Topic: Genesis-mining.com || World's leading hashpower provider! - page 75. (Read 400197 times)

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?

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This is the loser business. And you can't sell your contract when you realize this fact.

Until you can sell your hash you will get burned. Buy a hosted miner and you'll do a lot better.

Up to 10/2/2015...

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.

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!

My first days payout was Dash when it should have been BTC, so I then reset the settings and allocated it again to BTC (AUTO) and since then its been ok.
So out of the 3 BTC payouts so far, one was wrong and the other two have been ok.

I have 3 accounts set up....One for each payout type...so can post daily payouts for each type at 1MH/s each

Yeh, that`s it.

@IanFoxley, did you get on Auto btc also a Dash payout the first two days?

That payout is small, perhaps you got your contract half way through a mining day when you purchased it.

Bought 1 MH/S X11 hash from GM - received payout: 0.00015965

Set to BTC (AUTO)

Ow yes the do get GPU`s already in end 2013 or begin 2014 i believe.

photo source: http://www.bitcoinupdate.nl/home/genesis-mining-bied-al-eerste-x11-cloudmining-aan

I get locked sometimes due to incorrect password, send a email to support and they unlock it. Mining will continue even if locked.

Are you referring to Genesis Mining accounts or accounts here on Bitcointalk?

We do not lock peoples accounts for no reason.

If your account is locked, then contact us at support or send me a PM here with your username and we can get it unlocked.

Thanks

well it looks like they have decided to lock peoples account for no reason .

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 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.

I have the last BTC (AUTO) payouts for 1MH/s on my thread.

https://bitcointalksearch.org/topic/m.12588613

How much Average daily Profit per 1 MH/s. X11 ?
I do not know how to calculator

Ok, nice. Thanks for sharing 

My contract for 1.5TH/s started on Aug 24, 2015 and the fees are $0.0015 per GH/s.

When did your contract start? What fees do you have on your contract?