costs, servicing and so on. If BTC prices decline (like in the past month) the amount of BTC deducted from the mining output increases.

To mitigate this effect we decided from day 1 on to reduce the maintenance fee to $0.05 per MH/s and day (no one ever paid more). Genesis Mining will do whatever is possible to protect their valuable customers against adverse market effects and to improve their profit. This reduction of the maintenance fee (by almost 40%!) to $0.05 is permanent!

Happy Mining,
Your Genesis Mining Team

News regarding Project X will follow shortly. Stay tuned

Was it applied to old contract?

[Pilotseye]

Short Update regarding maintenance fees:

Contractual maintenance fees for lifetime contracts are $0.08 per MH/s and day (scrypt). These fees cover electricity costs, servicing and so on. If BTC prices decline (like in the past month) the amount of BTC deducted from the mining output increases.

To mitigate this effect we decided from day 1 on to reduce the maintenance fee to $0.05 per MH/s and day (no one ever paid more). Genesis Mining will do whatever is possible to protect their valuable customers against adverse market effects and to improve their profit. This reduction of the maintenance fee (by almost 40%!) to $0.05 is permanent!

Happy Mining,
Your Genesis Mining Team

News regarding Project X will follow shortly. Stay tuned

So if I get you right, you are saying, that the maintenance fee of $0.05 per MH/s is the "unofficial" fee you are charging instead of the contracted $0.08 per MH/s, correct?
Any specific reason why payouts are still lower than for example 2 weeks ago, even though BTC is slowly climbing up again, just curious, no FUD, don't get me wrong.  

[tylerderden]

yeah i dont get that at all, btc is higher than it was a month ago and my payouts are half as much. I wanted to buy more hashpower but if this is how its going to be then i'll pass. I doubled my hashpower and get half as much as before.

[Marco Krohn (GM)]

Short Update regarding maintenance fees:

Contractual maintenance fees for lifetime contracts are $0.08 per MH/s and day (scrypt). These fees cover electricity costs, servicing and so on. If BTC prices decline (like in the past month) the amount of BTC deducted from the mining output increases.

To mitigate this effect we decided from day 1 on to reduce the maintenance fee to $0.05 per MH/s and day (no one ever paid more). Genesis Mining will do whatever is possible to protect their valuable customers against adverse market effects and to improve their profit. This reduction of the maintenance fee (by almost 40%!) to $0.05 is permanent!

Happy Mining,
Your Genesis Mining Team

News regarding Project X will follow shortly. Stay tuned

Was it applied to old contract?

Correct.

No one, ever paid more than $0.05 per MH/s and day at any point in time. When we saw that BTC price was not doing well, Marco Streng suggested to not deduct the full amount ($0.08) and to reduce the "maintenance fee" to $0.05.

[Marco Krohn (GM)]

So if I get you right, you are saying, that the maintenance fee of $0.05 per MH/s is the "unofficial" fee you are charging instead of the contracted $0.08 per MH/s, correct?
Any specific reason why payouts are still lower than for example 2 weeks ago, even though BTC is slowly climbing up again, just curious, no FUD, don't get me wrong.  

The contract says $0.08 maintenance fee, but we never deducted that amount from anyone. And we promise to keep it at or below $0.05.

Your are right, that BTC price increase helps to reduce the maintenace cost. However, this is only one part of the story. Equally or even more important is how the relevant altcoins perform vs. BTC. And how the overall difficulty changes.

For example LTC (as one of the relevant altcoins) lost value during the last few weeks against BTC. Also DOGE lost value against BTC:

http://www.ltc-charts.com/period-charts.php?period=2-weeks&resolution=day&pair=ltc-btc&market=btc-e
https://bitcoinwisdom.com/markets/bter/dogebtc

If you compare other multipools you will see this decline as well:

http://clevermining.com/profits

[Marco Krohn (GM)]

General comment: our auto-trader is mining the most profitable coin portfolio at each point in time. We are constantly comparing it to other frameworks and it does an excellent job. The auto-trader is doing short-term trading, i.e., it does the best at each point in time.

However, there is another strategy, namely to invest on a longer time-horizon in coins that have a long term potential. For example, it might be a good strategy to allocate some hashpower to Viacoin if you believe the coin has potential.

Going forward we will present some mining allocations of successful miners, that were able to beat our auto-trader over a week or so. Mining single coins requires a bit more reading about altcoin market, but also allows to make greater profits. We will get this started soon!

Happy Mining!

[Pilotseye]

General comment: our auto-trader is mining the most profitable coin portfolio at each point in time. We are constantly comparing it to other frameworks and it does an excellent job. The auto-trader is doing short-term trading, i.e., it does the best at each point in time.

However, there is another strategy, namely to invest on a longer time-horizon in coins that have a long term potential. For example, it might be a good strategy to allocate some hashpower to Viacoin if you believe the coin has potential.

Going forward we will present some mining allocations of successful miners, that were able to beat our auto-trader over a week or so. Mining single coins requires a bit more reading about altcoin market, but also allows to make greater profits. We will get this started soon!

Happy Mining!

Many thanks for the clarification Marco, looking forward to all the new and interesting features 

[IanFoxley]

Noticed there is a bug with the transactions page today.
So not all your payouts will be displaying correctly.

My payouts went to my wallet as normal so I think it is just that strange thing that happens from time to time.

It will probably sort itself out in a few hours, but just wanted to let you know incase anyone had same problem.

This will affect my Payout video today as I normally use this screen as part of my comparison.

[POM]

my doge payout almost double today 

[IanFoxley]

my doge payout almost double today 

That's nice

[Pilotseye]

my doge payout almost double today 

mind to share have much you payout in DOGE was? 

[Holdaaja]

my doge payout almost double today 

What?
My last payment is only 2% higher than second last payment

[POM]

10/14) 3163 DOGE @ 10MHs

i've been getting 1xxx payouts for the last week so it was nice to see a bump 

[Zeta0S]

I will post my payout from the last view days
70 Megahash and 0.43 Terrahash.