Topic: Genesis-mining.com || World's leading hashpower provider! - page 126. (Read 400197 times)

Well when Asics came out in Jan 2013 the diff was 3 million, then Jan 2014 was 1.2 billion, last month 40 billion.

You are dreaming if you think the diff will be anything under 47 billion by end of this year.  If btc price doesnt go up, alot of people are fup

If you have a better way to forecast than through past events you are welcome, but the curve seems to be going up.

They invented cloud mining because they cannot make any profit selling hardware that becomes obsolete within 90 days,

Hmm,

This is a business arrangement

Mining is risky, a lot of cash investments up front

I have $1,100 GPU mining equipment, which has been mining over the winter at loss

Profits from the good years should offsets lack of profits from consolidation years

Accusing businesses of scamming is wrong and unfair

There is a 10 day rule, once cloudmining is finished, the original manufacturer or cloudmining firm can extract any remaining bits and pieces of profitability from the equipment -- only pettiness would begrudge them that

Why would difficulty increase this year, you are not forecasting, but simply using the last 3 years to state an opinion. This is unlikely to be true because it is subjective speculation over difficulty assuming the past is an accurate guide to the future  

In a consolidation year for mining, difficulty will go up and down in relation to the percentage of days that BTC price causes older mining equipment to be switched on or off

Unlike previous years, people are still likely to make a ROI on Cloudmining, even if the initial ROI period is spread over 11 months

At the end of this year network difficulty is unlikely to be above 47500000000, therefore cloudming bought today will still be profitable right up the block halving in mid 2016

All that cloud mining switching on and off is a scam.

They make a profit by renting hash rate and also add some to make extra from electricity and maintenance, its all priced in.  Basically they wont pay customers if btc price stays low, what a load of crap because they claim it is unprofitable, while the chances of difficulty raising is 97% at every jump dating back the last 2 years.  If btc price stays the same and electricity rates stay the same but diff increases, they are basically stealing customers deposits and using as an excuse for not paying out.

Good point, BankToTheFuture.

Another thing to consider though is that GM do have a track record of being there no matter what so far in an environment where others are closing. Even if there is a more competitive offering, so far my experience is that GM is less risky (as a firm to deal with rather than the product), as they have demonstrated that they will adjust and try and keep the client happy as challenging market conditions persist. Other have ran at the first sign of trouble.

That counts for something to us. 

Still getting BTC0.00022221 for my 40Ghs per day
not bad
better than other cloud with 0 profit

There are cheaper cloud mining options compared to GM. More importantly, there are options where you can not only get cheaper hash but also you can SELL you hash at a specific time period which decreases your ROI significantly.

For example, I can reach 70% of ROI, then sell the rest of my hash and be in profit. All this depends on a lot of variables but I m just pointing it out so you can have an idea how important it is.

GM, if I were you, introducing some form of internal market for selling hash would be my top priority. All this under assumption you are not afraid everyone who currently owns your hash would immediately try to dump it and leave. In this case, you have more important problems.

That is the official position of CEX.IO cloudmining, mining is suspended until BTC price makes it profitable

Zeus mining, whose cloudmining customers have lost their hashpower under the "10 day rule" almost certainly still has it's farms, but they are simply switched off.

They can switch it on when BTC price is high enough for them to make some dollars once electricity cost are subtracted.

I guess, many miners at home have done the same thing with their old ASICs

You see, 100PTHs worth old BTC hashpower can be switched on and off according to the $ price of BTC  

Halving of quantity (block reward) available to be sold to new investors equates to bidding up of what remains available for sale  

Simple Supply and Demand macro economics

I dont think networks are saving any money by turning machines off when btc price is low, while others continue to mine and make coin.  In the mean time while they are waiting for btc price to rise diff is increasing.

I expect diff to be 80-100 billion by next year.

Why do you think block halving will increase btc price?

 It will only decrease rewards for miners.

Price may around this level all of 2015 and only the block halving in 2016 will cause it to increase 

Looking at the network hashpower, it looks like all the 1watt and 1.2watt mining equipment (some may be farms) is still functional, even when it is not switched on for mining 

Whenever, the BTC prices goes above $220 these farms and equipment are switched on - mine some BTC and immediately convert it into Fiat Currency, which causes the price to head back downwards below $219.

