Topic: Genesis-mining.com || World's leading hashpower provider! - page 85. (Read 400197 times)
It seems that the period of panic begins ...
I got paid today 21-9. Kind of late. But better late than never.
I doubt Genesis Mining is a scam, they will live up to the fine print in the contract you agreed to when you bought hashing from them. They just have never been a very good deal. I have no idea why people bought one year contracts, or contracts they knew could not be resold, when the option of Hashnest or Bit-X was always there.
Because, "To Err is Human" !!
Now, we have realized our BIG mistakes! 
Not sure how much math you need for that. Say we take the ~230 sat/Gh/s as the basis just before the 17th and before the drop. If the difficulty rose by 4.17% to a level of 104.17%, then the expected revenue would be inversely proportional to that. 230 multiplied by (1/1.0417) is 220 sat/Gh/s, not 165.
Moreover, the difficulty jumped by 4.98% on September 4th. While there was a drop around that time from 270 down to 230 (for whatever reason), that later stabilized just below 260. Doing the same math, that seems more reasonable; 270 * 1/(1.0498) = 257.
I'd wait for GM to come in and give an official explanation, as right now it's just guesswork. (disclaimer: I don't use GM, if you do and you feel something hinky is going on, act accordingly).
Moreover, the difficulty jumped by 4.98% on September 4th. While there was a drop around that time from 270 down to 230 (for whatever reason), that later stabilized just below 260. Doing the same math, that seems more reasonable; 270 * 1/(1.0498) = 257.
Most legit as in according to scam experts on these here threads.
I don't know if anybody's a scam expert, but it's not like they didn't have marks against them in that cloud mining 101 thread. Their acquisition of SP hardware (back in February) lent them some credibility.I'd wait for GM to come in and give an official explanation, as right now it's just guesswork. (disclaimer: I don't use GM, if you do and you feel something hinky is going on, act accordingly).
It smells like a scam to me and has all this year. What has given me this impression is their scammy behavior and business practices. But if they´ll somehow be able to prove that the hash they´ve sold matches that they have mining (first they need to prove that they´re mining at all, of course) then that´s just great.
As for explanations well I´m not sure how seriously they can be taken. It remains to be seen. Faith based isn´t worth jackshit in the crypto marketplace. If the world´s largest cloud miner (with a dedication to transparency according to itself) can´t be transparent about its mining that seems to be a very big red flag. Maybe about the size of Rhode Island even. Only hard evidence will do.
I doubt Genesis Mining is a scam, they will live up to the fine print in the contract you agreed to when you bought hashing from them. They just have never been a very good deal. I have no idea why people bought one year contracts, or contracts they knew could not be resold, when the option of Hashnest or Bit-X was always there. People at Hashnest who traded the riskier contracts like UMISOO, or have held onto S5 hoping price of bitcoin will recover are bitching also, but they have no excuse.
Prices of all contracts at Hashnest have declined since August with the decrease in bitcoin price. Traders who watch the charts moved into cash end of August latest while waiting for the new S7 to start trading next month.
If you use these numbers you can calculate your profit. You can also fill in your investment costs to calculate ROI. Just replace the 0.15 for the fee your contract has. This one is for 1,50 per TH per day. For the new 1,,20 contract fill in 0.12. Most of my mining has a fee of 0.20, the profitability of that is 0.
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=1000.00&p=416.67&pc=0.15&pf=0.00&d=59335351233.86660000&r=25.00000000&er=236.10000000&hc=0.00
To explain, I used a fictional number of Watts to end up with an electricity bill with the same pricetag as the fee. Outcome is per TH unless you specify otherwise.
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=1000.00&p=416.67&pc=0.15&pf=0.00&d=59335351233.86660000&r=25.00000000&er=236.10000000&hc=0.00
To explain, I used a fictional number of Watts to end up with an electricity bill with the same pricetag as the fee. Outcome is per TH unless you specify otherwise.
Fact is every contracts with 0.2 fees are useless now.
With such fees no body can achieve ROI. My 3TH have 0.2 fee, so they are useless and making 0 profit because GM is taking 6$ fees everyday.
They are the one making profit with our contracts. Shame on them.
If you use these numbers you can calculate your profit. You can also fill in your investment costs to calculate ROI. Just replace the 0.15 for the fee your contract has. This one is for 1,50 per TH per day. For the new 1,,20 contract fill in 0.12. Most of my mining has a fee of 0.20, the profitability of that is 0.
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=1000.00&p=416.67&pc=0.15&pf=0.00&d=59335351233.86660000&r=25.00000000&er=236.10000000&hc=0.00
To explain, I used a fictional number of Watts to end up with an electricity bill with the same pricetag as the fee. Outcome is per TH unless you specify otherwise.
