Topic: Genesis-mining.com || World's leading hashpower provider! - page 44. (Read 400228 times)

I hope the new Ethereum Contracts come available soon. Ether is preforming so well the last weeks 

http://coinmarketcap.com/currencies/ethereum/

Total investment U$419 - 1TH/s

2015-12-17 - 0.15 TH/s - Fee USD 0.00099 per GH/s and day - stopped
2015-12-20 - 0.35 TH/s - Fee USD 0.00099 per GH/s and day - stopped
2015-12-23 - 0.50 TH/s - Fee USD 0.00095 per GH/s and day - near stop

Overpayment - sha256 BTC balance of 0.0032036 successfully added to your account on 2015-12-26

Lowerpayment - sha256 BTC balance of 0.00086334 successfully added to your account on 2016-02-08 [decreases every day]

0,11037287BTC Total received = Never ROI

Lifetime contracts = 2-3 months and stop.

Not recommend , waste of time and money.
 

I am in the same boat. As of now I have just over 50% ROI. I know I'm not going to make that money back.

My advice to anyone considering investing with GM is don't, buy bitcoin directly, it is what I wish I did.

General reminder: please stay on topic!

Thank you!

Lol it's automatic alright because we've seen it in the past already.

Genesis are selling lifetime contracts.  The contract says they have an option to terminate if no payout for 20 days.  Why is everybody assumng that they will exercise this option?  Termination is not automatic. 

If GM deliberately terminate contracts that have only run for a few months, this will be very bad publicity for them. 

Bitcoin mining profitability goes up and down.  I have no problem with waiting for my mining to be proitable again, but I do have a problem with GM just choosing to terminate my contract now.  I will take a big loss.

GM are selling these as lifetime contracts.  They must adhere to the spirit of these contracts and suspend payouts until the price/difficulty changes to our favour - as it surely will.

Payouts with Hashnest are not always better though. If you compare like for like with similar fees Hashnest has days where the payout is lower than the GM payout or sometimes it is higher but they are not always better.  GM did not until recently have a contract with a similar fee as an S7 so it is not something you can compare it with.

But if you compared S4 payouts to a GM contract or S5 payouts to a GM contract with similar fees then yeh, I would say both were very close to eachother.

The pre ordered S7 contracts i was referring to was when the S7 was not out yet. So users could preorder the machines on Hashnest and then as people wanted to get the new hashpower and it was limited, then when the user who preordered could sell it straight away they could make profit from it. That will not happen again I think

In my eyes there are not many "legit" companies around for cloud mining, Mining Sweden is one, I have met the owner and been to their datacentre in Sweden, GM is another and Hashnest is too. GM and Hashnest are both having similar issues and this is because they are both bitcoin mining and difficulty is making a big impact. Mining Swedens contracts are different because they sell a contract similar to an X11 contract with GM. You pay more for a contract upfront because it includes the fees for a whole year so you are getting a Bitcoin payout every day that does not have a fee taken away. But because Bitcoin difficulty has risen so much since November then even those payouts have been going down too.

Those cloud mining companies that are advertising as Bitcoin mining and charge daily fees and payouts are not going down, they are the ones that you have to watch out for as if Hashnest and GM have these issues with contracts with different fees not paying out then that is the reality of Bitcoin mining at the moment and anything that is not..is not reality and is fantasy mining

@IanFoxley

hey man 100% agree with what you've said. end of the day i'm still a newbie.

if you have read the referenced post correctly and ignored the filthy language never have i mentioned that I'm expecting to turn a profit on hashnest. What I have said is that that returns on hashnest are better than genesis-mining any given day. And you're welcome to contradict it.

I have 1Ths contracts on both of them and hashnest has given better payouts every single day which is impressive considering that I've entered the s7 scene quite late mid-Jan 2016 to be precise.

what I've come to realise is that cloud mining contracts are never expected to turn a profit in reality. the true purpose of cloud mining is to hold the BTCs that you have earned and hope that it doubles soon or reinvest in newer gen hashpower.

but at least hashnest gives me the option of upgrading to the latest hashpower before the competition and dump it easily before it's junk. i could always salvage something on the exchange before it's too late. and yes I'm aware of decreasing hashpower prices. I assure you I had checked the graph thoroughly before taking the plunge.

what I understand is that cloud mining mkt favors the first movers. you buy hashpower when maintenance/payout ratios are still quite low and then sell it off around 70%. you still don't make a profit but hey Rome wasn't built in a day. if BTC price does rise to $500-650 as predicted for this year well i have no reason for complaints.

also my original post is purely meant for genesis-mining bashing, not for unquestioned devotion to hashnest. you show me something better than hashnest for cloud mining and i guarantee i'll jump ship today.

btw wasn't aware about pre ordered s7 contracts. will keep my eyes open for them in the future. thanks.

We gave you time to edit your post and you did not so it has been removed. The language in it in places was not good and considering that younger members of these forums can come here, we thought your language was unnaceptable. You can post what you did before again but without the swear words.

Thanks

@Genesis-Mining

wow i didn't know you were active on this forum.  

my apologies for using bad language but none of it was intentionally directed at hurting your sentiments. just venting my frustrations with what used to be a good service provider. my bad totally!

but you should understand that there are many small investors like me who are going through the same ordeal. ultimately it's all about the money. and where money is involved believe me and i guess you guys are quite experienced too, things do turn unsavory very fast.

Again I'm terribly sorry for my post's language. but I still believe your time is better utilized trying to figure out a way to improve the investor's RoI than getting into petty verbal arguments with non-factors like me.

