Topic: Genesis-mining.com || World's leading hashpower provider! - page 106. (Read 400197 times)

well they said 1 of the mining servers was a mere 2 ph/s which isn't jack vs the 405,204.935 th/s total hash rate  that's less then .02 % if that, genesis would have to mine at some other pool to even find a block in 24 hours.

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Recent payments I got can be traced back to Eligius quite directly, I only have a very small amount of hash-power though, so it's not a very representative sample (I get a fraction of mBTC per day).

After a bit of taint analysis, here is what the GM hot wallet I'm paid from got from Eligius in the last days:

July 5: 51.32 BTC
July 4: 59.44 BTC
July 3: 8.22 BTC
July 2: 47.60 BTC
July 1: 61.36 BTC

This is just one pool, and just a taint analysis guesstimation, actual values are higher, and it's also chump change for the GM wallet.

So far taint analysis guesstimation shows at least between 5000 and 6000 BTC transited that hot wallet since its creation, with a current balance of at least 120 BTC.

The bulk of the deposits to that hot wallet (4300 BTC) seems to be from a script-hash wallet (addresses beginning with 3), which has lots of I/O with various crypto exchanges, so I would guess it's their auto-trader selling alts they mined for BTC.

All in all, that's not a huge amount of BTC for a major mining company (given that 7200 BTC are mined everyday, and the above hot wallet is quite old), so this would have to be a hot wallet for small-time small-hash-power customers and alt-crypto trading, with larger customers handled separately.

Finally, take all the above with a shovel of salt, this is guesstimation

I believe in GM and upgraded hash power Saturday, and today again because it's such a good deal for me paying with bitcoins I bought 20% cheaper than today's price 

The statements of Genesis here are much appreciated, very clear and polite language. In such a competing business like mining I don't think many companies will be much more transparent than Genesis.

Sorry you have to choose between transparency toward your customers and your so-called business secrecies. This is a false argument and the worst one, used by a lot of scammers before, so scam for scam we won't pay your more expensive service.

Keep in mind we are your business ; if you consider your hardware before your customers, don't ask us to buy your hashrate, mine for yourself.

Hi,

Finally !

Publishing one of your BTC mining addresses is a good start.

In the future, if you provide evidence that you are doing a real work I will be able to buy again from your company (even at loss). A real time list of found blocks on the web site would make Genesis Mining completely unblamable, this is what amateurs mining pools are doing, I'm confident you are technically able to have it. I accept to lose money for a real hashing power (because it is at least securising the network), but not for a fake service.

Kind regards.

Hey creuz,
 
Thank you for your comments and your feedback. The question is a good one, unfortunately, there is no short and easy answer. Let me explain below why:
 
Just showing a couple of mining addresses (+ proof ownership) is not sufficient because:
(a) the amount of hashrate sold would be needed too, and
(b) the hashrate could be rented on a short term basis only.

The first point could be partially mitigated by using Merkle-trees etc., but there would still be (b). It makes little sense for us to spend considerable resources on setting up a complex system to "proof" hashrate ownership, which is not even bullet-proof in the end. Resources that we would miss on other ends, eg., for building an excellent tool for managing huge mining farms (Genesis Hive – see below).
 
Another point is that we would like to protect our business secrecies. Some competitors are very interested in getting to know how much hashpower we have and how much we sell every day. We are not publishing this kind of information for a reason.
 
A couple of things that we are doing to give everyone comfort that Genesis Mining is doing real mining:
 
* photos & videos:  we are showing videos and photos from our mining farms (often with people from the team / or GM logos on it)
* endorsements: several hardware manufacturers have endorsed us, because we purchased a lot of miners from them (inter-alia Zeus, Bitmain, Spondoolies)
* tours: we allow large investors to visit our farm and show it to them
* mining management software: we have created Genesis Hive ( http://genesis-hive.com/ ); this is a special software dedicated to manage huge mining farms: if you control 1000s of miners you want to use specialized software. (Sidenote: we are pretty proud of this product: it started as a couple of small scripts and after a year of development became a nice product on its own - and already in use by two competitors!)
* there are more things we are doing: being transparent about the people involved, presenting on conferences etc.

