@ eric@haobtc
Don't, it's not even worth trying, the pros vs the cons don't even come close, its like having 2 wives at the same time. Your just asking for a ton of complaints and people second guessing your reputation. If you are profitable now then don't waste your time in cloud mining contracts..
Definitely not worth the effort..
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Topic: Genesis-mining.com || World's leading hashpower provider! - page 35. (Read 400190 times)
Stop posting with misleading title everyone knows and aware that all this cloudming are a ponzi scheme even they have pictures/images about their mining materials, but who knows? Hashocean did that. So be careful guys of this kind of mining.
Everyone knows that genesis mining is a legit cloudmining and it is very different than the other cloudmining so far however the only problem with genesis mining is that it is the most unprofitable cloud mining that exist so unless you have gather tons of referall and so on then you will never get your ROI
Can anyone please explain to me what is the appeal of cloud mining contracts? I constantly receive requests asking us sell contracts, so I would like to hear what advantages the contract model has over fixed interest rate and flexible withdrawal model that we currently deploys.
Hello Eric,
To start, some people want to mine coins even when profits are negligible, for fun or other reasons, keep that in mind
For example Start Mining at home in some country is to expensive due to huge power cost (like here it cost like 26 collars cent a kilowatt).
His is what i think,
Mining btc at this moment at current difficulty and currency BTC rate is maybe not the right choice.
However i highly believe in Dash and Ethereum, so mining that and anticipate on grow in time, i think i benefit well by cloudmining (remember increasingly mining at home is not a real option for me)
That`s why i choice (beside of buying the coins directly) for Genesis Mining. Its a nice replenishment on my current portfolio
For you (Haobtc) as a mining company advantages can be release funds form you capital.
Combining that whit your wallet you will have a lot more wallet users as well.
Downside is managing the whole crowd of customers. Managing the miners on a divert way, i think http://genesis-hive.com/ can help other mining farms whit that.
Eric what are you guys planning to do?
Thanks.
We have been contemplating introducing a contract product to our existing lineup, that is the reason why I got curious what the other companies in this area in the first place.
But mining is not our strategic direction - I talked with someone from BitFury, and they felt the same way, which is that while there is money to be made in mining, it should not be our focus in the long run.
Right now we are planning to make our mining pool public - can't say much about it except that our rates will be very competitive compared with other services in the market.
One reason we hesitate to sell contracts is the potential risk to our reputation. If some users can't ROI on their HaoBTC mining contracts, then our reputation, so far has been stellar in China and abroad, may take a hit. So we are sure it is worthwhile.
How to complain against GM, to which country .. Hong Kong , or Iceland.
Their bank account in HK but they claim they are an Iceland company ..
we need to collect all information about them from now .. we should not allow them to hide.
I am not taking about the real business and the impact happen to all users because of halving .. that impact is uncontrolable .
but There is a case that GM did not providing some user their coins ..
even the phone they remove from their website ! ! !
Their bank account in HK but they claim they are an Iceland company ..
we need to collect all information about them from now .. we should not allow them to hide.
I am not taking about the real business and the impact happen to all users because of halving .. that impact is uncontrolable .
but There is a case that GM did not providing some user their coins ..
even the phone they remove from their website ! ! !
They are from Germany. That is no secret. All information (including german address and phone number) are public available.
The office in Hong Kong is to my knowledge only because of the taxes.
Never heard that some users do not get their coins. Did you have examples or evidence?
How to complain against GM, to which country .. Hong Kong , or Iceland.
Their bank account in HK but they claim they are an Iceland company ..
we need to collect all information about them from now .. we should not allow them to hide.
I am not taking about the real business and the impact happen to all users because of halving .. that impact is uncontrolable .
but There is a case that GM did not providing some user their coins ..
even the phone they remove from their website ! ! !
Their bank account in HK but they claim they are an Iceland company ..
we need to collect all information about them from now .. we should not allow them to hide.
I am not taking about the real business and the impact happen to all users because of halving .. that impact is uncontrolable .
but There is a case that GM did not providing some user their coins ..
even the phone they remove from their website ! ! !
