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

[IanFoxley]

I had uploaded a video which explains a little bit about the interface you will see when you sign up to Genesis Mining and some of the features.

https://www.youtube.com/watch?v=7pVsX0vNx-E

Ian

[IanFoxley]

I was thinking about doing a series of videos each day on Youtube where I purchase 10GH/s with both Genesis Mining and a Genesis Hashlet to compare daily payments over a period of time.

I also want to do the same with 1 MH/s

What I am unsure to do though is the following.

1 MH/s with Genesis Mining costs 17.99 USD and I can purchase a waffle hashlet for 17.99 USD

Does that sound like a good comparison as I am not sure if it is fair to perhaps purchase a Zen Hashlet that costs 3 USD more.

What does anyone else think?

Should I get a Zen Hashlet or keep with a Hashlet which is at the same price as the Genesis Mining price?

Thoughts anyone?


Edit: What I have decided to do is get a Genesis Hashlet, a Waffle Hashlet as that is the same price as 1 MH/s with Genesis Mining and also a Zen Hashlet as that uses the Zen pool so will be interesting to also compare daily payouts between the Waffle Pool payouts and the Zen Pool payouts.

Ian

[IanFoxley]

Video number 2 is up.

http://youtu.be/i8mj-QoK9Ro

This focuses on the products I have purchased. No price comparisons just yet, but will be updated as soon as both give out proper 24 hour payments.

Thanks

Ian

[IanFoxley]

First full days payment from Genesis Mining is here already

Just have to wait for the GAW Miners Zencloud payment, will be later today.

Then I can do the video which I will try and put up by the evening European time.

Thanks

Ian

[hiddensphinx]

First full days payment from Genesis Mining is here already

Just have to wait for the GAW Miners Zencloud payment, will be later today.

Then I can do the video which I will try and put up by the evening European time.

Thanks

Ian

can't wait for for your review..please also do test with Blackcoin payouts too if you can 

[IanFoxley]

First full days payment from Genesis Mining is here already

Just have to wait for the GAW Miners Zencloud payment, will be later today.

Then I can do the video which I will try and put up by the evening European time.

Thanks

Ian

can't wait for for your review..please also do test with Blackcoin payouts too if you can  

I can't do blackcoin unfortunately as I am trying to do a direct comparison with hashlets and you only get BTC payments with GAW Miners at the moment.

Maybe you could ask on the blackcoin forum if anyone is mining blackcoins with Genesis Mining and if they are, to supply some figures.

Ian

[IanFoxley]

And the winner on the first Full Payment day is ........

Genesis Mining!


First full days payment with Genesis Mining and GAW Miners Hashlets.

Payments were as follows for the first full day,  Day 1 payments were not full 24 hours.

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

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

I was really surprised, especially with the Zen Hashlet as I really thought that would have been the winner today.

Video link http://youtu.be/w_nR2M4ZBIs

[IanFoxley]

Day 3 Payments are coming in now, nothing from Genesis Mining as of yet but some payments from the Hashlets, but have to wait till they are complete.

First thoughts.

The Hashlet Waffle payment is atrocious, although not surprised as the Waffle Pool payments are bottom of the list.
The Genesis Hashlet payment is better than yesterday, but not too much
The Zen Hashlet payment is a little improvement on yesterday too.

Now just to wait for the GM payments, then I can start thinking about doing Video for Youtube.

Thanks
Ian

[Razkin]

On the 10th September, Genesis Mining lowered their prices and now have extended their contracts to lifetime.
If you had a contract with Genesis Mining before the change then your contract will change to lifetime when your current one ends.



Thanks
Ian

Um, so what will effectively happen when my 1 year contract expires? I keep my Hashpower and only have to pay a daily fee?

[IanFoxley]

On the 10th September, Genesis Mining lowered their prices and now have extended their contracts to lifetime.
If you had a contract with Genesis Mining before the change then your contract will change to lifetime when your current one ends.



Thanks
Ian

Um, so what will effectively happen when my 1 year contract expires? I keep my Hashpower and only have to pay a daily fee?

Basically your one year contract changes to a lifetime and at that point you then have to pay the lifetime contract termos of a daily fees of 8 cents per 1 MH/s for scrypt or 1 cent per 5 GH/s
If it ends up being that your daily payment is less than the amount they take from you, then your contract ends as you would get nothing each day or even run into a negative.

