Genesis-Mining Review

[IanFoxley]

Day 42 comparison of payments with Genesis Mining and GAW Miners Hashlets.
http://youtu.be/KJ0y9uPaCxc

Payments were as follows:

Genesis Mining 10 GH/s contract 0.00010823 BTC
Gaw Miners Genesis Hashlet 15 GH/s  0.00011827 BTC

Genesis Mining 1 MH/s contract    0.00021873 BTC
GAW Hashlet Waffle                   0.00016140 BTC
GAW Hashlet Zen                        0.00018842 BTC
 

[Minerjoe]

I am quite surprised to still see some positive reviews on Genesis-Mining, here and on some blogs. It's quite far from my own experience.

I've taken a yearly, Scrypt Mining 2 MH/s contract, at $158 on the 21/8/2014 at Genesis-Mining. The results have always been quite disappointing and I wrote to them about it in September. They made a vague answer, saying that things would change soon. But they didn't, and I never heard from them again.

Almost 3 months after the beginning of my contract, it has generated a mere $17. These days, my revenues are about $1 a week (!). No need to be a math genius to understand that there is no way this contract will ever be profitable. See by yourself:







So here is my review:

The good
. Genesis is a legitimate company, not a scam, and they do mine.
. Interface is great and allows you to mine different coins (which is cool), and to get automatic daily payouts directly to your wallets (even cooler).

The bad
. This maybe the most silent company I've ever seen. I don't think I've received a single email form them, apart from their (dull) answer to my request. Especially, the only place I've heard about "Project X" is here, not from them. No doubt they are busy, but I would advise them to take better care of their existing customers before trying to get new ones.

The ugly
. Absolutely not profitable. There is no way this service can get any close to ROI (except, of course, if one of the coins you mine comes to skyrocket one day, but then it would have been the same, had you just bought the coins when their price was cheap).

So, if you are, like me, just trying to figure out what you can expect from cloud mining, stay away from Genesis. Don't listen to people with huge Genesis signatures at the bottom of their posts, as they are just trying to get back some ROI with affiliation links. Genesis-Mining is not profitable, period.

U overpaid big time and have next to none hash, 2 MHS s nothing. Anyway, I get your point, Genesis is OK only for mining less attractive coins and waiting for their price to go up. For everything else, LTCgear is by far the best cloud mining service there is.

[IanFoxley]

Day 43 comparison of payments with Genesis Mining and GAW Miners Hashlets.
http://youtu.be/F8-cG9lxw-M

Payments were as follows:

Genesis Mining 10 GH/s contract 0.00010940 BTC
Gaw Miners Genesis Hashlet 15 GH/s  0.00012899 BTC

Genesis Mining 1 MH/s contract    0.00022930 BTC
GAW Hashlet Waffle                   0.00010911 BTC
GAW Hashlet Zen                        0.00011439 BTC

[galdur]

I paid .189 for 4 MHS and .043 for 20 GHS.

This yields about .5%/day.

Waiting for them to lower prices by at least third
when I might add some more.

[Etanllah]

I am quite surprised to still see some positive reviews on Genesis-Mining, here and on some blogs. It's quite far from my own experience.

I've taken a yearly, Scrypt Mining 2 MH/s contract, at $158 on the 21/8/2014 at Genesis-Mining. The results have always been quite disappointing and I wrote to them about it in September. They made a vague answer, saying that things would change soon. But they didn't, and I never heard from them again.

How did you pay $158 for 2 MH/s??

I actually have exactly 2 MH which I purchased to check out the service and I paid 0.094 at the time which equates to $33.56 at current BTC prices.

I'm really liking the service so far, I'm getting rock solid payouts.

It's comments and reviews by people saying they spent $150 for 2MH that give certain services a bad name.

[IanFoxley]

I am quite surprised to still see some positive reviews on Genesis-Mining, here and on some blogs. It's quite far from my own experience.