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=1000.00&p=416.67&pc=0.15&pf=0.00&d=59335351233.86660000&r=25.00000000&er=236.10000000&hc=0.00
To explain, I used a fictional number of Watts to end up with an electricity bill with the same pricetag as the fee. Outcome is per TH unless you specify otherwise.
So, has anybody noticed any especially nervous activity around these threads? I guess what with this thing having such a good seal of approval from the world´s (and the moon´s) best scam experts many people have sunk substantial amounts into it.
Here is a visual of what my payouts have looked like compared to the price of BTC over the past month.
On the 17th of september the diff went up 4.17%. I'll do the math of this mess later.
And it went up 5% on 3rd of september, right for the first dip in the chart... coincidence?
I would go along with dips because of difficulty jumps except that the pools that I regularly mine with my hardware don’t show these types of dips in earnings when difficulty jumps. On top of that, GM advertises that they use multipool algorithms which should even out pool variance even more so they should have even less problems here. Are they that bad at selecting pools to mine?
You have to divide the profit by the %'ual increase in diff, then subtract the fees, taking into account the changing exchange rate of BTC to USD.
Oh I fully acknowledge that it's a simplification - but even that simplification should give an indication of whether the difficulty change and the exchange rates combined would have as large an effect as shown in the sample graph. When you find the time to throw your math at it, please do 
I will do that tonight.
You have to divide the profit by the %'ual increase in diff, then subtract the fees, taking into account the changing exchange rate of BTC to USD.
Oh I fully acknowledge that it's a simplification - but even that simplification should give an indication of whether the difficulty change and the exchange rates combined would have as large an effect as shown in the sample graph. When you find the time to throw your math at it, please do
I guess a picture really does say more than a thousand words
Here is a visual of what my payouts have looked like compared to the price of BTC over the past month.
On the 17th of september the diff went up 4.17%. I'll do the math of this mess later.
And it went up 5% on 3rd of september, right for the first dip in the chart... coincidence?
Cool down people, let`s wait for a answer from one of the Marco`s first.
Steve, the calculation would be different, it's not simply inversely proportional, as there is also a subtraction (profit minus fees) in the equation. You have to divide the profit by the %'ual increase in diff, then subtract the fees, taking into account the changing exchange rate of BTC to USD.
Not sure how much math you need for that. Say we take the ~230 sat/Gh/s as the basis just before the 17th and before the drop. If the difficulty rose by 4.17% to a level of 104.17%, then the expected revenue would be inversely proportional to that. 230 multiplied by (1/1.0417) is 220 sat/Gh/s, not 165.
Moreover, the difficulty jumped by 4.98% on September 4th. While there was a drop around that time from 270 down to 230 (for whatever reason), that later stabilized just below 260. Doing the same math, that seems more reasonable; 270 * 1/(1.0498) = 257.
I'd wait for GM to come in and give an official explanation, as right now it's just guesswork. (disclaimer: I don't use GM, if you do and you feel something hinky is going on, act accordingly).
Moreover, the difficulty jumped by 4.98% on September 4th. While there was a drop around that time from 270 down to 230 (for whatever reason), that later stabilized just below 260. Doing the same math, that seems more reasonable; 270 * 1/(1.0498) = 257.
Most legit as in according to scam experts on these here threads.
I don't know if anybody's a scam expert, but it's not like they didn't have marks against them in that cloud mining 101 thread. Their acquisition of SP hardware (back in February) lent them some credibility.I'd wait for GM to come in and give an official explanation, as right now it's just guesswork. (disclaimer: I don't use GM, if you do and you feel something hinky is going on, act accordingly).
I´m too lazy now for a 30 miles drive to check out the gigantic facilities of the world´s largest cloud mining operation. Maybe I´ll get around to it later.
The location is known, right? Google? Must be like a freakin aircraft hangar for the world´s largest?!?
It is supposedly at the former NATO base here so I guess a hangar it well could be.
The location is known, right? Google? Must be like a freakin aircraft hangar for the world´s largest?!?
It is supposedly at the former NATO base here so I guess a hangar it well could be.
Here is a visual of what my payouts have looked like compared to the price of BTC over the past month.
On the 17th of september the diff went up 4.17%. I'll do the math of this mess later.
Here is a visual of what my payouts have looked like compared to the price of BTC over the past month.
Well, if it gives up the ghost it will be the universe´s second most legit cloud mining operation to do so this year.
Most legit as in according to scam experts on these here threads.
Most legit as in according to scam experts on these here threads.
Let's wait for GM explanation. Maybe it's a technical error. Because I have NO payout at all for 2 days now (the mining days doesn't even appear on the "payout" board)
With normal Genesis Contract or Spondoolies?
Because somebody said only the spondoolies have the problem.
At least my normal works fine now. Got every payout and with ~265 Sat. per GH/s not even bad.
I have a normal Genesis contract (1.5TH/s) and my average was at ~254 per GH/s up until 3 days ago. For the past three days it has averaged ~173 and the progression has been getting lower each day.
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