Topic: Genesis-mining.com || World's leading hashpower provider! - page 14. (Read 400219 times)

Thanks For the Update!

Zeta 

We are indeed mining, and we are indeed paying. Contrary to what's being said or speculated, we pay out everything our customers mine. Our daily payout schedule has been back for some while now, but there are still some payout issues with a small number of customers. Those will be resolved also. The same with tickets. We look into each and every one of them, but sadly, due to the large number of those, not all will be answered within reasonable time. We've already expanded our support team substantially so it is just a matter of time, but even with our current support strength we cannot resolve all tickets instantly. We said it before and we will keep saying this, we will resolve all issues. More about this can be read here http://blog.genesis-mining.com/september-2017-service-update, though a new update should be coming in a few days. Keep an eye on our blog, please.


Meanwhile we’re glad to announce that Bitcoin (Sha-256) mining contracts purchased in the pre-sale period started mining yesterday and first payouts on those contracts will be going out in the coming days. Please note that we’ve already sent payments to a few users during the pre-sale. If you have already received payments from your new hashpower (You can check the amount in your dashboard), then payout for those contracts will delay by the amount of mining days you already received (by a maximum of 5 days). As always, you can keep track of (actual and balanced) payout transactions on your Payouts page, and in general payout will be processed within 24 hours after a day of mining, in UTC time.


We are receiving a lot of inquiries about new hashrate, but sadly we cannot say when we will be able to offer new hashrate just yet, but next to support, that is very high on our priority list, so stay tuned!


Thank you for choosing us and happy mining!

--

Your Genesis Mining Team

Yes, they are mining.
Yes, they are paying.

But they don't pay everything. They don't answer all tickets. They don't answer tickets in a reasonable time.

So I'm afraid I do think they are turning into scam - because this isn't the way a real business would operate.

Maybe you (ZetaOS) can contact your contacts there to find out why I'm waiting for almost 9 months to get things solved?
Why one of my accounts is still unable to change walletaddresses so all earning goes to the old address?
Why I'm still waiting for hundreds of dollars in earning from the periode around 1 August?

More proof: https://youtu.be/A7NhfuIdy8Q

Omnia is claiming that they are proud partner but they are just way more expensive customer with IT support as another service from GM.

Moreover GM is partnering with Hive Blockchain. Currently they are building farm in Sweden for Hive Blockchain.


Regards, Marcin

Anyone sees or remember a Cloud Mining site that was marketed as backed by GM? I saw it a few months ago but I totally forgot the name.

I no longer get payouts on eth from GM but I do hasn't paid same amount hash power.

No ticket response in months would highly advise from investing

This is true that they have delayed tickets and it is taking forever unfortunately (I have a video about it on my channel as well).
Nevertheless i think it is way too early to call them a scam.


The only contract I promote is open ended BTC contract which is out of stock at the moment.
As you see I am not looking only for referrals but of course I will appreciate if someone will use it.


In my case I already triple my initial investment so I am very happy about the service they provide.


If interested you can check out my youtube channel to find some fresh info (some of the videos contain additional info from VIP assistance service).
Also I did explain some more in this topic: https://bitcointalk.org/index.php?topic=1185909.580 starting from page number 30 up to the 33 at the moment.


Best regards, Marcin

Unfortunately -although I have several accounts- I'm not so sure anymore it's a real deal.
Many missing payments, not responding on tickets (or very, very late), I'm going to think they are slowly turning into scam...

Hi again


Genesis Mining is a real deal! Proof included!

https://www.youtube.com/watch?v=1WbwYbysDjE


Regards, Marcin

Roger, I think you're missing the point entirely of what ZetaOS is trying to say. 

He's not advising against buying mining contracts, he's saying that when buying contracts, consider both the ROI rewards (i.e. the cost of the contract vs the time it will take for you to get your investment back) and the difficulty factor (i.e. the time it will take to hash a block and earn a reward).  I dare say all ROI calculators base their results on current hash-rates and difficulty – for them, they can't predict where the hash difficulty of any coin will be two years from now, because you can't predict how much hash-power will be invested in any single mining effort or whether that hash-power gets reassigned to other less difficult and more 'profitable' coins.

At some point, the difficulty in Bitcoin mining will be such that even at 10k$ a coin, it will no longer be profitable to mine anymore because the difficulty has risen to the point that it then causes any future earnings to be entirely consumed by the liabilities (service & maintenance fees) expended to mine the coin.

—————

There is nothing inherently contradictory in both holding Bitcoin as a long-term investment (in the hopes that the price will continue to rise) and mining it (which only serves to increase your holdings in that investment).

I do not know the amounts of the contract talked about here. I purchaged a small xmr contract (around 160 dollar) and no payouts, after a few weeks i recieved 0,5 xmr. Then i looked closer in the dashboard. All daily payouts were registrated and they give the notice that payout to the given adress will only be done if the amount is above the 0,4 xmr mined.

Is this not the case?

The hashrate on scrypt and X11 increases more in procentages than sha256 (btc). So i think btc contracts are more stable.

Yes, this seems totaly right to me.

I guess there is a misunderstanding here.

When bitcoin-price is growing, more people are attracted to mine bitcoin, ergo bitcoin difficulty rises.
When bitcoin-price is dropping, more people run away from mining, ergo bitcoin difficulty drops also.

So there is a correlation between bitcoin price and difficulty. In the past year both were about the same, or the bitcoin-price-growth was greater then difficulty rise. Due to the fact (as you already mentioned) that maintenance and electricity were calculated in dollars there were less bitcoins mined, but also less maintenance/electricity cost (which is a substantial part), so the netto earnings in bitcoin were about the same. That's why cloud mining was profitable in the last year.

But the situation in the years before were different so it's not possible publish this as certainty for the future; it can be a good or a bad investment.
Altcoin mining is a different story: scrypt / ethash / x11 mining difficulty is going skyhigh but prices are following slower so those cloudmining investments were very good and are at this time very very bad.

If you decide between mining and holding, you need to calculate in Bitcoins, not dollars. So if you invest 1 Bitcoin, days-to-ROI is when you recover this 1 Bitcoin back. The price is only relevant when you calculate maintenance costs.

Hi!  Maybe my message is lost in translation.
How about his:
Remember the two variables: Bitcoin Price and Bitcoin Difficulty, buying a contract you counting on the bitcoin price will rise the same or more as the bitcoin mining difficulty.
This Difficulty rise can overtake the bitcoin-price growth overtime.

Is this more clear?

If you look at the most recent development, ZetaOS is correct - about the last year bitcoin price growth was bigger then (or equal to) the difficulty. But in the past years the opposite was truth: difficulty was rising faster then bitcoin price. So how this will be in the near future can't be foreseen.

I'm really surprised to see such calculations from a Legendary person. I believe you just misleading newbies, because you should be well aware that the statement


is wrong. If you make such assumption, it may happen (and likely will) that holding bitcoin would be more profitable than mining it.

I think Yes!
Based on the current situation I came up whit this calculation:
https://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=15000&p=0&pc=0&pf=28&d=1123863285132.97000000&r=12.50000000&er=4261.27550000&hc=1500
The 28% pool fee is the mining fee GM has on sha256 contracts (all other contracts are whiteout any fee).

Days to break even: 145.67 Day    

Remember the two variables: Bitcoin Price and Bitcoin Difficulty, buying a contract you thing the bitcoin price will rise the same or more as the bitcoin mining difficulty.

Any question please ask