Genesis-mining.com || World's leading hashpower provider! - page 113.

Marco Krohn (GM)

newbie

Activity: 49

Merit: 0

Quote from: flyingplows on April 26, 2015, 04:05:45 PM

In your dreams Wink

They'll say it's new hardware so you have to buy once more. And make ROI this time. And that old hardware was inefficient so you got lucky we even converted that shit. The thing is that sure, litecoin mining was unprofitable, but they tell they mine the most profitable coin...

Litecoin mining was indeed unprofitable. And so was all scrypt mining for any reasonable mix of coins (every multipool suffered from low payouts, because there were no scrypt coins in reasonable market depth that could be mined). And due to the low BTC price, scrypt mining became unprofitable at ~10 Watt per MH/s.

If new hardware would allow scrypt mining at, e.g., 1 Watt per MH/s this would lower the production cost by a factor of 10 and this new hardware would be profitable. If (and that is a big "if") such hardware would be available we would offer it.

Marco Krohn (GM)

newbie

Activity: 49

Merit: 0

Quote from: Icon on April 26, 2015, 07:15:17 AM

O and fyi genesis, you might want to update your mining allocation & wallets web pages, darkcoin got renamed you know to dash..

Forwarded it to our dev team. Thank you!

flyingplows

sr. member

Activity: 518

Merit: 250

Quote from: Icon on April 25, 2015, 06:11:39 PM

Quote from: Genesis-Mining on April 25, 2015, 10:11:28 AM

Hello flyingplows,

This is not correct. We will continue to sell scrypt hashpower as soon as we have access to efficient enough next generation chips which will not be too far away in the future.

So can we expect the people you screwed out of scrypt hashpower to get theirs back?

Icon

In your dreams Wink

They'll say it's new hardware so you have to buy once more. And make ROI this time. And that old hardware was inefficient so you got lucky we even converted that shit. The thing is that sure, litecoin mining was unprofitable, but they tell they mine the most profitable coin...

Icon

hero member

Activity: 821

Merit: 503

O and fyi genesis, you might want to update your mining allocation & wallets web pages, darkcoin got renamed you know to dash..

Icon

Icon

hero member

Activity: 821

Merit: 503

Quote from: Genesis-Mining on April 25, 2015, 10:11:28 AM

Hello flyingplows,

This is not correct. We will continue to sell scrypt hashpower as soon as we have access to efficient enough next generation chips which will not be too far away in the future.

So can we expect the people you screwed out of scrypt hashpower to get theirs back?

Icon

Icon

hero member

Activity: 821

Merit: 503

Quote from: flyingplows on April 25, 2015, 10:00:29 AM

Quote from: bittamak on April 25, 2015, 08:38:17 AM

Always i see scrypt hash power is out of stock. When can i expect it to be available?

Never. It was canceled because it was ''unprofitable''. And the hashrate was exchanged for sha256 at a ridiculous rate. If they ever sell scrypt again - it's a spit in the face of their customers, so the shit will not become available Wink

yep a 1 to 1 conversion 1 mh/s = 1 gh/s and time of buying scrypt cost was 1000 times higher then sha256.

Basically blew .7 btc to get 20 gh/s

Icon

micky123

legendary

Activity: 1022

Merit: 1005

Quote from: Genesis-Mining on April 25, 2015, 10:11:28 AM

Hello flyingplows,

This is not correct. We will continue to sell scrypt hashpower as soon as we have access to efficient enough next generation chips which will not be too far away in the future.

Ok ,

So does this mean that people who bought scrypt contracts and were unjustly converted to SHA256 contracts will get re-converted to Scrypt contracts? If this is not the case, then good luck selling those new scrypt contracts because people here should be fore-warned that you guys will convert those scrypt contracts to SHA256 at your own whims and fancies and they will be left with egg on their faces. This is what has happened to so many of us, and i feel its very unfair that you would sell scrypt contracts again without converting your original buyers back to scrypt contracts from SHA256. Embarrassed

flyingplows

sr. member

Activity: 518

Merit: 250

Quote from: Genesis-Mining on April 25, 2015, 10:11:28 AM

Hello flyingplows,

This is not correct. We will continue to sell scrypt hashpower as soon as we have access to efficient enough next generation chips which will not be too far away in the future.

Too bad for you. Buyer beware. Embarrassed

Genesis-Mining

sr. member

Activity: 430

Merit: 250

Hello flyingplows,

This is not correct. We will continue to sell scrypt hashpower as soon as we have access to efficient enough next generation chips which will not be too far away in the future.

flyingplows

sr. member

Activity: 518

Merit: 250

Quote from: bittamak on April 25, 2015, 08:38:17 AM

Always i see scrypt hash power is out of stock. When can i expect it to be available?