We know this is not a 100% proof, but unfortunately there is no such thing as 100% in this case. Please do not get me wrong: I think you are asking the right question, and I honestly wish more users would carefully analyse the companies they are dealing with. I was shocked when I saw how many users trusted the bitcoin cloud services scam.

Anyway, to come back to your original question: we have decided that we will publish one of our BTC mining addresses within the next week (about 2 PH/s). Hopefully, it will give you some more comfort that we are very real.

Cheers,
  Marco

https://www.reddit.com/r/BitcoinMining/
https://www.reddit.com/r/BitcoinMining/comments/31ulhm/anyone_use_genesismining_or_cloudminrio_for_cloud/

40000 satoshi each day for 100 Gh/s (it was 50000 100 days ago), 100 Gh/s is 45$ or 20 000 000 satoshi, if you are lucky you will get back your coins in 500 days but in fact you won't because payout will be 30000 for 100 Gh/s in 100 days then 20000 in 200 days, so the ROI in more 1000+ days than 500. In the end you will never get your money back.

Anyway they claim to have more and more customers but global hashrate is just constant, conclusion Genesis Mining with their unreachable ROI are attracting customers from other miners, or this is likely a scam doing fractional-reserve mining... spot the mistake

Finally they don't want to prove their hashrate : it's so easy, they have to show us the block they found yesterday. They act as an obscure service while cryptocurrencies allow them to be clear. Conclusion : Genesis Mining is a scam.

If you want to invest, just buy coins now then wait... Bitcoin and Litecoin are cheap nowadays. Don't give your money to these fake mining services.

can someone explain to me is it fine for invest ?

still trying to back read and get some info about genesis-mining
but all i can read are rants from different people
i guess that means go search for another mining site to your BTC

I posted my payouts and wallet addresses, you can check the chain where the coins come from

I can't understand why people claiming to be legit and serious are not showing us their real hash power and mining address, it is so easy and a radical way to stop criticism.

You are not clear and we know why : at best you are doing fractional-reserve mining, at worst you are not mining at all, just scamming.

Mutually exclusive events... the more I read you the less I trust you.

Once again, I suppose you are using the Scrypt mining hardware we paid to mine for yourself now it is highly profitable again, assuming this hardware had ever existed...

Hey Zorro,

Sure! All live sessions will be uploaded to our Youtube channel so that you can view them any time afterwards. You will get all details soon by mail!

Greetings,
Marco

Hi Marco,

regarding the webinars it is nice to participate live but please make an archive where it can be seen at a later time also.

Thank you,
Kind regards,
Zorro

+1

Hello Glucose,

First of all I want to say that it is good to see some honest and critical views, that at least to my extent of knowledge, are not coming from or are influenced by competing companies or actors with bad intentions.

Please let me directly answer your questions here:

1) Yes, our activity in this thread is rather limited and could be more. Some reasons for this are the following:

a) Since customer support is one of our highest priorities we are putting a lot of effort in direct and individual support by email via our support center that you can reach on [email protected]. Our support team is doing a great job there and every question is answered individually. We get a lot of positive feedback on this and I am glad we could help everybody there so far although there is a huge load of tickets every day.

b) Unfortunately on bitcointalk there is a high degree of advertisement driven manipulation. In particular for this thread competitors are taking the chance to influence readers in an indirect way to purchase their products. This results sadly often in unjustified criticism and even worse people spending money in services they later repent. We are neither blocking comments alike nor are we going actively against such companies. It is not professional for us to talk bad about competitors even if there is high chance of illegal activity. The most efficient way against this our opinion is to educate as much as possible which we prefer to do. (one example: http://bankinnovation.net/2015/04/most-bitcoin-cloudmining-operations-are-ponzi-schemes/)
Also we are against censorship so we talerate in general all comments no matter how unjustified they are. (Only in extreme cases when for example people get offended we are forced to take action, but this only happened very few times. Maybe 3-5 comments on all thousands of comments here.)

