Topic: Genesis-mining.com || World's leading hashpower provider! - page 103. (Read 400197 times)

Dear Genesis Mining Community

New Bitcoin documentary 'The End of Money (as we know it)' has been released a few days ago. Some of our mining facilities are shown, so go and get it here (reduced by 20% with the special GM code 'Genesis20'):
https://vimeo.com/ondemand/bitcoin

Genesis Mining Team

When I first heard about GM they were selling Scrypt contracts where the hashpower was tied to GPUs.

For myself to purchase GPUs that mined at 1MH/s Scrypt would mean buying two of them, in Europe if i bought GPUs to mine BTC it was costing me about 400 USD for one card that could mine at  just over 700 KH/s. Then to get two would mean beefing up my PSU to over 1000W. Expensive stuff.

The prices did lower when Asics started coming out about late April, May time but even then compared to the prices in November these were pretty expensive, but that was based on the miners at the time. The first Asics were pretty power hungry and had capacities like 40 - 80 MH/s. They cost a lot of money too as they were in demand by everyone.

The scrypt mining difficulty shot up because of all these Asics, so over time the payouts lowered as well. Then other companies came along like GAW miners etc offering Scrypt hashlets for half the price of Genesis Mining and if you go back to around that time, plenty of posts from users complaining about GM's expensive prices when GAW miners was so much cheaper.

Thing was..GAW Miners were charging a daily fee as well...GM was not.. But GM in the end had to compete, they were losing customers and this is why I think in September they introduced the new lower priced contracts with Maintenance fees. Looking back on it, was unfortunate because we all know what happened to those contracts from all the Scrypt mining companies that introduced a maintenance fee, GAW Miners did it,, well we know what happend to them, Zeushash, they had to shut Scrypt down in December and GM, well they managed to keep going and then had to concede defeat in February.

They hung on longer because unlike the others they tried to help their users by lowering maintenance fees as much as they could possibly go without it hurting their own business. GAW Miners promised that their fees would lower over time..Did they?? Course not....They lied..GAW miners never changed from their 8 cents per MH/s fee, GM lowered it over time from 8 cents per MH/s down to 4 US Cents per MH/s

IF GM didn't have to do what they did because of competitors eating up all the business, they could have still sold their Scrypt contracts as they did with all fees included in the price then they would have been doing quite well over the early months of this year as nobody else was mining Scrypt. Difficulty fell, the amount of Litecoin etc you could have got each day would have improved but unfortunately GM like all of us can not magically turn the clock back.

The reason why you cannot find many people who made ROI is simply because GM has not been around for that long. Only a few people who were there from the absolute beginning might have made ROI by now. I'm on about two thirds, having started nov/dec 2014, pretty satisfied with that.

Sincerely GL with DMD Ivan, it's great that people who were there early and helped it start up made a good buck. I'm sceptical that it will stay that way but who knows! I sincerely hope it does for all those involved.

 I would like to see is a single person offering evidence of reaching ROI with them, not cause of price jumps or anything else, just BTC in and BTC out. GM s been online for years, there must ve been someone who can say YES, I reached ROI and I ve made some money with these guys.
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Ok thing is Ivan, some people dont purchase contracts with BTC, they purchased with LTC or Doge or Credit Card or Bank Wire. SO in some cases it is USD in, BTC out or LTC in and LTC or BTC out etc.

It can not be just a case of just BTC in and BTC out for some of them.

This is why GM offered people different coins they could mine from the start, so they could mine some, perhaps trade them on the markets etc, make profit that way too.

I am sure lots of people have made ROI just by doing that, mined coins based on how popular they were on coinwarz..sold them....bought more BTC with it, perhaps topped up their hashpower with the profits...mine more coins and so on and so on.

I remember being ridiculed on one forum because I said after about 4 months with Genesis Mining I had made ROI, They did not agree with me because for whatever reason, it did not fit into "their" understanding or "their" rules  of what ROI was. As I said..with my referral hashpower I have made ROI many times over but I will go over my original discussion about this as I still feel that as far as I was concerned I made ROI even before referral hashpower came into it.

When I purchased way back in May 2014, the first contract I purchased was 1 MH/s, was upgraded to 1.8 MH/s because the price of a contract changed on the day I had purchased so they gave me a nice upgrade, which was one of the reasons I came here to praise them.

When I came to purchase my first contract, I didn't have the BTC upfront to pay for the contract, so i did the following.

I took over 700 000 Doge, I had lots of Doge as I  mined it when it came out from the very beginning and Doge was selling for 110 Satoshi at the time I was going to purchase a contract.  That gave me the BTC to purchase it. At the time you couldnt purchase contracts with Doge, if I could I would have.

After 4 months I had noticed that Doge had fallen in value to around 35 satoshis. I worked out after 4 months that if I had taken my BTC I had mined so far and traded that BTC back to Doge, I would then have more Doge than what i had converted to BTC originally. So to me that was ROI. .I put in 700 000 Doge...could get back more than 700 000 Doge.

I went to a forum, ex GAW miners whatever, it doesnt exist anymore and I said this to a few users who just said...Nope sorry thats not ROI....it has to be BTC ...but why does it? ...

My investment was Doge.....yes it was traded to BTC but it was still Doge to start with. If I hadnt of spent the doge coin it would still be sitting in my wallet doing nothing and I would now had more sitting in there than when I started..

So for me ..I made ROI..on my Doge....

Ian

I did read about this. It is not solar powered, they have named it Solar, because of all their other products having names of planets in the Solar System. Neptune, Titan, Jupiter etc

If you ever lived in Northern Sweden then you would know that from apart from the summer, there really is no sun, so as KNCs huge mining data centre is in Northern Sweden, it would be pretty crazy for them to have a Solar Powered miner because it would never be able to mine anything most of the time apart from the summer months. In the winter the sun will go down at midday and come back up the next day at 9am...and then for a couple of weeks ..no sun rises at all. Plus I think KNC is going to keep them all for themselves and not actually sell them, but if they do, will see. Going by the reliabiilty of the Titans, it is not something I would want to purchase although for myself.

