Topic: Genesis-mining.com || World's leading hashpower provider! - page 83. (Read 400197 times)

Marketing hype. The total hash rate of Genesis Mining is unknown while Hashnest is over 27 PH/s. GM has never been transparent and are in business to make a profit like everyone else. Hashnest is not totally transparent either, but a hell of a lot more information is made available. 

You are absolutely correct and they have every right to stick to their guns.  But personally, I will never buy nor recommend to anyone to buy another contract unless they open internal links to their Block History and Hash Rate tables to contract owners that are logged in.  That would be real transparency and a great service to contract owners.  It would also show that they respect and honor the contract owners who laid down hard earned money to support Genesis Mining.

But they´re dedicated to transparency, according to themselves. Since that transparency stops at the first most important thing that statement of theirs is total bullcrap. How about we´re the world´s largest operator? Think that´s in touch with reality?

If you read their FAQ they are under no obligation to reveal any details, good luck with that.

I mean, if you´ve been paying attention in recent time you´ve probably noticed that inability or unwillingness to provide the info I´m talking about has been a great forward looking indicator of one very important thing, namely the untimely demise of the operators.

So, no more hot air please. Bring on the numbers.

I would like to see which freakin blocks they find what do you think. The amount of hash power. I want them to verify that they´re the world´s largest cloud miner.

With such a small chart the scaling for difficulty is a bit tricky (diff/200000000) but it does show the correlation of the drops with difficulty jumps.

What is it you would like to see?  I can ask for a photo for there farm if you like.

I believe in this and that...

Well, personally I think verification is way more important here than belief. Got to have the right order in these things. One follows the other. Once they verify that they´re the world´s largest cloud mining operation I´ll start believing. Shouldn´t be much of a problem, transparency is after all their middle name, according to themselves.

Hi, Yes i will do so tomorrow. But let`s not forget Genesis Mining did pay me good for all that time, and i made profit, so all is extra. I hope for all of us BTC will go back to 300, thats the main reason the payouts are low.

I still 100% believe in Genesis Mining, and i got right one of the Marco`s would answer the concern some had. Screaming scam etc.. i dissociate from that. 

Bit off-topic, but still relevant
The same time The payouts get lower, i had to shut down my own miners due to extreme loss they where hitting the same moment.
Just to compare the situation.

@zetaos
Care to share one of you screenshots to see how hard you were hit with this payments drops

This is totally hopeless. Even at $300, 1 ths that you pay 1.8 BTC for now pays 0.0041 BTC per day (now 0.0029). And while you wait for BTC to go there, hoping in the meantime that it doesn´t take yet another plunge, the difficulty will be rising. I can only say best of luck if you decide to sink money into this hole.

Needs a 50% price cut, Otherwise forget it.

Hi GM,

Can I be little more specific as to which pool are your miners mining lately? Also, try consider allowing users to select individual pools according to their choice so that customers can't complain about less payouts! They'll know the exact statistics from their own pool itself! (If you know what I mean)

Thanks.

Hello Everybody,

@Indianacoin, @AltFaucets, @dead: As you know, we are concentrating on providing detailed and individual support for everyone via [email protected]. We are handling a lot of requests there every day and if there are any questions from your side, you can be sure to get help there.

@All: As everybody knows our maintenance fee is 0.0012 USD per GHs per day and was 0.0015 USD per GHs per day before. The maintenance fee contains all costs such as hosting space, cooling, active maintenance, security and the by far biggest component - the electricity costs. Those costs are fixed in USD and need to be covered every day by the mining outcomes. Therefor the costs are subtracted from the mining outcomes and the difference is the final amount that gets paid out.

The situation that happened in the last few days was no exception although it caused some surprise for one or another (some of them clearly expressed their thoughts in direct or indirect ways here in the thread). Since transparency is key and we explained and calculated the payouts for everybody individually in our support, I also want to provide an example here that shows that the recent payouts were correct same as all the 500+ payouts before.


Example 1:
In this example let's look at 1 THs contract with 0.0015 USD per GHs per day. On the 20th of September the price of Bitcoin on average during the day was at 230.39 USD/BTC which means that the maintenance fee in BTC is equal to 1.5/230.39=0.0065107 BTC. The total amount of mined coins on that day for 1 THs was 0.0081088434 BTC which therefor resulted in a net payout of 0.0081088434-0.0065107=0.0015981434 BTC.

Example 2:
Let's look at the same day, 1 THs and 0.0012 USD per GHs which is the newer contract. The maintenance fee in this case is equal to 1.2/230.39=0.005208559 BTC. The net payout therefor is equal to 0.0081088434-0.005208559=0.0029 BTC.

Now - to relativize things - let's look at a bitcoin price scenario of 300 USD/BTC. In this case the maintenance fee would be 1.2/300=0.004 BTC and therefor the net payout would equal as much as 0.0081-0.004= 0.0041 BTC.

I hope this helps to understand the numbers.

In future, if there is any question or concern, please contact directly our support and you will get help immediately. This channel is mainly for public announcements and comments from users to the public which are often fair and valid but unfortunately also not so rarely unjustifiably rude and aggressive. Since we value non censorship and think it is important what everybody says we will continue to tolerate the latter ones although we are forced to take action in specially critical situations where people are insulted or uneducated users are led to known to be illegal providers by promising unrealistically high returns and deceiving readers.

Yours
Marco Streng

Estimated Next Difficulty:    58,805,372,775 (-0.89%) 

Geez, I didn´t realize that very recent contracts were tanking this badly. Now the only hope is that bitcoin improves and difficulty drops or at least doesn´t rise much.

P.S. Yeah, it would be great if you could include the difficulty in that graph.

it will be great if you can put the Bitcoin Diff in it as well.

This is a new contract starting August 24th with USD 0.0015 per GH/s as the fee.  I started it as a test and it looks like I'm not going to get very far with it.  I can still log in so that's a bit strange for you.

At least you get something still no payout do you have  a new contract or an old one?

And log in still not working. This problem only occurs with me?

Always trusted genesis i knew it isnt easy making money but now i am seriously worried i hope a statement comes soon.

greetings dead

OK, I changed the Y-axis to allow room for a little more free-fall.  If it gets any lower than 120 Satoshi/GH/day it will be turned off soon anyway.