Topic: Genesis Mining vs GAW Mining, Spondoolies, Hashnest and Mining Sweden updates - page 26. (Read 57588 times)

Basically your one year contract changes to a lifetime and at that point you then have to pay the lifetime contract termos of a daily fees of 8 cents per 1 MH/s for scrypt or 1 cent per 5 GH/s
If it ends up being that your daily payment is less than the amount they take from you, then your contract ends as you would get nothing each day or even run into a negative.

As you are still on the old contract, then at the moment you don't pay those fees, not until the change over.

Hope that explains a little bit.

Ian

Um, so what will effectively happen when my 1 year contract expires? I keep my Hashpower and only have to pay a daily fee?

Day 3 Payments are coming in now, nothing from Genesis Mining as of yet but some payments from the Hashlets, but have to wait till they are complete.

First thoughts.

The Hashlet Waffle payment is atrocious, although not surprised as the Waffle Pool payments are bottom of the list.
The Genesis Hashlet payment is better than yesterday, but not too much
The Zen Hashlet payment is a little improvement on yesterday too.

Now just to wait for the GM payments, then I can start thinking about doing Video for Youtube.

Thanks
Ian

And the winner on the first Full Payment day is ........

Genesis Mining!


First full days payment with Genesis Mining and GAW Miners Hashlets.

Payments were as follows for the first full day,  Day 1 payments were not full 24 hours.

Genesis Mining 10 GH/s contract  0.00018752 BTC
Gaw Miners Genesis Hashlet        0.00010089 BTC
 Winner - Genesis Mining

Genesis Mining 1 MH/s contract   0.00045808 BTC
GAW Waffle Hashlet                     0.00034993 BTC
GAW Zen Hashlet                         0.00045531 BTC
Winner - Genesis Mining.

I was really surprised, especially with the Zen Hashlet as I really thought that would have been the winner today.

Video link http://youtu.be/w_nR2M4ZBIs

I can't do blackcoin unfortunately as I am trying to do a direct comparison with hashlets and you only get BTC payments with GAW Miners at the moment.

Maybe you could ask on the blackcoin forum if anyone is mining blackcoins with Genesis Mining and if they are, to supply some figures.

Ian

can't wait for for your review..please also do test with Blackcoin payouts too if you can 

First full days payment from Genesis Mining is here already

Just have to wait for the GAW Miners Zencloud payment, will be later today.

Then I can do the video which I will try and put up by the evening European time.

Thanks

Ian

Video number 2 is up.

http://youtu.be/i8mj-QoK9Ro

This focuses on the products I have purchased. No price comparisons just yet, but will be updated as soon as both give out proper 24 hour payments.

Thanks

Ian

I was thinking about doing a series of videos each day on Youtube where I purchase 10GH/s with both Genesis Mining and a Genesis Hashlet to compare daily payments over a period of time.

I also want to do the same with 1 MH/s

What I am unsure to do though is the following.

1 MH/s with Genesis Mining costs 17.99 USD and I can purchase a waffle hashlet for 17.99 USD

Does that sound like a good comparison as I am not sure if it is fair to perhaps purchase a Zen Hashlet that costs 3 USD more.

What does anyone else think?

Should I get a Zen Hashlet or keep with a Hashlet which is at the same price as the Genesis Mining price?

Thoughts anyone?


Edit: What I have decided to do is get a Genesis Hashlet, a Waffle Hashlet as that is the same price as 1 MH/s with Genesis Mining and also a Zen Hashlet as that uses the Zen pool so will be interesting to also compare daily payouts between the Waffle Pool payouts and the Zen Pool payouts.

Ian

I had uploaded a video which explains a little bit about the interface you will see when you sign up to Genesis Mining and some of the features.

https://www.youtube.com/watch?v=7pVsX0vNx-E

Ian

This is a good update for Genesis Mining, price are low and MH/s are for life.
We can mine some of our prefered coins (if they are in the list of mined coins by genesis) wich is better in the long run for this coins, i think...

I will take more MH/s i think And if you want a promo-code, 3% are in my signature (and in signature of many other people), you paid less, you help me too :p

Thanks.  If this is indeed the case they should be sure to make this clear on their pricing page!  Thanks for attempting to get the clarification from GM

If you have not already, please use a promo code to get a discount.
There are a few around or if you can not find one, feel free to use the one in my signature.

Ian

Hi Tom.

Still waiting from confirmation from GM about their contract.

But for scrypt it was written as 0.08 USD per MH/s and for SHA 256 0.01 USD per 5 GH/s, so the same fees that GAW and others charge at the moment.

But even with the fees, if they are included now in new contracts, when you buy large amounts of hashpower, for example 100 MH/s then it works out at 14.99 USD a megahash.
Also do not forget that with GM, you don't have to just get BTC each day, you can mine other coins like Litecoin or Doge and they will go direct to any wallet address you choose.

I will update the posts as soon as I get an answer back from GM.

Cheers

Ian

Genesis Mining has been around, well I noticed them since February this year.
They started to attract attention in around May, They became more of a presence here and their prices were actually starting to become quite competitive.

They are credible, they have posted many pictures and are also interviews and videos of them on the web at seminars etc or taking part in panels.
They have posted pictures of their farms in the past too, some quite recently of their new farm in Iceland.

Their thread page is here if you want to go through that.

https://bitcointalksearch.org/topic/genesis-miningcom-worlds-leading-hashpower-provider-602022

Hi Alex

When you go to upgrade hashpower and then go through the sequence of purchasing more scrypt, before you buy you have the chance of reading your terms of agreement.
If you start to read that, then down the page there is a paragraph about fees and it is mentioned there.

I will post it at the bottom of this post.

I am just waiting for GM to get back to my question about it, then I can update my post. What I do know that is this.
If you already had a contract with them, for example the 1 year contract and then in the last couple of weeks, a contract up to 3 years, then these stay the same. So you will carry on paying no fee until the day your contract finishes.
When your contract finishes then GM will transfer you to a lifetime contract which then means that from that point on, you will pay whatever fees is written in that contract, if confirmed to be fees.

Here are the lines from the contract. The fees are different between SHA256 and Scrypt. SHA256 being 0.01USD per 5 GH/s

2. Remuneration
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):  
a. 0.01795 USD per kH/s upfront
b. 0.08 USD per MH/s and day, deducted on a daily basis* from the generated Coins

So if the case, this is the same as for example the fee that GAW and others are charging each day.

This was confusing because gaw has a genesis hashlet...so how long has genesis mining been around? How's their credibility so far?@

  on site said no maint fee I think but too good and no idea how much pay rate for each GH.  Anyone know the pay rate list plz?

I don't see the addition of any maintenance fee on the current pricing info page for Genesis, nor any mention in the FAQ, where did you see the daily maint fee mention?  Thx!

Seems like genesis is doing a great job, let's se how all the things will go, i'll buy some genesis hashing power for try