Genesis Mining getting too powerful for scrypt?

[jimmy2k]

Hey Guys,

I know from trustworthy sources that Genesis mining (www.genesis-mining.com) are selling in record numbers at the moment due to their extreme low prices and upgrade their farm more and more! If you read their posts and do some research they already had gigahashes of scrypt at the very beginning of this year when it was impressive to have > 10 MH/s with GPUs!

Could that be a threat to Altcoin world? What do you say?

[brian_23452]

Hey Guys,

I know from trustworthy sources that Genesis mining (www.genesis-mining.com) are selling in record numbers at the moment due to their extreme low prices and upgrade their farm more and more! If you read their posts and do some research they already had gigahashes of scrypt at the very beginning of this year when it was impressive to have > 10 MH/s with GPUs!

Could that be a threat to Altcoin world? What do you say?

Is there even any evidence that they are mining at all?  I haven't really looked into it too much but I saw no evidence on their site of any actual mining equipment, plus they don't let you mine anything, just on their own pools.  I'm not convinced they are mining at all and aren't just taking payments, and then calculating what payouts would be if they did mine.  

[Mike18feb]

scrypt.cc also has tremendous amounts of scrypt hashing power online, perhaps even more, and more to come. 700Ghs currently, though my math skills are terrible. On top of that, there are several multipools active with lots of hashrate, and asics are being rolled out. No worry that one cloud might rule them all. Besides, there are more scryptcoins so any bitcoin (one network only) scenario is less likely.

[Maidak]

I'd have to agree there is more and more of these popping up half of them I dont even have scrypt farms and are more or less pyramid schemes.

[jimmy2k]

I'd have to agree there is more and more of these popping up half of them I dont even have scrypt farms and are more or less pyramid schemes.

Yes, it could be really true that some are fake. Anyway regarding Genesis Mining I am pretty sure they are serious.
They already posted their massive GPU farm back in march and probably have expanded this with much more asics (https://bitcointalk.org/index.php?topic=467587.msg5627422#msg5627422)
I am really excited how this will continue!

[IanFoxley]

Hey Guys,

I know from trustworthy sources that Genesis mining (www.genesis-mining.com) are selling in record numbers at the moment due to their extreme low prices and upgrade their farm more and more! If you read their posts and do some research they already had gigahashes of scrypt at the very beginning of this year when it was impressive to have > 10 MH/s with GPUs!

Could that be a threat to Altcoin world? What do you say?

I don't think it would be in Genesis Minings interest to to be a threat.

From what I gather, they are all mining enthusiasts and love the community and wanted to give something to the mining community.

Last thing they would want to be is a threat.

I am a customer of them and am loving the fact that I don't have to have my mining computer on anymore.

If they are growing and are doing good, great for them, at least I know that financially, they are doing ok

[elkrisi]

Hey Guys,

I know from trustworthy sources that Genesis mining (www.genesis-mining.com) are selling in record numbers at the moment due to their extreme low prices and upgrade their farm more and more! If you read their posts and do some research they already had gigahashes of scrypt at the very beginning of this year when it was impressive to have > 10 MH/s with GPUs!

Could that be a threat to Altcoin world? What do you say?

ASICs are a good thing and a bad thing.

They are good because the higher the available hash rate for any coin the more resistant is the coin to attacks. Just two days ago NOBLE coin network had a 51% and transactions from mining pools stayed unconfirmed for days. Fortunately (and that speaks volumes about the robustness of crypto) no coin was lost and everything is back to normal.

NOBLE is a coin I trust and want to support. If I had more mining power (and ASICS can give me this power) I would step in to support the coin I believe in by adding more hash power to the network.

Unfortunately, ASICs are also bad because they can give that hash power needed to attackers also.

However, I believe most people are afraid of the ASICs not because of the power they give to attack an existing coin but the power they give for scammers to pump and dump any coin or just create a coin to pump and dump at the exchanges.

But this issue is not a threat to Altcoin world. The reason is, if altcoins are to expand and become a serious player in the larger economy (like I expect them to be) then the market itself would get to be mature enough to address pump and dump. After all, how many times could one be scammed with pump and dump with bleep coins that get created in May and are dead by June?

The point many people make against ASICs, that these kind of miners are not available to ordinary people, is pointless: do you know a lot of ordinary people that just happen to have an R9 X290 GPU lying around or installed by default in their "ordinary" PC?

