Genesis-Mining Review

[IanFoxley]

but even when bitcoin goes to 190usd i got 0.0008 payout

but why they suddenly increased maintenance fee and scam people

also no reply from support 2 times sent mail.

They didnt increase the maintenance fee...I have contracts from that time period myself and it says in my contracts 0.02 USD per 10GH/s per day which is eqv to 2 USD per 1TH/s.

Bro today mining income for 1 TH is 0.00854646 before maintenance fee its value is  0.00854646 * 236 = 2.0169 USD

so your maintenance fee as per your calculation 2 USD / TH =  2.0169 - 2 USD = 0.0169 cents. Like 0.00007 BTC  (almost Zero ) bitcoin Dead

Mining income is always an average on a calculator...Its not a fixed amount...Plus calculators show different results
For example you post those figures above but on another calculator it will have 1TH/s as paying out 0.00827 BTC per 1TH/s per day.
Look for examples Antpools daily payouts.....Up and down, up and down... like a rollercoaster.

Unfortunately because Genesis Mining do not give out pool and block info we never get to see what the actual payout is per 1TH/s which would be great as would really help us all out when we calculate. I am just trying to explain why your payouts are zero and that it is not a scam.

Just like with Hashnest with their S2 and Umisoos contracts terminating. Why??..same reason....Payouts were less than the fees. The S3s will be next and at the next difficulty change will most likely go Bye Bye too if the BTC / USD price stays at the same level.

Someone will come along shortly to write about how you can sell your hashpower on Hashnest which is a good thing but to be honest right now. Who would be wanting to buy your S3 hashpower off you knowing its going to go bye byes very soon and if you can manage to sell it, you will probably get so little for it anyway.

[knowhow]

Well my investment of 0.09 is taking some years to roi since im full at bitcoin ,they said to mine others currencies would turn into a loss soo now im getting small payments from my investement ,last payment fromt them happened 17 september soo i guess the fees is covering now all my small income .

[StevenLiang]

but even when bitcoin goes to 190usd i got 0.0008 payout

but why they suddenly increased maintenance fee and scam people

also no reply from support 2 times sent mail.

They didnt increase the maintenance fee...I have contracts from that time period myself and it says in my contracts 0.02 USD per 10GH/s per day which is eqv to 2 USD per 1TH/s.

Bro today mining income for 1 TH is 0.00854646 before maintenance fee its value is  0.00854646 * 236 = 2.0169 USD

so your maintenance fee as per your calculation 2 USD / TH =  2.0169 - 2 USD = 0.0169 cents. Like 0.00007 BTC  (almost Zero ) bitcoin Dead

Mining income is always an average on a calculator...Its not a fixed amount...Plus calculators show different results
For example you post those figures above but on another calculator it will have 1TH/s as paying out 0.00827 BTC per 1TH/s per day.
Look for examples Antpools daily payouts.....Up and down, up and down... like a rollercoaster.

Unfortunately because Genesis Mining do not give out pool and block info we never get to see what the actual payout is per 1TH/s which would be great as would really help us all out when we calculate. I am just trying to explain why your payouts are zero and that it is not a scam.

Just like with Hashnest with their S2 and Umisoos contracts terminating. Why??..same reason....Payouts were less than the fees. The S3s will be next and at the next difficulty change will most likely go Bye Bye too if the BTC / USD price stays at the same level.

Someone will come along shortly to write about how you can sell your hashpower on Hashnest which is a good thing but to be honest right now. Who would be wanting to buy your S3 hashpower off you knowing its going to go bye byes very soon and if you can manage to sell it, you will probably get so little for it anyway.

For myself, i cannot choose Genesis-Mining any more because they even cannot give me their transparency from Mining Pool.
And i cannot sell my hashing power back, i bounded with their contract.

My review for Genesis-Mining: Not Transparent & Almost Not Profitable

[Borgminer]

7 months from now all mining (unless a miner that comes out requires almost zero power ) mining is dead. 

