Genesis Mining after Fork | Bitcointalksearch.org

cafucafucafu

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Quote from: CoStar on October 09, 2017, 12:54:30 PM

Hello mining community,

I am a crypto-noob, only being involved in this space for less than 6 months, and I have a few questions about a contract I have with Genesis Mining.

One of the scenarios I have heard about after this fork business, will be that much of the hashrate will migrate to the new 2x chain. My question is, will this make the difficulty for my contracted hash power go down, thus yielding me more BTC for a short duration, or until the market decides which bitcoin is the true king?

Also, recently I have gotten a lesser decimal amount per day from Genesis, interestingly since around the same time that BTC has been on its rally. Is this because of a change in difficulty or is it compensating for the increase in BTC price? I was under the impression that I should be mining consistent amounts of BTC regardless of price. I have had fluctuations in the volume that my contract mines, but just wondering if anyone has had the same experience?

Thank you all for your time to read.

We have really no idea of how genesis mining actually calculates its mining profits for its customers. It is entirely up to them how much they want to pay really, there is no way of you confirming that they are paying out everything that they earn minus the agreed maintenance fees.

Regarding the hard fork, i don't think it'll really affect difficulty in the long run. Best that will happen is probably a short drop off of difficulty which may or may not reflect on your account.

h0lybyte

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Quote from: CoStar on October 09, 2017, 12:54:30 PM

Hello mining community,

I am a crypto-noob, only being involved in this space for less than 6 months, and I have a few questions about a contract I have with Genesis Mining.

One of the scenarios I have heard about after this fork business, will be that much of the hashrate will migrate to the new 2x chain. My question is, will this make the difficulty for my contracted hash power go down, thus yielding me more BTC for a short duration, or until the market decides which bitcoin is the true king?

Also, recently I have gotten a lesser decimal amount per day from Genesis, interestingly since around the same time that BTC has been on its rally. Is this because of a change in difficulty or is it compensating for the increase in BTC price? I was under the impression that I should be mining consistent amounts of BTC regardless of price. I have had fluctuations in the volume that my contract mines, but just wondering if anyone has had the same experience?

Thank you all for your time to read.

It seems like you are getting your mining payouts from your contracts and you are happy with what you did, right?
We can't even stop happening any losses from the contracts you got but we can only suggest advices on basis of our previous experiment.
You are asking about getting lesser amounts of rewards and other issues you face with cloud miner, this is what we are trying tell you.
You can't understand they deliberately make these issues happen, because they have nothing to do apart this.

CoStar

newbie

Activity: 5

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Quote from: Zocadas on October 10, 2017, 03:07:40 PM

I think, you have already a contract and want to know, what will happen after hardfork, right?
If genesis is really mining, efficience should go up a little. So if Bitcoin would continue going up, you should earn more. But I am sceptic as preposters, that you would have profits at cloud miners.

Yes I am just wondering what will likely happen to the difficulty in my situation and whether that might affect my volume payouts.

I know everyone and their mother is against cloud mining, but that's not the point of this thread. My break even point will be soon, I cannot back out or get my money back, so it is what it is. After crossing the break-even point, I fail to see how any part of the agreement is a ponzi. Once I cross this threshold in a couple months, the whole scam narrative falls apart, and I will be in the land of free BTC everyday for the unforeseen future. I have all the BTC going to cold storage where it will grow in value just as any other BTC will.

I know the difficulty will keep going up and the contract will not last forever, and I understand that it is not "real" mining. If I had the space and capital to start a mining operation at my home, trust me I would love to.

For the record, Genesis payouts did not reflect the last fork in August and Bitcoin Cash had little to no affect on my mining results. It seems like it might be different this time, and that is the purpose of my posting this thread.

maku

legendary

Activity: 1288

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Don't be fooled - cloud mining has very little to do with real mining, hash rate power and such.
It is more like investment and your payout will be controlled and 'mining company' will make sure that your profits would be rather just simple interest rate.
No matter how much you will invest, your final gain will be always the same. It is near zero-sum game.

Zocadas

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Activity: 909

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I think, you have already a contract and want to know, what will happen after hardfork, right?
If genesis is really mining, efficience should go up a little. So if Bitcoin would continue going up, you should earn more. But I am sceptic as preposters, that you would have profits at cloud miners.

mobnepal

legendary

Activity: 1218

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Quote from: CoStar on October 10, 2017, 07:07:25 AM

Thanks for your responses, these replies make sense to me so far.

As for cloud mining being a ponzi, I'm not sure, I made the decision to buy when I was new to Bitcoin and there's no backing out of the contract. My goal was to just double my money in a years time. Anything more than that would be a bonus, but in retrospect, I would have just spent the cash on some extra BTC to hold. Seems like cloud mining is a fair weather only operation.

