Topic: Genesis-mining.com || World's leading hashpower provider! - page 50. (Read 400197 times)

Well most people do have easy access to BTC. If they don't I doubt they would get into mining, let alone into mining ETH.

My point stands that people are better off just buying ETH right now from an exchange like Poloniex, then buying mining power with Genesis-mining. I think Genesis-mining should pass on more of their saving to their customers. They are keeping so much for themselves that their proposal just doesn't make sense for a customer anymore.

Yes but you are paying for the hashpower and the rental of a GPU for a card..You seem to just basing the costs on just the electricity ..etc

But if you were someone at home and couldnt have access to Bitcoin for whatever reason so had to turn to mining and bought all the stuff you had, it would still be cheaper for someone to just get their Credit or Debit Card, bypass the Bitcoin route completely because perhaps they can't have easy access to paying with Bitcoin and then purchasing hashpower with GM and then all their costs.. the costs of buying a GPU and then having all the setup and the heat...for example you overclock...but what if user has no idea about that and then they just get ETH payouts straight away so they can then go and trade that for whatever..

Thats the sort of point I am getting at too

Right now it is about 140 euro's for a card with a decent (quiet) cooler, second hand.

Also, not only would someone have to buy a decent graphics card, they'd have to have their computer running 24/7, endure the noise etc. But that wasn't my point. My point is, where are the savings that would come from large scale operation and having cheap electricity? They do not seem to go to the customer. The customer is better of going to Poloniex and buying some ETH, wouldn't you agree?

Umm but yes..all good..but thats with a AMD 7970 which cost how much.

You are sort of forgetting the cost of that too in the equation.? I mean..if someone wanted to mine ETH and they had to buy a GPU too, you have to consider that also, surely.

Yes it is good it works out for you as you already have a card but if someone was trying to mine ETH from scratch then they would have to have a decent GPU to mine with and if they did not they would then have to buy it and then add that to the cost.

I tried mining Eth today, with my 7970 on a pool. As it turns out, my (overclocked) card does 28 MH/s.

As my card uses about 180 Watts, mining 24/7 for 365 days with an electricity price of 22 euro cts / kWh, this would cost me 347 euro's for a year.

Now 28 MH @ Genesis would cost 1.17 BTC. Which is considerably more.

Also, if you spend 1,17 BTC right now, you can buy 444 ETH at the market price (of course, you could set a lower buy order and may get lucky). With current difficulty you can mine about 480 ETH in a year. The difficulty will increase so you'll probably not reach that number. Also, ETH will switch to POS within a year.

Am I missing something here? Is ETH cloud mining a bad deal? Shouldn't cheaper electricity mean you should have an advantage mining with Genesis-mining?

I just logged in also and had to reset my password and setup my wallet address again, thought it was weird so came here to find out what's going on.

How are you going to liquidate hash powers of Ethereum mining contracts into X11 mining contracts when it ends its POW phase?

Are you going to add merged mining for altcoins. Many multipools are accepting that nowadays and it will also be beneficial for customers.

Also adding a profitability calculator for each algorithms would be nicer.

I still dont understand the formula that Genesis uses for payouts.
I have 1.55 TH/s of mining power currently.
At the current time difficulty of 113,354,299,801 I should be earning approx 0.006877 per day.
I usually receive payouts in the range of 0.001875
There is a significant difference in those numbers and i dont think it can be explained due to fees or difficulty.

I have emailed Genesis months ago regarding an explanation of how payouts are calculated and the response i got was:
Payouts are calculated based on User hashing power, BTC current difficulty, current days luck of finding a block and BTC current days price.

Ive noticed that when BTC price falls, my payoffs fall significantly and when price increases my payouts increase slightly.
Shouldnt my payouts be more tied to luck of blocks found and current days difficulty??

If i double my mining power right now, shouldnt my next days payout close to double also (if we assume there isnt an increase of difficulty and Genesis mining pools luck stays relatively the same)??

Based on what i have seen for the last 6 months, i dont really see any legitimate reason why anyone should continue to increase their mining power since it appears to honestly look like its literally throwing money in the trash...

Am i missing something here?

Hello cancerbola,

Thanks for the heads up. For any enquiries about your account please contact us via [email protected] and our support team will take care of you individually. Thank you!

Your Genesis Mining Team

Thanks Genesis-Mining. It's nice to see the website up and running now. Thanks also for your compensation for the downtime with added hash rate to my contract.
Just a question, was there anyone else who had to reset their password and their wallet receiving address after the site came back up? Or do I have a bad memory?

Anyways, all is fine now. Thanks again GM.

Quick edit: I have received all mining payouts on the days the site was down. However, on their website it says I didn't receive them, which really uglifies my earnings chart with a flat line for 3 days. Could you please check into that? I can PM my account details if necessary.

Can you PM us please with your user details so we can check your account regarding your payouts?

GM seems to be back online.
Still missing some Payouts. waiting for the Webinar this evening to get informed what happened.

Good work so far for GM to get the site back again. Thank you

regards

I did not yet receive an announcement by email, so I do not want to jump the gun again, but either the site is up and running now or I am logged into the same "phantom" site than yesterday (for sure no "ISP cache") which went offline again shortly after my last post . The latest payout from the 12th of January that I received yesterday  is listed there.

That would be Master!
But its not gonna happen, some compliance legal issue if they offer that.
Other websites offering that can have serous legal problems, Marco explain that 50 topic or so back.

I hope so too. Genesis Mining has had a pretty good history and reputation in the cloud mining space. It will be disappointing if it turned out to be a scam or ponzi, but as far as I have seen it looks legit. Would be great there could be a market where you could trade your mining hashpower (similar like Hashnest where you can buy and sell your hashrate). 

Also today got my payment, bit lower due to the Diff increase.

Hope the site will be up tomorrow, do not want negative reports on the crypto news websites.

You checked it on another site..some sites will list it as unconfirmed and others as not to be trusted.
I use tradeblock.com for example.

Thanks for the info.

My last payout from a few minutes ago is marked as non-standard transaction that should not be trusted and doesn't appear on blockchain.info.

Any ideas?

Short update for everyone! The site is planned for relaunch tomorrow. You will get more info in an official announcement by email.

Thank you for your understanding.

Your Genesis Mining Team

Great, and I had to upgrade my hashingpower the day before the site goes down. Plus I didn't even get a chance to to allocate my mining in the right areas and to the right wallets. Any news when they'll be back online?