Dear all,

As promised please find below a partial list of mining addresses that are used by Genesis Mining.

http://eligius.st/~wizkid057/newstats/userstats.php/1D3zxwj4cndnX1kyAoByUmA4AVLRdFV5ST
http://eligius.st/~wizkid057/newstats/userstats.php/1GztGYsRnzR4CjDqgtHJAU7HDa8Qqf3cq8
http://eligius.st/~wizkid057/newstats/userstats.php/1FXSr8gta3xzwptVV5mvHgYoYhDkzC1Qs8

The total hashrate for these addresses is about 1.8 PH/s.

Thank you for the feedback. I am following the block size discussion for a long time. The consensus in Genesis Mining team is that we should not stay with 1 MB blocks (larger blocks are needed going forward).

If you have any questions please feel free to ask them here.

Cheers, Marco

Litecoin mining was indeed unprofitable. And so was all scrypt mining for any reasonable mix of coins (every multipool suffered from low payouts, because there were no scrypt coins in reasonable market depth that could be mined). And due to the low BTC price, scrypt mining became unprofitable at ~10 Watt per MH/s.

If new hardware would allow scrypt mining at, e.g., 1 Watt per MH/s this would lower the production cost by a factor of 10 and this new hardware would be profitable. If (and that is a big "if") such hardware would be available we would offer it.

Forwarded it to our dev team. Thank you!

Dear miners,

We are having some issues with the website which affects connections and/or login attempts. We are working to resolve this as quickly as possible. Sorry for the inconvenience.

You may see errors such as "connection failed" or "error code 20", but these only affect the website. The mining operation and payout process is not affected!

Cheers,
  Marco

Please send me a pm with the ticket number.

Cheers, Marco

If you ever wondered how a Genesis Mining Payout looks like:

http://youtu.be/bC719kfQPsc?list=PLOAVQeRGPCpAzb7nHFP_MazQHH7eeajTu

Rule of thumb: if mining is not profitable anymore we will turn miners off. In some cases this also depends on the type of the electricity contract and if replacement hardware is available at the location.

I just talked with our backend IT guys. It seem I was not 100% right: there are a few cases where there was a problem with the payout (about 10 accounts). Please send me your ticket number as PM and I will double-check with our IT team.

Sorry for the inconvenience.

Best regards,
  Marco

I am not aware there are problems with delayed payouts. If there is an issue please file a support ticket.

Delayed payouts can happen for three of reasons: (i) credit card payments (payouts will accumulate for a number of days in your account),  (ii) small payouts (below the dust limit, will accumulate in your account, until they are above the dust limit), (iii) no payout address registered (coins will accumulate in your account).

By the way: all transaction fees are paid by Genesis Mining, so this does not affect anyone's payouts.

Hope this helps,
  Marco

Genesis Mining is conservative when it comes to the financial side. The "never invest more (in crypto) than you can afford to lose" was followed by us all the time. The Bitcoin price is certainly not at a level which we hoped for, but we are very optimistic that the bottom is reached now, and that price will look better going forward.

Transactions in the Bitcoin economy are on an all-time high, and this is a very good sign!

https://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=2year&show_header=true&daysAverageString=7&scale=0&address=

To clearly answer your question: we will continue our business as usual and will honor all our contractual obligations!

Our IT team is telling me that payouts are being processed now. Within the next few hours everything should hopefully be on track again!

Sorry for the inconvenience.

Best regards,
  Marco

Ah ok

Correct. Most mining happens in China, and they usually convert a huge amount of the mined BTC to Fiat.

Our equipment runs 24/7 (sha and scrypt), our uptime is >99%. Taking our miners down for several days would not make sense from an economical perspective.

My best guess is that some big ASIC company shuts down a massive mining farm (we are talking of 20 PH/s) of outdated hardware, in order to prepare it for new hardware.

Best regards,
  Marco

Thanks. We will look into this.

Best regards,
  Marco

Please send me your ticket number and I will check it with team.

Bank wires can take a long time and we have seen all kind of weird things going on, in particular if intermediary banks were involved.

Cheers,
  Marco

The website is up again, but you might encounter an additional captcha in some cases. We are sorry for the inconvenience.

As stated before there was at no point in time an impact on the mining farms or the payout system. Payouts were sent out a few hours ago.

Kinds regards,
  Marco

Just for clarification:
* the actual mining process itself is not affected
* payouts are not affected and will continue as usual

Kind regards,
  Marco

Dear all,

As you might have noticed the website is temporarily down due to a technical problem. We are working on bringing it back online as quickly as possible. Sorry for the inconvenience.

Best regards,
  Marco

We like the idea, though there are a few things that need to be considered:

1) we want to keep a simple user interface and not confuse other miners; this can be solved for sure, but needs to be done carefully
2) the hashrate can only be sent on an average basis. For example, if a user wants to point 1 MH/s to a pool and our smallest miner is 24 MH/s then we would have to point 24 MH/s to this pool for one hour. This is not ideal.
3) if the pool is crappy, or there are some technical problems we would see high reject rates and unhappy faces.

Probably we would require that mining on your own pool happens at least for 24 hours. Furthermore, we would probably require that the maintenance fee is paid from the user balance. In turn the hashrate would be fully used for mining coins.

Technically, it can be done for sure in a reasonable time frame. This would be an advanced feature which only experienced users should use.

Please let me know if you have any comments.