Well something came along as that is why the hashrate has been been going sky high for the last couple of months, private mining farms in China mostly seem to be the cause

Read over at the mining forum here, Spondoolies have been bringing out new machines and also Bitfury has machines which people are speculating is one of the causes.
From what i see, Bitfury is not selling these to home miners, mainly for using themselves, but as GM could potentially be quite a large buyer, it makes me wonder if Bitfury is also selling them these new machines and Spondoolies will only sell their miners now for really large orders so GM couod be getting these in too.

Also perhaps GM has opened up a new facility somewhere with even lower costs to set up and a good rate of electrricity so the combination of both of those things plus the newer miners means they can offer the lower prices.

Correct @bitcoinboy

I have had contracts on Hashnest for a while, bought Umisoo (gone), then S2, (gone) S3 (gone), S4 (going) and S5 and S7 contracts. S5 will be next to get the chop, could be within the month if Bitcoin difficulty keeps rising as it does and the S4 Marketplace has already been closed.

@manutdfan  I disagree really with a lot of what you are writing about especially Hashnest. If I had sold my contracts when difficulty had reached 70% I still would have made a loss, infact as Bitcoinboy points out, the pricing of their hashpower on the marketplace goes down constantly so as soon as you purchase any hashpower and then you want to sell it again, you will find that you have to sell it for less than you paid in the first place. The only time I have seen people make money are people that pre ordered S7s before they were available on the market place and due to the demand of people wanting S7 hashpower when it was available they were able to sell that with a profit.

Also on paper it does look good that Hashnest offers you the chance to buy the hardware that you mine but in reality it is a little different.

For example, one user had 1.8TH of hashpower and then saw that the marketplace was closed so he could not sell it anymore. If he had tried to, he would not have got much for it anyway. He was upset because he had to have 2000GH/s for Bitmain to give him an S4 machine.

But what if he had 2TH/s, well Bitmain will charge you to sending it to you, then you might have to buy your own PSU with it. Make sure it is a good one, thats another good chunk taken from your wallet.  

Then you will wait weeks for it to arrive and then when it does, it will be 2nd hand, been running for months and months so there is no guarantee that it will even last a few months.  Then you will be no doubt stunned by the noise it makes, the heat it generates and then you will then realise that your electricity bill each month is pretty high.

S4 is quite old tech now compared to an S7 for example and then you will start to wonder why you actually took the trouble to actually spend all that extra money in getting it sent to you as you will be spending far more money on it each month than the Bitcoin you could ever mine. I mean think about it. If Bitmains very own farms can not keep them profitable, what chance does someone using it at home where for most of the worlds population, their electricity costs are going to be far higher.

Hashnest is also having the same problems and this is due to the ever increasing difficulty changes brought to us by the manufacturers themselves. You can hardly sell those hashes in hashnest due to very low demand hence at a price just 2% of what it was pre-S7 period.

@ Manutdfan

Please tone down the language in your post or it could be deleted.
Of course you are free to be unhappy but you can post it in a way that does not contain bad language.

Up to 2/7/2016...I knew this day would come eventually!  I am 168 days into a lifetime 1.5THs contract and it's down to paying $0.02 per day.  It's not dead yet but it's gasping for air.  I paid 2.6310 BTC for this contract and I've collected 0.5438 in payouts from it and that's pretty much all I will ever see back.  I bought this contract as a test hoping to do more later on.  What a total waste of time and money.  If you are thinking of buying a cloud contract from Genesis because of their slick web site, do yourself a favor and just buy and hold BTC instead.

email from Genesis Mining.....
     Now, for the great news…


As of today, we are thrilled to announce a decrease in pricing for our Lifetime Bitcoin Mining plans!


Instead of the 39 - 45 cents you were paying before, the price is now reduced to 24 - 26 cents per GH/s! Additionally the maintenance is reduced to as low as 0.00055 USD per GH/s per day, which boosts the daily payouts and the performance to a new level. This reduction comes from the next generation of mining technology and our constant efforts to reduce costs and increase profitability for our customers.


To check out the new pricing, please click HERE.


Hope to see you all there!


To the moon!


Marco Streng
  So what is "next generation of mining tchnology"? i dont keep up with new mining tech but i have many friends who own rigs n i havent heard them mention anything  new coming out.

As you can see here:

https://bitcoinwisdom.com/bitcoin/difficulty

The difficulty has risen considerably since the last change and it doesn't look like this trend is somehow reversing. It may reverse if there is a big drop in BTC value, but it that case, thatdecrease in vlaue  will bite you in the ass.

If there are no positive changes within 20 days most contracts will be canceled. I'm curious how many of the '100.000 plus' customers will be left after that.

Is there any hope that this difficulty issue will have a reprieve in the near future?. The low payouts are so discouraging to small investors like me.

lol. 3600++ satoshis payout for one of my contracts.   It was 27000++ satoshis yesterday. And noticed I am now using satoshis as the unit of measurement.

I would go over toe the Mining section on the forums.
https://bitcointalk.org/index.php?board=14.0

Due to the difficulty rises, there are lots of home users who are having to stop now and give up just because they can not make no more profits no more due to the big boys boosting the difficulty up so much. Probably due to Chinese New Year coming up and they need to get things set up before people have holiday

Unless you are running on free electricity, I think home mining is dead for now.

But as you know your own situation better than me, go and have a look there and perhaps make a post as those guys there will no doubt offer advice etc.

Ian