Genesis Mining vs GAW Mining, Spondoolies, Hashnest and Mining Sweden updates

[IanFoxley]

News and info about Genesis Mining

This will get updated with latest news regarding Genesis Mining. Also in this thread are historical payouts and video links.
In September 2015 I wanted to compare payouts with GAW miners and their Hashlets and Genesis Mining so for a few months I did just that, well until Scrypt payouts went to nothing, but for historical purposes, it could be fun to see what payouts were like, even the USD/BTC price.

Now I am focussing on providing payout data for Hashnest and Genesis Mining so users can compare the two. So I purchased 50GH/s of all known contracts so that you can look up information quite easily.

Hope you find it useful

August Update
At the moment Genesis Mining only sell SHA 256 contracts now. Scrypt has been unavailable for a few months. Marco Streng mentioned in the latest webinar that X11 mining will be coming very soon so when i know more info, will update.

Their first Webinar on 28th July 2015. Interesting info here.  Will update links when more become available.

https://www.youtube.com/watch?v=LM0YUEbOGu4


Update 2016

From 8th January Maintenance fees for SHA 256 contracts on newly bought contracts is 0.00079 USD per GH/s per day or 0.79 USD per TH/s

X11 and ETH contracts are 1 year and have all fees included in upfront cost.

Genesis Mining has does have advantages and disadvantages though.



Advantages - Genesis Mining.

You can mine other coins, as well as BTC,

For SHA 256 contracts, users can allocate hashpower to Bitcoin, UNO and Zetacoin and use the autotrade function to get payouts in Litecoin, Dash, BTCD and Dash.
All the auto trade coins have (AUTO) beside them. With (AUTO) marked coins, payouts are still in Bitcoin but are traded when the payout goes out to the relevant coin at the going rate, as in whatever price they are being traded at, at the time. So instead of sending your Bitcoin payout to Cryptsy for example to trade to Doge or Litecoin, you can just allocate hashpower to LTC (AUTO) or Doge (AUTO) and it will trade your Bitcoin payout for Litecoin and Doge. Can save time and hassle.

Users who are still on Scrypt contracts can allocate hashpower to LTC and Dogecoins, DRK, FTC, POT, NVC. Blackcoins and Megacoin and also Viacoin. Dnotes and World Coin

You can also specify how much of your hashpower you want to direct to coins when you mine, so you can mine different coins in one go. 50% to LTC and 50% to BTC for example.

Lots of user promo-codes around giving you a discount off the price, for example code CK_DISCOUNT (3 % code for Lifetime, 2.5% for 1 year Master contracts)

They accept Credit Card, LTC, BTC, Doge, Dash, USD and Euro Bank Wires as payment.

Every user gets a referral code that allows them to give discounts to other users and also receive hashpower for free.


Disadvantages - Genesis Mining

You do not get to choose a pool to mine from

It is not possible to trade your hashpower


Feel free to add or discuss below.

Thanks
Ian

[110110101]

I had a look at Genesis and saw the larger price difference in terms of $ per MH for the smaller contracts. I have purchased about 50 MHs at GAW for $800-something, (but getting the same today would be about $1050), while this would cost me roughly $2200 at Genesis.

As it stands today I would go with GAW again, but if the prices started coming down at Genesis then maybe I would consider them as well. In the end it boils down to ROI, and as long as the payouts from GAW exceed the service fee of 8 cents per MH, the hashlet would continue to give small payouts for its lifetime.

The competition benefits all miners though, as the diff increases 50MHs won't be worth that much in a half years time, my hope is to make a ROI and let the hashlet keep on running. If/when I do in fact make my money back, I will be checking back and see how Genesis are doing and if their offers are competitive to the others in the mining field.

[IanFoxley]

I had a look at Genesis and saw the larger price difference in terms of $ per MH for the smaller contracts. I have purchased about 50 MHs at GAW for $800-something, (but getting the same today would be about $1050), while this would cost me roughly $2200 at Genesis.

As it stands today I would go with GAW again, but if the prices started coming down at Genesis then maybe I would consider them as well. In the end it boils down to ROI, and as long as the payouts from GAW exceed the service fee of 8 cents per MH, the hashlet would continue to give small payouts for its lifetime.

The competition benefits all miners though, as the diff increases 50MHs won't be worth that much in a half years time, my hope is to make a ROI and let the hashlet keep on running. If/when I do in fact make my money back, I will be checking back and see how Genesis are doing and if their offers are competitive to the others in the mining field.

Thanks for the comments.

When you refer to paying $800 for 50 MHs, I gather you mean the hashlets at $16.99 which are now the hashlet primes or did you purchase an Asic??

Anyway if they were hashlet primes then now they would be worth almost 2000 USD, so that was quite a good saving for you

You are correct about 50 MHs being $2,200 with Genesis Mining and even lower with a promocode.

At current fees of 8 cents per Megahash, GAW are charging 4 USD a day, 120 USD a month or there abouts, where as GM take nothing, but those fees with GAW are going to drop over time, we have been told.

But anyway I have both hashlets and a contract with GM, so just trying to show the plus and minuses of them.

