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Author Topic: Genesis-Mining - low payout  (Read 2050 times)
EBK1000
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November 01, 2014, 10:50:06 PM
 #1

I have been testing Genesis-Mining over the last few days along side a hardware miner and I have some concerns about lower than expected payouts from Genesis-Mining and I have submitted the following to their support team.

"I have a question that I hope you would be able to fully and openly explain and clarify. I have been mining some different coins, first with 2 MH/s and over the last 2 days 3 MH/s of Scrypt to test the functionality of your site and to decide whether to invest further. I decided to test over the couple of days by mining Lottocoin both through Genesis-Mining and with my own hardware miner and the result is surprising.
 
Genesis-Mining payout is daily an a fair assumption is that this reflects 24 hours worth of mining with 3 MH/s scrypt against a Lottocoin pool of your choice. The payout today for a full 24 hours was 72630.72 LOT.
 
Over the last 24 hours from 1730 hours (GMT) on 31/10/2014 to 1730 hours (GMT) on 01/11/2014 I was also mining Lottocoin with a single Zeusminer Blizzard 1.3 MH/s and the payout I achieved with the single miner a payout of 90837.85 LOT.
 
So, I achieved with a single 1.3 MH/s miner a payout of 25% more than with a 3 MH/s miner over 24 hours.
 
This is consistent with my tests over the last few days as well. I clearly achieve a significantly higher payout with my single 1.3 MH/s miner than with Genesis-Mining 2 or 3 MH/s miner.
 
Can you explain this as I would expect roughly twice the payout from 3 MH/s compared to a 1.3 MH/s.
 
Can you also please clarify the fee structure for the Scrypt miners."

Soooooooon...............
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IanFoxley
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November 01, 2014, 11:19:08 PM
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Well lottocoins works with random blocks doesn't it, so depending on what blocks get found, and how much in each block there is, can affect the amount of coins you could find in one day.

If you are solo mining as well and hitting a block then you are getting that full amount of lottocoin for yourself and not sharing it with all the other people that might be mining Lottocoin on GM at the same time.

Plus you are probably not taking the daily fee off your lottocoins because you are mining at home, but when your electricity bill comes in you will have to take that into account yourself.

At 0.05 USD per Megahash, GM are taking 15 cents off your lottocoins each day and that will have an effect on the amount of lottocoins you will get back too. But at least the electricity is covered in that from the start.

Not sure what your electricity costs per day are with your miner. How many cents a day does your PC and your miner take up each day mining 24 hours a day, less than 15 cents? I do not know your costs as they can vary.

At the moment service fees are really taking a bite out of the payouts each day, which you do not have to worry so much mining it directly.

Just some thoughts anyway..

Mickxal
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November 01, 2014, 11:19:37 PM
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It's an awesome bitcoin and altcoin mining cloud. I respect them for their efforts. I encourage everyone who doesn't want to pay to much of an electric bill to use cloud mining because their contracts are lifetime. Use the promo code 7E4nu2 and you will get a 2.5% discount on each upgrade you do ! Soon they will have x11 algorithm and credit card payment methods which is rare in cloud mining !
EBK1000
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November 01, 2014, 11:46:06 PM
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I am mining to a pool and not solo and the payouts are consistently higher on Lottocoin and other coins. I am aware of the random blocks but the average is clearly disproportionate, or at least that what it looks like. Otherwise I like Genesis-Mining and I am planning to use it more.

Soooooooon...............
knowhow
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November 02, 2014, 07:41:37 PM
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well all i can say about this is these should be the same as ORPHAN bitcoins blocks.... your power on that is lost no payment i got severals on cex.io that my shares should pay a good ammount and got nothing....soo i suppose those coin has those too as the worth isnt constant soo you may found a 200 coin as a 30 coin worth genesis rocking Grin
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January 24, 2018, 12:52:52 AM
 #6

Well, the same thing is happening now. But the difficulty haven't been changed from Dec 6, yet there is a mass difference in profit. It reduced more than 25%
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