Topic: Genesis Mining getting too powerful for scrypt? (Read 2816 times)

That's a very elaborate review. Looks like an advertisement and even includes a promo code, how much did you get for it?

No Ponzi. GENESIS-MINING is a new and very promising Scrypt cloud mining provider. They claim to be the largest Scrypt cloud mining provider.

I had recently purchased some hash power from them and did receive payouts from day one. Their prices start as low as $0.094 per kH/s which I think is very reasonable. They seems to be reliable and have a face which is very important. They have a great customer care support who answered all my queries and cleared all my apprehensions. You can read about them in this forum https://bitcointalksearch.org/topic/genesis-miningcom-worlds-leading-hashpower-provider-602022, http://www.coindesk.com/mining-roundup-walmart-bfgminer-altcoins-cloud/ and google for more details. See www.genesis-mining.com and more here https://cloudmining.guru/wp/genesis-mining-com/ . Again not to forget, this goes without saying, please invest only that amount of money which you can afford to loose.

When ordering hash rate at Genesis-Mining, there’s a field for promo code. Select the amount of hashrate you want to purchase (minimum currently is 1Mhs if you choose Custom!) and use the following promo code for a 3% discount: UMANO_17.Their referral system is beneficial to both referrer as referred person. The referred person gets a discount when buying hash rate, and the referrer gets bonus hash rate based on how much the referred person has bought. This promo code has been given to a limited amount of people. The more people use a certain code, the bigger the discount they may get.

I have to agree to all your points, however, only within the current altcoin world. One only has to look at the current state of Bitcoin mining to see a perfect example of asic's taking mining out of the hands of *ORDINARY* people. At one point I really thought that scrypt asic's would do the same for Litecoin ect but it looks now like the scrypt scene is in such decline that the units will be worthless fairly soon. There needs to be a cheap, relatively powerful, scrypt asic brought to market. If that was to happen and it evened the playing field a bit, we might see a resurgence in the interest in scrypt coins. I've been following Flower Technologies ever since I discovered them, they are showing a 10mh/s scrypt/SCRYPT-N asic for $329 (https://www.flowertechnology.com/product/the-daisy/).. hell, if that ever became anything but vaporware I would pick up a couple in a heartbeat! Sadly, there has not been really any action to speak of on their site so I remain skeptical for now.

Only time can tell how this will all pan out, all I know is right now I'm mining Monero- I think it could actually be something big, the cryptonote algo and the ring signatures for anon are really interesting to me. Plus I can actually make .01btc a day again (though I'm holding atm)! My return had drifted further and further south with the x11/x13 coins, down to around .005-.006 or even less. Plus with it still being a (relatively) small community and new technology there are pretty much constant interesting software advancements.

It's really easy to check whether he's their guy or not, you just have to add 1+1.
Let's take this guy jimmy2k
https://bitcointalksearch.org/user/jimmy2k-135810

You open his last posts and see something like this:

Hey Guys,

I know from trustworthy sources that Genesis mining (www.genesis-mining.com) are selling in record numbers at the moment due to their extreme low prices and upgrade their farm more and more! If you read their posts and do some research they already had gigahashes of scrypt at the very beginning of this year when it was impressive to have > 10 MH/s with GPUs!

Could that be a threat to Altcoin world? What do you say?

Then you find another post when he says he's from Germany, isn't that where Genesis Mining is located?

No other proof needed

I have a 2MHs contract with Genesis Mining and they are steadily paying. However, the amounts get steadily less and less.
From initial payments of 0.0040 they are now down to 0.0015 per day, which is still much more than what I managed to get from renting hash power from NiceHash or MiningRigRentals.

This game is so dynamic and unstable that you should see any investment in hashing as a LOSS of money, spent do give you hands on experience with the crypto ecosystem.

Personally I have experimented a lot with hashing and the bottom line is:

-- Renting hash power to mine various cryptos has resulted in about 50% LOSS of my money
-- Buying a GenesisMining contract has resulted in a steadily diminishing income which if it continues at the same rate till the end of 1 year contract would leave me at a LOSS
-- Buying the actual, physical hardware miner and using that with auto-multi-pools like GHASH.io or CleverMining.com has resulted in a steady flow of BTC that again look like they will NEVER allow me to recover all costs (hardware, electricity, host PC, maintenance).

So, why do it?

-- If your aim is to acquire the most BTCs, mining is totally out. Use fiat to buy directly BTC and you will have transfered 100% of your money to BTC. If you take the mining root you're likely to LOSE 40-50% of fiat.
-- If your aim is to acquire the most of X altcoins and built a portfolio of various alt coins in the hope that one of them will make it, then use your BTC and buy whatever you want in an exchange. You will get on average DOUBLE the amount of alt coins than you could ever acquire buying hash power with the same amount of BTC.
-- If you believe a new, just announced alt coin will be a winner and it is not yet listed in any exchange, then rent hash power and get on a pool for that coin. Still, this is a far stressed bet, fit only if you are an aggressive investor. I have tested that a couple of times and indeed the only time I managed to get a 80% PROFIT from mining with rented hash power was with X15 MAIA coin. Hardly enough profit to compensate with all the losses I suffered through mining other alts.

Then, why do mining rentals exist?