As you are still on the old contract, then at the moment you don't pay those fees, not until the change over.

Hope that explains a little bit.

Ian

[Razkin]

On the 10th September, Genesis Mining lowered their prices and now have extended their contracts to lifetime.
If you had a contract with Genesis Mining before the change then your contract will change to lifetime when your current one ends.



Thanks
Ian

Um, so what will effectively happen when my 1 year contract expires? I keep my Hashpower and only have to pay a daily fee?

Basically your one year contract changes to a lifetime and at that point you then have to pay the lifetime contract termos of a daily fees of 8 cents per 1 MH/s for scrypt or 1 cent per 5 GH/s
If it ends up being that your daily payment is less than the amount they take from you, then your contract ends as you would get nothing each day or even run into a negative.

As you are still on the old contract, then at the moment you don't pay those fees, not until the change over.

Hope that explains a little bit.

Ian

Yes, I keep my hashpower even though I purchased a one year contract. If the daily payment is more than the daily fee, I keep my hashing power(which is awesome).

So, if it is not enough to pay the daily fee, is it then ended or only "paused" till it meets the fee(if ever)?

Genesis should mail its clients/place a faq or something as this info is nowhere to be found.

[IanFoxley]

On the 10th September, Genesis Mining lowered their prices and now have extended their contracts to lifetime.
If you had a contract with Genesis Mining before the change then your contract will change to lifetime when your current one ends.



Thanks
Ian

Um, so what will effectively happen when my 1 year contract expires? I keep my Hashpower and only have to pay a daily fee?

Basically your one year contract changes to a lifetime and at that point you then have to pay the lifetime contract termos of a daily fees of 8 cents per 1 MH/s for scrypt or 1 cent per 5 GH/s
If it ends up being that your daily payment is less than the amount they take from you, then your contract ends as you would get nothing each day or even run into a negative.

As you are still on the old contract, then at the moment you don't pay those fees, not until the change over.

Hope that explains a little bit.

Ian

Yes, I keep my hashpower even though I purchased a one year contract. If the daily payment is more than the daily fee, I keep my hashing power(which is awesome).

So, if it is not enough to pay the daily fee, is it then ended or only "paused" till it meets the fee(if ever)?

Genesis should mail its clients/place a faq or something as this info is nowhere to be found.

Yes, hopefully they will add it in the FAQ, but at the moment it can be found when you upgrade Hashpower and are about to purchase. It is in the link View Agreement, which then displays all the contract terms, etc

So, if it is not enough to pay the daily fee, is it then ended or only "paused" till it meets the fee(if ever)?


Yes I can see where you are going with that, to be honest I have no idea, lots of What Ifs I suppose, I am sure if it ever got to that scenario, Genesis Mining would know about that too and would probably come up with something, I suppose at the moment it is something that might be a little while off just now, although not tooo far into the distance, hard to tell really.

Thanks for your post though, made me think a bit..

[IanFoxley]

Day 3 video is ready to be done, just that the Genesis Mining interface has decided to not update so even though I have got todays payments in my bitcoin wallet, they are not showing on the interface and my viewers need to be able to see that so I can prove to them that I actually did get those payouts and I didn't just make them up out of thin air.

Interesting day again.

Hopefully can post soon, if not will have to be tomorrow again

Gaw Mining payments are in too, just this GM interface problem...


Ian

[EvilPanda]

Some things to remember when comparing these two offers:
1 GAW allows you to use credit cards
2 You can sell your Hashlets
3 They have promotions like double hash, that can double your daily earnings
4 You can change sha pools
5 You earn money through contributing on Hashtalk
6 There are new things comming up. GAW is planning to allow peer to peer trading and renting out hashlets.

Also bear in mind that GAW is leading innovation here, making new offers that are later copied by the competition.

[IanFoxley]

Some things to remember when comparing these two offers:
1 GAW allows you to use credit cards
2 You can sell your Hashlets
3 They have promotions like double hash, that can double your daily earnings
4 You can change sha pools
5 You earn money through contributing on Hashtalk
6 There are new things comming up. GAW is planning to allow peer to peer trading and renting out hashlets.

Also bear in mind that GAW is leading innovation here, making new offers that are later copied by the competition.