[BitcoinNewsMagazine]

but even when bitcoin goes to 190usd i got 0.0008 payout

but why they suddenly increased maintenance fee and scam people

also no reply from support 2 times sent mail.

They didnt increase the maintenance fee...I have contracts from that time period myself and it says in my contracts 0.02 USD per 10GH/s per day which is eqv to 2 USD per 1TH/s.

Bro today mining income for 1 TH is 0.00854646 before maintenance fee its value is  0.00854646 * 236 = 2.0169 USD

so your maintenance fee as per your calculation 2 USD / TH =  2.0169 - 2 USD = 0.0169 cents. Like 0.00007 BTC  (almost Zero ) bitcoin Dead

Mining income is always an average on a calculator...Its not a fixed amount...Plus calculators show different results
For example you post those figures above but on another calculator it will have 1TH/s as paying out 0.00827 BTC per 1TH/s per day.
Look for examples Antpools daily payouts.....Up and down, up and down... like a rollercoaster.

Unfortunately because Genesis Mining do not give out pool and block info we never get to see what the actual payout is per 1TH/s which would be great as would really help us all out when we calculate. I am just trying to explain why your payouts are zero and that it is not a scam.

Just like with Hashnest with their S2 and Umisoos contracts terminating. Why??..same reason....Payouts were less than the fees. The S3s will be next and at the next difficulty change will most likely go Bye Bye too if the BTC / USD price stays at the same level.

Someone will come along shortly to write about how you can sell your hashpower on Hashnest which is a good thing but to be honest right now. Who would be wanting to buy your S3 hashpower off you knowing its going to go bye byes very soon and if you can manage to sell it, you will probably get so little for it anyway.

For myself, i cannot choose Genesis-Mining any more because they even cannot give me their transparency from Mining Pool.
And i cannot sell my hashing power back, i bounded with their contract.

My review for Genesis-Mining: Not Transparent & Almost Not Profitable

Glad you saw the light. I have been shooing people away from Genesis Mining since I started blogging but they still seem to be able to appeal to noobs who do not research before they buy. I also warned my readers to stand aside from Hashnest back in the middle of August once rumours of the new S7 were confirmed. Anyone following the internal charts in Hashnest would have seen the downtrends and sold all their hash whatever the flavour. S7 will start trading this weekend and we will be following closely so we can advise our readers when the time to buy is ripe.

[ingiltere]

Some people claimed that there were delays in payments. Did you see any problems in payments?

[knowhow]

I dont see any payment since day 17 at mine account soo i guess mining at genesis is now become just a loos,makes no sense get any payment will make a month very soon i were gettin around 1000 satoshis every 2 days now nothing .

[StevenLiang]

but even when bitcoin goes to 190usd i got 0.0008 payout

but why they suddenly increased maintenance fee and scam people

also no reply from support 2 times sent mail.

They didnt increase the maintenance fee...I have contracts from that time period myself and it says in my contracts 0.02 USD per 10GH/s per day which is eqv to 2 USD per 1TH/s.

Bro today mining income for 1 TH is 0.00854646 before maintenance fee its value is  0.00854646 * 236 = 2.0169 USD

so your maintenance fee as per your calculation 2 USD / TH =  2.0169 - 2 USD = 0.0169 cents. Like 0.00007 BTC  (almost Zero ) bitcoin Dead

Mining income is always an average on a calculator...Its not a fixed amount...Plus calculators show different results
For example you post those figures above but on another calculator it will have 1TH/s as paying out 0.00827 BTC per 1TH/s per day.
Look for examples Antpools daily payouts.....Up and down, up and down... like a rollercoaster.

Unfortunately because Genesis Mining do not give out pool and block info we never get to see what the actual payout is per 1TH/s which would be great as would really help us all out when we calculate. I am just trying to explain why your payouts are zero and that it is not a scam.

Just like with Hashnest with their S2 and Umisoos contracts terminating. Why??..same reason....Payouts were less than the fees. The S3s will be next and at the next difficulty change will most likely go Bye Bye too if the BTC / USD price stays at the same level.

