Genesis-Mining Review

[MacDuro]

I was about to buy some cloud mining at Genesis-Mining , too bad they don't accept CC , wire transfer fees makes the purchase really expensive , hope they will add CC payment soon .

You can pay in Bitcoin.
Credit Card will not happen, it`s to much of a risk for Genesis. I totally understand that.

Yep it's a risk , but I think They said that CC will be added as payment option soon,  I will research about , thx.

[IanFoxley]

I was about to buy some cloud mining at Genesis-Mining , too bad they don't accept CC , wire transfer fees makes the purchase really expensive , hope they will add CC payment soon .

You can pay in Bitcoin.
Credit Card will not happen, it`s to much of a risk for Genesis. I totally understand that.

Yep it's a risk , but I think They said that CC will be added as payment option soon,  I will research about , thx.

I believe CC will be added very soon, they are working on that right now.
Paypal though is another matter, not sure that will happen if at all, but who knows, what with Paypal accepting bitcoin and litecoin and dogecoin now, but the problem is the chargebacks to be honest as it quite easy for someone if they used Paypal to purchase hashpower and then complain after a couple of weeks and then get a refund, plus then keep all the coins they have already mined.

[Zeta0S]

I was about to buy some cloud mining at Genesis-Mining , too bad they don't accept CC , wire transfer fees makes the purchase really expensive , hope they will add CC payment soon .

You can pay in Bitcoin.
Credit Card will not happen, it`s to much of a risk for Genesis. I totally understand that.

Yep it's a risk , but I think They said that CC will be added as payment option soon,  I will research about , thx.

I believe CC will be added very soon, they are working on that right now.
Paypal though is another matter, not sure that will happen if at all, but who knows, what with Paypal accepting bitcoin and litecoin and dogecoin now, but the problem is the chargebacks to be honest as it quite easy for someone if they used Paypal to purchase hashpower and then complain after a couple of weeks and then get a refund, plus then keep all the coins they have already mined.

Same problem whit Creditcard :-(
Also we have all that fees whit PayPal and CC, and thats why we love the bitcoin in the first place, losing that high fees.

(Voucher-code MOON will give you a 3% Discount at Genesis Mining)

[wachovia]

i think they have a new project dubbed project x which ensures ROI.

http://www.reddit.com/r/litecoinmining/comments/2fddnz/project_x_from_genesis_mining/

There is a new thread to this topic: https://bitcointalk.org/index.php?topic=802168.0

[martinnew]

I was about to buy some cloud mining at Genesis-Mining , too bad they don't accept CC , wire transfer fees makes the purchase really expensive , hope they will add CC payment soon .

You can pay in Bitcoin.
Credit Card will not happen, it`s to much of a risk for Genesis. I totally understand that.

Yep it's a risk , but I think They said that CC will be added as payment option soon,  I will research about , thx.

I believe CC will be added very soon, they are working on that right now.
Paypal though is another matter, not sure that will happen if at all, but who knows, what with Paypal accepting bitcoin and litecoin and dogecoin now, but the problem is the chargebacks to be honest as it quite easy for someone if they used Paypal to purchase hashpower and then complain after a couple of weeks and then get a refund, plus then keep all the coins they have already mined.

Maybe they need to have a special policy that Paypal payments will not have any refund no matter what the reason is.

[IanFoxley]

I was about to buy some cloud mining at Genesis-Mining , too bad they don't accept CC , wire transfer fees makes the purchase really expensive , hope they will add CC payment soon .

You can pay in Bitcoin.
Credit Card will not happen, it`s to much of a risk for Genesis. I totally understand that.

Yep it's a risk , but I think They said that CC will be added as payment option soon,  I will research about , thx.

I believe CC will be added very soon, they are working on that right now.
Paypal though is another matter, not sure that will happen if at all, but who knows, what with Paypal accepting bitcoin and litecoin and dogecoin now, but the problem is the chargebacks to be honest as it quite easy for someone if they used Paypal to purchase hashpower and then complain after a couple of weeks and then get a refund, plus then keep all the coins they have already mined.

Maybe they need to have a special policy that Paypal payments will not have any refund no matter what the reason is.

Trouble is, it is Paypal that has to have that policy, not GM.

[IanFoxley]

Day 16 Video Comparison is up.
http://youtu.be/goRorHvD348

Day 16 comparison of payments with Genesis Mining and GAW Miners Hashlets.