Stop posting with misleading title everyone knows and aware that all this cloudming are a ponzi scheme even they have pictures/images about their mining materials, but who knows? Hashocean did that. So be careful guys of this kind of mining.
sorry for the double post. For the record, I paste GM's answer that I received after I asked them why my payouts dropped by 85 % after the halving:
Quote
On Saturday, July 9th 2016 the so called halving took place on bitcoin, meaning, the reward that bitcoin miners will receive was cut in half.
The details about the halving can be read here for example:
http://finance.yahoo.com/news/bitcoin-halving-blockchain-mining-000000868.html
https://en.bitcoin.it/wiki/Controlled_supply
It lies within the algorithm of Bitcoin, so unfortunately nothing can be done from Genesis Mining side to help you.
Discussions about the halving where online month ago as can be seen here on these links on well known forums and chats like reddit and bitcointalk:
https://bitcointalksearch.org/topic/what-exactly-is-bitcoin-halving-1216445
https://bitcointalksearch.org/topic/halving-guide-for-noobs-why-its-not-possible-for-halving-to-be-priced-in-now-1428863
https://www.reddit.com/r/Bitcoin/comments/3q59uu/9_months_until_block_reward_halving/
With signing your contract, you agreed also you know the nature, and this includes also the halving, of Bitcoin.
"THE CUSTOMER REPRESENTS AND WARRANTS TO THE SERVICE PROVIDER THAT HE IS FAMILIAR WITH MINING, CRYPTOCURRENCIES AND BITCOIN IN PARTICULAR AND THAT HE UNDERSTANDS THE NATURE AND USES OF MINING CRYPTOCURRENCIES AND BITCOIN. " as stated in chapter 7. Representations and Warranties of your agreement.
This means also, the the hashpower you purchased with us is mining more than 50% less than on friday.
Why more than 50%?. Because we, as usual have to deduct the maintenance fee from the original earning and this means more than 50% less payouts.
Due to that fact, your earnings per day became less than the maintenance fee (USD 0.00099 per GHs/day) your contracts became unprofitable. Those were a lifetime contracts, but they run for as long as payouts are profitable. We deduct a daily maintenance fee from the generated coins that covers all ongoing costs like electricity costs, cooling, maintenance work and hosting services. If the ongoing costs exceed the mined coins, there is no point in mining anymore - since you as a customer would have to pay more for the mining than you actually get out of it. We don't charge you for this difference. However it is economically reasonable to stop the mining if it is clear that this difference does not become positive again. This is why according to the contract you agreed on chapter 4 we have the right to terminate the contracts after 20 consecutive days of negative payouts.
All the payouts and the deduction of fees can be recalculated at the independent site coinwarz.com:
Please set as usual the Watts to 0 as well the $/kWh.
We are just providing the hashpower you ordered and do not provide any estimates, expectations and calculations on ROI.
Thank you for your understanding.
Best regards,
Genesis Mining
The details about the halving can be read here for example:
http://finance.yahoo.com/news/bitcoin-halving-blockchain-mining-000000868.html
https://en.bitcoin.it/wiki/Controlled_supply
It lies within the algorithm of Bitcoin, so unfortunately nothing can be done from Genesis Mining side to help you.
Discussions about the halving where online month ago as can be seen here on these links on well known forums and chats like reddit and bitcointalk:
https://bitcointalksearch.org/topic/what-exactly-is-bitcoin-halving-1216445
https://bitcointalksearch.org/topic/halving-guide-for-noobs-why-its-not-possible-for-halving-to-be-priced-in-now-1428863
https://www.reddit.com/r/Bitcoin/comments/3q59uu/9_months_until_block_reward_halving/
With signing your contract, you agreed also you know the nature, and this includes also the halving, of Bitcoin.
"THE CUSTOMER REPRESENTS AND WARRANTS TO THE SERVICE PROVIDER THAT HE IS FAMILIAR WITH MINING, CRYPTOCURRENCIES AND BITCOIN IN PARTICULAR AND THAT HE UNDERSTANDS THE NATURE AND USES OF MINING CRYPTOCURRENCIES AND BITCOIN. " as stated in chapter 7. Representations and Warranties of your agreement.
