Genesis-Mining Review

[IanFoxley]

I am going to start doing a set of videos soon comparing Genesis Mining with GAW miners Hashlet products.

I have purchased hashpower which includes 10 GH/s from each provider as the price was the same and will be comparing payouts as time goes on to see which one is the more profitable, which one might reach ROI first, if at all

I will post the link to the first payment comparison tomorrow here and if anyone would like to carry on watching, then please subscribe to my channel so you can keep updated.

The videos might be useful, they might not, but I just thought it might make an interesting comparison over time anyway.


Edit: Got my first full payment from Genesis Mining today, just waiting for the payment from the Zen cloud, then I can do the video, will be sometime later today.

Ian.

[1715023859]

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[1715023859]

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[mrbodi]

Posting with my new account. What payout did you get from genesis mining? Its good to have a comparison of genesis and zencloud so i appreciate your video review, Thanks Ian

Ahmed

[IanFoxley]

Posting with my new account. What payout did you get from genesis mining? Its good to have a comparison of genesis and zencloud so i appreciate your video review, Thanks Ian

Ahmed

I am still waiting to get my Daily Payout from Zencloud, then I can do a video.
Genesis Mining had the btc sitting in my wallet hours ago.

I will post link when it is done, as soon as I can

[kaprosuchus]

Same here.  Looking forward to an apples-to-apples comparison of payouts.

I've already compared some other cloud miners (by daily payout percentage of original purchase price) on my site:

https://sites.google.com/site/freebitcoinsforall/

I'm hoping GenesisMining can beat ZenHashlet's 1.2030787589498806% earned per day.

BTC

[IanFoxley]

Unfortunately there will not be a video today.
I have payments from GM but still waiting for payments from GAW Miners, over the last few days they just seem to take longer and longer.

So far I have had 2 days of payments from GM, first payment was low due to the fact it was not a full days mining and then a payment today.
With GAW miners I had a payment yesterday, like GM was not a full days mining and am still sitting here waiting for the next payment.

As it is quite late where I am, I am heading off to sleep shortly, so will make a video tomorrow and if payments are better, possibly another later in the day.

Sorry about this, not much I can do about it.

Ian.

[mrbodi]

Its all good. keep us in the loop thanks man

Ahmed

[IanFoxley]

Right, I am going to be doing a video in the next few hours, both payments are here.

All I will say is that I was pretty surprised with the payouts so far especially after taking fees in to account.

Ian

[martinnew]

Right, I am going to be doing a video in the next few hours, both payments are here.

All I will say is that I was pretty surprised with the payouts so far especially after taking fees in to account.

Ian

Looking forward for that video, that could be a good surprise. 

[IanFoxley]

Video is up now.

http://youtu.be/w_nR2M4ZBIs

For those that might not want to watch the video, here are the results of my first full days payment.

Genesis Mining 10 GH/s contract  0.00018752 BTC
Gaw Miners Genesis Hashlet        0.00010089 BTC
 

Genesis Mining 1 MH/s contract   0.00045808 BTC
GAW Waffle Hashlet                     0.00034993 BTC
GAW Zen Hashlet                         0.00045531 BTC

[mrbodi]

Wow thats surprising. Especially on the SHA rig. Scrypt GM beats the waffle hashlet by a mile but the difference between GM and Zen doesnt seem too different yet. Maybe it might end up equal over time, who knows

Ahmed

[IanFoxley]

Wow thats surprising. Especially on the SHA rig. Scrypt GM beats the waffle hashlet by a mile but the difference between GM and Zen doesnt seem too different yet. Maybe it might end up equal over time, who knows


Ahmed

As I did point out in the video though, the Zen Hashlet is almost 3 USD more than 1 MH/s with Genesis Mining at $17.99, GM is even cheaper if you purchase 100 MH/s or more at one time too.

So yes, looking forward to todays payments.

The trouble with the Genesis Hashlet also is that unless you are monitoring it all the time, you do not know the best time to switch pools, so I might have lost some btc during the day because of one pool being less profitable at any given time. An Auto switching function might be handy, but even with that, I don't think for a moment that it would have made much difference to the final payment, the payment from GM blew it away.

[mrbodi]

agreed. keep us updated this is getting even more interesting

Ahmed

[kaprosuchus]

I've updated my cloud miner comparison.

It looks like Genesis-Mining SCRYPT shows up second on the list now.