Someone will come along shortly to write about how you can sell your hashpower on Hashnest which is a good thing but to be honest right now. Who would be wanting to buy your S3 hashpower off you knowing its going to go bye byes very soon and if you can manage to sell it, you will probably get so little for it anyway.

For myself, i cannot choose Genesis-Mining any more because they even cannot give me their transparency from Mining Pool.
And i cannot sell my hashing power back, i bounded with their contract.

My review for Genesis-Mining: Not Transparent & Almost Not Profitable

Glad you saw the light. I have been shooing people away from Genesis Mining since I started blogging but they still seem to be able to appeal to noobs who do not research before they buy. I also warned my readers to stand aside from Hashnest back in the middle of August once rumours of the new S7 were confirmed. Anyone following the internal charts in Hashnest would have seen the downtrends and sold all their hash whatever the flavour. S7 will start trading this weekend and we will be following closely so we can advise our readers when the time to buy is ripe.

Just surfing on your website. I think i will bookmark and subscribe your great BTC blog. You're right with your prediction about "Anyone following the internal charts in Hashnest would have seen the downtrends and sold all their hash whatever the flavour.". The S5 price and profit from mining is really D.R.O.P now.

But the S5 problem is understandable if compared with Genesis Mining Hashing Power. IMHO

[bitcoinbs]

I dont see any payment since day 17 at mine account soo i guess mining at genesis is now become just a loos,makes no sense get any payment will make a month very soon i were gettin around 1000 satoshis every 2 days now nothing .

For most of the users the payout stopped from 17th. For me also.

Because the mining income in below their maintenance. Due to mining difficulty increase and BTC price dump.

Here after no one will get profit from mining. From my analyze.

[StevenLiang]

I dont see any payment since day 17 at mine account soo i guess mining at genesis is now become just a loos,makes no sense get any payment will make a month very soon i were gettin around 1000 satoshis every 2 days now nothing .

For most of the users the payout stopped from 17th. For me also.

Because the mining income in below their maintenance. Due to mining difficulty increase and BTC price dump.

Here after no one will get profit from mining. From my analyze.

No one will get profit from mining on Genesis Mining.

And it's true.

It's better to invest on real projects or services than on online CloudMining, especially "you know".

Buy some Mining Hardware also not a good choice if you do not know about electronics.

[bitcoinbs]

I dont see any payment since day 17 at mine account soo i guess mining at genesis is now become just a loos,makes no sense get any payment will make a month very soon i were gettin around 1000 satoshis every 2 days now nothing .

For most of the users the payout stopped from 17th. For me also.

Because the mining income in below their maintenance. Due to mining difficulty increase and BTC price dump.

Here after no one will get profit from mining. From my analyze.

No one will get profit from mining on Genesis Mining.

And it's true.

It's better to invest on real projects or services than on online CloudMining, especially "you know".

Buy some Mining Hardware also not a good choice if you do not know about electronics.

How you tell like that

Buying hardware is more costly than cloud mining of some site provide low cost (ex: genesis)

For Example 500 GH hardware cost is 400 USD (including shipping cost and customs tax). i have invested 400 USD in cloud. No difference in price (2014) due to lack in hardware sales now may the price be somewhat low.

If your hardware received in damaged condition then no use.

At present difficulty you will get 0.0043 for 500 GH = 1.04 USD * 30 days = 31.2 USD = Based on electricity and maintenance cost differ by country

that 31 USD is not enough for your hardware maintenance and electricity bill.


If price maintain in the same position soon all mining farm will shutdown. No doubt.

[BitcoinNewsMagazine]

A 4.66 TH/s Antminer S7 with power supply would cost app. $1750 without shipping and draw 1160 watts at the wall. You could expect to mine $290 of bitcoin the first month at current difficulty and price while spending $84 for electric at 10 cents per kWH. We will know this weekend what S7 hash will trade for at Hashnest so will be able to draw some conclusions about hosted mining then.

[bitcoinbs]

A 4.66 TH/s Antminer S7 with power supply would cost app. $1750 without shipping and draw 1160 watts at the wall. You could expect to mine $290 of bitcoin the first month at current difficulty and price while spending $84 for electric at 10 cents per kWH. We will know this weekend what S7 hash will trade for at Hashnest so will be able to draw some conclusions about hosted mining then.

You correct monthly you will mine 285 USD and profit of 198 USD for 4.66 TH

Price include average shipping cost

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=4670.00&p=1160.00&pc=0.10&pf=1.00&d=60813224039.44040000&r=25.00000000&er=246.01000000&hc=2000.00

But see 500 GH result lose

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=500.00&p=500.00&pc=0.10&pf=1.00&d=60813224039.44040000&r=25.00000000&er=246.01000000&hc=400.00

Only if you have 1 TH you will get some

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=1000.00&p=800.00&pc=0.10&pf=1.00&d=60813224039.44040000&r=25.00000000&er=246.01000000&hc=1120.00

[BitcoinNewsMagazine]

S7 is most power efficient miner consumer can buy, why it is more profitable than your example. It will be interesting to see what the hashing power trades for this weekend.

[bitcoinbs]

Actually the Mining income is based on Difficulty and Price of BTC.

When i bought 500 GH difficult is low and Price is around 350 USD. Daily income 0.005 btc.

I calculated ROI in 4 to 6 Months. But what happened even after 10 months received 210 USD.

After 3 months even your S7 wont get profit if difficulty increase.

2016 zero. better sell before

[kpitti]

Genesis-Mining is very active company and stable present on the market for quite good time.
I went in and purchased some contract. After three month of runing it was clear that it will not ROI.

Here is my review based on my contract: https://bitcointalk.org/index.php?topic=1090237.msg11629739#msg11629739

[knowhow]

We will ROI in the day that bitcoin returns into the 500 dollars or above ,with the current value we wont get nothing ,the question is will genesis mining still alive on that time ,it can take years to we get the small payments we were getting.

[hendra147]

We will ROI in the day that bitcoin returns into the 500 dollars or above ,with the current value we wont get nothing ,the question is will genesis mining still alive on that time ,it can take years to we get the small payments we were getting.

if bitcoin cloud silver (which they are members bitcoin foundation) can scam
I believe genesis of mining also has great possibilities for scam

[knowhow]

We will ROI in the day that bitcoin returns into the 500 dollars or above ,with the current value we wont get nothing ,the question is will genesis mining still alive on that time ,it can take years to we get the small payments we were getting.

if bitcoin cloud silver (which they are members bitcoin foundation) can scam
I believe genesis of mining also has great possibilities for scam

Well most cloud companies become ponzi and their answer is the cost and difficult raised,well we know it since bitcoins is knowed at bitcoin that it would keep growing soo why to allow users to invest at something that eat their money?Would be better they offer 3% or even 10% profit on investments and keep paying a fee daily,the same way that happens with hyip...

[StevenLiang]

We will ROI in the day that bitcoin returns into the 500 dollars or above ,with the current value we wont get nothing ,the question is will genesis mining still alive on that time ,it can take years to we get the small payments we were getting.

if bitcoin cloud silver (which they are members bitcoin foundation) can scam
I believe genesis of mining also has great possibilities for scam

Well most cloud companies become ponzi and their answer is the cost and difficult raised,well we know it since bitcoins is knowed at bitcoin that it would keep growing soo why to allow users to invest at something that eat their money?Would be better they offer 3% or even 10% profit on investments and keep paying a fee daily,the same way that happens with hyip...

I'm agree with you, a lot cloudmining companies give excuse and sorry because of the cost abd difficut raised, and i think they will say words like that after they got a lot money from 'a lot users'.

I never find cloudmining who claim their loss in their first month.
They usually claim it until they got a lot bound contract.

That's why better choose liquid hashing power than contract.
(better but not the best)