bluecityste
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September 05, 2014, 01:17:11 PM |
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No problem CSI_Tech_Dept, thats why I posted the info. Just wanted to make people aware of the return on investment that they are likely to achieve, primarily in dollars but also in Btc.
As I said, I think that they have a very nice website/platform, but unfortunately it seems that they are selling customers short when it comes to overpricing of contracts and also understating earnings shared per Mhs.
To be honest, the response from Finalhash wasn't unexpected.
It's a shame that instead of just saying that perhaps they overcharged for the subscription at the time, say 'now run the calculations if you bought your own hardware'.
Ok, well, yesterday I earn't 0.000759 Btc from Genesis-Mining, or $0.3795.
If I bought my own equipment I would have earnt 0.002295 Btc ($1.1475) at yesterdays average script exchange rate! or in Dollar terms an extra $0.75 per day!
And, the biggest bonus would have been that I could now have the choice of selling my mining equipment if I wanted too and get some of my investment back.
Whereas I am left to 'earn' 0.000759 Btc/$0.40 per day with no exit strategy.
To be honest, i'm not sure what your point was really. Earnings would have been higher if pool mining from home, and I would have the option of selling my equipment to recoup some capital. As it stands with no exit strategy I am guaranteed to make a significant loss in Btc, with the only chance of making a ROI being if the Btc price stays above $789 for a sustained period of time.
Perhaps they should have offered members a goodwill upgrade to help compensate for the (almost) halving of the subscription cost in the past 3 months....that would have been an appreciated gesture which would have had minimal cost to Genesis-mining (as equipment is significantly more power efficient and cheaper per Mhs than in June).
Anyway, I didn't come on here to argue. As stated, I came on here to give an insight into the potential for ROI.
Stephen
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FinalHash
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September 05, 2014, 01:32:28 PM |
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Jesus.......I was comparing the cost/income in dollar terms as due to the cost of these packages it will be quite rare that people are lucky enough to pay for cloud mining packages purely out of the bitcoins they have generated.
Anyway, for the sake of comparison I spent an hour of my life adding up my earnings so far.
Results are as follows (in bitcoin as this is what finalhash appreciates!):
Earnings over first 85 days of contract: 0.13658912 Btc
Average earnings per dayover past 20 day period: 0.000759809 Btc
Projected earnings over final 280 days assuming NO increase in difficulty: 0.21274638 Btc
Therefore total income projected for my annual contract is: 0.3493355 Btc
The contract cost me 0.433 Btc, so projected loss in Bitcoin of 0.0836645 Btc!!!
Obviously, as I said before the likelihood of script difficulty increasing significantly for the rest of the year is high due to increasing ASIC manufacturers jumping onboard, so these results will probably be worse than expected unless there are significant gains in prices of alt coins to compensate.
Therefore, even without this risk I couldn't really recommend them unfortunately - although the website GUI is easy to use.
So just talked to Marco about this. He said they will be launching lifetime contracts immediately because of this. He feels like it will help this situation along with something he keeps calling project X. |
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FinalHash
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September 05, 2014, 01:39:03 PM |
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Hey Blue, Great feedback. I took some of your concerns to Marco Streng yesterday night and this morning. When i said run those numbers only using bitcoin, just wanted to see them. I was not assuming you would be better or worse off, i just think it is important to do it that way so you can truly see what the deficit is. Also, you have to take into account electricity usage when mining at home. None, the less. You are right. I think it is important to really dig down into the ROI issue. I talked with him and he said that somebody pointed out that their other 2 years contracts had a bug in the pricing. He said his team fixed it and compensated folks who got jived by that bug by upgrading their accounts. Also, I told him he needs to realign pricing, and this will be happening soon according to Marco. Also on the topic of this. Perhaps they should have offered members a goodwill upgrade to help compensate for the (almost) halving of the subscription cost in the past 3 months....that would have been an appreciated gesture which would have had minimal cost to Genesis-mining (as equipment is significantly more power efficient and cheaper per Mhs than in June).
I am not sure about if he would do this or not, but IMHO i think it would be fair if and only if hardware during that time period also saw a similar drop off in price. You know? |
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bluecityste
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September 05, 2014, 10:39:22 PM |
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Hi Finalhash, Thanks and it's nice to know that things are read and discussed at any level. If you are able to do anything at all with regards to this then my user login is bluecityste@gmail.com. I'm not expecting to get rich from the contract lol,but a slight chance of getting close to ROI would be great....maybe a bonus 1Mhs at the least would help? Anyway, thanks for reading and considering my point of view. Stephen |
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ahmed_bodi (OP)
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September 05, 2014, 10:46:26 PM |
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I'd reckon that genesis mining would ROI better than other alternatives such as CEX.io but im not sure. Anyone have any comparisons?
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Bitrated user: ahmedbodi.