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00015361 BTC
Gaw Miners Genesis Hashlet 15 GH/s 0.00016100 BTC

All 1 MH/s
Genesis Mining    0.00039021 BTC
GAW Waffle Hashlet                    0.00026771 BTC
GAW Zen Hashlet                         0.00047366 BTC

Ian

[bitgeek]

Genesis Mining 10 GH/s contract       0.00015361 BTC
Gaw Miners Genesis Hashlet 15 GH/s 0.00016100 BTC

Genesis Mining     0.00039021 BTC
GAW Zen Hashlet 0.00047366 BTC

It seems Hashlets are killing it

[Zeta0S]

Just two pictures from Genesis Mining Data Center

You can see the CEO  Marco Streng next to the possible ZeusMiner LIGHTNING X6 units





Pictures from: http://www.bitcoinupdate.nl

[IanFoxley]

Genesis Mining 10 GH/s contract       0.00015361 BTC
Gaw Miners Genesis Hashlet 15 GH/s 0.00016100 BTC

Genesis Mining     0.00039021 BTC
GAW Zen Hashlet 0.00047366 BTC

It seems Hashlets are killing it

Will see haha 8000 satoshi difference is only 3 US cents (todays conversion) It is eating away at the 3 USD cost difference but not by much each day.

I love this though, the race to reach ROI

Genesis Hashlet is disappointing though. Not much difference in the payout for that but the Hashlet has an extra 5 GH/s now. If GM had the extra GH/s then payout would have been in the low 20000s instead, but it was a free upgrade and if it helps me reach ROI quicker then so be it.

[SMB-2525]

Right now, with BTC less than $400, there is almost no scenario in which purchasing hashing power is better than just buyng the BTC. Unless you just want to spend money on mining. In order to break even on Genesis today, the rate of difficulty increase has to drop below 8%. Otherwise, you should buy BTC.  Genesis may prove to be attractive if BTC price improves to $600 or more. Right now, save your money.

[Zeta0S]

Right now, with BTC less than $400, there is almost no scenario in which purchasing hashing power is better than just buyng the BTC. Unless you just want to spend money on mining. In order to break even on Genesis today, the rate of difficulty increase has to drop below 8%. Otherwise, you should buy BTC.  Genesis may prove to be attractive if BTC price improves to $600 or more. Right now, save your money.

Well it`s possible the network hashrate will fall, now the bitcoin price is this low.
Large Chinese farms already had a problem making roi whet bitcoin became below 500 usd. I haver spoken private owner of a 102 Terrahash farm, he is selling his unit one by one. and putting the older miner off-line.

And i like like the old days keeping the network up. I made no roi mining in 2010, stiil i was mining whit 4 computers, hashing on cpu power!

[SMB-2525]

Well it`s possible the network hashrate will fall, now the bitcoin price is this low.
Large Chinese farms already had a problem making roi whet bitcoin became below 500 usd. I haver spoken private owner of a 102 Terrahash farm, he is selling his unit one by one. and putting the older miner off-line.

And i like like the old days keeping the network up. I made no roi mining in 2010, stiil i was mining whit 4 computers, hashing on cpu power!

I completely agree. However, hope is not a plan. I have been doing my analysis at 10% even though the last 10 updates have been 13%. I have posted elsewhere on the reasons why I think difficulty increases will slow down. Will they drop below 10%. It depends on the amount of capacity in the pipeline.

[IanFoxley]

Day 17 Comparison Video is up now
http://youtu.be/RM2WfXhHzEA

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00014413 BTC
Gaw Miners Genesis Hashlet 15 GH/s 0.00017651 BTC

Genesis Mining 1 MH/s contract   0.00036508 BTC
GAW Waffle Hashlet                    0.00019272 BTC
GAW Zen Hashlet                         0.00050821 BTC

[IanFoxley]

Day 18 comparison
http://youtu.be/RM2WfXhHzEA

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00014711 BTC
Gaw Miners Genesis Hashlet 15 GH/s 0.00017042 BTC

Genesis Mining 1 MH/s contract   0.00040086 BTC
GAW Waffle Hashlet                    0.00014479 BTC
GAW Zen Hashlet                         0.00045769 BTC

[Hazir]

Day 18 comparison
http://youtu.be/RM2WfXhHzEA

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00014711 BTC
Gaw Miners Genesis Hashlet 15 GH/s 0.00017042 BTC

Genesis Mining 1 MH/s contract   0.00040086 BTC
GAW Waffle Hashlet                    0.00014479 BTC
GAW Zen Hashlet                         0.00045769 BTC

I get the impression that GAW are little better than Genesis in every aspect of that chart.

[MacDuro]

Day 18 comparison
http://youtu.be/RM2WfXhHzEA

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00014711 BTC
Gaw Miners Genesis Hashlet 15 GH/s 0.00017042 BTC

Genesis Mining 1 MH/s contract   0.00040086 BTC
GAW Waffle Hashlet                    0.00014479 BTC
GAW Zen Hashlet                         0.00045769 BTC

Hi Ian , I think that your boosted Genesis Hashlet payment is really low , I have received payments between 0.00014555 to 0.00013825 for each 10Gh/s Genesis Hashlet on my account today , your hashlet doesn't seems to be really running at 15Gh/s and a lot of GAW users are reporting low payments , since the price for the Genesis decreased it seems that also the average payments rates decreased too about 1000 sat . Also I think since they added the ability to Primes to use during 12h a second pool the average payout for Zeenpool has decreased about 6000 sats , but I'm not sure since I never used to look a lot to the zenpool average payout , maybe you can confirm that .

