Topic: Genesis-Mining Review - page 19. (Read 126905 times)

Thank you for doing the math, I am sure that will help some people with their decision's.

If you have 100 MH/s mining power, that will consume about 800W power, or 20 kWh. If your electricity price is $0.2, that is $4 a day or $1440 a year. You can sell your miner later if you do not want it.

Genesis mining charges you $4400 a year.

True enough, though I would say on average you would cover the cost plus some mining on your own.  Me personally my Electricity runs at around .09 Cents to .11 Cents.  Not exactly sure what the break even ratio is though as I have issues doing the math of that, but I would assume most would at minimum break even in general with the current price of Ethereum being around $4.82 per, and on average you will make around .8-1 Ethereum per Day give or take a little bit.

You forget the pc is using power.  In my case €22.5 cents Kwh

agreed. i would hope more people use their heads and ignore their advertising . you could literally build a rig and own the hardware.
 not to mention be in control of your hash, a very central part in voting and keeping blockchains de-centralized.

and gpus are awesome now, new algos and coins everywhere, you could mine anything u want at any time;)

Ether mining with Genesis is pointless in general.  For the price of 20 MH/s which is $880.  You could buy a half way decent PC, stick a 290x in it and get 27 MH/s and have full control over what your system is doing.  FYI a 290x only costs, after a discount on Newegg, $290.......  So yeah you could get almost Triple what Genesis gives you if you have a few random PC's sitting around that could handle a 290x tossed into it.

So Basically the pricing they have for Ethereum mining is a complete and total ripoff, especially if you consider within 10 months or so I believe I read somewhere Ethereum is switching over to PoS only.

agreed!
but my feeling is their gonna pull KNC on us. take our btc to get wealthy enough to go private and say screw users bitching about getting ripped off ;\
we will see, they advertise enough to bring in newbie users everyday and i hate knowing that ;(

When it was worth to buy anything from Genesis Mining? These people have been ripping off their clients without possibility to ROI, since the day 1. Lower your prices GM, show u care about your community.

Right now its not worth to buy Ethereum Cloud Mining from Genesis Mining as cost is quite high
 
1 MH/s cost USD 44 for one year

if you see this ether calculator

http://badmofo.github.io/ethereum-mining-calculator/

Month    0.991780    $5.14

you will generate this amount ..

so you need 9 month to get ROI ..so which is not worth to buy it right now as per the price rate ..

Once it lower you can decide ..

Yeah you can make profits right now the price of ethereum is still increasing and i think it will still increase this week if you buy right now and hold it and keep watch for the chart so your ready to sell your ethereum once the price is starting to down....

I also ROIed twice with Hashnest. The possibility to sell back your Ghs is a nice way to reach ROI without so much difficulty.

honestly your guys are going about it wrong, i have NEVER lost money cloudmining except genesis cause once you give them the money you have zero control over it or your hash.
hashnest i have been a user a year, have roi'd maybe 3 times? i just keep updating to better machines as they come, grabbed a pacmic made some money there (tho it took forever it was safe invest atleast) 
eobot also i am big user as i mine their altcoins for when price rises (working very well with eth last few weeks) and i have recently roi'd there (tho it took almost a year with the crazyness)
so it can be done, just not thru genesis! haha

The difficulty has risen too much. If it just rose 2% every time, then the miner can have some ROI.