This means also, the the hashpower you purchased with us is mining more than 50% less than on friday.
Why more than 50%?. Because we, as usual have to deduct the maintenance fee from the original earning and this means more than 50% less payouts.
Due to that fact, your earnings per day became less than the maintenance fee (USD 0.00099 per GHs/day) your contracts became unprofitable. Those were a lifetime contracts, but they run for as long as payouts are profitable. We deduct a daily maintenance fee from the generated coins that covers all ongoing costs like electricity costs, cooling, maintenance work and hosting services. If the ongoing costs exceed the mined coins, there is no point in mining anymore - since you as a customer would have to pay more for the mining than you actually get out of it. We don't charge you for this difference. However it is economically reasonable to stop the mining if it is clear that this difference does not become positive again. This is why according to the contract you agreed on chapter 4 we have the right to terminate the contracts after 20 consecutive days of negative payouts.
All the payouts and the deduction of fees can be recalculated at the independent site coinwarz.com:
Please set as usual the Watts to 0 as well the $/kWh.
We are just providing the hashpower you ordered and do not provide any estimates, expectations and calculations on ROI.
Thank you for your understanding.
Best regards,
Genesis Mining
Hi, I like to add my experience to those who posted theirs before me, and I hope a lot of newbies / wanna-be-investors read this:
I knew it was risky when I bought my first contract with GM. During the first year I bought 4 upgrades. And because I like risk, and nobody knew what would happen after the halving, I spent another 0.03 btc on 0.1 THash/s BTC mining exactly 4 weeks ago.
All that money got burned, I did not arrive at ROI, my daily payouts dropped to 7000 Satoshis, according to GM support that's from 2 remaining contracts with 0.255 TH.
So if price and difficulty would stay the same, I would ROI those last spent 0.03 Bitcoin in 428 days ... lol 
I will post again in 428 days if this stupid thing is still running, but I wouldn't bet a penny on it.
It has all been said before me, so I like to repeat and encourage every newcomer: buy Bitcoins directly, even if it's just for 5 or 10 Dollar every month, and you will make A HELL LOT MORE money than investing in Genesis Mining. Investing $10 every month in Bitcoin for the last year would have made you about $240 if you sold now.
Protect and hodl your Bitcoins!
Best wishes
netpeak
I knew it was risky when I bought my first contract with GM. During the first year I bought 4 upgrades. And because I like risk, and nobody knew what would happen after the halving, I spent another 0.03 btc on 0.1 THash/s BTC mining exactly 4 weeks ago.
All that money got burned, I did not arrive at ROI, my daily payouts dropped to 7000 Satoshis, according to GM support that's from 2 remaining contracts with 0.255 TH.
So if price and difficulty would stay the same, I would ROI those last spent 0.03 Bitcoin in 428 days ... lol
I will post again in 428 days if this stupid thing is still running, but I wouldn't bet a penny on it.It has all been said before me, so I like to repeat and encourage every newcomer: buy Bitcoins directly, even if it's just for 5 or 10 Dollar every month, and you will make A HELL LOT MORE money than investing in Genesis Mining. Investing $10 every month in Bitcoin for the last year would have made you about $240 if you sold now.
Protect and hodl your Bitcoins!
Best wishes
netpeak
Can anyone please explain to me what is the appeal of cloud mining contracts? I constantly receive requests asking us sell contracts, so I would like to hear what advantages the contract model has over fixed interest rate and flexible withdrawal model that we currently deploys.
Hello Eric,
To start, some people want to mine coins even when profits are negligible, for fun or other reasons, keep that in mind
For example Start Mining at home in some country is to expensive due to huge power cost (like here it cost like 26 collars cent a kilowatt).
His is what i think,
Mining btc at this moment at current difficulty and currency BTC rate is maybe not the right choice.
However i highly believe in Dash and Ethereum, so mining that and anticipate on grow in time, i think i benefit well by cloudmining (remember increasingly mining at home is not a real option for me)
That`s why i choice (beside of buying the coins directly) for Genesis Mining. Its a nice replenishment on my current portfolio
For you (Haobtc) as a mining company advantages can be release funds form you capital.
