Genesis-Mining Review

[Zeta0S]

True, the biggest problem with cloud mining is that the company can disappear before the end of your contract.
All the costs, calculations and difficulty rises come second.

You mean the economical dead of your contract when it becomes negative?

[IanFoxley]

Day 11 Comparison Video
http://youtu.be/ldisSUZJFWU

Payouts were as follows.

Genesis Mining 10 GH/s contract  0.00017688 BTC
Gaw Miners Genesis Hashlet        0.00014198 BTC

Genesis Mining 1 MH/s contract   0.00044423 BTC
GAW Waffle Hashlet                     0.00029356 BTC
GAW Zen Hashlet                         0.00043469 BTC

Ian

[bluecityste]

Hi Ian - don't suppose you have a link to where it says that the 1 year contracts will be upgraded?
I had a look in my account area and i haven't received any notice on there or in my emails.

Thanks,
Stephen

Hi Stephen.

It was something that was posted in the forums.
I believe on Facebook too.

https://asktom.cf/index.php?topic=602022.msg8763406#msg8763406

Your contract doesn't change to lifetime until the day your existing one ends.

Ok, cheers Ian. If I can get within $50 of a ROI, which might be achievable in about a years time (espeicially if there is a nice increase in BTC & Script prices) then I will be happy lol.

[dashen]

Jesus.......I was comparing the cost/income in dollar terms as due to the cost of these packages it will be quite rare that people are lucky enough to pay for cloud mining packages purely out of the bitcoins they have generated.

Anyway, for the sake of comparison I spent an hour of my life adding up my earnings so far.

Results are as follows (in bitcoin as this is what finalhash appreciates!):


Earnings over first 85 days of contract:                                                    0.13658912 Btc

Average earnings per dayover past 20 day period:                                    0.000759809 Btc

Projected earnings over final 280 days assuming NO increase in difficulty:  0.21274638 Btc

Therefore total income projected for my annual contract is:                       0.3493355 Btc


The contract cost me 0.433 Btc, so projected loss in Bitcoin of 0.0836645 Btc!!!

Obviously, as I said before the likelihood of script difficulty increasing significantly for the rest of the year is high due to increasing ASIC manufacturers jumping onboard, so these results will probably be worse than expected unless there are significant gains in prices of alt coins to compensate.

Therefore, even without this risk I couldn't really recommend them unfortunately - although the website GUI is easy to use.

i really hope the price of alt coins can increase in a high level.

[okae]

Jesus.......I was comparing the cost/income in dollar terms as due to the cost of these packages it will be quite rare that people are lucky enough to pay for cloud mining packages purely out of the bitcoins they have generated.

Anyway, for the sake of comparison I spent an hour of my life adding up my earnings so far.

Results are as follows (in bitcoin as this is what finalhash appreciates!):


Earnings over first 85 days of contract:                                                    0.13658912 Btc

Average earnings per dayover past 20 day period:                                    0.000759809 Btc

Projected earnings over final 280 days assuming NO increase in difficulty:  0.21274638 Btc

Therefore total income projected for my annual contract is:                       0.3493355 Btc


The contract cost me 0.433 Btc, so projected loss in Bitcoin of 0.0836645 Btc!!!

Obviously, as I said before the likelihood of script difficulty increasing significantly for the rest of the year is high due to increasing ASIC manufacturers jumping onboard, so these results will probably be worse than expected unless there are significant gains in prices of alt coins to compensate.

Therefore, even without this risk I couldn't really recommend them unfortunately - although the website GUI is easy to use.

nothing more to say man, i have more or less the same numbers with another cloud minning company, ppl should undersatnd that mining is not profitable anymore, at least not with those prices..

ty man for your post.

[IanFoxley]

Day 12 Comparison Video
http://youtu.be/r0nrdoKavcY

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00015151 BTC
Gaw Miners Genesis Hashlet        0.00020084 BTC

Genesis Mining 1 MH/s contract   0.00044169 BTC
GAW Waffle Hashlet                     0.00042250 BTC
GAW Zen Hashlet                         0.00044241 BTC

Ian

[ahmed_]

@Ian

Could you make a spreadsheet with the cost of each package and the amount that package has earned so far?

Ahmed

[IanFoxley]

@Ian

Could you make a spreadsheet with the cost of each package and the amount that package has earned so far?

Ahmed

I don't have a spreadsheet or a programme like excel etc

Was hoping someone else would do that....

I have got a text file which I have put in my videos which I update all the time.

I have numbers like what you ask already in the text file, although not specifically the Hashlet Zen on its own as I bought all the Hashlets at the same time and they gave me a price in USD, then a total price in BTC.

