Topic: Genesis Mining vs GAW Mining, Spondoolies, Hashnest and Mining Sweden updates - page 4. (Read 57588 times)

I will try and post some again soon

Hi Ian.

I see your daily reports stopped on October.
I imagine all the time and work it take to gather and share the information here just got too much.

Anyway... has bitcoin diff goes up, profits have been going down mining bitcoin.
So I have been looking in to mine some alt coins.
If Im corret the designation is scrypt?! Has bitcoin is SHA-256?

I'm guessing that mining the less popular virtual coin mite be, for now, a little for profitable.
I thing the X11 plan GM has does this right? Mines the most profitable altcoin that day and pays out in bitcoins.

So I can get an idea of the earning per day for 1MH/s I was looking to see your values if possible. Or any other values.

Please feel free to share more information you mite have.

Thank you.

Well not just Genesis Mining, Hashnest etc too.

But like i said before, i do not mind being a guinea pig. I just do the minimum amounts which these days are less than what people spend on other things so if my contracts die, so be it, its not a huge loss but I feel in a way it is just helping others decide what to do and as the payouts are real and valid, it is much better than someone just writing that so and so company is the best or their payouts are the best without actually showing any evidence of it.

You obviously did not do your homework regarding Spondoolies.

A.  They use Genesis Mining for hosting hashpower. So they are mining at Genesis Minings datacentres

B. Their contracts are more expensive than GM contracts

C. Maintenance fees are higher than GM contracts

D. Genesis Mining promo codes not compatible.

E. You can only assign Hashpower to Bitcoin, nothing else.

Do i need to go on?

Also just look at payout info in previous pages and you will see that payouts with Spondoolies are some of the worst.

I would not recommend my enemy to one of those.
Maybe an exception for Spondoolies, they haven't *** right. So they deserver a chance.

It would be good if someone could bring in some objectivity here, and so here I am.

Understandable ya, it's been a slow development for Ethers wallet for sure, but Geth runs out of box for command-line wallet (stable) and i BELIEVE they have  stable build of Mist,. check their forums as you can tell by my sig i dont support Ether's gameplan (love the tech/idea behind it tho) so i dont have Mist or Geth, but i heard they are 'safe to use" (wont destroy your coins).

I have not bought any yet, mainly because getting an Ethereum wallet set up seems quite hard.

It doesnt seem the best of coin to get payouts setup to....

I am also very interested to get further information about the Genesis Ether Mining, but it looks not good, Genesis can not do miracles, my 20 MH/s X11 one year contract still has after a couple of weeks a payback time of around 360 days :-)

Hi Ian, do you have the numbers for the new Ether Mining (min 3Mh/s contracts, no fees as per other x11)?
I enjoy seeing you admittingly guinea pig yourself to Genesis for the community, i tip my hat to you Sir.
Await seeing these numbers, and Happy Holidays Man

Yes well do not forget that also the power costs are included in the upfront cost for the one year contract.

X11 Mining at home is not too profitable, GMs X11 contracts are better in that respect but its the X11 mining itself that is determining how profitable it is and as i said..GM is just supplying the X11 hashpower and can not be responsible at the end of the day for what your payouts can be, just the same as AMD or Nvidia being responsible for it either, even though it is them supplying you the hashpower on their graphics cards if you are mining at home.

thank you for the comment, you speak the truth, I ran some motherboards with two to four AMD-GPUs, mostly X11 at nicehash and XMR at dwarf-pool, was o.k. (not sensationel) for the last three years, but meanwhile my power costs are much too high for profitability

Well if you bought your own GPUs and mined X11 then you would be getting similar returns.

People on other threads have confirmed that what GM payouts and other pools like Nicehash payouts are more or less the same and there is nothing that stands out that makes them think GM is underpaying or anything or overpaying.

You are paying for Hashpower and GM cant wave magic wands and make your payouts better than what actual mining returns are.

Just for reference it is more expensive to purchase a GPU and pay for the electricity yourself than what GM is offering so it would be even less profitable than what GM offers.

Also OP orginally purchased at 11 % discount and whilst BTC price is higher than for example someone that purchased X11 in early september
This means they actually have an easier time to make ROI than others.