I have also heard that Genesis Mining have a project X in the pipeline which could mean even lower prices. They are not saying much about it at the moment.

Interesting times ahead anyway.

[110110101]

...
 I have purchased about 50 MHs at GAW for $800-something, (but getting the same today would be about $1050), while this would cost me roughly $2200 at Genesis.
....

Thanks for the comments.

When you refer to paying $800 for 50 MHs, I gather you mean the hashlets at $16.99 which are now the hashlet primes or did you purchase an Asic??

Anyway if they were hashlet primes then now they would be worth almost 2000 USD, so that was quite a good saving for you

...

Yes, I bought my hashlets a little more than two weeks ago when the then Hashlet was 16.99 $/MH. I started with 1 or 2 MH, but added more as they seemed to perform well and the payouts started to trickle in. They were recently converted to Primes, so I'm holding on to them and am eager to see what waits ahead in terms of alternative mining algorithms and payouts.

To date they have payed out almost 22% of my initial investment, but I expect that the payout rate will decrease. I'll be happy if the hashlets reach a ROI within 90 days (currently looking at 70-ish days from my estimation).

[110110101]

Looks like GAW's idea was good since the competition is trying to launch a similar product.

Things that struck me in this comparison:
Hashlets are tradable, and they are planning to make this even easier in the future.
You can sell your Hashlet whenever you want and the prices have risen in the last few weeks so people who bought early Hashlets have already reached ROI.
Hashlet's fees are supposed to decrease in time to keep it profitable.
You don't accept credit card payments, so there's no chance of getting the money back if you guys decide to bail.

*shameless plug*
You may buy Hashlets at GAWMiners.com, pay with your credit card and recieve an activation code. You can then use this code at https://cloud.zenminer.com where you then activate your new miner.

So yes you can pay with your credit card if this feels more secure. This is how I have purchased my hashlets, no problems at all. Although when GAW announced their new hashlets the site was swamped and it took a few hours to get the codes.

Just for the fun of it, use the like above and I'll see that you can get 1.5% off your order.
If your order is completed, GAW pays a small commission for affiliates. Once the payout is complete, I'll pay you back your 1.5% in BTC. 

[lyth0s]

Looks like GAW's idea was good since the competition is trying to launch a similar product.

Things that struck me in this comparison:
Hashlets are tradable, and they are planning to make this even easier in the future.
You can sell your Hashlet whenever you want and the prices have risen in the last few weeks so people who bought early Hashlets have already reached ROI.
Hashlet's fees are supposed to decrease in time to keep it profitable.
You don't accept credit card payments, so there's no chance of getting the money back if you guys decide to bail.

Even without selling the early (15.99) miners for a higher price (close to $40) the hashlets are still about 20% ROI if purchased at the $15.99 rate.

You can follow my hashlet ROI here: https://bitcointalk.org/index.php?topic=752824.0

and if you want hashlet discounts here: https://bitcointalk.org/index.php?topic=750909.0

[IanFoxley]

Have updated the OP, due to price of Hashlet Primes increasing by $10 USD today.

[DARKANGEL6415]

So what is everyones take on the gaw mining so far i wont do genesis since not for life that kinda kills me right there. I like to be able to own them and if i want to sell them or gift them away then i feel like i should be able to. Any ideas when if when GAW will drop price down some more or lowers maint fees?

[IanFoxley]

Have updated the OP again.

They have announced even lower prices, some of the lowest out there now and also their contracts are now lifetime and not tied to just one year etc.


Taken from GM post.

Scrypt:

Gold      :   1 Mh/s    -  17.99 USD (17.99 USD per Mh/s)
Platinum :  20 Mh/s   -    339 USD (16.99 USD per Mh/s)
Diamond : 100 Mh/s -  1,499 USD (14.99 USD per Mh/s)


SHA:

Gold       :    10 Gh/s      -    9.99 USD (9.99 cents per Gh/s)
Platinum  :  1000 Gh/s    -    989  USD (9.89 cents per Gh/s)
Diamond  :10,000 Gh/s  -    9790 USD (9.79 cents per Gh/s)


Great news for all.

[Wintermute]

Have updated the OP again.

They have announced even lower prices, some of the lowest out there now and also their contracts are now lifetime and not tied to just one year etc.


Taken from GM post.

Scrypt:

Gold      :   1 Mh/s    -  17.99 USD (17.99 USD per Mh/s)
Platinum :  20 Mh/s   -    339 USD (16.99 USD per Mh/s)
Diamond : 100 Mh/s -  1,499 USD (14.99 USD per Mh/s)


SHA:

Gold       :    10 Gh/s      -    9.99 USD (9.99 cents per Gh/s)
Platinum  :  1000 Gh/s    -    989  USD (9.89 cents per Gh/s)
Diamond  :10,000 Gh/s  -    9790 USD (9.79 cents per Gh/s)


Great news for all.

Competition is good for all of us! Good times ahead!

[atsuky]

Seems like genesis is doing a great job, let's se how all the things will go, i'll buy some genesis hashing power for try

[AlexAtom]

I don't see the addition of any maintenance fee on the current pricing info page for Genesis, nor any mention in the FAQ, where did you see the daily maint fee mention?  Thx!

