I read some stories on GM unilaterally converted scrypt power to SHA256 power on a 1:1 ratio. Is that true?
When Lifetime Scrypt contracts were being terminated GM converted 1MH/s Scrypt to 1GH/s SHA 256. 
Topic: Genesis-mining.com || World's leading hashpower provider! - page 74. (Read 400197 times)
I read some stories on GM unilaterally converted scrypt power to SHA256 power on a 1:1 ratio. Is that true?
Up to 10/4/2015...
Up to 10/3/2015...
0.0003003 for 1 MH/S X11 algo.
Yes that is almost the same as what i got today. I will post other info on my thrad
I actually had 0.00030036
Mine was 0.00030036 exactly too. I omitted the last number for privacy actually
Looks like everyone's share is equally divided. 
just for comparison payment for x11 is currently .31btc/gh or .00031btc /1mh approx per day on nicehash
im glad i didnt get any x11 hash
ok.
im glad i didnt get any x11 hash
0.0003003 for 1 MH/S X11 algo.
Yes that is almost the same as what i got today. I will post other info on my thrad
I actually had 0.00030036
Bought 1 MH/S X11 hash from GM - received payout: 0.00015965
Set to BTC (AUTO)
Set to BTC (AUTO)
That payout is small, perhaps you got your contract half way through a mining day when you purchased it.
How much did you receive for 1 MH/S X11?
0.00030651 BTC But that was for a full 24 hours as I purchased my contract on the first day it was out so a few days ago now.
Ian,
0.0003003 for 1 MH/S X11 algo.
This is the loser business. And you can't sell your contract when you realize this fact.
Not really, its fun to receive coins daily, even if it cost me a view bucks.
Yes. I agree it's fun! I really like auto payouts.
This is the loser business. And you can't sell your contract when you realize this fact.
Not really, its fun to receive coins daily, even if it cost me a view bucks.
This is the loser business. And you can't sell your contract when you realize this fact.
Not really, its fun to receive coins daily, even if it cost me a view bucks.
Bought 1 MH/S X11 hash from GM - received payout: 0.00015965
Set to BTC (AUTO)
Set to BTC (AUTO)
That payout is small, perhaps you got your contract half way through a mining day when you purchased it.
How much did you receive for 1 MH/S X11?
0.00030651 BTC But that was for a full 24 hours as I purchased my contract on the first day it was out so a few days ago now.
Thanks Ian. I will post another update again once I receive the next payout. If it is a constant 0.0003, it will be about $25 per year.
Don't expect to receive this amount for a year. Difficulty will obviously change because now the World's leading hashpower provider! is going to mine X11 and a lot of clever customers will buy this contract. This is systematic, just look now for Startcoin hashrate : 24.81 GH/s. Let's see how it will increase over time.
http://www.coinwarz.com/cryptocurrency
I promise to give you $25 next year if you reach ROI..
Bought 1 MH/S X11 hash from GM - received payout: 0.00015965
Set to BTC (AUTO)
Set to BTC (AUTO)
That payout is small, perhaps you got your contract half way through a mining day when you purchased it.
How much did you receive for 1 MH/S X11?
0.00030651 BTC But that was for a full 24 hours as I purchased my contract on the first day it was out so a few days ago now.
Thanks Ian. I will post another update again once I receive the next payout. If it is a constant 0.0003, it will be about $25 per year.
Which is exactly my point.. Pay 24 USD for something that pays you back 25 USD a year in BTC...If you get a 5% discount it helps abit but it is still a small amount that you get back.
Thats not exactly profit is it and even then crypto is so unpredictable you have no idea if the payouts will get better either. The only good thing is that there are no maintenance fees so as written already.. none of that BTC/USD exchange rate to worry about.
I bought the low priced contracts primarily so that I can post them on my threasd so that people can have an idea before purchasing what kinds of payouts they could expect.
Bought 1 MH/S X11 hash from GM - received payout: 0.00015965
Set to BTC (AUTO)
Set to BTC (AUTO)
That payout is small, perhaps you got your contract half way through a mining day when you purchased it.
How much did you receive for 1 MH/S X11?
0.00030651 BTC But that was for a full 24 hours as I purchased my contract on the first day it was out so a few days ago now.
Thanks Ian. I will post another update again once I receive the next payout. If it is a constant 0.0003, it will be about $25 per year.
How much Average daily Profit per 1 MH/s. X11 ?
I do not know how to calculator
I do not know how to calculator
X11 Asics does not exists. I don't believe Genesis Mining bought GPU, and even if they did they are unable to be profitable.
So today ROI is 400 days but it is a ponzi scheme and I bet with you in 6 months your contract will be off, you final ROI will be 50% at best.
As usual they offer larger payouts first weeks to attract noobs.
This company is now an obvious scam machine.
First of all, thanks once again Cruez for your kind comments.
Let me answer some of your thoughts.
X11 Asics does not exists
Yes that is true, at the moment we do not see any X11 Asics on the horizon so this is good for X11 mining in general.
I don't believe Genesis Mining bought GPU, and even if they did they are unable to be profitable.
