Topic: Genesis-mining.com || World's leading hashpower provider! - page 63. (Read 400197 times)

thanks again

Up to 11/21/2015

hi GM support...
1.)I try to look in your website and also I try to log in and I go in section to pay but you are not showing this fee (0.0012$)  anywhere ...why?
2.) we try several time calculate and it seams that btc mining with you is not profitable at all ... instead there is a risk if we will recive even initial deposit back... are you going to offer some better deal in near future ?
3.) if bitcoin price jump to 500$-1000$ do you changing your contract and increasing price or you keeping price always the same ?


GM...can you answer on my other 2 questions please?

Glucose, we know your opinion, there are other topic`s you know.

I can help you out whit a copy of a contract.

I put the fee in bold.



Mining Capacity Share Agreement

I (the "Customer") agree with the following terms and conditions for the provision of mining services (the "Agreement") is made on xx.11.2015
between :

    Genesis Mining LTD, 3rd Floor, Par La Ville Place, 14 Par-la-Ville Road, Hamilton HM 08, Bermuda, ("Service Provider"); and
    me, the Customer.


Pursuant to the terms of this Agreement, the Service Provider will make available to the Customer shares in the mining capacity of the Service Provider.
1. Services

The Service Provider agrees to provide to the Customer with the output of its mining capacity (the "Services") subject to the following terms:

Available Technology: SHA-256 Hashing

Term: The contract has no fixed and predetermined end date.

Mining Power: 50 TH/s

Payout frequency: daily

Mining Output ("Coins"): as agreed between Service Provider and Costumer, and, where applicable converted from time to time, e.g., Bitcoin or other electronic currencies

The Customer will be solely liable for the maintenance of the relevant technical equipment (software/hardware) that is required to receive the above service. The Customer will receive Coins mined in accordance with the above Mining Power and of applicable Fees as per 2.b. The Customer also acknowledges that the above Services will be rendered on a best effort basis (bestes Bemühen).  The availability of the Mining Power and, accordingly, the output of Coins may vary up to a maximum of 5%. Otherwise, the Service Provider ensures that it maintains all facilities and the relevant supplies in good working order, in order to avoid any of the above volatility with the diligence that it applies in its own dealings (diligencia quam in suis).
2. Remuneration

As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):
a. 0.000000 USD per GH/s upfront
b. USD 0.0012 per GH/s and day, deducted on a daily basis* from the generated Coins
3. Limitation of Liability

Without detriment to the Service Providers obligation to render the Services on a best effort basis, only, any liability of the Service Provider hereunder and or in connection with this Agreement shall be limited to willful misconduct (Vorsatz) and gross negligence (grobe Fahrlässigkeit). Further, the Service Provider shall not be liable for any damages incurred by the Customer as a result of force majeur which shall include any disruption or breakdown of a Coin market.
4. Term

    This Agreement is entered into for the term indicated above.
    The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above.
    Otherwise, this Agreement may only be terminated by either party for good cause (aus wichtigem Grund).
    In the event of a termination for good cause by the Customer, and, for the avoidance of doubt in any such event, the Customer shall be entitled to a repayment of item 2.a above in the proportion of the time lapsed since the beginning of the Term divided by the Term.
    In case the Service Provider voluntarily agrees to refund the Customer, a processing fee of USD 10 will be deducted.

5. Communication

All communication between the Service Provider and the Customer shall be made in writing which includes e-mail and other electronic messaging services (Textform).
6. Data Protection

The Customer agrees to the processing of its personal data provided in the context of this Agreement for the purpose described herein and also agrees, until revocation at any time to the storage of its data beyond the above Term. Should the Service Provider be required to obtain any further data in the context of providing its services hereunder, the Customer will without undue delay provide the relevant data so required by the Service Provider
7. Representations and Warranties

The Customer represents and warrants to the Service Provider that he is familiar with mining, crypto currencies and Bitcoin in particular and that he understands the nature and uses of mining crypto currencies and Bitcoin.

The Customer further represents and warrants that he will be the beneficial owner of the Coins.
8. Credit Card Services through Credit Card Service Provider

The following provisions under this section 8 only apply to the extent the Services are paid by credit card:

The Service Provider uses third party services and such third party’s affiliates services which enable the Customer to place monetary deposits and perform transfer of payments within the website of the Service Provider by making use of the Customers existing credit card (as and if available and applicable) (the “Credit Card Services” and the “Credit Card Service Provider”). The Credit Card Services do not include any additional service, and such Credit Card Services do not Customers account.