Some of your points

1. Yes, always good, apparently coming soon with Genesis Mining, these things must be a pain to set up though as I know on the zencloud they added it and removed it because of people doing chargebacks and trying to commit fraud. It is good that you can pay with credit card on the GAW miners website though.
2. Double Hash?? Thats only happened a couple of times in the past, I think of it as more of a way of attracting customers or making current customers buy more hashpower thinking that they might get double hashrate soon again. I do like the boost idea on the Primes though even though I just think it is a gimmick as to be honest, my payments look just the same as before I could boost them.
3. Yes, I like that idea too.
4. Still trying to work out what the point is. So far all of my Genesis Mining Payments with Sha256 have been higher than any of the pools they mention.
5. Not exactly a lot of money. I would rather have the system that GM have where you are automatically given an affiliate code you can give to others. I have had lots of free hashpower because of that. Plus can't users downvote you too, which means losing money??
6. New things coming with GM too like X11 mining contracts, not something the hashlets will be able to do for a while if at all, but GM actually have had huge GPU farms for months, long before Scrypt Asics started hitting the market.

Apart from lowering their prices, which I don't really see as copying, as everyone has to lower their prices anyway, GAW miners just helped sort of speed that process up a bit with all those hashlet sales, I cant think of anything where Genesis Mining has copied Gaw Miners.

Ian.

[EvilPanda]

Some of your points

1. Yes, always good, apparently coming soon with Genesis Mining, these things must be a pain to set up though as I know on the zencloud they added it and removed it because of people doing chargebacks and trying to commit fraud. It is good that you can pay with credit card on the GAW miners website though.
2. Double Hash?? Thats only happened a couple of times in the past, I think of it as more of a way of attracting customers or making current customers buy more hashpower thinking that they might get double hashrate soon again. I do like the boost idea on the Primes though even though I just think it is a gimmick as to be honest, my payments look just the same as before I could boost them.
3. Yes, I like that idea too.
4. Still trying to work out what the point is. So far all of my Genesis Mining Payments with Sha256 have been higher than any of the pools they mention.
5. Not exactly a lot of money. I would rather have the system that GM have where you are automatically given an affiliate code you can give to others. I have had lots of free hashpower because of that. Plus can't users downvote you too, which means losing money??
6. New things coming with GM too like X11 mining contracts, not something the hashlets will be able to do for a while if at all, but GM actually have had huge GPU farms for months, long before Scrypt Asics started hitting the market.

Apart from lowering their prices, which I don't really see as copying, as everyone has to lower their prices anyway, GAW miners just helped sort of speed that process up a bit with all those hashlet sales, I cant think of anything where Genesis Mining has copied Gaw Miners.

Ian.

1. Nothing to add here
2. Hashlets are up just a few weeks, how many times would you expect a promo to happen in such a short time?
3. Great
4. You have been comparing the payouts for just a few days, I hope GAW will come on top in the end
5. Every penny counts, especially that in your comparison the difference between some daily payouts of GM and GAW wasn't big, so it's easy to tip the scales.
6. Looking forward to your new ideas. Unfortunately to an average user the fact that you had a GPU farm doesn't mean much besides that the fact that you know your hardware and probably have a lot of coins.

Ok, copying is not the best word. I'd call it reacting to their moves.

[IanFoxley]

Some of your points

1. Yes, always good, apparently coming soon with Genesis Mining, these things must be a pain to set up though as I know on the zencloud they added it and removed it because of people doing chargebacks and trying to commit fraud. It is good that you can pay with credit card on the GAW miners website though.
2. Double Hash?? Thats only happened a couple of times in the past, I think of it as more of a way of attracting customers or making current customers buy more hashpower thinking that they might get double hashrate soon again. I do like the boost idea on the Primes though even though I just think it is a gimmick as to be honest, my payments look just the same as before I could boost them.
3. Yes, I like that idea too.
4. Still trying to work out what the point is. So far all of my Genesis Mining Payments with Sha256 have been higher than any of the pools they mention.
5. Not exactly a lot of money. I would rather have the system that GM have where you are automatically given an affiliate code you can give to others. I have had lots of free hashpower because of that. Plus can't users downvote you too, which means losing money??
6. New things coming with GM too like X11 mining contracts, not something the hashlets will be able to do for a while if at all, but GM actually have had huge GPU farms for months, long before Scrypt Asics started hitting the market.

