Topic: Genesis-mining.com || World's first large scale multi-algo cloudmining company - page 2. (Read 8354 times)

Genesis-Mining Could you explain why your customers are fully liable for hardware and software management when purchasing a fractional lifetime mining contract?

From your TOS: "The Customer will be solely liable for the maintenance of the relevant technical equipment (software/hardware) that is required to receive the above service."

What about customers who are not familiar with maintaining websites, miners, mining hardware, fractional mining software or calculators etc.?

I had everything ready to go until I read that I would have to maintain my purchased hardware.

Due to the extreme demand for our new lifetime contracts you currently might experience some delays in our payment approval system.

Please be patient, we are doing our best to approve all orders as fast as our system can and we are confident to clear the delay soon. Current delay time: Maximum few hours.

Thanks for your understanding!

Your Genesis Mining Team

Great news! Well done GM team. I don't mind waiting for a little longer than an year for ROI and may be some profit.

That's a great news for all of us, specially for old members. I am waiting for new features which are on pipeline.

Great to hear that you like our product! Although we cannot guarantee ROI, we indeed think that those prices together with the stagnating litecoin difficulty is a very attractive combination to make profit.

Thank you very much for your feedback!

Way to go stepping up the game GM.

I might jump in on this soon...The ability to actually mine actual coins such as ltc and keep them is what separates you and gaw

Dear Community,

We worked hard within the last days to be able to make this announcement:
Thanks to our partnership with the hardware manufacturers we are able to lower the price for hashpower (scrypt and sha) to a level not seen before in the market.
We are also glad to tell you that we expanded our yearly contracts to lifetime contracts so that you can keep the purchased hashpower without any expiration.
For all of our devoted customers who supported us from the beginning on we want to say thank you! This has never been possible without you:

All customers who purchased yearly contracts from us get a free upgrade to lifetime contracts after expiration!


Our new rock bottom prices are the following:


Scrypt:

Gold      :   1 Mh/s    -  17.99 USD (17.99 USD per Mh/s)
Platinum :  20 Mh/s   -    339 USD (16.99 USD per Mh/s)
Diamond : 100 Mh/s -  1,499 USD (14.99 USD per Mh/s)


SHA:

Gold       :    10 Gh/s      -    9.99 USD (9.99 cents per Gh/s)
Platinum  :  1000 Gh/s    -    989  USD (9.89 cents per Gh/s)
Diamond  :10,000 Gh/s  -    9790 USD (9.79 cents per Gh/s)


We currently have a lot of new features in the pipeline we are eager to announce! Stay tuned for the upcoming times. It will be great!

Your Genesis Mining Team

Nathan, you will get recent update about Genesis-mining from this thread: https://bitcointalk.org/index.php?topic=602022.new#new

Is there any new update from Genesis-mining?

Umm?! They added Bitcoin mining, SHA256, brand new, and a new interface. What other new stuff are you waiting for

I have notice that Genesis-mining always try launch new features for their customer.I am waiting for something new.

Ah! But I wasn't talking about ROI, just returns, any return, good or bad, profit or loss, maybe I should have explained that better

In short:
Small amounts (let's say GH/s amounts) return something for up to a year before payout is so low it's practically useless
Larger amounts (let's say at least a few handful of TH/s) will return something payable for up to two years before payouts get too low to mean anything
Really large amounts... well... longer. Buy a PH/s and perhaps 5 years is more then a marketing gag

Whether you get more out of it then you invested (positive ROI) is a different matter, but the larger the amount of hashrate, the longer you receive payouts. So, I think we still 100% agree

99% of the time I agree with your postings Mike, but here I do not quite agree

The ROI is invariant. In other words it does not make any difference whether you buy 1 kH/s or 1 TH/s.

If you believe the curve will continue to grow exponentially like before, then it does not make any sense to buy a contract that is longer than 1 year. Longer term contracts are basically driven by electricity costs. If you do the math and calculate what a state of the art miner consumes you will arrive at similar prices for the following years.

Offering 5 year contracts is a marketing gag, but nothing more. Actually they are cheating because from the money they cannot pay the electricity bill for five years unless (i) they have hardware no one else has, or (ii) they are betting on higher hashrates / better hardware for the future, or (iii) never intend to pay anyway. If you are an anonymous company it might be easier to offer 5y contracts

I agree with Mike (we are back to the 99% , that we are close to a equilibrium state. Difficulty will not grow as fast as before anymore. In this region mining will make more sense as a long term investment, e.g. for about a year (before that you either had achieved ROI in three months or not at all).