Of course not. People are deliberately buying that kind of hardware because they want to do mining. But the same can be said for ASICs: instead of buying an R9 290X to get 750KHs at a cost of around $600 why not buy a couple of Gridseeds to get the same hash rate at half the cost? Doesn't lower cost help MORE ordinary people get in the game?

Designing crypto coins around algorithms that specifically try to make them "ASIC resistant" sounds to me like designing a Video Game resistant to the new 3D engine!!!

So, no, ASICs do have a negative side, but the Altcoin world is FAR FAR better with them.   

[HerkulesBee]

I'd have to agree there is more and more of these popping up half of them I dont even have scrypt farms and are more or less pyramid schemes.

Yes, it could be really true that some are fake. Anyway regarding Genesis Mining I am pretty sure they are serious.
They already posted their massive GPU farm back in march and probably have expanded this with much more asics (https://bitcointalk.org/index.php?topic=467587.msg5627422#msg5627422)
I am really excited how this will continue!

Since 1 hour I am a customer of Genesis Mining.....I think that their strength is good for us customers because they for sure can purchase the hardware by far cheaper then solo miner and therefore have this low prices.

[brian_23452]

I am really excited how this will continue!

Of course you are, you're a company shill after all. 
Seriously, you have 20 posts and 19 of them are about how awesome genesis is. 

[jimmy2k]

Hey Guys,

I know from trustworthy sources that Genesis mining (www.genesis-mining.com) are selling in record numbers at the moment due to their extreme low prices and upgrade their farm more and more! If you read their posts and do some research they already had gigahashes of scrypt at the very beginning of this year when it was impressive to have > 10 MH/s with GPUs!

Could that be a threat to Altcoin world? What do you say?

ASICs are a good thing and a bad thing.

They are good because the higher the available hash rate for any coin the more resistant is the coin to attacks. Just two days ago NOBLE coin network had a 51% and transactions from mining pools stayed unconfirmed for days. Fortunately (and that speaks volumes about the robustness of crypto) no coin was lost and everything is back to normal.

NOBLE is a coin I trust and want to support. If I had more mining power (and ASICS can give me this power) I would step in to support the coin I believe in by adding more hash power to the network.

Unfortunately, ASICs are also bad because they can give that hash power needed to attackers also.

However, I believe most people are afraid of the ASICs not because of the power they give to attack an existing coin but the power they give for scammers to pump and dump any coin or just create a coin to pump and dump at the exchanges.

But this issue is not a threat to Altcoin world. The reason is, if altcoins are to expand and become a serious player in the larger economy (like I expect them to be) then the market itself would get to be mature enough to address pump and dump. After all, how many times could one be scammed with pump and dump with bleep coins that get created in May and are dead by June?

The point many people make against ASICs, that these kind of miners are not available to ordinary people, is pointless: do you know a lot of ordinary people that just happen to have an R9 X290 GPU lying around or installed by default in their "ordinary" PC?

Of course not. People are deliberately buying that kind of hardware because they want to do mining. But the same can be said for ASICs: instead of buying an R9 290X to get 750KHs at a cost of around $600 why not buy a couple of Gridseeds to get the same hash rate at half the cost? Doesn't lower cost help MORE ordinary people get in the game?

Designing crypto coins around algorithms that specifically try to make them "ASIC resistant" sounds to me like designing a Video Game resistant to the new 3D engine!!!

So, no, ASICs do have a negative side, but the Altcoin world is FAR FAR better with them.   

agreed!

[alienesb]

I am really excited how this will continue!

Of course you are, you're a company shill after all. 
Seriously, you have 20 posts and 19 of them are about how awesome genesis is. 

Bingo

[easy8]

I am really excited how this will continue!

Of course you are, you're a company shill after all. 
Seriously, you have 20 posts and 19 of them are about how awesome genesis is. 

how can you tell someone is a company shill? i really need objective information and now that im researching cloud miners (including genesis mining) i would really like to avoid mixing up happy customers and undercover advertisers
personally, i am also the customer who is really loud when satisfied! 

[IanFoxley]

Good News!

Just read that Genesis Mining are going to allow customers to mine Darkcoin soon, so not just scrypt, but X11 also.

Interesting news anyway.

[xephyr]

Hey Guys,

I know from trustworthy sources that Genesis mining (www.genesis-mining.com) are selling in record numbers at the moment due to their extreme low prices and upgrade their farm more and more! If you read their posts and do some research they already had gigahashes of scrypt at the very beginning of this year when it was impressive to have > 10 MH/s with GPUs!