Never. It was canceled because it was ''unprofitable''. And the hashrate was exchanged for sha256 at a ridiculous rate. If they ever sell scrypt again - it's a spit in the face of their customers, so the shit will not become available Wink

bittamak

sr. member

Activity: 444

Merit: 250

Always i see scrypt hash power is out of stock. When can i expect it to be available?

CjMapope

legendary

Activity: 1820

Merit: 1092

~Full-Time Minter since 2016~

Genesis is good if you NEED to know theres real hardwear, they attend all conferences, but as far as for us little guys theres way better choices. they will gladly give you a dollar each day if u give them 1000 today

lowest ROI in the biz, no liquidity, no customer service, and NO REFUNDS. its a shame such a big company went this way, they had the biggest chance until they started hiring phony redditors and making ROI impossible (u will have to keep buying power to stay profitable)

birdcat90

hero member

Activity: 602

Merit: 500

Quote from: kapetan on April 22, 2015, 08:10:22 PM

hi
What is the current ROI here ?

the current ROI on this cloudmining is around 365 days..and it can increased or decreased by the value of the bitcoin itself..

if its down then you must facing the minimum price of bitcoin to be able to run the miner..so prepared for the worst case.

Zeta0S

legendary

Activity: 1890

Merit: 1031

Quote from: flyingplows on April 23, 2015, 03:54:53 AM

Quote from: kapetan on April 22, 2015, 08:10:22 PM

hi
What is the current ROI here ?

lol, believe me you don't want to know my friend Wink

I made roi a long time ago Lips sealed

Why are people bashing Genesis Mining, they are the only one i do trust.

julian071

hero member

Activity: 1132

Merit: 818

Quote from: flyingplows on April 23, 2015, 03:54:53 AM

Quote from: kapetan on April 22, 2015, 08:10:22 PM

hi
What is the current ROI here ?

lol, believe me you don't want to know my friend Wink

You give no information, there is nothing to believe or not to believe bro.

kapetan, if you want to calculate ROI you can use an online profitability calculator and use the numbers you can get from the terms and conditions on the Genesis-mining website. You'll have to register an account and start the ordering proces in order to see the terms and conditions.

Right now you pay $ 1,50 per TH per day on maintenance fees. If you enter those numbers in a profitability calculator so that electricity costs amounts to $ 1,50 a day (e.g. use 625 watts and $ 0,10 / kWh) then ROI is in 466 days.

For other amounts just get the appropriate numbers from Genesis and enter them in a calculator.

flyingplows

sr. member

Activity: 518

Merit: 250

Quote from: kapetan on April 22, 2015, 08:10:22 PM

hi
What is the current ROI here ?

lol, believe me you don't want to know my friend Wink

kapetan

full member

Activity: 165

Merit: 100

hi
What is the current ROI here ?

birdcat90

hero member

Activity: 602

Merit: 500

Quote from: louise123 on April 20, 2015, 07:00:53 AM

Can we get our money back if we don't want to continue with you.

i dont think so, because there is no exit plan from genesis mining..

when gm need to terminate our contract,its all because the price of btc to low to cover our cost..lets pray bitcoin will fly so our contract will running forever

Genesis-Mining

sr. member

Activity: 430

Merit: 250

Hey Miners,

Check out the new presentation Marco gave at the "State of Digital Money" conference in L.A. addressing the issues and growing concerns about ponzi schemes in the mining market.

https://www.youtube.com/watch?v=oAXtTftPTkI

Happy Mining,
Your Genesis Mining Team

julian071

hero member

Activity: 1132

Merit: 818

Quote from: louise123 on April 20, 2015, 07:00:53 AM

Can we get our money back if we don't want to continue with you.

Always read the terms and conditions before deciding whether or not to agree to a contract. You did not read them otherwise you would have known the answer is 'no'.

There are other options out there with other cloud mining companies that offer different forms of getting (part of) your money back. Megamine for example will buy back a prepaid contract for a certain price. Other companies allow you to sell your 'share' to other users. But of course, these options come at a price.

I guess you did not do any research into the different options. You're lucky you ended up with Genesis-mining. It's one of the few respectable cloud mining companies and it has a very decent return on investment. Sure, not as high as on some of the (now collapsed) ponzi schemes and certainly not as high as the unrealistic expectations that some of the kids on this forum have, but much better then you would get with most any other investment vehicle.

Even though I lost a sizeable investment on Scrypt mining, I'm very happy with how things are going =) Most of my money is in SHA256.

Topic: Genesis-mining.com || World's leading hashpower provider! - page 113. (Read 400197 times)