Should i buy genesis mining?

mining

#103

I’m just not sure on this mining thing, why would you take a return of 4 if you can just put it into BTC and get 7X per 12 months


#104

I am really disappointed with their support too. Made a ticket 22 days ago asking what the contract will actually generate when it starts 31/10. This is the contract i purchase during the pre-sale 2 month ago.
Yesterday i got a response (after several more reminders to them from my side). They ignored answering my question and basically said they are still not sure. The full response below:


thank you for contacting us.

First of all, we apologize for a delayed response.
We are receiving a significant number of tickets at the moment.
You can read about it on our blog.

Regarding hard fork, we are already preparing an official statement which will be posted on our blogs and sent to our customers via newsletter, as usual. But to prepare this, some talks need to be done. Whatever it is, the purchased hashrate will keep on mining.


This really sucks. As i write back with a harsh reply saying hash power is wasted if they are going to mine BCash.
On a monthly basis the reward will be like 3 times lower (if looking at it dollar wise).
I have repeatedly told them to confirm what i get for my money before mining starts. Also i said i want my BTC back if they can not guarantee me that i get what i payed for. Otherwise i see this as a scam attempt.

If you have signed a contract i urge you to complain on this matter. We will get crap if they start mining BCash.

ps. if you payed with credit card it takes a long time before its confirmed, i think i waited like 30 days for my monero. It sucks i know.


#105

i was under the impression Bcash would be a completely separate mining contract if/when they release it for sale .

i think whats of interest is which direction they will go with Segwit2x. i saw on boxmining’s channel that Genesis and a stack of miners are supporting 2x


#106

Sadly they are not telling us what the plan is. It is sad since we signed up 2 months ago and still they are not decided. The contract if not delayed starts tomorrow and i’m still not sure what the hashpower will be used for. Sucks big time.
The profitability is like 4 time less if they mine BCash.


#107

You’d think if that were the case on profitability they’d mine BTC. My current contract is mining BTC though i get i paid out in LTC for lower transaction costs when i send it bc out


#108

Yes that is what they should do BUT there is the question of greed and long term plan. Miners might be willing to loose money short term if they believe that they can make BCH or 2X be the dominant fork long term.

Its smart to get LTC for lower fee. How often do they send the coins to you? (minimum payout amount)

For my Monero the limit is 0.4 which is crazy, takes over 2 month to get to that limit :confused:


#109

On the Sha256 its daily ( 5 TH ), but the amounts are so small in BTC that it would cost me as much in transaction fees as i get in when the day comes to shift them.

Getting paid in LTC means the fees are inconsequential.

For the ETH contract i have ( avoid ) it takes about a month as well,


#110

A disadvantage of genesis is that daily payout. I’d rather save it all up once a month so i can get paid in BTC.


#111

Ok so you actually get daily payout with your BTC contract ?
Thats not how Monero contract works, i need to wait until 0.4 before they send it :frowning:


#112

yep. even when i had 2.5 TH it was daily. I Think that may be a profitability thing with Monero, same as Ethereum. the BTC contracts pay out better so each day meets the minimum for not a huge initial outlay


#113

Thanks for confirming this. I have a 40TH so thats nice to get daily reward :slight_smile:
Have you checked the conversion between BTC<–>LTC ?
Even if the transfer fee is lower with LTC wont you be loosing on the conversion? I’m guessing Genesis-mining has to do some exchange between the currency right?
Also i cant find if GM is using segwit or not. With segwit the transfer fee should be lower.


#114

I cant tell the conversion, BUT… i dont think they convert BTC to LTC. i think they calc your earnings in USD ( check the dashboard ) and convert USD to the currency you ask for.

you might be able to work it out from earnings in LTC for 5TH though against your BTC payout

edit… let me check the LTC payout, mines muddied because i have a pending contract


#115

ok work of 3.5 TH paying out 0.05743098 LTC on the 30th.

you should be able to work out the comparative BTC payout at your hash rate


#116

OK…as far my personal experiences with clouds mining with 2 biggest mining company…
Is a crap!!..they are the one making money…
We are the very source of their existence…
Just buy a good coins on the dip…hodl it…
Thanks me later"…cheers!!!


#117

Never invest in cloud mining. It is a complete ripoff in my opinion. Just buy more Bitcoin and you will thank me.


#118

So my 40TH mining contract seems to have started!
Got my first payout today (lags with 2 day i know):
01.11.2017 - BTC - 0.00641801

So 1/0.00641801≈ 156 days for 1BTC looks promising although i think it will be higher or even much higher since difficulty goes up. Since the contract is without end date maybe just maybe this can be a good deal stil. Thoughts?


#119

how much did you pay 40TH contract (sorry it’s long thread to search :slight_smile: :slight_smile: )


#120

If i remember correct it was around 5k dollar, or about 1.1BTC, i share it with my sister so we took 50% risk :smiley:


#121

Some early data folkz (40TH contract):

image

image

As of right now i’m still happy with this purchase. I dont know how much the difficulty will change things but with current rate i should get back 1BTC withink 3-4month time. Soon after that its profit. Money wise its a pure win. Around 7% after 1,5 week. But i’m focusing on BTC payback time rather than dollar.

So far my theory is holding, contracts with high enough hashpower will generate return. Low hash power is waste. My Monero contract (low hashpower) is not nearly as good as the BTC. With a 500H/s i get something like this:


#122

I’m sort of happy so i wanted to share this with you guys :smiley:
Since the fighting with BCH i think the mining is more profitable. Hashpower goes back and forth between BTC/BCH and soon Segwit2X (maybe).

I think last i checked we were almost at 1.5T in difficulty and now its at 1.36T. Maybe next change will bring it even further down as the picture indicate. I’m updating my sheet with payouts and all. Will share the result at around 0.5 BTC. If nothing drastic happens it should be in 2.5 months time or so :slight_smile:

image

Its a shame the new contracts GM offered had such a lousy start date (2018-02-29). Otherwise i think i would have gotten 20TH more. Even with the lousy support the payout is really good (right now).
I’m thinking by mars next year the Japanese companies will perhaps start coming out with their 7nm hardware and destroy GM. Either way mining is going to be more expensive and competitive.