Could that be a threat to Altcoin world? What do you say?

Genesis Mining is not a scam but they are not a good deal either. They are offering mediocre returns on high priced contracts. All you have to do is look to find reputable companies selling mH for much less than Genesis Mining. With altcoin prices depressed it is more important than ever to seek out the companies with lowest cost per MH to invest your money if you hope to get ROI.

[IanFoxley]

Hey Guys,

I know from trustworthy sources that Genesis mining (www.genesis-mining.com) are selling in record numbers at the moment due to their extreme low prices and upgrade their farm more and more! If you read their posts and do some research they already had gigahashes of scrypt at the very beginning of this year when it was impressive to have > 10 MH/s with GPUs!

Could that be a threat to Altcoin world? What do you say?

Genesis Mining is not a scam but they are not a good deal either. They are offering mediocre returns on high priced contracts. All you have to do is look to find reputable companies selling mH for much less than Genesis Mining. With altcoin prices depressed it is more important than ever to seek out the companies with lowest cost per MH to invest your money if you hope to get ROI.

They have lowered their prices today.

[xephyr]

Hey Guys,

I know from trustworthy sources that Genesis mining (www.genesis-mining.com) are selling in record numbers at the moment due to their extreme low prices and upgrade their farm more and more! If you read their posts and do some research they already had gigahashes of scrypt at the very beginning of this year when it was impressive to have > 10 MH/s with GPUs!

Could that be a threat to Altcoin world? What do you say?

Genesis Mining is not a scam but they are not a good deal either. They are offering mediocre returns on high priced contracts. All you have to do is look to find reputable companies selling mH for much less than Genesis Mining. With altcoin prices depressed it is more important than ever to seek out the companies with lowest cost per MH to invest your money if you hope to get ROI.

They have lowered their prices today.

Prices at Genesis Mining are still over $90 per mH, and to get that rate you have to spend over $9000 for 100 mH. The 1 mH contract is now $119. Sorry to deflate anyones hopes and dreams, but you will never get ROI if you pay Genesis Mining rates. Get serious about your investments and put your money to work at the companies offering lowest cost per mH.

[onetwentyfive]

Hey Guys,

I know from trustworthy sources that Genesis mining (www.genesis-mining.com) are selling in record numbers at the moment due to their extreme low prices and upgrade their farm more and more! If you read their posts and do some research they already had gigahashes of scrypt at the very beginning of this year when it was impressive to have > 10 MH/s with GPUs!

Could that be a threat to Altcoin world? What do you say?

Is there even any evidence that they are mining at all?  I haven't really looked into it too much but I saw no evidence on their site of any actual mining equipment, plus they don't let you mine anything, just on their own pools.  I'm not convinced they are mining at all and aren't just taking payments, and then calculating what payouts would be if they did mine.  

I do remember way back in February of this year when I was still mining Scrypt (Dogecoin to be precise) on Coinotron, the #1 contributor was a user called 'GenesisMining' and they always had over 5000mh/s, bastards were getting like 150,000,000+ doge a day if I remember correctly (I probably don't, but it was a lot)

[ThomasCrowne]

Doesn't seem like any of the packages offered on genesis mining will ever earn back what you paid for them initially with difficulty increasing such as it is.  From what I hear it's only expected to get worse from here too.  Might just wanna buy and hold some coin(s) instead if your actually trying to make any kind of money.

[onetwentyfive]

Doesn't seem like any of the packages offered on genesis mining will ever earn back what you paid for them initially with difficulty increasing such as it is.  From what I hear it's only expected to get worse from here too.  Might just wanna buy and hold some coin(s) instead if your actually trying to make any kind of money.

That's pretty much the way it is across the board. Though you do have to include in your profit calculation that you're not using your own electricity and you did not have to pay for the hardware. For me, the only time I will rent hash is if there is a coin that I think has potential to go up in the long term. There is little, if in fact no, profit to be had by renting hash and dumping.

Just my 2cents.

[ALToids]

I've seen too many shill accounts promoting genesis mining and they all have similar grammar. Most accounts were created in beginning of may and have low activity ad 1/2 of their posts talk about genesis mining, and they even put in a hyperlink but no referral.  That makes me suspect they have employees making shill accounts on here to promote their "business".  Whether or not it is a ponzi I cannot say, but it is not profitable even with their new rates.