This is what will happen to most of the cloud mining sites, and after halving more mining sites will go down, this is why it is clearly told that mining investing is a clearly loss. After they get achieved their target of scam, they will start problem with site and then suddenly the site will be down and then one day the message will come that some hack attack ya some technical problem and after some time they will totally vanish and every one will just forget them.

agreed.  i would bet you don't even see 1btc back. ;\
see this is why we need everyone to be a part of the scam thread, they get newbies with all the advertising and slickness and it's sickening ;\

670 day to reach ROI... omg... You can say goodbye to your 3 btc man... You will never ROI... :-(

Estimated Next Difficulty: 179,314,996,345 (+24.42%) ==> I will be way worse than 670 days..

hello

I am sharing my results of mining in Genesis in a spreadsheet. Can follow on:

https://docs.google.com/spreadsheets/d/1OJYGXuIUpFc7OeXxYGv5NNNfi_hjjQ4mLvYwN8OcNbc/edit#gid=0

1 They are sold out now, so not currently selling. Who knows if they sell again if ETH has only a few months POW left anyway

2. It did mention on the pricing page that once ETH stopped mining it would switch to X11
https://web.archive.org/web/20160129175013/https://www.genesis-mining.com/pricing
Hover the mouse over the ? where it says 1 Year Ether Mining. Text appears
Pure Ether Mining. No maintenance fees. Switches to X11 if Ether can not be mined anymore.

2. If you did purchase it and you did not read the TOS, it does explain in the TOS about ETH mining and X11 too.

From an ETH contract, at the bottom. If you have one you can check for yourself.

Ether will be mined according to the Mining Power. Should Ether mining not be possible anymore (e.g. because Ethereum switched to proof-of-stake), the hashrate will be permanently converted on a 1:1 basis to X11 hashrate.

They are selling 12 months mining contract for Ethereum. But Ethereum mining will not last another 10 months.

I bought a Genesis Mining 1THs contract somewhere in August 2015 for 1.96 BTC. It's been 6 months now and till date I've recovered hardly ~0.4 BTC. And for the past 3 days they are paying 2000 satoshis only. WTF! Free faucets pay more. Seriously I earned 50,000 satoshis only for clicking captchas every hour in the last 4 days which I have even transferred to my wallet. And on the other hand I'm stuck with a so-called lifetime contract which pays me only 2000 satoshis a day and might be suspended any day now.

What really bothers me is the stipulation that if costs exceed payouts then they will suspend our contract and the way things are going recently I'm quite sure they would seize our hashpower too without any reason way before any of the other cloud miners do.

In my opinion Genesis Mining isn't worth your money or time. I won't go so far as to say that it's a scam but I've comparable hashpower on Hashnest s5 (which I sold day before yesterday for a loss in exchange for s7) & Gigaghash sHash2 and their payouts are still 20 times better than Genesis as on date.

Funny thing is miningsweden was the first cloud miner where I had invested in August 2015 too and initially I hated it but turns out I have made BTC 0.16 from only 100GHs hashpower. Compared to Geneis that's easily 4 to 5 times better payouts for the same duration and hashpower.

I had recently posted a foul mouthed rant on Genesis-mining's official thread which got deleted but that doesn't hide the fact that it's payouts are utter garbage.
And if Genesis with all it's 'transparency' and 'polite talk' does end up suspending mining contracts then I guess it would be one of the best heists ever pulled of in history.

A word of caution to newbies from India or other 3rd world countries- be mentally prepared to lose money in the short term and forget about RoI on cloud mining. It's never gonna happen. And those who say they have earned good returns on so or so are either the scammer themselves or had entered the BTC scene before 2012 thereby having the first mover advantage.

When I bought my first BTC in Aug 2015 to invest in Genesis mining's rubbish contract BTC was trading for $230. Today it's ~$380 after having risen to $420 in Dec 2015. So long term investment is definitely one of the best alternatives if you have the patience and if BTC still continues to exist. Day trading isn't my forte besides there are too many bots on the scene.

Practically cloud mining contracts are good only for 10 months from date of first release till the next gen mining hardware pops up or block difficulty increases.
Through cloud mining you would at best recover 70% of your invested principal in US$ terms. Forget about profit. If BTC price does break through the $1k mark by end 2017 or even $600 mark by end 2016 then you would have made a good investment (it's a very realistic possibility with the upcoming block halving in July 2016). Even real estate in a decent neighborhood needs min. 5 years to double in value here.