Well unfortunately for you, it is true. We have the largest GPU farms in Europe. Infact our GPU farm has been running for a long time and we now are offering users the chance to cloudmine X11 using it.
In our last webinar, CEO Marco Streng showed some video clips of our GPU farm and if you look around on the internet there are some pictures from 2014 taken at one of our GPU farms.
https://youtu.be/bwCDI4axuKg?t=8m12s
I bet with you in 6 months your contract will be off, you final ROI will be 50% at best.
X11 mining contracts can not end because the maintenance fees are paid upfront so unlike our Scrypt Lifetime contracts from the past and our Lifetime SHA 256 contracts there is no daily fees to come out.
This company is now an obvious scam machine.
Thanks for your opinion. I am sure others can look at what we post online, pictures of our staff, our farms, our videos and live streaming etc and judge for themselves.
"X11 mining contracts can not end because the maintenance fees are paid upfront so unlike our Scrypt Lifetime contracts from the past and our Lifetime SHA 256 contracts there is no daily fees to come out." We know how you manage the payouts : no proof of anything. You did it for scrypt and SHA256. Your HUGE55%DISCOUNT guys tell us to look at coinwarz to check the non profitability. So today I tell you how are you profitable with X11, because CoinWarz show us it is NOT.
I want you to tell us how many you will pay per difficulty ratio because we know now how you are able to stop payouts.
No fees, ok, so, give us garantees if you are able to.
What I understand is that you need cash and know that you will pay less in lifetime contract (1 year) than what we will pay for.
Bought 1 MH/S X11 hash from GM - received payout: 0.00015965
Set to BTC (AUTO)
Set to BTC (AUTO)
That payout is small, perhaps you got your contract half way through a mining day when you purchased it.
How much did you receive for 1 MH/S X11?
0.00030651 BTC But that was for a full 24 hours as I purchased my contract on the first day it was out so a few days ago now.
I think x11 mining is the right leap towards stable cloud mining ecosystem. Since they initiated taking upfront fees (due to their past experience with script mining), it would be easier to achieve ROI easily against the SHA-256 contract IMO. Now the best bet would be to try out a smaller contract (~1/2 MH/s) and see whether ROI is achieved after 365 days (approx).
P.S. Since cloud mining is an evenly volatile concept and is totally dependent upon the present situation of a particular cryptocurrency, so before trying out any service, be prepared to invest in what you are willing to lose. It's no different than gambling!
P.S. Since cloud mining is an evenly volatile concept and is totally dependent upon the present situation of a particular cryptocurrency, so before trying out any service, be prepared to invest in what you are willing to lose. It's no different than gambling!
You will not make profit though with 1 MH/s..and yes I will get blasted for saying this but higher hashpower amounts will be the ones with the most gains although like everything you need to do your maths and take into account variables and even then...it would be a "cross your fingers for luck" scenario and just hope that things in the crypto currency world go the way you hope it will. But as history has shown us with Lifetime Scrypt contracts and also the older SHA 256 contracts with the higher fees, things dont go the way we want.
I actually like contracts where you pay everything up front.
I think GM should do a 1 year SHA 256 contract, but with fees upfront...so theres none of this low BTC / USD exchange rate eating the payouts each day stuff.
BUT, the only problem is the price.
For example 50 GH/s costs 22.49 USD and the daily fee is 6 Cents...based on 0.0012 x 50 0.06
So over a year the fee would be 21.90 USD. 0.06 x 365 = 21.90
If GM advertised on their website a contract for 50 GH/s which costs 44.39 USD. Nobody would buy it and people would be complaining about the price was far too high and it was a con or a rip off and a scam.
Cost of 44.39 USD is based on 22.49 + 21.90 USD for electricity and maintenance...but at least you would get a full fat BTC 50GH/s payout each day and the only thing affecting the payout would be the difficulty of the Bitcoin network itself.
So anyway, even though it sounds like a nice thought I do not think that would happen soon.
Ian.
So let me get this straight, you are saying a smaller miner wont hit ROI but a larger one will? Just how is that. Seeing everything is relative , IE: the more you pay out the more you get back. The lesser you payout out the less you get back but they both cost the same amount, unless Genesis gives a discount for buying larger amount of hash rate?
Icon
If you look at the pricing...
1MH/s is 23 USD per MHs ........100 MH/s is 1900 USD...or 19 USD per MH/s.. then 5% off the price. Do the maths!
Plus I wrote you would not make profit. so why twist my words by saying I wrote that nobody would make ROI. If you made 50 cents over a year, would you call it profit...Sure technically it would be profit but cmon, What would be be point in giving GM 24 USD to get 24.50 USD back in a year...
Of course you might get lucky by mining Dash and Start and those coins might increase in value, but who knows..Nobody does...Crypto is just so unpredictable.
But those that purchase 100 MH/s could make more than 50 cents from their contracts just because of the fact the cost per MH/s is much cheaper for them from the moment they purchase.
Ian
Bought 1 MH/S X11 hash from GM - received payout: 0.00015965
Set to BTC (AUTO)
Set to BTC (AUTO)
That payout is small, perhaps you got your contract half way through a mining day when you purchased it.
How much did you receive for 1 MH/S X11?
Jump to: