Topic: Genesis-Mining Review (Read 951 times)

Hey BRUCELLA,

Thank you for detecting this bug in our systems! We have immediately fixed it and upgraded all clients who purchased longer contracts than 1 year with free hashpower according to the new prices.

We hope you like our new discounted rates for longer contracts!

hey ahmed_bodi,

Thanks for reviewing our service! It's nice to see that also pool moderators like you using us as a source of hashpower!

Ok thanks, i have put your reply on the main Genesis thread : https://bitcointalksearch.org/topic/m.8658888

BRUCELLA you are absolutely correct. I am the CTO of finalhash and good friends with Marco. I just sent him this and said WTF? He responded and said pretty much, "Oh that is a bug, thanks for the heads up."  He went on to say that he and his team are working to fix the bug and he would comment back here with the result.

Good catch bro.  It is important for educated crypto folks like yourself to keep finding discrepancies in this to see how the company responds going forward.  In this way we hold them accountable and thereby avoid future BFL things. However, it is important that we do the double checks but also allow time for the companies to respond you know?

thats true however i wonder if thats the case. This reddit post makes me think that they have something more profitable coming out soon. see: http://www.reddit.com/r/litecoinmining/comments/2fddnz/project_x_from_genesis_mining/

Also i think they're changing the way they do everything as their offering life time contracts which means that its something that should pay itself off eventually. its not something like renting hashes where it wont ROI.

And there is something strange with genesis :

if i want to invest for 10Mh for 1 year, i will pay : ฿ 1.037
if i want to invest for 10Mh for 2 year, i will pay : ฿ 2.636 .... 2.54x more than 1 year...

in a normal case, with Mh becoming more and more cheap with the time, we should pay less than 2x, no ?

Problem with genesis mining is to get ROI...

For the same amount of BTC, it seems that we can buy more coins than we mine with genesis...
For the moment my 6Mh/s of invest few month ago will not give me a ROI...

For the moment, gawminer's hashlet's seems better, but could be a ponzi ... it's hard to say, earning are a little to good .. i don't understand how they can earn more (many more) than everyone on this business.

Diversify your investissement is the rule, i have invest in genesis and in hashlet, we will see what will be the better.

I've recently started renting some scrypt hashpower from them and with much better service than i've recieved in comparison to companies like cex.io or standard rental sites like betarigs i felt like this needs promoting more


At the moment Genesis Mining currently allow user's to buy sha256 hashpower for bitcoin and scrypt hashpower for a wide range of altcoin's. This is used to mine on their own hand picked pool's or solo mined on their own coin daemon's to give back to user's the fee savings. According to a support ticket i sent to genesis mining, They plan on allowing user's to mine sha256 altcoins rather than only bitcoin as they do at the moment. In addition to this they are also planning on cutting the prices of their scrypt contracts to 39 USD MH/s per year. At the moment they dont do X11 hashpower however i've been told its something they intend to do.

1 thing i have found lacking in a number of cloud hashing and rental services is the inability to split hashpower between multiple coins. This is something which genesis-mining allows very easily using their dashboard. At the time of writing this, genesis mining allows people to split their hashpowe between the following coins:
- RDD
- BC
- LTC
- DOGE
- AUR
- FTC
- LOT
- MEC
- NVC
- POT

Additionally unlike gawminer's hashlet's genesis mining actually shows pictures of their miners and is overall a pretty transparent company. They have an about page with info on their company here: https://www.genesis-mining.com/about-us. Staff of the company have also attended various bitcoin conferences. In the following article about Gavin Anderson's comment stating that most cloud hashing are ponzi's genesis mining went as far as to invite Gavin to their facilities to view their vast range of hardware. http://cointelegraph.com/news/112329/gavin-andresens-fractional-reserve-mining-cloud-miners-respond.

As a private pool operator its often neccesary for me to rent enough hashpower to ensure that the pool works properly on any given coin. During high demand period's such as when altcoin's launch its difficult to be able to rent double digit hashpower at a good price. For this reason i am also considering buying one of genesis mining's lifetime mining contracts which i think is active as long as the payout is over the fees paid. Has anyone tried it out before so i can get some opinions before i buy it?

As well as this it also means i dont have to spend time and effort on setting up asic's, cooling and power to ensure that i'm not loosing money when the rigs are offline while genesis mining have a 100% UPTIME GUARANTEE!!. I've read a reddit post by one of the /r/BitcoinMining mod's: http://www.reddit.com/r/BitcoinMining/comments/2enhh4/genesisminingcom_is_a_dishonestly_run_business/  and i seem to disagree with what they're saying. So far from the research i've done they seem to be one of the most reputable companies out there.

FootNote: This is an impartial review as a user of genesis mining. I've used a number of rental sites including miningrigrentals, betarigs and cloud hashing services such as CEX.io and i felt that genesis mining deserved a review