ZenHashlet with 5% autobuy discount
- Estimated 1.2030787589498806% earned per day.
- option to sell at any time

Genesis-Mining with 2.5% discount code Ib0sm5
- Estimated 1.1745641025641025 earned per day.
- no option to sell

Check out the rest on my site:

https://sites.google.com/site/freebitcoinsforall/

[IanFoxley]

I've updated my cloud miner comparison.

It looks like Genesis-Mining SCRYPT shows up second on the list now.


ZenHashlet with 5% autobuy discount
- Estimated 1.2030787589498806% earned per day.
- option to sell at any time

Genesis-Mining with 2.5% discount code Ib0sm5
- Estimated 1.1745641025641025 earned per day.
- no option to sell

Check out the rest on my site:

https://sites.google.com/site/freebitcoinsforall/

If you look around, you can get higher discount codes for Genesis Mining, up to 5 %
Also bear in mind that as you purchase more hashpower from them, the price gets lower.
For example, 100 Mhash costs 1499.00, so 14.99 USD per Mhash, A 100 MH/s Zen Hashlet costs 2095.00 USD, so you are saving 596 USD for a start and that is before using a discount code. Of course you can use the autobuy option on the Zencloud as well, but then if you applied a 5 % code on Genesis Mining, you would still have that big difference.

Something to bear in mind anyway.

New video for today. Once again GM better on payouts.
http://youtu.be/IXd24z4NiWw

Ian

[jammc]

Hey there,

I have just signed up to Genesis Mining (paid with DRK which I thought was cool!) and was just wondering if anyone knows how long it takes to get the first payment? I know the contract says it pays daily, but just wondering if the coins are deposited into your account daily? Also was wondering if anyone knows if there is an exit from the lifetime contracts - contract says agreement can be terminated on 'good cause' or something, but I am not 100% sure what that means. Any info would be great.

James

[IanFoxley]

Hey there,

I have just signed up to Genesis Mining (paid with DRK which I thought was cool!) and was just wondering if anyone knows how long it takes to get the first payment? I know the contract says it pays daily, but just wondering if the coins are deposited into your account daily? Also was wondering if anyone knows if there is an exit from the lifetime contracts - contract says agreement can be terminated on 'good cause' or something, but I am not 100% sure what that means. Any info would be great.

James

Hi James

Official thread is here https://bitcointalk.org/index.php?topic=602022.0 so you might find that handy in the future.

You should get a payment tomorrow, although they do say that it can take up to 48 hours to get the first payment, but I think that's just to cover themselves.

Best thing to do regarding 'good cause' is to contact them directly using 'My Account and then Contact Support'
It interesting though, wondered that myself, maybe it is something like, if your daily payouts end up being less than your daily fees, then we will terminate it..or perhaps another good cause is if something happens to you, that you can not possibly make use of the account anymore. I am sure you know what I mean by that.

Anyway contacting them directly would probably be the best idea.

Ian

[IanFoxley]

Ok new video out, Comparison Video Day 4
http://youtu.be/JabCOj5EOvo?list=UUjuA5pMUn38CNcPmmxTE1Aw


Here are the payouts anyway.

Genesis Mining 10 GH/s contract  0.00018167 BTC
Gaw Miners Genesis Hashlet        0.00013853 BTC

Genesis Mining 1 MH/s contract   0.00045222 BTC
GAW Waffle Hashlet                     0.00028525 BTC
GAW Zen Hashlet                         0.00044208 BTC

[jammc]

Hi Ian,

Thanks for that. I did receive the first payment today (not for the whole 24 hour period):

17.09.2014       BTC      0.00009421    
17.09.2014      BTC      0.00021498    
17.09.2014      LTC      0.02334379    
17.09.2014      DOGE      89.99929278    
17.09.2014      DRK      0.00802149


I also contacted support regarding the contracts and they said "you can cancel an order within the first 5 days after approval. You can do this by writing us a mail. After it, the good cause clause is active, which is -as per lawyers - the non-delivery of product.
For the 20 days, you are right." I am not sure what that means exactly. Do you know if it is possible just to get out of the contract when you wish? What exactly is there that holds you to the contract anyway? If not enough coins are mined to cover the fees are you still liable for the fees?

[IanFoxley]

Comparison Video Day 5

http://youtu.be/AvaVlykC7Wc

Payments today were as follows.

Genesis Mining 10 GH/s contract  0.00018023 BTC
Genesis Mining 1 MH/s contract   0.00048226 BTC

[mrbodi]

Anyone find out about what would happen if the mining wasnt profitable one day and the fees we're higher than the btc earned?

Ahmed