[IanFoxley]

Day 18 comparison
http://youtu.be/RM2WfXhHzEA

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00014711 BTC
Gaw Miners Genesis Hashlet 15 GH/s 0.00017042 BTC

Genesis Mining 1 MH/s contract   0.00040086 BTC
GAW Waffle Hashlet                    0.00014479 BTC
GAW Zen Hashlet                         0.00045769 BTC

Hi Ian , I think that your boosted Genesis Hashlet payment is really low , I have received payments between 0.00014555 to 0.00013825 for each 10Gh/s Genesis Hashlet on my account today , your hashlet doesn't seems to be really running at 15Gh/s and a lot of GAW users are reporting low payments , since the price for the Genesis decreased it seems that also the average payments rates decreased too about 1000 sat . Also I think since they added the ability to Primes to use during 12h a second pool the average payout for Zeenpool has decreased about 6000 sats , but I'm not sure since I never used to look a lot to the zenpool average payout , maybe you can confirm that .

To be honest my Genesis Hashlet payouts have been quite low ever since day 1 and at 10 GH/s they did match up with whatever pool I was getting on the day.
The Zen Hashlet payments to me seem as normal as always. If you look at my figures, pause the video when I bring up the notepad and look down the list of the daily payouts, they are always in the mid 40s most of the time. Maintenance fees were quite large today as well, but even with that the Zen Hashlet payout was still pretty good in general.

Thanks for the comments though.

[MacDuro]

Day 18 comparison
http://youtu.be/RM2WfXhHzEA

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00014711 BTC
Gaw Miners Genesis Hashlet 15 GH/s 0.00017042 BTC

Genesis Mining 1 MH/s contract   0.00040086 BTC
GAW Waffle Hashlet                    0.00014479 BTC
GAW Zen Hashlet                         0.00045769 BTC

Hi Ian , I think that your boosted Genesis Hashlet payment is really low , I have received payments between 0.00014555 to 0.00013825 for each 10Gh/s Genesis Hashlet on my account today , your hashlet doesn't seems to be really running at 15Gh/s and a lot of GAW users are reporting low payments , since the price for the Genesis decreased it seems that also the average payments rates decreased too about 1000 sat . Also I think since they added the ability to Primes to use during 12h a second pool the average payout for Zeenpool has decreased about 6000 sats , but I'm not sure since I never used to look a lot to the zenpool average payout , maybe you can confirm that .

To be honest my Genesis Hashlet payouts have been quite low ever since day 1 and at 10 GH/s they did match up with whatever pool I was getting on the day.
The Zen Hashlet payments to me seem as normal as always. If you look at my figures, pause the video when I bring up the notepad and look down the list of the daily payouts, they are always in the mid 40s most of the time. Maintenance fees were quite large today as well, but even with that the Zen Hashlet payout was still pretty good in general.

Thanks for the comments though.

My Genesis Payments for today are between 0.00015011 to 0.00014303 for each 10 Gh/S Hashlest . The difference in payouts and the hashrate graphics makes me think that each haslesht is located on a different asic with different performances , somes just run better than others .

[IanFoxley]

Day 18 comparison
http://youtu.be/RM2WfXhHzEA

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00014711 BTC
Gaw Miners Genesis Hashlet 15 GH/s 0.00017042 BTC

Genesis Mining 1 MH/s contract   0.00040086 BTC
GAW Waffle Hashlet                    0.00014479 BTC
GAW Zen Hashlet                         0.00045769 BTC

Hi Ian , I think that your boosted Genesis Hashlet payment is really low , I have received payments between 0.00014555 to 0.00013825 for each 10Gh/s Genesis Hashlet on my account today , your hashlet doesn't seems to be really running at 15Gh/s and a lot of GAW users are reporting low payments , since the price for the Genesis decreased it seems that also the average payments rates decreased too about 1000 sat . Also I think since they added the ability to Primes to use during 12h a second pool the average payout for Zeenpool has decreased about 6000 sats , but I'm not sure since I never used to look a lot to the zenpool average payout , maybe you can confirm that .

To be honest my Genesis Hashlet payouts have been quite low ever since day 1 and at 10 GH/s they did match up with whatever pool I was getting on the day.
The Zen Hashlet payments to me seem as normal as always. If you look at my figures, pause the video when I bring up the notepad and look down the list of the daily payouts, they are always in the mid 40s most of the time. Maintenance fees were quite large today as well, but even with that the Zen Hashlet payout was still pretty good in general.

Thanks for the comments though.

My Genesis Payments for today are between 0.00015011 to 0.00014303 for each 10 Gh/S Hashlest . The difference in payouts and the hashrate graphics makes me think that each haslesht is located on a different asic with different performances , somes just run better than others .

Yes I always wondered that myself when I had such a varied payout from my Primes.