LOL you should have read the reads. They are not a scam, but they are clearly not offering a profitable service.
Luckily you bought it at a discount price, and not their average price, which would make your ROI period over 2 years

ahh thanks for filling in the details. it's good to know a hero member from here has seen the DC first hand. the pictures from the original setup were convincing enough for me to buy shares originally, however they really need to update the website and get rid of that dead hashtalk link to the pictures.

as to their relation with GAW, MS had a deal going with btclend as well as paycoin, where you could use your VIP shares as collateral at that debacle of a website, in addition to some earlier on XPY deals (they still have a dedicated address slot for paycoin in account settings. GAW/paycoin was a disaster, so anyone doing business with them is rightfully scrutinized.

the reseller posts on here, yangongear, and he is not just a reseller (though i still dont know why they ever needed a reseller of non-equipment, just shares they can sell themselves) as he took the DC pictures (with the tourquoise cutout ) he is most likely involved with the operation to some degree, or just an investor/visitor like yourself. the LTC gear thing I discovered on...paycointalk.org. he buys defunct LTC gear acounts, pays their fees, then sells Asic coins that represent shares of whatever payouts Chris sends his way. the jury is still out on LTC gear I guess, make your own conclusions there. my only point here was the thick cloud of suspicion all this created, for me at least.

i also expressed concerns about there being no 2fa to "tommy" but he didnt seem too concerned. there is no 2fa for the login, and none for changing the withdrawal address. also, with the small amount of shares/ ghs I have, I notticed some odd consitency in payouts, as they seemed similar to scrypt.cc in how consitent they were (all things being equal) despite recent BTC fluctuations. all this being said, i do have some shares there and hope nothing devious is going on, but there is no harm expressing caution considering all the scams these days.

they were loosely connected with GAW for a while when hashtalk was still up
Only connection with GAW I saw was that someone started a thread about them on hastalk and then as Mining Sweden did not have a forum, the thread grew there and information was posted there but as far as I am aware, the forum thread being on  Hashtalk was the only thing in common.

I vaguely remember they had a partnership or something with a credible DC over there in sweden, hydra miners or something.
The company was Hydro66 which has recently opened up their new datacentre in Boden where I believe that Mining Swedens Bitcoin miners are now hosted.

Hydro66 had a datacentre in Boden where Mining Sweden had hosted before but they should have moved into the new one I believe which was was in the same town.

I actually went and visited Mining Sweden in August as they had invited people to an open house meetup so you can go to the datacentre and see the miners in operation.
I visited the new Hydro66 datacentre in Boden, Sweden whilst it was still under construction and also the old facility where Mining Sweden had their miners set up. Mostly Antminer S5s at the time but now they also have S7s as well.

All seemed very legit as far as I was concerned. They are a small operation though compared to others.

they also have a "reseller" of their shares who buys LTC gear accounts and somehow has a payout scheme running. all of it seems quite rediculous and very suspicious.
As far as I know this was as you point out, a reseller, not sure about the LTC gear account thing, I believe that user might have been selling LTC Gear shares when LTC Gear was operational and like most people who used LTC Gear upto a point, no doubt thought it was an OK company and had no idea what was going to happen with it. Just the same as nobody who was using GAW Miners upto a point would have had a clue either until it was too late.

bought 20 MHs X11 for 1 year at Genesis, black friday price: 1,51 BTC, seems to be great nonsense, the payback time is now down to 360 days :-/
X11 coins are going down, may be it is because of the actual BTC hausse ?

mining sweden is a strange one, I saw all of their pictures of the DC being setup in a thread here a while back....but when you go to their site it kind of screams ponzi. they were loosely connected with GAW for a while when hashtalk was still up but I'm not sure how far that went. they haven't posted here in a while, I vaguely remember they had a partnership or something with a credible DC over there in sweden, hydra miners or something. they also have a "reseller" of their shares who buys LTC gear accounts and somehow has a payout scheme running. all of it seems quite rediculous and very suspicious.

I am no sure what about this cloud mining business.
GAW screwed their customers over Hashlets
GM screwed their customers over with the Scrypt to SHA conversation because it was not profitable
Hashnest screwd their customers over by hiding blocks, missed payout, no support

Mining Sweden and Spondoolies are cases where we have to wait for them to screw their customers over..

Scrypt was not good, but that was because market was flooded with Asics which for some people arrived months later than they wanted so because they wanted to get their ROI on their delayed miners they then would just dump their mined coins to sell as soon as they could which is why Litecoin difficulty shot up because of all the Asics coming online and then Litecoin prices being dumped because people didnt want to hold them. This affected all the Scrypt coins and that is why Scrypt contract with Cloud mining companies just stopped.

Only Scrypt winners with GM were those that purchased a 1 year contract where fees were included in the price so that when Litecoin difficulty fell in January onwards because of the network hashrate of Litecoin falling then those users could mine more Litecoins each day and then if they wanted to, could have sold their LTC for upto 8 USD back in August so then making a nice little profit as Litecoins in March etc were selling between 1-2 USD each. So those that held, did ok.

S5 maintenance fee is less than the GM fee of 0.0012 USD per GH/s per day or 0.0015 USD per GH/s per day if you bought before September sometime.

But you will also find that Hashnet use PLNS system for payouts and GM use PPS system for payouts. This is why Hashnet payouts can change wildly. Low and highs where as GM payouts tend to be more stable although at each difficulty change you will notice a difference.