The Service Provider may share and transfer (including cross border transfer) personal information with the Credit Card Service Provider for the purpose of rendering the Credit Card Services which will be made to Service Providers website via the use of the Customers credit card. The personal information will be shared with the Credit Card Service Provider after the Customer elects to execute such monetary payments by using the Credit Card Services of the Credit Card Service Provider. For the purpose of this section 8 personal information shall include information that identifies or may identify the Customer including the information submitted by the Customer through the registration form when you subscribe to the website such as the Customers E-mail address, country and city and/or information provided through social websites or any other identifying information provided by the Customer while using the Services of the Service Providers website.

In addition, the Service Provider may transfer any non-personal information provided by the Customer through the Customers use of the Services on the Service Providers website to the Credit Card Service Provider in order to allow the Credit Card Service Provider to perform preliminary examinations of non-personal information for the purpose of determining if the Customer is qualified to use the Credit Card Services of such Credit Card Service Provider (including the history of the Customers transactions on the website which will be provided without any identifying information and solely for the purpose examinations of the Credit Card Service Provider).

By accepting these terms, the Customer represents that any and all information the Customer provides to the Service Provider is true and accurate. Any false or fraudulent information and/or use of the Services and/or Credit Card Services rendered to the Customer, is prohibited.

The Customer is not obligated by law to provide the Service Provider and/or the Credit Card Service Provider with any personal information. The Customer hereby acknowledges and agrees that he is providing the Service Provider and/or the Credit Card Service Provider with personal information at his/her own free will, for the purposes of rendering the Services and/or Credit Card Services.

By using the Credit Card Services the Customer hereby agrees and accepts that he will not be allowed and shall be prohibited from withdrawing any amounts that the Customer has deposited and/or is entitled to as a result of the Services rendered by the Service Provider for a period of 30 days. In case the payment by the Customer results in a charge-back or other material issues occur, the Service Provider is entitled to keep all existing, current and future Mining Output.
9. Governing Law, Language and Miscellaneous

    This Agreement is governed by German law. To the extent permitted by applicable law the parties agree that the competent courts of Munich shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement
    This Agreement is made in the English language and this English language version of this Agreement shall be binding on the parties hereto and shall prevail over any translation of this Agreement provided that in the case of any German translation of a word or phrase in the text of this Agreement, such German translation of such word or phrase shall prevail




*if, on any day, Coins generated on one day do not suffice to pay item 2 of the Fee above, the Service Provider may use Coins generated on any day thereafter for such payment.

---------------------

And X11

Mining Capacity Share Agreement

I (the "Customer") agree with the following terms and conditions for the provision of mining services (the "Agreement") is made on xx.11.2015
between :

    Genesis Mining LTD, 3rd Floor, Par La Ville Place, 14 Par-la-Ville Road, Hamilton HM 08, Bermuda, ("Service Provider"); and
    me, the Customer.


Pursuant to the terms of this Agreement, the Service Provider will make available to the Customer shares in the mining capacity of the Service Provider.
1. Services

The Service Provider agrees to provide to the Customer with the output of its mining capacity (the "Services") subject to the following terms:

Available Technology: Hashing

Term: 1 year

Mining Power: 500 MH/s

Payout frequency: daily

Mining Output ("Coins"): as agreed between Service Provider and Costumer, and, where applicable converted from time to time, e.g., Bitcoin or other electronic currencies

The Customer will be solely liable for the maintenance of the relevant technical equipment (software/hardware) that is required to receive the above service. The Customer will receive Coins mined in accordance with the above Mining Power and of applicable Fees as per 2.b. The Customer also acknowledges that the above Services will be rendered on a best effort basis (bestes Bemühen).  The availability of the Mining Power and, accordingly, the output of Coins may vary up to a maximum of 5%. Otherwise, the Service Provider ensures that it maintains all facilities and the relevant supplies in good working order, in order to avoid any of the above volatility with the diligence that it applies in its own dealings (diligencia quam in suis).
2. Remuneration

As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):
a. 0.000000 USD per kH/s upfront
b. USD 0 per GH/s and day, deducted on a daily basis* from the generated Coins
3. Limitation of Liability

Without detriment to the Service Providers obligation to render the Services on a best effort basis, only, any liability of the Service Provider hereunder and or in connection with this Agreement shall be limited to willful misconduct (Vorsatz) and gross negligence (grobe Fahrlässigkeit). Further, the Service Provider shall not be liable for any damages incurred by the Customer as a result of force majeur which shall include any disruption or breakdown of a Coin market.
4. Term

    This Agreement is entered into for the term indicated above.
    Otherwise, this Agreement may only be terminated by either party for good cause (aus wichtigem Grund).
    In the event of a termination for good cause by the Customer, and, for the avoidance of doubt in any such event, the Customer shall be entitled to a repayment of item 2.a above in the proportion of the time lapsed since the beginning of the Term divided by the Term.
    In case the Service Provider voluntarily agrees to refund the Customer, a processing fee of USD 10 will be deducted.