I've taken a yearly, Scrypt Mining 2 MH/s contract, at $158 on the 21/8/2014 at Genesis-Mining. The results have always been quite disappointing and I wrote to them about it in September. They made a vague answer, saying that things would change soon. But they didn't, and I never heard from them again.

How did you pay $158 for 2 MH/s??

I actually have exactly 2 MH which I purchased to check out the service and I paid 0.094 at the time which equates to $33.56 at current BTC prices.

I'm really liking the service so far, I'm getting rock solid payouts.

It's comments and reviews by people saying they spent $150 for 2MH that give certain services a bad name.

The prices even back in August were like that, when I purchased 1 MH in the middle of May it cost me 0.4 BTC, but was still relatively cheap considering that the largest Asics were relatively small in MH even then and would still cost a lot of money. But it was still cheaper than buying a GPU that could hash scrypt at 900 KH/s etc. When I started mining with GM it was almost 1 USD a day payout with 1 MH/s as well. Crazy when you think about what you get for 1MH now.

[galdur]

Obviously prices are collapsing as difficulty rises.

.0015 per GHS and maybe .035 per MHS seems
realistic at this point. It´s totally a buyer´s market.

[Etanllah]

Obviously prices are collapsing as difficulty rises.

.0015 per GHS and maybe .035 per MHS seems
realistic at this point. It´s totally a buyer´s market.

Yep, I've been diversifying between different cloud companies: Hashlets, LTCGear, Genesis, ZeusHash, PBMining

All seem pretty good so far!

[IanFoxley]

Day 44 comparison of payments with Genesis Mining and GAW Miners Hashlets.
http://youtu.be/zBVAxmeP6g4

Payouts were as follows:

Genesis Mining 10 GH/s contract 0.00010797 BTC
Gaw Miners Genesis Hashlet 15 GH/s  0.00013187 BTC

Genesis Mining 1 MH/s contract    0.00020852 BTC
GAW Hashlet Waffle                   0.00011973 BTC
GAW Hashlet Zen                        0.00010189 BTC

[IanFoxley]

Day 45 comparison of payments with Genesis Mining and GAW Miners Hashlets.
http://youtu.be/xeL7fXCgafM

Payouts were as follows:

Genesis Mining 10 GH/s contract 0.00010714 BTC
Gaw Miners Genesis Hashlet 15 GH/s  0.00011549 BTC

Genesis Mining 1 MH/s contract    0.00022322 BTC
GAW Hashlet Waffle                   0.00011516 BTC
GAW Hashlet Zen                       0.00014852 BTC

[ronnyraeder]

Day 36 comparison of payments with Genesis Mining and GAW Miners Hashlets.

Payments were as follows:
http://youtu.be/--xm6Xidt_w

Genesis Mining 10 GH/s contract 0.00011758 BTC
Gaw Miners Genesis Hashlet 15 GH/s  0.00012120 BTC

Genesis Mining 1 MH/s contract    0.00023378 BTC
GAW Waffle Hashlet                   0.00012797 BTC
GAW Zen Hashlet                         0.00018018 BTC

Right now Genesis wins GAW , specially since Genesis lowered the fees .

https://hashtalk.org/topic/12934/genesis-mining-changed-the-daily-fee/46

Wrong! they just doubled their fee from USD 0.01 per 10 GH/s and day--> USD 0.02 per 10 GH/s and day.. so while their "per GH/s" prices is going down, they at the same time shortening their "lifetime" contract. (just on new contracts of course)

[/quote]
What does "lifetime" contract mean
Modified on: Wed, 15 Oct, 2014 at 8:56 am

As per the contract:

The contract can be terminated in case the daily mining return are lower than the maintenance fee for at least 20 days in a row.[/quote]

And in 200 days+ you actualy would be better of with their "OLD" 9.99 USD per 10GH/s price then their new wonderful 7.99 USD per 10GH/s (as their new maintenance fee came with the new pricing)

So...... They atualy increased their prices?? While tricking their customers into believing they lowered it??? Ohh yeah!