-- People hear the early days stories of being able to mine 1,000,000 BTC in a day or 250,000,000,000 DOGE in a day and jump on new coins hoping to mine a million. Unfortunately, the available hash power has totally changed the game. Unless you have the money to rent really massive power you can't expect a decent return even if you do mine the very first day of launch.
-- Mine rig owners do get DOUBLE profits from renting their rigs to people above, while still mining on their own when not rented.
-- New coin developers and alt coin communities can rely on ready-made hash power to protect / enhance / support their coin without investing in actual hardware themselves.

In any case, enjoy the ride!

I noticed that too, although I do not think it is Genesis Mining, but a user that likes to have 2 or 3 usernames, or it could just be people that can not speak or type English very well, and perhaps Google Translate, or whatever translator they might use, converts their text in a way, that it will look very similar in style.

I am quite happy with using GM at the moment, yes, my payments have been going down, which will be the same for everyone, but because of people using my referral code, I have been managing to do ok so far and will easily reach my ROI.

They did do a signature campaign last month, that users here could take part in, could have been why there were a lot of Genesis Mining signatures around with no referral, but they were mostly for users that had long standing accounts already. The campaign lasted a month, but will post the link if anyway wants to peek.

https://bitcointalksearch.org/topic/genesis-miningcom-signature-campaign-discontinued-631729

I've seen too many shill accounts promoting genesis mining and they all have similar grammar. Most accounts were created in beginning of may and have low activity ad 1/2 of their posts talk about genesis mining, and they even put in a hyperlink but no referral.  That makes me suspect they have employees making shill accounts on here to promote their "business".  Whether or not it is a ponzi I cannot say, but it is not profitable even with their new rates.

That's pretty much the way it is across the board. Though you do have to include in your profit calculation that you're not using your own electricity and you did not have to pay for the hardware. For me, the only time I will rent hash is if there is a coin that I think has potential to go up in the long term. There is little, if in fact no, profit to be had by renting hash and dumping.

Just my 2cents.

Doesn't seem like any of the packages offered on genesis mining will ever earn back what you paid for them initially with difficulty increasing such as it is.  From what I hear it's only expected to get worse from here too.  Might just wanna buy and hold some coin(s) instead if your actually trying to make any kind of money.

I do remember way back in February of this year when I was still mining Scrypt (Dogecoin to be precise) on Coinotron, the #1 contributor was a user called 'GenesisMining' and they always had over 5000mh/s, bastards were getting like 150,000,000+ doge a day if I remember correctly (I probably don't, but it was a lot)

Prices at Genesis Mining are still over $90 per mH, and to get that rate you have to spend over $9000 for 100 mH. The 1 mH contract is now $119. Sorry to deflate anyones hopes and dreams, but you will never get ROI if you pay Genesis Mining rates. Get serious about your investments and put your money to work at the companies offering lowest cost per mH.

They have lowered their prices today.

Genesis Mining is not a scam but they are not a good deal either. They are offering mediocre returns on high priced contracts. All you have to do is look to find reputable companies selling mH for much less than Genesis Mining. With altcoin prices depressed it is more important than ever to seek out the companies with lowest cost per MH to invest your money if you hope to get ROI.

Good News!

Just read that Genesis Mining are going to allow customers to mine Darkcoin soon, so not just scrypt, but X11 also.

Interesting news anyway.

how can you tell someone is a company shill? i really need objective information and now that im researching cloud miners (including genesis mining) i would really like to avoid mixing up happy customers and undercover advertisers
personally, i am also the customer who is really loud when satisfied! 

Bingo

agreed!

Of course you are, you're a company shill after all. 
Seriously, you have 20 posts and 19 of them are about how awesome genesis is. 

Since 1 hour I am a customer of Genesis Mining.....I think that their strength is good for us customers because they for sure can purchase the hardware by far cheaper then solo miner and therefore have this low prices.

ASICs are a good thing and a bad thing.

They are good because the higher the available hash rate for any coin the more resistant is the coin to attacks. Just two days ago NOBLE coin network had a 51% and transactions from mining pools stayed unconfirmed for days. Fortunately (and that speaks volumes about the robustness of crypto) no coin was lost and everything is back to normal.

NOBLE is a coin I trust and want to support. If I had more mining power (and ASICS can give me this power) I would step in to support the coin I believe in by adding more hash power to the network.

Unfortunately, ASICs are also bad because they can give that hash power needed to attackers also.

However, I believe most people are afraid of the ASICs not because of the power they give to attack an existing coin but the power they give for scammers to pump and dump any coin or just create a coin to pump and dump at the exchanges.

But this issue is not a threat to Altcoin world. The reason is, if altcoins are to expand and become a serious player in the larger economy (like I expect them to be) then the market itself would get to be mature enough to address pump and dump. After all, how many times could one be scammed with pump and dump with bleep coins that get created in May and are dead by June?

The point many people make against ASICs, that these kind of miners are not available to ordinary people, is pointless: do you know a lot of ordinary people that just happen to have an R9 X290 GPU lying around or installed by default in their "ordinary" PC?

Of course not. People are deliberately buying that kind of hardware because they want to do mining. But the same can be said for ASICs: instead of buying an R9 290X to get 750KHs at a cost of around $600 why not buy a couple of Gridseeds to get the same hash rate at half the cost? Doesn't lower cost help MORE ordinary people get in the game?

Designing crypto coins around algorithms that specifically try to make them "ASIC resistant" sounds to me like designing a Video Game resistant to the new 3D engine!!!

So, no, ASICs do have a negative side, but the Altcoin world is FAR FAR better with them.