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bitgeek
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September 06, 2014, 02:00:46 AM |
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I'd reckon that genesis mining would ROI better than other alternatives such as CEX.io but im not sure. Anyone have any comparisons?
Maybe a Hashlet Genesis from GAW? 10 GH/s costs $9.95 |
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FinalHash
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September 06, 2014, 04:06:28 AM |
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Hey Blue,
Talked to Marco again.
Got Great News for you.
Here is a promo code for genesis contracts
BTCTALK
It is a 5% off code. I just checked that it works and it does.
Not sure if that helps but In all honesty i think changing your account specifically would definitely cause problems. Although, i do know that there are some really nice things coming out soon.
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airpline1
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September 06, 2014, 05:24:16 AM |
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Looks like a great company, sounds like a great one, looks great, Guess who's buying some?
Great review btw!
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ahmed_bodi (OP)
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September 06, 2014, 11:29:28 AM |
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I'd reckon that genesis mining would ROI better than other alternatives such as CEX.io but im not sure. Anyone have any comparisons?
Maybe a Hashlet Genesis from GAW? 10 GH/s costs $9.95 The lack of proof that it's hashing on the pools that they say it is worries me when it comes to the hashlet. Ahmed |
Bitrated user: ahmedbodi.
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bitgeek
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September 06, 2014, 11:52:18 AM |
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I'd reckon that genesis mining would ROI better than other alternatives such as CEX.io but im not sure. Anyone have any comparisons?
Maybe a Hashlet Genesis from GAW? 10 GH/s costs $9.95 The lack of proof that it's hashing on the pools that they say it is worries me when it comes to the hashlet. Ahmed Why would they need to prove anything? They are offering services, not defending themselves in court. |
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ahmed_bodi (OP)
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September 06, 2014, 02:19:08 PM |
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because it shows they're mining on pools and the operators of those pools themselves have said that theyre's no sign of it hashing on their pool.
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Bitrated user: ahmedbodi.
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Daniel007
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September 07, 2014, 06:19:50 PM |
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Genesis looks interesting but buying into a 1-year contract is a turn off. I'd rather pay $30 and have 10Ghs and the ability to have whatever is mined from them until I decide to resell them to someone else. I cant get behind a contract that loses you money if you do simple math.
I am mining with them. At the starting it was great but now bit down. |
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EvilPanda
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September 07, 2014, 06:39:43 PM |
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because it shows they're mining on pools and the operators of those pools themselves have said that theyre's no sign of it hashing on their pool.
Nope, your being paid based on pool profitability, which doesn't mean you have to be mining there at the given time. GAW is not only mining but also renting out their equipment, and you, by buying hashlets, are in a way buying shares of the company. The pool payouts are just used to calculate your income. |
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zdaz14
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September 07, 2014, 06:55:18 PM |
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I'd reckon that genesis mining would ROI better than other alternatives such as CEX.io but im not sure. Anyone have any comparisons?
Maybe a Hashlet Genesis from GAW? 10 GH/s costs $9.95 The lack of proof that it's hashing on the pools that they say it is worries me when it comes to the hashlet. Ahmed They ARENT hashing on those pools, they said multiple times. They just pay out what those pools do and hash what they want. |
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ahmed_bodi (OP)
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September 07, 2014, 06:58:28 PM |
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right but then its not truly cloud hashing then imo
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Bitrated user: ahmedbodi.
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zdaz14
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September 07, 2014, 07:43:16 PM |
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right but then its not truly cloud hashing then imo
Sure it is. You pay less or more depending on the pool you point your hash let at. They pay you for that pools payout but they use the machines to mine what they think is the most profitable and then payout everyone. Some people use less profitable pools (pay less for them) but if GAW mines the profitable pool and then pays you your due then they get to keep the remaining cut. That's what they openly say |
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ahmed_bodi (OP)
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September 07, 2014, 07:46:38 PM |
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Also true in a way. I prefer to stick with a company that can actually show that theyre hashing though.
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Bitrated user: ahmedbodi.
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zdaz14
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September 07, 2014, 07:51:12 PM |
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Also true in a way. I prefer to stick with a company that can actually show that theyre hashing though.
One that has mathematically been proven to lose money for the customer? Literally just a few posts above. I already doubled my investment with my initial hashlet purchases by selling those off and then rebuying |
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ahmed_bodi (OP)
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September 07, 2014, 08:09:40 PM |
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I'm not saying that its good for money. I'm just saying that i'd prefer one which actually hashed theres no guarantee that hashlet's will completely ROI is there?
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Bitrated user: ahmedbodi.
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zdaz14
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September 07, 2014, 11:18:25 PM |
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I'm not saying that its good for money. I'm just saying that i'd prefer one which actually hashed theres no guarantee that hashlet's will completely ROI is there?
No. But they cost less, last forever, etc. I'll take that over a more expensive contract that lasts for however long you pay for. |
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