[MacDuro]

Day 36 comparison of payments with Genesis Mining and GAW Miners Hashlets.

Payments were as follows:
http://youtu.be/--xm6Xidt_w

Genesis Mining 10 GH/s contract 0.00011758 BTC
Gaw Miners Genesis Hashlet 15 GH/s  0.00012120 BTC

Genesis Mining 1 MH/s contract    0.00023378 BTC
GAW Waffle Hashlet                   0.00012797 BTC
GAW Zen Hashlet                         0.00018018 BTC

Right now Genesis wins GAW , specially since Genesis lowered the fees .

https://hashtalk.org/topic/12934/genesis-mining-changed-the-daily-fee/46

Wrong! they just doubled their fee from USD 0.01 per 10 GH/s and day--> USD 0.02 per 10 GH/s and day.. so while their "per GH/s" prices is going down, they at the same time shortening their "lifetime" contract. (just on new contracts of course)

What does "lifetime" contract mean
Modified on: Wed, 15 Oct, 2014 at 8:56 am

As per the contract:

The contract can be terminated in case the daily mining return are lower than the maintenance fee for at least 20 days in a row.[/quote]

And in 200 days+ you actualy would be better of with their "OLD" 9.99 USD per 10GH/s price then their new wonderful 7.99 USD per 10GH/s (as their new maintenance fee came with the new pricing)

So...... They atualy increased their prices?? While tricking their customers into believing they lowered it??? Ohh yeah!
[/quote]

At other forums people are saying that Genesis mining lowered the fees

Sha 256 0.01 USD per 10GH/s, was 0.01 USD per 5 GH/s
Scrypt 0.05 USD per MH, was 0.08 USD per MH.

Can you confirm that they doubled the fee now ? , can someone with a Genesis Mining contract tell what are the fees ? . Thx .

[Zeta0S]

Day 36 comparison of payments with Genesis Mining and GAW Miners Hashlets.

Payments were as follows:
http://youtu.be/--xm6Xidt_w

Genesis Mining 10 GH/s contract 0.00011758 BTC
Gaw Miners Genesis Hashlet 15 GH/s  0.00012120 BTC

Genesis Mining 1 MH/s contract    0.00023378 BTC
GAW Waffle Hashlet                   0.00012797 BTC
GAW Zen Hashlet                         0.00018018 BTC

Right now Genesis wins GAW , specially since Genesis lowered the fees .

https://hashtalk.org/topic/12934/genesis-mining-changed-the-daily-fee/46

Wrong! they just doubled their fee from USD 0.01 per 10 GH/s and day--> USD 0.02 per 10 GH/s and day.. so while their "per GH/s" prices is going down, they at the same time shortening their "lifetime" contract. (just on new contracts of course)

What does "lifetime" contract mean
Modified on: Wed, 15 Oct, 2014 at 8:56 am

As per the contract:

The contract can be terminated in case the daily mining return are lower than the maintenance fee for at least 20 days in a row.

And in 200 days+ you actualy would be better of with their "OLD" 9.99 USD per 10GH/s price then their new wonderful 7.99 USD per 10GH/s (as their new maintenance fee came with the new pricing)

So...... They atualy increased their prices?? While tricking their customers into believing they lowered it??? Ohh yeah!
[/quote]

At other forums people are saying that Genesis mining lowered the fees

Sha 256 0.01 USD per 10GH/s, was 0.01 USD per 5 GH/s
Scrypt 0.05 USD per MH, was 0.08 USD per MH.

Can you confirm that they doubled the fee now ? , can someone with a Genesis Mining contract tell what are the fees ? . Thx .
[/quote]

I have asked genesis, waiting for there response.