5. Communication

All communication between the Service Provider and the Customer shall be made in writing which includes e-mail and other electronic messaging services (Textform).
6. Data Protection

The Customer agrees to the processing of its personal data provided in the context of this Agreement for the purpose described herein and also agrees, until revocation at any time to the storage of its data beyond the above Term. Should the Service Provider be required to obtain any further data in the context of providing its services hereunder, the Customer will without undue delay provide the relevant data so required by the Service Provider
7. Representations and Warranties

The Customer represents and warrants to the Service Provider that he is familiar with mining, crypto currencies and Bitcoin in particular and that he understands the nature and uses of mining crypto currencies and Bitcoin.

The Customer further represents and warrants that he will be the beneficial owner of the Coins.
8. Credit Card Services through Credit Card Service Provider

The following provisions under this section 8 only apply to the extent the Services are paid by credit card:

The Service Provider uses third party services and such third party’s affiliates services which enable the Customer to place monetary deposits and perform transfer of payments within the website of the Service Provider by making use of the Customers existing credit card (as and if available and applicable) (the “Credit Card Services” and the “Credit Card Service Provider”). The Credit Card Services do not include any additional service, and such Credit Card Services do not Customers account.

The Service Provider may share and transfer (including cross border transfer) personal information with the Credit Card Service Provider for the purpose of rendering the Credit Card Services which will be made to Service Providers website via the use of the Customers credit card. The personal information will be shared with the Credit Card Service Provider after the Customer elects to execute such monetary payments by using the Credit Card Services of the Credit Card Service Provider. For the purpose of this section 8 personal information shall include information that identifies or may identify the Customer including the information submitted by the Customer through the registration form when you subscribe to the website such as the Customers E-mail address, country and city and/or information provided through social websites or any other identifying information provided by the Customer while using the Services of the Service Providers website.

In addition, the Service Provider may transfer any non-personal information provided by the Customer through the Customers use of the Services on the Service Providers website to the Credit Card Service Provider in order to allow the Credit Card Service Provider to perform preliminary examinations of non-personal information for the purpose of determining if the Customer is qualified to use the Credit Card Services of such Credit Card Service Provider (including the history of the Customers transactions on the website which will be provided without any identifying information and solely for the purpose examinations of the Credit Card Service Provider).

By accepting these terms, the Customer represents that any and all information the Customer provides to the Service Provider is true and accurate. Any false or fraudulent information and/or use of the Services and/or Credit Card Services rendered to the Customer, is prohibited.

The Customer is not obligated by law to provide the Service Provider and/or the Credit Card Service Provider with any personal information. The Customer hereby acknowledges and agrees that he is providing the Service Provider and/or the Credit Card Service Provider with personal information at his/her own free will, for the purposes of rendering the Services and/or Credit Card Services.

By using the Credit Card Services the Customer hereby agrees and accepts that he will not be allowed and shall be prohibited from withdrawing any amounts that the Customer has deposited and/or is entitled to as a result of the Services rendered by the Service Provider for a period of 30 days. In case the payment by the Customer results in a charge-back or other material issues occur, the Service Provider is entitled to keep all existing, current and future Mining Output.
9. Governing Law, Language and Miscellaneous

    This Agreement is governed by German law. To the extent permitted by applicable law the parties agree that the competent courts of Munich shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement
    This Agreement is made in the English language and this English language version of this Agreement shall be binding on the parties hereto and shall prevail over any translation of this Agreement provided that in the case of any German translation of a word or phrase in the text of this Agreement, such German translation of such word or phrase shall prevail

hi GM support...
1.)I try to look in your website and also I try to log in and I go in section to pay but you are not showing this fee (0.0012$)  anywhere ...why?
2.) we try several time calculate and it seams that btc mining with you is not profitable at all ... instead there is a risk if we will recive even initial deposit back... are you going to offer some better deal in near future ?
3.) if bitcoin price jump to 500$-1000$ do you changing your contract and increasing price or you keeping price always the same ?

Hello Marko11,

No, the daily fees are fixed contractually by the time you purchase your hashpower and are guaranteed to stay the same.

Hope this helps! You can also get direct and individual support for your questions by contacting [email protected].

Your Genesis Mining Team

thanks for that ... ok..I understand that they changing price.. but can they change fee if I alredy have contract ?? now is fee 0.0012$ per GH/s .. after I buy this contract can they change this?

Yes i know the answer on that..

do you know if GM rising contract price if BTC price going up ?

Hashnest is playing whit fire having the option to sell contracts.
There is a reason GM not allow this. Hashnest can be shutdown be corse of that. It`s not if, but when.

hi chavelier

I think that I alredy deduct fee on my first calculation.. look :
I buy 15 000 GH/s for 5 850$

daily profit with today btc price is  37.69 $ - GM fee 0.0012$ per GH/s  15 000*0.0012 = 18$ fee ... so daily profit is 37.69 - 18 = 19,69$

This calculation is wrong. If difficulty increase by 120%, miner still mine some coin, but you have fixed fee of 15Th x 1.2$=18$.
So if the 15Th earn less than 18$ per day for 20 consecutive days the contracts will terminate.

