Genesis-Mining Review

[coindetective]

This seems as a nice service, I might try this soon.

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[IanFoxley]

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

No not yet, to be honest I have not thought too much about it just yet, will worry about it when it gets to that point, will not be for a while yet and by then I am sure GM would have lowered the prices or changed something so that it might not matter anyway.

[IanFoxley]

GM vs GAW Hashlets Comparison Video Day 6 is now up.

http://youtu.be/sIEsZ-YM180

Payouts as follows.

Genesis Mining 10 GH/s contract  0.00017785 BTC
Gaw Miners Genesis Hashlet        0.00014075 BTC

Genesis Mining 1 MH/s contract   0.00042328 BTC
GAW Waffle Hashlet                     0.00022675 BTC
GAW Zen Hashlet                         0.00046226 BTC

For the first time so far the Zen Hashlet had a better payout than the GM 1 MH/s contract.
The 1 MH/s payout from GM was better than the Waffle Hashlet and the 10 GH/s contract payout from GM was better than the payout from the Hashlet Genesis.

Cheers

Ian

[mrbodi]

well talk about that for a twist!

[IanFoxley]

well talk about that for a twist!

Not really much in it all week to be honest with the Zen and the GM contract, but the Zen Hashlet does cost 3 USD more for a start.

I think one of the reasons the Zen did better today was because I got the payment from GM at 4 18am this morning when BTC was quite low against the dollar.
The price of BTC started to rise again during the day, the Hashlet payment came in the evening for me here, so about 14 hours later and the 8 cent service fee in BTC would have been less compared to the 8 cents Genesis Mining fee in BTC, so that might have made a difference. Will see how the payments go tomorrow.

Ian

[IanFoxley]

Well after nearly a week, Ive had my payment from GM today, just waiting for the others, I will say this.

Don't bother buying sha256 contracts, they are just not worth the money at the moment compared to buying scrypt contracts.

Watch my video later when it is uploaded and you will start to understand why I am saying this.

Ian

[IanFoxley]

Day 7 video is now up.

http://youtu.be/eqNOxK9XWRc

Payments were as follows

Genesis Mining 10 GH/s contract  0.00017828 BTC
Gaw Miners Genesis Hashlet        0.00010444 BTC

Genesis Mining 1 MH/s contract   0.00043175 BTC
GAW Waffle Hashlet                     0.00011022 BTC
GAW Zen Hashlet                         0.00047772 BTC

For the second time in this first week, Zen Hashlet had a better payout than the GM 1 MH/s contract.

[IanFoxley]

Day 8 video is now up.

http://youtu.be/pI9cyi1a-7w

Day 8 comparison of payments with Genesis Mining and GAW Miners Hashlets.

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00017686 BTC
Gaw Miners Genesis Hashlet        0.00011555 BTC

Genesis Mining 1 MH/s contract   0.00040711 BTC
GAW Waffle Hashlet                     0.00015686 BTC
GAW Zen Hashlet                         0.00045171 BTC

Ian

[cryptost]

Thanks for the review, been thinking of giving them a go, like the multiple coin option, GAW or LTC Gear don't have that though LTC Gear do have $5.3125 per 1mh cost on LTC of FTC mining at the mo.

[elgimpo]

Thanks for posting this, following with interest.

[IanFoxley]

OOps, should have posted this here yesterday.

Day 9 Video is up.

http://youtu.be/C9x6plc_ibE

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00017719 BTC
Gaw Miners Genesis Hashlet        0.00010023 BTC

Genesis Mining 1 MH/s contract   0.00041299 BTC
GAW Waffle Hashlet                     0.00011533 BTC
GAW Zen Hashlet                         0.00051578 BTC


Will post links to Day 10 later today.

[ruins]

No chance of me making a ROI with these guys as things stand unfortunately.

I took my 1 year contract out on the 10th of June for 0.433 Btc for 2 Mhz (approximately $277.12).

So far, earnings in just under 3 months have come to $66. The rate of earnings is decreasing steadily however, with approximately only $11 earnt over the past 27 days!