Therefore, their is still 362PTHs network hashpower, but it is only switched off when BTC is a below certain price benchmarks.

Around 362PTHs around $245 plus
Around 310 PTHs around $220 plus
Around 250 PTHs around $200 plus

Consequently, network difficulty will have to be held around 41500000000 right up to the block halving in mid 2016 

Obviously, when the block reward is halved mid 2016, the 1watt and 1.2watt mining equipment will need BTC price of $400 before being switched on, so price will definitely climb alot 

You are sadly confused at 1 th/s that's 1000 gh/s or 1.0 th/s you'll make daily ( and this is before any fees are debited out)

per Day   0.01218492 BTC       $2.65
per Week   0.08529441 BTC          $18.53
per Month   0.37087839 BTC          $80.57

I know when you are looking at the genesis page and buying it shows in .1th that's 10 gh/s takes 1000 gh/s to make 1 th/s

O and atm time of this post 1 th/s will cost $469.00 or 2.176 btc.

So it might not take you till  60 to ROI after all

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To be honest, I wouldn't peg Bitcoins you earn to any intrinsically fake-paper

If you are in this for quick investments and quick returns, you should be investing in other bonds or stock options but not into cloud mining contracts imho.
If I was to invest, I personally would always choose some future currency or commodity like Bitcoin or Gold/Silver.

In the end, people who believe in the currency go about their business like they always have, when buddies tell you that Bitcoin will rise, you want to invest in it now for the future and see any investment, either directly into mining shares, equipment or coins directly, as a valuable, cryptographically secure asset for the future, unlike other promises made by someone else than the Blockchain!

I am certain a lot of the people who complain in this thread wouldn't be complaining right now if Bitcoin would rise to 1200$ again or Litecoin to 20$. Then suddenly, Cloud mining would become the new best thing, until all those start to dump the crap out of the coins again and we have the same scenario as now. It's always easy to blame problems on others or the way they operate but if you are so certain about the Bitcoin price stabilizing here - then you shouldn't really be investing in anything related to Bitcoin anyways because you just doomed the coin to be the slave of the Dollar forever more. If you check out YouTube, look up Andreas Antropolous and Future of Bitcoin. I think what he says is very much accurate and something that holds a lot of value that short-term investors just fail to realize, but since we live in a free system on the Internet, scamming and fudding will always be a part of an unmoderated community of people, so you just got to believe in what you think has value and dump the rest, which is why some coins currently are very low in the market cap but carry an extremely high value to the system, and will eventually rise out of the $-dump hell they are under

TL;DR: Pegging Bitcoins to $ has brought us to the current mining situation. Looking ahead of time and pegging it to it's natural environment would be a decision a believer will inevitably need to make to bring the entire crypto-space forward and upward!

My 2 satoshis...

Kept that in mind just looked at what the current rates are and calculated it, it should take a bit under a year for this to earn back but the thing is that the difficulty changes so does the price of bitcoin you should have to look at this as you are earning bitcoin, not dollars or any other fiat currency. You are then selling the bitcoin on a market to someone that has a lot to invest again and he invests the money to buy the bitcoin from you. That's what I found out when I was learning about bitcoin...

Thanks for the reply guys. If you haven't notice I'm very VERY new to bitcoin so it took me a while to figure out what ROI means. But I think I got it now. 1.3 US dollar per Tera hash isn't bad and seems very appealing to me. I'll highly consider going to cloud mining with this company. Thanks again for helping a newbie out, have a great day!

You should keep in mind that the price per GH/s changes once you hit the 1TH/s mark. Anything below 1TH/s will even take longer to ROI. The price from 1TH/s to 5TH/s is the same!

All the best,
Vya

1TH would take a long time to ROI if it ever would. I'd suggest doing what I do, buy low increments and when they pay off buy more. This way you wont earn as much right off the bat, but by the same token you're not going to burn money going in big. Mining is a gamble, play it safe.

How big is your hashpower mate ?

You will earn about 0,006 a day which means your ROI will take about a year depending on the difficulty and the price of bitcoin.

I got 14 dollar in the last 4 days @ Genesis Mining