Combining that whit your wallet you will have a lot more wallet users as well.
Downside is managing the whole crowd of customers. Managing the miners on a divert way, i think http://genesis-hive.com/ can help other mining farms whit that.
Eric what are you guys planning to do?
Can anyone please explain to me what is the appeal of cloud mining contracts? I constantly receive requests asking us sell contracts, so I would like to hear what advantages the contract model has over fixed interest rate and flexible withdrawal model that we currently deploys.
Apart from the greed of impossible ROI's at the scam end of the "cloud mining" spectrum, I think it's the dream of "being involved" in mining, being part of the process that is attractive, especially to newbies.
Your model is eminently more realistic and logical, but lacks that aspect.
Can anyone please explain to me what is the appeal of cloud mining contracts? I constantly receive requests asking us sell contracts, so I would like to hear what advantages the contract model has over fixed interest rate and flexible withdrawal model that we currently deploys.
My SHA256 contracts have stopped paying after the halving.
Good luck to everyone.
Good luck to everyone.
Just curious, how are ppl doing investing in genesis cloud hashrate? I see the company advertising everywhere but have no idea how many petahash they are running.
dude, NOONE knows. ;\
we have no idea the hashrate, their pool, or even what hardware their even using now (spoondoolies is dead so not getting from them anymore)
my guess is they are mining on antpool, with antminers, but hey i DARE them to come prove me wrong! (they wont)
they are garbage, and im happy an honest operator like u came here to ask this question, maybe they will answer YOU! haha
they are gpu mining, of course, also, but simple math (in the thread here last page or 2) dictates there's no ROI with genesis, as usual..
so idk, i'm just hoping their massive social campaigns don't pay off, noone needs to lose more with them...
I did roi out several times, and my Ethereum contracts are doing great! (see my Genesis Mining payments for some time ago: https://www.youtube.com/watch?v=doRAF2c-Rrk )
Also they are actively supporting bitcoin on a way i did not see before.
I believe like Habo they only use green energy for our miners, also (like Habo there is a lot of video`s showing there hardware in there iceland farms)
It is either you are:
1. Part of Genesis-mining social media team;
2. or you are paid by Genesis-Mining.
I kind of agree and suspected it several time in the past.
Genesis Mining is not profitable and with the halving it is probably even worse than before.
Hi guys!
Why do i always see this response to any positive feedback in this topic.
I see a lot of negative bashing and demonize post form u guys.
1)First note: X11 and Ethereum did not affected by the Bitcoin block reward halving.
2)Second note: See my spoiler below. So i get a referral one`s in a once in awhile, same as some have Yobit, primedice, secondstrade spoilers/banners/logo`s.
It would be nice hearing some moderate commands. For example the first sold X11 contracts are doing great, also Ethereum running nicely.
And yes, i collude sha256 would not roi whit the current btc price (Same as all other cloudminers selling sha contracts).
I am truly happy whit my mining program, i try to be open as possible, posting my wallet address (where GM posting there deposits) and uploading video`s whit my dashboard providing good view what`s happening.
For ones you could say something positive about that.
Just curious, how are ppl doing investing in genesis cloud hashrate? I see the company advertising everywhere but have no idea how many petahash they are running.
dude, NOONE knows. ;\
we have no idea the hashrate, their pool, or even what hardware their even using now (spoondoolies is dead so not getting from them anymore)
my guess is they are mining on antpool, with antminers, but hey i DARE them to come prove me wrong! (they wont)
they are garbage, and im happy an honest operator like u came here to ask this question, maybe they will answer YOU! haha
they are gpu mining, of course, also, but simple math (in the thread here last page or 2) dictates there's no ROI with genesis, as usual..
so idk, i'm just hoping their massive social campaigns don't pay off, noone needs to lose more with them...
I did roi out several times, and my Ethereum contracts are doing great! (see my Genesis Mining payments for some time ago: https://www.youtube.com/watch?v=doRAF2c-Rrk )
Also they are actively supporting bitcoin on a way i did not see before.
I believe like Habo they only use green energy for our miners, also (like Habo there is a lot of video`s showing there hardware in there iceland farms)
It is either you are:
1. Part of Genesis-mining social media team;
2. or you are paid by Genesis-Mining.