15Th earn 0.1146 btc, with 60% diff increase will earn 0.071625 btc (for 30% increase divide the btc by 1.3, for 120% increase divide the btc by 2.2),
if BTC will be at 240$ in 6 month -> 17.19$, so minus fee of 18$... no profit ! (contract will terminate)
if BTC will be at 300$ in 6 month -> 21.49$, so minus fee of 18$=3.49$
if BTC will be at 500$ in 6 month ->35.81$, minus fee = 17.81$

For this kind of contract the BTC price if very important (because of the fixed fee). Sorry for my bad english.

ok.. let say that now is not profitabile but what if btc  price increase to 500$ - 600$ ?  did GM increase contract price also ?

If price collapses or difficulty increases a lot your shares will be worthless anyway. It's an illusion to believe that you can mine, and then if mining goes bad you "just sell your shares". Also getting the hardware is useless for almost everyone, because of electricity cost, the extra heat, noise and not to forget "shipping costs".

If you urgently need the money it could be a benefit to sell. But in the first place you should not invest money that you might need anyway.

I like GM because of the multi-algo / multi-coin approach, and because they do a lot to boost the image of cryptos in the public.

I love GM because I see their btc farm and I see on spondoolies-tech  they are cooperate together so probably they reciving the best price for mining hardwer... so I realy think that this is real and serious company.. but .... I can not find on their page that fee is 0.0012$ per GH/s ... why they hide this fee or I miss something ? 

I going to check now this hashnest what you mention

The magic words here are "if btc price not change".
And that is impossible to say. Maybe we see 600+ in the next Year.
Then we reach ROI of course much faster.

Or the price collapses. Or Difficulty increases 200%, or or or.

To be honest, I like GM and indeed have smaller amounts invested, but I would not invest $ 5,000.
I would rather recommend Hashnest. Since you can resell your shares.
Or get the hardware if it is no longer worthwhile.

Genesis is more for the small coins that you have left anyway, in my opinion.
No Offense GM

Correct. How ever i do not believe there is not enough new hardware around to increase another 60%.

so if I look one year back dificulty increase by arround 60% ... ?  so if same thing happens till next year my daily earnings will drop from 20$ to 8$ if btc price not change ... can I calculate something like that ? will be this calculation close ?

I can help you whit that

Difficulty History
Date    Difficulty    Change    Hash Rate
Nov 11 2015    65,848,255,180    5.77%    471,360,171 GH/s
Oct 29 2015    62,253,982,450    2.25%    445,631,364 GH/s
Oct 15 2015    60,883,825,480    0.12%    435,823,399 GH/s
Oct 01 2015    60,813,224,039    2.49%    435,318,014 GH/s
Sep 17 2015    59,335,351,234    4.17%    424,738,988 GH/s
Sep 04 2015    56,957,648,455    4.98%    407,718,729 GH/s
Aug 22 2015    54,256,630,328    2.95%    388,384,088 GH/s
Aug 08 2015    52,699,842,409    0.81%    377,240,166 GH/s
Jul 25 2015    52,278,304,846    2.35%    374,222,683 GH/s
Jul 11 2015    51,076,366,303    3.39%    365,618,871 GH/s
Jun 28 2015    49,402,014,931    -0.58%    353,633,397 GH/s
Jun 14 2015    49,692,386,355    4.42%    355,711,957 GH/s
May 31 2015    47,589,591,154    -12.50%    340,659,563 GH/s
May 17 2015    48,807,487,245    2.44%    349,377,603 GH/s
May 03 2015    47,643,398,018    0.07%    341,044,727 GH/s
Apr 19 2015    47,610,564,513    -3.71%    340,809,696 GH/s
Apr 05 2015    49,446,390,688    5.84%    353,951,052 GH/s
Mar 22 2015    46,717,549,645    -1.50%    334,417,246 GH/s
Mar 08 2015    47,427,554,951    1.59%    339,499,662 GH/s
Feb 22 2015    46,684,376,317    5.01%    334,179,783 GH/s
Feb 09 2015    44,455,415,962    7.71%    318,224,263 GH/s
Jan 27 2015    41,272,873,895    -6.14%    295,442,739 GH/s
Jan 12 2015    43,971,662,056    8.20%    314,761,417 GH/s
Dec 30 2014    40,640,955,017    3.00%    290,919,288 GH/s
Dec 17 2014    39,457,671,307    -1.37%    282,449,013 GH/s
Dec 02 2014    40,007,470,271    -0.73%    286,384,627 GH/s