Apart from lowering their prices, which I don't really see as copying, as everyone has to lower their prices anyway, GAW miners just helped sort of speed that process up a bit with all those hashlet sales, I cant think of anything where Genesis Mining has copied Gaw Miners.

Ian.

1. Nothing to add here
2. Hashlets are up just a few weeks, how many times would you expect a promo to happen in such a short time?
3. Great
4. You have been comparing the payouts for just a few days, I hope GAW will come on top in the end
5. Every penny counts, especially that in your comparison the difference between some daily payouts of GM and GAW wasn't big, so it's easy to tip the scales.
6. Looking forward to your new ideas. Unfortunately to an average user the fact that you had a GPU farm doesn't mean much besides that the fact that you know your hardware and probably have a lot of coins.

Ok, copying is not the best word. I'd call it reacting to their moves.

OK
2 I believe GAW miners did a similar double hash promotion a few months ago before they had Hashlets, so I was basing that it could be just something they do every few months in general and as people go crazy about it and talk about it, then word gets around and people then have a crazy period of buying Hashlets. It is good for GAW and good for users, but am not sure they would do that too often though. It could be a feature for the prime though in the future, although maybe each prime would just get updated to 2 MH/s each as the price is staying the same, but the other hashlets, apart from the Zen are lowering in price.
4. Yes as a fresh start on Youtube, but I have another account which I have had for a while with lots more hashlets etc, so had a clearer picture.  Same with genesis Mining, I had to have a fresh account for both as it would have been so hard to compare as both have different amounts of hashpower in each account.
6. I don't work for Genesis Mining, so the farm doesn't belong to me, I am just someone who has had an account with them since May.

Yes, reacting is a much better word, although copying does apply to some other companies out there, but mainly to those that have sold Asic hardware and are suddenly in the last few weeks, now doing cloud mining with similar worded names.

Cheers

Ian

[IanFoxley]

Here are the results from yesterdays Payouts.

Genesis Mining 10 GH/s contract  0.00017355 BTC
Gaw Miners Genesis Hashlet        0.00012035 BTC

Genesis Mining 1 MH/s contract   0.00048002 BTC
GAW Waffle Hashlet                   0.00010282 BTC
GAW Zen Hashlet                       0.00047014 BTC

http://youtu.be/IXd24z4NiWw

Thanks

Ian

[fanky]

Ian
[/quote]

can't wait for for your review..please also do test with Blackcoin payouts too if you can 
[/quote]

Here is my table Blackcoin Pool vs Genesis (profitability):
                    

                         Blackcoin Pool                                   Genesis

2014-09-16    2.7182 BC per MH/s             2.7911 BC per MH/s
2014-09-15     2.0936 BC per MH/s             2.1128 BC per MH/s   
2014-09-14     1.8470 BC per MH/s                  1.8561 BC per MH/s   
2014-09-13    3.5603 BC per MH/s             3.5701 BC per MH/s
2014-09-12    3.7978 BC per MH/s             3.8162 BC per MH/s  
2014-09-11      3.9705 BC per MH/s                 3.9795 BC per MH/s

As you can see, Genesis is a little bit more profitable, but not critically.

[IanFoxley]

Ian

can't wait for for your review..please also do test with Blackcoin payouts too if you can  
[/quote]

Here is my table Blackcoin Pool vs Genesis (profitability):
                    

                         Blackcoin Pool                                   Genesis

2014-09-16    2.7182 BC per MH/s             2.7911 BC per MH/s
2014-09-15     2.0936 BC per MH/s             2.1128 BC per MH/s   
2014-09-14     1.8470 BC per MH/s                  1.8561 BC per MH/s   
2014-09-13    3.5603 BC per MH/s             3.5701 BC per MH/s
2014-09-12    3.7978 BC per MH/s             3.8162 BC per MH/s  
2014-09-11      3.9705 BC per MH/s                 3.9795 BC per MH/s

As you can see, Genesis is a little bit more profitable, but not critically.
[/quote]
Thanks for taking the time and effort to post this Fanky, will be really useful for some.
Do you think you could post these findings over at this thread here which is the official Genesis Mining thread as I think it might be really useful for people to see this who are interested in mining blackcoins.

Link is here, https://bitcointalk.org/index.php?topic=602022.0

I could have done this but I thought it would be a bit rude to just cut and paste your text somewhere else.

Ian