I kind of agree and suspected it several time in the past.
Genesis Mining is not profitable and with the halving it is probably even worse than before.
Just curious, how are ppl doing investing in genesis cloud hashrate? I see the company advertising everywhere but have no idea how many petahash they are running.
dude, NOONE knows. ;\
we have no idea the hashrate, their pool, or even what hardware their even using now (spoondoolies is dead so not getting from them anymore)
my guess is they are mining on antpool, with antminers, but hey i DARE them to come prove me wrong! (they wont)
they are garbage, and im happy an honest operator like u came here to ask this question, maybe they will answer YOU! haha
they are gpu mining, of course, also, but simple math (in the thread here last page or 2) dictates there's no ROI with genesis, as usual..
so idk, i'm just hoping their massive social campaigns don't pay off, noone needs to lose more with them...
I did roi out several times, and my Ethereum contracts are doing great! (see my Genesis Mining payments for some time ago: https://www.youtube.com/watch?v=doRAF2c-Rrk )
Also they are actively supporting bitcoin on a way i did not see before.
I believe like Habo they only use green energy for our miners, also (like Habo there is a lot of video`s showing there hardware in there iceland farms)
It is either you are:
1. Part of Genesis-mining social media team;
2. or you are paid by Genesis-Mining.
Just curious, how are ppl doing investing in genesis cloud hashrate? I see the company advertising everywhere but have no idea how many petahash they are running.
dude, NOONE knows. ;\
we have no idea the hashrate, their pool, or even what hardware their even using now (spoondoolies is dead so not getting from them anymore)
my guess is they are mining on antpool, with antminers, but hey i DARE them to come prove me wrong! (they wont)
they are garbage, and im happy an honest operator like u came here to ask this question, maybe they will answer YOU! haha
they are gpu mining, of course, also, but simple math (in the thread here last page or 2) dictates there's no ROI with genesis, as usual..
so idk, i'm just hoping their massive social campaigns don't pay off, noone needs to lose more with them...
I did roi out several times, and my Ethereum contracts are doing great! (see my Genesis Mining payments for some time ago: https://www.youtube.com/watch?v=doRAF2c-Rrk )
Also they are actively supporting bitcoin on a way i did not see before.
I believe like Habo they only use green energy for our miners, also (like Habo there is a lot of video`s showing there hardware in there iceland farms)
Just curious, how are ppl doing investing in genesis cloud hashrate? I see the company advertising everywhere but have no idea how many petahash they are running.
dude, NOONE knows. ;\
we have no idea the hashrate, their pool, or even what hardware their even using now (spoondoolies is dead so not getting from them anymore)
my guess is they are mining on antpool, with antminers, but hey i DARE them to come prove me wrong! (they wont)
they are garbage, and im happy an honest operator like u came here to ask this question, maybe they will answer YOU! haha
they are gpu mining, of course, also, but simple math (in the thread here last page or 2) dictates there's no ROI with genesis, as usual..
so idk, i'm just hoping their massive social campaigns don't pay off, noone needs to lose more with them...
Just curious, how are ppl doing investing in genesis cloud hashrate? I see the company advertising everywhere but have no idea how many petahash they are running.
Dear Genesis Mining,
Can you add Peercoin and Mazacoin (MZC) to the SHA256 options?
This way we have higher payments if we sell the coins to btc.
(Or create a AUTO BTC option that use the top 3 coins)
Can you add Peercoin and Mazacoin (MZC) to the SHA256 options?
This way we have higher payments if we sell the coins to btc.
(Or create a AUTO BTC option that use the top 3 coins)
we are happy to announce that we can upgrade all of our ASIC X11 clients from one year to two year contracts
Still a ROI of around 600 Days.
And that does not consider the inevitable increasing difficulty.
I see little to no way how it could be profitable.
Even if you would cut the prices by 50%.
Or did I miss something?
Last July the difficulty was 51 Billion now is 213 Billion. It is probably safe to say by next July it would be over 500 Billion.
In 600 days difficulty could be 1 Trillion
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