[ahmed_]

okay thats cool ill make one then

[IanFoxley]

Day 13 comparison of payments with Genesis Mining and GAW Miners Hashlets.
http://youtu.be/tTwcHSAmRzI

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00015110 BTC
Gaw Miners Genesis Hashlet        0.00016861 BTC
Winner - Genesis Hashlet, second time in two days

Genesis Mining 1 MH/s contract   0.00040342 BTC
GAW Waffle Hashlet                    0.00036607 BTC
GAW Zen Hashlet                         0.00042555 BTC


Ian

[MacDuro]

I'm going to try one Genesis Hashlet , they have an offer , 8'95 instead 9'95 for 10 Gh/s .

I have noticed that you can run the hashlet on 3 pools , they give an estimated payout for the next 24h .

GenesisMulti   0.00001756 BTC
GenesisGuild   0.00001451 BTC
GenesisHash   0.00001451 BTC

[elgimpo]

I'm going to try one Genesis Hashlet , they have an offer , 8'95 instead 9'95 for 10 Gh/s .

I have noticed that you can run the hashlet on 3 pools , they give an estimated payout for the next 24h .

GenesisMulti   0.00001756 BTC
GenesisGuild   0.00001451 BTC
GenesisHash   0.00001451 BTC

Those hashlet rates change daily, keep an eye on them and switch pools for the best payouts.

[IanFoxley]

I'm going to try one Genesis Hashlet , they have an offer , 8'95 instead 9'95 for 10 Gh/s .

I have noticed that you can run the hashlet on 3 pools , they give an estimated payout for the next 24h .

GenesisMulti   0.00001756 BTC
GenesisGuild   0.00001451 BTC
GenesisHash   0.00001451 BTC

Those hashlet rates change daily, keep an eye on them and switch pools for the best payouts.

I try and do that for my videos as well, only trouble for me is that sometimes it has changed whilst I have been asleep, wish they could just allow you somehow just to autoswitch your hashlet when needed.

[IanFoxley]

Day 14 video is up.

http://youtu.be/lJuapfPAcC8

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00015025 BTC
Gaw Miners Genesis Hashlet        0.00016815 BTC

Genesis Mining 1 MH/s contract   0.00038361 BTC
GAW Waffle Hashlet                    0.00031091 BTC
GAW Zen Hashlet                         0.00050532 BTC

Ian

[MacDuro]

I'm going to try one Genesis Hashlet , they have an offer , 8'95 instead 9'95 for 10 Gh/s .

I have noticed that you can run the hashlet on 3 pools , they give an estimated payout for the next 24h .

GenesisMulti   0.00001756 BTC
GenesisGuild   0.00001451 BTC
GenesisHash   0.00001451 BTC

Those hashlet rates change daily, keep an eye on them and switch pools for the best payouts.

I try and do that for my videos as well, only trouble for me is that sometimes it has changed whilst I have been asleep, wish they could just allow you somehow just to autoswitch your hashlet when needed.

Yep , while I was sleeping reward for GenesisMulti decreased to 1451 , probably They will adding soon autoswitch to the most profitable pool , they have been focusing a lot to improve scrypt hashlets and I assume They will improve too eventually the SHA-256 hashlet .

You are doing a great job with your revieuw here , I think that I'm going to buy some altcoin mining power on Geneses Miners next week since They seem to be more profitable , I just bough the sha256 miner from gaw miners due to the drop price since it will make easier ROI even been a little bit less rewarding than Genesis mining sha256 .

[Zeta0S]

https://www.youtube.com/watch?v=4QzuJNrlefA

[elgimpo]

Tempted to throw something on these guys to try and diversify a bit but I cant seem to make myself do it.

[IanFoxley]

Day number 15 Comparison video is up.
http://youtu.be/QTFDijPcPec?list=UUjuA5pMUn38CNcPmmxTE1Aw

Payments were as follows:

Genesis Mining 10 GH/s contract  0.00015227 BTC
Gaw Miners Genesis Hashlet 15 GH/s       0.00014725 BTC

Genesis Mining 1 MH/s contract   0.00042864 BTC
GAW Waffle Hashlet                    0.00048097 BTC
GAW Zen Hashlet                         0.00041154 BTC

Thanks

Ian

[MacDuro]

I was about to buy some cloud mining at Genesis-Mining , too bad they don't accept CC , wire transfer fees makes the purchase really expensive , hope they will add CC payment soon .

[Zeta0S]

I was about to buy some cloud mining at Genesis-Mining , too bad they don't accept CC , wire transfer fees makes the purchase really expensive , hope they will add CC payment soon .

You can pay in Bitcoin.
Credit Card will not happen, it`s to much of a risk for Genesis. I totally understand that.