Hi Guy
So i want to buy Genesis-mining , but you have to sign up a contract before you see Information.
What is that?
How can you recommend such a Company?
i looked at the contract and wasn't terribly impressed.
its a lifetime contract with a $/GH/day fixed maintenance cost (The math worked out to something like $60/TH/month (or about $120/kW/month assuming the hardware is SP3X series)
"2. Remuneration
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):
a. 0.449 USD per GH/s upfront
b. USD 0.0019 per GH/s and day, deducted on a daily basis* from the generated Coins
4. Term
This Agreement is entered into for the term indicated above.
The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above."
ie: once the fees>daily revenue, the contract is almost over, with a 20-day maximum period for daily loss before the agreement is terminated
Not terribly impressive considering that $449/TH is the approximate pricing of the SP3X series, in which case the hosting costs are about equal to $0.17/kwh. I personally have colocation elsewhere thats <$0.13/kwh and the hardware is actually owned by me.
Genesis is too expensive. The deal offered by lee using s-5's that you own allowing for paypal payment is far cheaper.
$340 for 1 s-5 they will run it at 1150gh and charge you 43.60 for power.
to match this deal genesis needs to offer 1000gh at 295 and charge you 37.90 for power.
Now I love sp20's for my home and I am running 9 of them. I only run 1 s-5 at home.
I also prefer spondoolies-tech over bitmaintech as a company.
But the numbers on genesis cloud are just far too expensive.
The nature of mining is very competitive.
I could buy from lee with paypal get a small paypal discount 2% time the order and have about 40 days to pay it. I would also be protected by paypal for 45 days.
genesis needs to step up its game to compete with that offer.