If you want to make more bitcoin by investing than don't invest it in cloud mining ponzis, try to diversify your holding. Hold other altcoins along with bitcoin which have high marketcap and can provide real life solutions in future.

Along with altcoin, you should also invest in promising projects during crowdfunding. Cloud mining is not the way to double your bitcoin/money, you might struggle to get out your initial investment from these bullshit contracts.

Regarding fork they might continue paying out in coin which will have longer chain or majority of support.

frowsiter

sr. member

Activity: 714

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Quote from: U2 on October 09, 2017, 10:04:14 PM

Cloud mining operations don't actually mine, they're ponzis so the fork won't affect you at all. Get out while you still can. If you don't want to believe me, just google "cloud mining scam / ponzi".

Let me know how that goes, or don't. I already know what you'll find.

Indeed that's correct about bitcoin mining or any kind of cloud mining operation. The fluctuation is your mining volume are just changed with the increased and decreased price of bitcoin if you look closer. Because they know if the prices are kept high then they will have to pay you more bitcoin payment if they do it really. There is nothing fluctuating in your contract according to the network difficulty and other factors better stay away from the cloud mining and invest into something thoughtful.

carlfebz2

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Quote from: U2 on October 09, 2017, 10:04:14 PM

Cloud mining operations don't actually mine, they're ponzis so the fork won't affect you at all. Get out while you still can. If you don't want to believe me, just google "cloud mining scam / ponzi".

Let me know how that goes, or don't. I already know what you'll find.

Most of them are Ponzi and scams but if we do talk about genesis and hashflare they did really have miners and do actual mining which we can able to see their facilities but this kind of investment doesn't really guarantee to last long or would operate forever and for op regarding on his earnings it is indeed affected by mining difficulty which we know it does rise at the time goes by and genesis and those cloud mining doesn't really care at all on fork.They wont really give those free coins for sure.

CoStar

newbie

Activity: 5

Merit: 0

Thanks for your responses, these replies make sense to me so far.

As for cloud mining being a ponzi, I'm not sure, I made the decision to buy when I was new to Bitcoin and there's no backing out of the contract. My goal was to just double my money in a years time. Anything more than that would be a bonus, but in retrospect, I would have just spent the cash on some extra BTC to hold. Seems like cloud mining is a fair weather only operation.

U2

hero member

Activity: 676

Merit: 503

I used to be indecisive, but now I'm not sure...

Cloud mining operations don't actually mine, they're ponzis so the fork won't affect you at all. Get out while you still can. If you don't want to believe me, just google "cloud mining scam / ponzi".

Let me know how that goes, or don't. I already know what you'll find.

error08

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Activity: 1036

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Quote from: CoStar on October 09, 2017, 12:54:30 PM

One of the scenarios I have heard about after this fork business, will be that much of the hashrate will migrate to the new 2x chain.

I am not sure about it, because there are two different information about 2x chain, but there are 95% mining pool support for segwit2x https://coin.dance/blocks, doesn't mean bitcoin hashrate will migrate to new chain.

Quote from: CoStar on October 09, 2017, 12:54:30 PM

My question is, will this make the difficulty for my contracted hash power go down, thus yielding me more BTC for a short duration, or until the market decides which bitcoin is the true king?

No, it won't be, your hash power will remain the same, if your question refers to mining difficulty decrease; still have no clue about that as the miners will decide to move forward to mine new chain or not. But, I believe the market already decided which is the king right now, even after hard fork, bitcoin still the king of cryptos.

Quote from: CoStar on October 09, 2017, 12:54:30 PM

Also, recently I have gotten a lesser decimal amount per day from Genesis, interestingly since around the same time that BTC has been on its rally. Is this because of a change in difficulty or is it compensating for the increase in BTC price?

More hashrate into bitcoin mining industry mean difficulty increases, since genesis mining gain more investors, more pockets to be paid and the results of bitcoin mining remains the same, cause less profits to be shared.

gtinvest

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I think its about the difficulty from the company (Genesis Mining) when mining bitcoin but not make it goes downm it just become less profit than before. But actually i see genesis mining open the new farm to maket it great again (Stabil) .

CoStar

newbie

Activity: 5

Merit: 0

Hello mining community,

I am a crypto-noob, only being involved in this space for less than 6 months, and I have a few questions about a contract I have with Genesis Mining.

One of the scenarios I have heard about after this fork business, will be that much of the hashrate will migrate to the new 2x chain. My question is, will this make the difficulty for my contracted hash power go down, thus yielding me more BTC for a short duration, or until the market decides which bitcoin is the true king?

Also, recently I have gotten a lesser decimal amount per day from Genesis, interestingly since around the same time that BTC has been on its rally. Is this because of a change in difficulty or is it compensating for the increase in BTC price? I was under the impression that I should be mining consistent amounts of BTC regardless of price. I have had fluctuations in the volume that my contract mines, but just wondering if anyone has had the same experience?

Thank you all for your time to read.

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