[IanFoxley]

Originally it was 0.01 USD per 5 GH/s
Then for a week or so it was changed to 0.01 USD per 10GH/s (All contracts sold from when the liftetime contract was started, were changed to this as my contract originally was 0.01 USD per 5 GH/s and now reads 0.01 USD per 10 GH/s)

Then around 19th 20th October they introduced the 15.99 USD, 20 GH/s minimum purchase contract which is eqv to 7.99 USD per 10GH/s.

Fee was changed to 0.02 USD per 10 GH/s again.

Anyone purchasing contracts now are paying the 0.02 USD as can see the fees using the view terms option before purchasing.

So in a way all they did was put the fees back to what they were originally before anyway. (on paper) GM did say on another post that they had not even been charging much in fees anyway, even if the contracts had said otherwise, because they wanted to help their customers out and give them more BTC and less fees.

Link to post where GM talked about the fees, only mentioned Scrypt fees mind you. SHA 256 was not mentioned.
https://bitcointalk.org/index.php?topic=602022.msg9199356#msg9199356

Ian

[alinafatima]

Off-topic replies have become a big problem. From now on, I will be deleting such replies without notice. If your replies disappear, this is probably why.

All replies must respond to the topic's original post in some way, even if they are replying to an on-topic reply. If your reply has nothing to do with the topic post, either add some content that is relevant or create a new topic.

[Zeta0S]

Replay Genesis Mining

Hi,

This is the fee situation right now:
SHA256 0.02 USD per 10GH/s
Scrypt 0.05 USD per 1MH/s


Best regards,
Genesis Mining

[Icon]

I am quite surprised to still see some positive reviews on Genesis-Mining, here and on some blogs. It's quite far from my own experience.

I've taken a yearly, Scrypt Mining 2 MH/s contract, at $158 on the 21/8/2014 at Genesis-Mining. The results have always been quite disappointing and I wrote to them about it in September. They made a vague answer, saying that things would change soon. But they didn't, and I never heard from them again.

Almost 3 months after the beginning of my contract, it has generated a mere $17. These days, my revenues are about $1 a week (!). No need to be a math genius to understand that there is no way this contract will ever be profitable. See by yourself:



So here is my review:

I believe/hope genesis contacts are life time not yearly..


Icon

[IanFoxley]

I am quite surprised to still see some positive reviews on Genesis-Mining, here and on some blogs. It's quite far from my own experience.

I've taken a yearly, Scrypt Mining 2 MH/s contract, at $158 on the 21/8/2014 at Genesis-Mining. The results have always been quite disappointing and I wrote to them about it in September. They made a vague answer, saying that things would change soon. But they didn't, and I never heard from them again.

Almost 3 months after the beginning of my contract, it has generated a mere $17. These days, my revenues are about $1 a week (!). No need to be a math genius to understand that there is no way this contract will ever be profitable. See by yourself:



So here is my review:

I believe/hope genesis contacts are life time not yearly..


Icon

They were yearly once but then they changed to lifetime contracts in September, anyone that had a 1 year contract will have it upgraded to a lifetime contract when their year ends.

[IanFoxley]

Day 46 comparison of payments with Genesis Mining and GAW Miners Hashlets.
http://youtu.be/sIb0eIcbZAs

Payouts were as follows:

Genesis Mining 10 GH/s contract 0.00010338 BTC
Gaw Miners Genesis Hashlet 15 GH/s  0.00012676 BTC

Genesis Mining 1 MH/s contract    0.00018532 BTC
GAW Hashlet Waffle                   0.00000001 BTC
GAW Hashlet Zen                       0.00007120 BTC

[IanFoxley]

Day 47  comparison of payments with Genesis Mining and GAW Miners Hashlets.

http://youtu.be/_IMfWHHDhbI

Payouts were as follows:

Genesis Mining 10 GH/s contract 0.00010481 BTC
Gaw Miners Genesis Hashlet 15 GH/s  0.00012779 BTC

Genesis Mining 1 MH/s contract    0.00017936 BTC
GAW Hashlet Waffle                   0.00010030 BTC
GAW Hashlet Zen                       0.00007921 BTC