I think if BTC price gets back above $720 dollars this should make a ROI, but if the price continues to stay low there is zero chance of making a ROI.

If however you do feel like experimenting with the service then please click my affiliate link, as if your confident on an increase in Btc price this should make you some profit.

totally good point!

[IanFoxley]

No chance of me making a ROI with these guys as things stand unfortunately.

I took my 1 year contract out on the 10th of June for 0.433 Btc for 2 Mhz (approximately $277.12).

So far, earnings in just under 3 months have come to $66. The rate of earnings is decreasing steadily however, with approximately only $11 earnt over the past 27 days!

I think if BTC price gets back above $720 dollars this should make a ROI, but if the price continues to stay low there is zero chance of making a ROI.

If however you do feel like experimenting with the service then please click my affiliate link, as if your confident on an increase in Btc price this should make you some profit.

totally good point!

It is not really so relevant now though as his 1 year contract will be upgraded to a lifetime contract at the end of his 1 year contract, he posted before all the 1 year contracts were upgraded for free, so there is a chance he will make ROI now.

Also since then the price has fallen considerably, but that wont help the poster sadly as he is referring to what he paid at the time.

Ian

[IanFoxley]

Day 10 comparison of payments with Genesis Mining and GAW Miners Hashlets.

http://youtu.be/MSrRa9jipnk

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00017386 BTC
Gaw Miners Genesis Hashlet        0.00013760 BTC

Genesis Mining 1 MH/s contract   0.00039934 BTC
GAW Waffle Hashlet                     0.00025655 BTC
GAW Zen Hashlet                         0.00048843 BTC

Ian

[bluecityste]

Hi Ian - don't suppose you have a link to where it says that the 1 year contracts will be upgraded?
I had a look in my account area and i haven't received any notice on there or in my emails.

Thanks,
Stephen

[bitgeek]

No chance of me making a ROI with these guys as things stand unfortunately.

I took my 1 year contract out on the 10th of June for 0.433 Btc for 2 Mhz (approximately $277.12).

So far, earnings in just under 3 months have come to $66. The rate of earnings is decreasing steadily however, with approximately only $11 earnt over the past 27 days!

I think if BTC price gets back above $720 dollars this should make a ROI, but if the price continues to stay low there is zero chance of making a ROI.

If however you do feel like experimenting with the service then please click my affiliate link, as if your confident on an increase in Btc price this should make you some profit.

totally good point!

It is not really so relevant now though as his 1 year contract will be upgraded to a lifetime contract at the end of his 1 year contract, he posted before all the 1 year contracts were upgraded for free, so there is a chance he will make ROI now.

Also since then the price has fallen considerably, but that wont help the poster sadly as he is referring to what he paid at the time.

Ian

It's actually relevant if he's earning $12 a month. It's going to take him 17 more months to break even. I've seen people ROI on mining contracts in less than 6 months.
If there's only a CHANCE to ROI with these contracts, what about profits? Fat chance?

[IanFoxley]

Hi Ian - don't suppose you have a link to where it says that the 1 year contracts will be upgraded?
I had a look in my account area and i haven't received any notice on there or in my emails.

Thanks,
Stephen

Hi Stephen.

It was something that was posted in the forums.
I believe on Facebook too.

https://bitcointalk.org/index.php?topic=602022.msg8763406#msg8763406

Your contract doesn't change to lifetime until the day your existing one ends.

[Zeta0S]

People, we all want a Trip to the MOON Right!?
Voucher-code MOON Will give u a Highest Discount possible !
Genesis Mining is like no other.

[IanFoxley]

People, we all want a Trip to the MOON Right!?
Voucher-code MOON Will give u a Highest Discount possible !
Genesis Mining is like no other.

I was going to use your code, but noticed it was only 3% like many others.

I guess these high discount promocodes only last a while and you have to try and use them before they run out ;(

[MindRoller]

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

I don't think it will ever get to that point (well, maybe one day) because people are mining BTC for over 5 years now and it still is quite profitable. Also mining altcoins should always be profitable because you do not mine BTC, but exchange altcoins to btc and there are new coins being added so the difficulty is not that big kind of a problem here.