Don't get me wrong: The community is essential to bitcoin and bitcointalk is the key platform for it. We also want to be as active as possible here, but please also respect the above points. 

2) The "game changing stuff" was and is indeed "game changing", but unfortunately we still did not come to this point to be able to disclose any information regarding this to the public. I am sorry about this and I have to admit that we had no intention and did not expect this to take so long, that is why we announced it already few months ago. We learned from this, but there is something to come everybody can be excited about.

3') Seeing it from the risk perspective I think we currently have the product with the most attractive return on the market. I don't want to go too much into details and this is also not meant to be a promotional post, but besides some few legit cloudmining companies the market is full of illegal actors and high risk operations. For illegal actors I am referring to ponzi schemes of which we see these days almost every week one of them blowing off and for high risk operations I am referring to generally cloudmining facilities that have higher operational risks due to for example political instabilities, operational risks due to dishonest business partners or uncertainties regarding electricity conditions. (just one quick example regarding dishonest business partners here: http://cryptomining-blog.com/4463-the-amhash-mining-operation-robbed-of-mining-hardware/)

Our farms are highly secured and are in politically stable regions. Also our electricity conditions are fixed contractually and we are more than cautious to guarantee our hashpower!
Minimizing risks and giving our customers confidence that we provide a sustainable business where they can rely on the conditions they get in their contracts was key for us from the beginning. This is the reason why we are basically the only cloudminer from the early birds that started operation 2013/ beginning 2014 that are still operating since a significant number of earlier competitors couldn't manage lower bitcoin price scenarios and went insolvent because they could not pay their DCs anymore.
We are operating flawlessly from the beginning having not missed a single payout for all the 400+ days of operation so far. We keep what we promise and all of our customers can be certain and can rely on the fact that we will deliver the mining returns as we promise.

3'') The question of why we are not offering hashpower trading is very good and we had long discussions about this already more than a year ago. The reason why we are not doing this is because we would need a licence for securities trading from the SEC. Most of the competitors who offered this service already received subpoenas and are not operating anymore. We have a lot of responsibilities towards our customers and doing anything that threatens our operation to that extent is not acceptable for us.

4) Our userbase is growing very fast and especially now due to the special situation of rising bitcoin price and still, since long time, flat difficulty, people quickly start seeing how much opportunity there is in mining. I don't think it is wrong to do advertisements now.

Thanks a lot for your good and legit criticism. I hope I could help you at least with some points.

Also I want to do a little announcement at the end: We are going to start a series of monthly webinars where all of you can ask questions to us and we will answer them live. We will start with the first already in July and I am really excited about this! You will hear more info regarding this in the new newsletter.

All the best and happy mining!
Marco Streng

Dear Genesis Mining Comunity

As some of you know we recently held a coin poll in which Zetacoin (ZET) was the most popular choice.

We are happy to announce that it has now been added in our interface.

Happy Mining!

Your Genesis Mining team.

Yeah that's quite true. Maybe you're right :-)

Well unlike lots of users on this forum, I am not here 24 hours a day 7 days a week, like some

I do not agree with your comment about advertising though, I thought ponzi schemes were more about giving their referrals huge 10 % bonuses or more or doing offers like 100GH/s free for a certain amount of time, some of the offers that zeushash have also emailed to me about have been crazy as well in the past, 25% or 35% discounts for example, but GM tend to offer small discounts compared to those. I mean companies have to advertise to get customers, especially with lots of competitors, legit or illegitimate out there at the moment.

I agree with you on the announcements, but then I was used to Josh at GAW doing crazy announcements, some came, some never and regarding selling hashpower have an account with hashnest for example and like the way I can trade with the hashpower and sell it further down the line.

Ian