[tom99]

I don't see the addition of any maintenance fee on the current pricing info page for Genesis, nor any mention in the FAQ, where did you see the daily maint fee mention?  Thx!

  on site said no maint fee I think but too good and no idea how much pay rate for each GH.  Anyone know the pay rate list plz?

[SDRebel]

This was confusing because gaw has a genesis hashlet...so how long has genesis mining been around? How's their credibility so far?@

[IanFoxley]

I don't see the addition of any maintenance fee on the current pricing info page for Genesis, nor any mention in the FAQ, where did you see the daily maint fee mention?  Thx!

Hi Alex

When you go to upgrade hashpower and then go through the sequence of purchasing more scrypt, before you buy you have the chance of reading your terms of agreement.
If you start to read that, then down the page there is a paragraph about fees and it is mentioned there.

I will post it at the bottom of this post.

I am just waiting for GM to get back to my question about it, then I can update my post. What I do know that is this.
If you already had a contract with them, for example the 1 year contract and then in the last couple of weeks, a contract up to 3 years, then these stay the same. So you will carry on paying no fee until the day your contract finishes.
When your contract finishes then GM will transfer you to a lifetime contract which then means that from that point on, you will pay whatever fees is written in that contract, if confirmed to be fees.

Here are the lines from the contract. The fees are different between SHA256 and Scrypt. SHA256 being 0.01USD per 5 GH/s

2. Remuneration
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):  
a. 0.01795 USD per kH/s upfront
b. 0.08 USD per MH/s and day, deducted on a daily basis* from the generated Coins

So if the case, this is the same as for example the fee that GAW and others are charging each day.

[IanFoxley]

This was confusing because gaw has a genesis hashlet...so how long has genesis mining been around? How's their credibility so far?@

Genesis Mining has been around, well I noticed them since February this year.
They started to attract attention in around May, They became more of a presence here and their prices were actually starting to become quite competitive.

They are credible, they have posted many pictures and are also interviews and videos of them on the web at seminars etc or taking part in panels.
They have posted pictures of their farms in the past too, some quite recently of their new farm in Iceland.

Their thread page is here if you want to go through that.

https://bitcointalk.org/index.php?topic=602022.0

[IanFoxley]

I don't see the addition of any maintenance fee on the current pricing info page for Genesis, nor any mention in the FAQ, where did you see the daily maint fee mention?  Thx!

  on site said no maint fee I think but too good and no idea how much pay rate for each GH.  Anyone know the pay rate list plz?

Hi Tom.

Still waiting from confirmation from GM about their contract.

But for scrypt it was written as 0.08 USD per MH/s and for SHA 256 0.01 USD per 5 GH/s, so the same fees that GAW and others charge at the moment.

But even with the fees, if they are included now in new contracts, when you buy large amounts of hashpower, for example 100 MH/s then it works out at 14.99 USD a megahash.
Also do not forget that with GM, you don't have to just get BTC each day, you can mine other coins like Litecoin or Doge and they will go direct to any wallet address you choose.

I will update the posts as soon as I get an answer back from GM.

Cheers

Ian

[IanFoxley]

Seems like genesis is doing a great job, let's se how all the things will go, i'll buy some genesis hashing power for try

If you have not already, please use a promo code to get a discount.
There are a few around or if you can not find one, feel free to use the one in my signature.

Ian

[AlexAtom]

I don't see the addition of any maintenance fee on the current pricing info page for Genesis, nor any mention in the FAQ, where did you see the daily maint fee mention?  Thx!

Hi Alex

When you go to upgrade hashpower and then go through the sequence of purchasing more scrypt, before you buy you have the chance of reading your terms of agreement.
If you start to read that, then down the page there is a paragraph about fees and it is mentioned there.

I will post it at the bottom of this post.

I am just waiting for GM to get back to my question about it, then I can update my post. What I do know that is this.
If you already had a contract with them, for example the 1 year contract and then in the last couple of weeks, a contract up to 3 years, then these stay the same. So you will carry on paying no fee until the day your contract finishes.
When your contract finishes then GM will transfer you to a lifetime contract which then means that from that point on, you will pay whatever fees is written in that contract, if confirmed to be fees.

Here are the lines from the contract. The fees are different between SHA256 and Scrypt. SHA256 being 0.01USD per 5 GH/s

2. Remuneration
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):  
a. 0.01795 USD per kH/s upfront
b. 0.08 USD per MH/s and day, deducted on a daily basis* from the generated Coins

So if the case, this is the same as for example the fee that GAW and others are charging each day.

Thanks.  If this is indeed the case they should be sure to make this clear on their pricing page!  Thanks for attempting to get the clarification from GM

[BRUCELLA]

This is a good update for Genesis Mining, price are low and MH/s are for life.
We can mine some of our prefered coins (if they are in the list of mined coins by genesis) wich is better in the long run for this coins, i think...

I will take more MH/s i think And if you want a promo-code, 3% are in my signature (and in signature of many other people), you paid less, you help me too :p