Ivan----Did you ever see this post where someone had already replied to a comment you made ??

https://bitcointalksearch.org/topic/m.11527180

Ian

I don't know how much do you follow crypto mining scene but here is why I think the difficulty will go up big time soon. First, the next Bitmain miner s about to be released this summer/autumn. I have no details about this but it s definitely going to be more advanced then the current ones. Second, KnC ve been working on solar powered miners, once this gets out, you can guess what kind of effect it might have. Third, there s this company called 21, the biggest Bitcoin angel investment this year, I suggest reading about their product, it ll revolutionize mining.

How I am nagging about ROI when all I would like to see is a single person offering evidence of reaching ROI with them, not cause of price jumps or anything else, just BTC in and BTC out. GM s been online for years, there must ve been someone who can say YES, I reached ROI and I ve made some money with these guys.

About DMD Diamond, I m not even going to try to discuss it here. All I can say is I ve been involved in this for about a year and I will gladly provide evidence to anyone interested about reaching ROI +100% so far from my stake investments. This is not marketing, what can I possibly gain from you or anyone else investing 0.3 BTC or something like that. In other words, I couldn't care less if you join DMD or not.

Interestingly enough in BTC mining subsidy should halve in just about a year.

At least it has a possibly profitable outlook in one year, while the lifetime contract does not.
At the moment, whichever way the BTC price goes, for the same $ value, buying BTC is going to be more profitable (or less "lossy") than buying a lifetime contract.

Just a heads up, looks like all Promo Codes or affiliate codes only work at max of 2.5% discount for the One Year contracts.

I contacted GM about this and they replied to say that as the 1 year  contracts were cheaper and to make it fairer for all this was how it was for those contracts.

For lifetime contracts, codes function as normal. So nothing has changed when you use a code for those.

So if someone tells you otherwise, that their code has more discount, 8%, 5% whatever for 1 year contracts, then they are telling porkies (lies)

Indeed. But things being as they are, at a 57% profit, it's a better investment then Diamond (the PoS Crypto) ;+D

Well we all know that nothing in Crypto will remain equal

For anyone wondering, fees are USD 0.0015 per GH/s and day!

Edit: if you run these numbers through a mining profitability calculator, you break even after 231.72 days and end up with a net profit of USD 166,80 per TH. That is, if everything remains equal.

Video of the new contracts if anyone is interested.

https://youtu.be/SfWJErodZXo

Ian

Hey MegaMike,

I see your point and think it is good! However we don't want to manipulate and censor in any way to let everybody make up their mind as unbiased as possible. I also think it is a bit sad we are getting sometimes questionable posts that repeat themselves, especially if they are influenced by interests of competitors, but this is a burden that we have to carry if we go this way. Hope you can understand this!

Greetings,
Marco

Dear Genesis Mining Community,

Today, July 15th 2015 we unveil a new contract for you all.

The Master Contract - a 1 Year Bitcoin Mining contract for Accelerated ROI

Example: 1 TH/s = $290 USD ($0.29 per GH/s)

More details on our website https://www.genesis-mining.com/pricing

Your Genesis Mining Team

Maybe I was too quick in calling Diamond a ponzi, but you must admit promising 50% annual returns in a banner does smell pretty fishy. That's not sustainable.

I still stand by my point that nagging about not reaching ROI within a year is both unneccessary, annoying and based on strange presuppositions. Believing that 100+ % returns per annum are normal seems a little crazy (Ivan) to me. Sure crazy stuff happened in this brave new world of crypto, but taking that to be the norm is not very wise.

I've bought my contracts with Genesis in november and december of 2014 for a total sum of a little over 4800 USD. Since then I've made 3290 USD. I'm very happy indeed.

BTW crazyivan, I see no reason why the difficulty would rise 'humongously', it's been very stable the last 6 months and if it does rise, it will be because of a rise in price, which should balance it all out. The block reward halving could be a problem, but as inflation goes down the value of BTC should go up, compensating at least part of that.

Guys i don't know if scrypt.cc will fail, is good to invest at genesis mining?

I hope it (and others) does get moderated. I'm getting tired of reading the same whining day in day out. Either people are smart enough to make up their own minds what's good and what's not, or they should not be investing in anything crypto at all. I'm not against good solid discussion, but a huge amount of posts here is repeating crap from disgruntled people who made a bad investment and blame everyone but themselves. I don't see why Genesis Mining is allowing those people to bother interested (real) customers, when this forum allows everyone to create their own thread and find the audience they seek.

So yeah, please maintain this thread and keep it clean from crap that adds nothing, and hopefully then we'll see relevant information again in this thread. Or close the damn thread as this way it becomes a useless pile of junk.

Heh, maybe. Actually it s not only about reaching ROI. Even if you do reach ROI in 600+ days, your hash at that point s going to generate next to nothing, due to humongous diff growth over these 600 days so you ll end up at best lending money to Genesis Mining at 0% interest. All in all, stay away from these guys, they are extremely expensive, they do not adapt to market conditions and they are not willing to discuss issues which affect their community. This thread is a clear example of that.

BTW, I m sure this post is going to be moderated and deleted by GM but at least some of you might read it in the meantime.

Yes, which is why I wrote what I did about that too

Ian

Well it is up to you about staying away but I always enjoy reading your posts in other places so just keep up the good work and helping to get people to take a look at POS coins etc and I respect your opinions too Perhaps on day 599 I can tell you I reached ROI a day early or something haha Its going to be interesting to see