Topic: Genesis mining Bitcoin unlimited mining (Read 584 times)

Responding to another member when i noticed the response is wrong?. Bitcoin is legendary forum and legends and threads on legends never die.

Since it is the old topic created you. Even you itself help to bump the thread unnecessarily when you find the answer already by other member. Kindly ignore these kind of activity bro. This may get to temp block by moderator. Please lock or close the thread which is been already answered.

You got the point genius! ok thanks

This is old news. That is a well known scheme from Genesis Mining. I have seen many users claiming the same here. They were paid for a short amount of time and then Genesis shut them down with the same excuse they are giving you. I would not invest a single cent in cloud mining because it simply won't work.

even if you pay the fee the income you get will be less and fee will be high as the hardware they have allowed to you is not mining enough to make fee ..

so how come you make profit out of it ..you pay the fee and you get less ..i am not getting logic in this request to Genesis mining

So according to them, they are willing not to take any money for a whole sixty days, if their service is not mining profitably, but you would not like to take the favor and instead want to pay even if it is giving you back anything, even the basic fee?

Really don't understand your logic behind this, or am I the one who is not getting you right ?

Hello

I contacted genesis mining to get answer of a simple question but never got response.

For 'Open Ended Bitcoin Mining' they claim that

"A fixed maintenance fee is deducted from all Open-Ended contracts for as long as they are profitable. Current maintenance fee: USD 0.00028 per GH/s per day. Be aware that the fee is fixed in USD, but deducted from the daily payouts in BTC. Please refer to the contract for further details."

Further they explain on their website

"In the event of a contract becoming unprofitable (i.e. the payout can’t cover the maintenance fee), the resulting daily payout will be zero. After that, the contract will continue to mine for 60 days. This means that we will take care of the maintenance fee in the hope that your contract becomes profitable again. This may happen if the mining network difficulty decreases and/or Bitcoin price increases. If the contract does not return to profitability in this period it will be terminated because the mining machines are consuming resources (electricity, cooling, hosting, servicing, etc.) which cannot be paid with their generated payouts."

My question to Genesis Mining is

Q. Well in case of non profitability of bitcoin mining what if i am willing to pay the maintenance fee (which you can charge from my credit card or whatever way you want)
in that case my contract should be continued as in above explanations genesis mining explains they close contract after 60 days because they simply cannot pay maintenance with generated payouts.

I hope genesis mining or their representatives will give a response
Thanks