So, now the discount is closed.

Longer contracts make sense IF you buy massive loads of hashrate. For most of us 1 year is the max, but if you have like 50TH/s then 2 years makes sense. The math for much larger amounts is different again.

Though, I'm not sure what to think of the prices. Even with 7% discount it seems like the total return is max 4/5 of the (BTC) investment. So, I wonder what GM was thinking when they started this adventure. There are some trends visible:
1 - Difficulty is high and most, nearly all miners currently for sale are too expensive (in purchase AND maintenance costs) for the amount of hashrate they offer.
2 - People spend their money/coins less easily, partially because of the number of scams, partially because they have become smarter and less greedy and are aware of the previous mentioned trend of hashrate versus costs.
3 - The difficulty increase seems to slow down, which might look good, but it's too early to trust. 5% average is a long way away still, and a drop will not happen within the next... year.
4 - ... Darn. As usual when I have several things in mind, as soon as start writing them down I forget one of them. I'll add it later, when I remember.

All in all I'm afraid that the current offering is not special enough to lead to good sales. Hopefully GM will be able to mine themselves a load of Bitcoins, so no fear of the future. But it still worries me. Companies like GM matter greatly, and I still might buy some hashrate purely to support them and the greater good they offer directly and indirectly.

On top of that another difficulty adjustment is coming within two days which will lift difficulty up another 13% or 14%, making this not the best of times to buy anyway. Since they didn't make it early this week, I actually thought GM was waiting for the beginning of next week, after difficulty adjustment. Guess I was wrong. Which I am, once or twice a year, but who's counting

Hey MichaelNZ,

Although I am not too happy about the delayed launch that I expected on monday/tuesday I actually came to the conclusion that their prices seem to be really good.

1) As far as I can tell from CoinTerra's homepage they are currently selling hashrate for 4 USD per GH/s, which is nearly double the price of Genesis Mining. The prices you are referring to are their prices for their pre-orders who start December 29th which is actually a decade away in the mining world.

2) Regarding CEX.io: I followed the interesting discussion started by you (https://bitcointalksearch.org/topic/m.7664447) and took your comments as a reference for their service so far. Their fees are indeed extremely high.

And from my point of view it does not make any sense to buy a 3 or 5 year contract. If you bought a five year contract a year ago the extra four years would be practically worthless by now. So to be fair compare one year prices and give no credit for longer contracts (in an exponential mining world it just does not make any sense).

3) For pbmining it seems obvious: their prices are much lower than everyone else. The only thing that bothers me still considering their service is just that they are anonymous and I already had a lot of bad experiences with anonymous services in the bitcoin world. I am much more careful now and Gavins statement about some cloudmining services are spot on (http://cointelegraph.com/news/112329/gavin-andresens-fractional-reserve-mining-cloud-miners-respond). It is just a question of time, until some of the cloud mining companies turn out to be scams, and people lose their money.

Correct me if I am wrong, but I think this is definitely an offer worth considering.

Thank you for the discount code.

I'm sorry but I don't think I will be accepting your offer and here is why.

Recent offer from Cointerra ... 2Th/s 1 year contract $3,500USD ... your price = $5,000USD less 7% = $4,650USD

On offer from PB Mining ... 2,000 Gh/s (2 Th/s) 5 year contract 6.60007649 BTC ... your price = 48.097 BTC for 3 years less 7% = 44.73021 BTC

CEX.io ... 2,000 Gh/s (2Th/s) lifetime contract* 7.59952 BTC ... your price = 48.097 BTC for 3 years less 7% = 44.73021 BTC

*note: CEX.io deduct fees for maintenance prior to payout


If I'm missing something please do let me know, but on the surface of it, it does look like you've missed the mark ...

I'm sure the 2Th/s 3 year price your website generates of 48.097 BTC must an error as it is wildly above anything comparable, is it ?

We are thrilled to announce that the new Bitcoin Mining Contracts are live now and the new user interface enabled!

Thank you all for the great feedback and all the interested users who sent us pms to gather the new promo codes.

We think that you will like it and are looking forward to provide you soon with even more updates and new features!

Exciting times ahead!

Your Genesis Mining Team

Dear Miners,

We are going live with the new contracts and the new interface within the next moments. Last chance to get discount codes!

Stay tuned!

To see the new interface go to this thread: https://bitcointalk.org/index.php?topic=602022.new#new