Quote from: gollumist on April 05, 2016, 11:06:01 AM

Quote from: malickie on April 04, 2016, 09:08:47 PM

For everyone who thinks Genesis has stopped paying. Go to your history, you probably do not have enough hashrate to get the daily payout minimum. You are still getting paid, you just aren't noticing it because like I said you do not have enough hashrate for a daily payout. As for everything else, I tend to not like 1 year contracts because they can fluctuate too wildly. The whole point of a "Lifetime" Contract is more for those who are in it for the long haul. If you want quick and dirty find someplace else, granted you are not going to find much that will do that unless your willing to take risks in something like HashOcean or some such thing.

So let's say you invest a couple hundred into Genesis and get daily payouts of .0001 or something and all the sudden one BTC is worth $1500, your ROI radically decreased all the sudden. That's what people who invest in something like this typically are looking at.

Are you sure???
gm is 100% scam because it is clear from the very beginning that you will never get ROI !!!
End of January I receive the following message:
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I am sorry to tell you that the maintenance fee overpassed the payouts due to the last difficultyincrease on 13th. Jan.
I calculated your mining results on coinwarz.com:
http://www.coinwarz.com/cryptocurrency/?sha256hr=22&sha256p=0.00&sha256pc=0.0000&sha256c=true
result was this:

BTC / USD rate: 380 Hashpower (GHs): 22
Maintenancefee USD: 0,044 0,002 per GHs
Maintenancefee BTC: 0,00011579
Coinwarz.com result BTC: 0,00009218
Maintenancefee BTC: 0,00011579
Result minus fee BTC: -0,00002361

so you had an negative payout since then, because the maintenance fee was higher than the mining result.
As it is stated in the terms of contract, your contract will be terminated in case there are more than consecutive 20 days no payouts.
--------------------
The Big Question is: what includes this "Maintenance fee" and how and who calculate this???!!!
It is definitely not a fair play from gm side!!!
I finish with my investments in "cloud mining" - better to invest into mining hardware myself!!!

This is probably half the problem, Direct quote from http://cryptomining-blog.com/6504-genesis-mining-what-is-more-profitable-to-mine-btc-dash-or-eth/

"Unfortunately the earlier adopters might not be way too happy if they have purchased hashrate with higher maintenance fee as with the recent rapid increase in the total Bitcoin network hashrate and the high exchange rate per BTC the profit might not be that great. Currently the service sells Bitcoin cloud mining hashrate with $0.00069 USD per GHS per day as a maintenance fee, but some months ago it was $0.0012 USD per GHS and prior to that $0.0015 USD and even before that $0.002 USD. It is important to note that the maintenance fee is set at the time you purchase hashrate based on the currently set feed (depending on the generation of mining hardware being used). This means that if you have purchased 1 THS Bitcoin cloud mining hashrate 1 year ago, then now it would be earning you less than if you purchase 1 THS hashrate at the moment. Of course you would have mined for 1 year with that 1 THS, but then again you would have been mining for 1 year already with that previously purchased hashrate at a much lower difficulty."

So as that states, depending on when you bought your bulk hashrate, it is going to have an effect on maintenance fees etc. Kind of like how HashNest is, the only difference here of course is that you cannot Sell your hashrate for something else that will continue to work. Also anyone who is going to get involved with Cloud Mining, you Really need to read the TOS, let alone I noticed it when I first bought hashrate there it states quite plainly that if maintenance fees ever become more than what your hashrate is worth it will be turned off.

Still, I do agree, it does state lifetime mining and it should be lifetime regardless.

As for investing in your own hardware. If you have the ability to do so I would do it. There are a lot of people though who would not have that option, either due to noise issues, not having enough power to deal with the hardware, let alone you have to calculate electricity vs. what you are making per month, maintenance, heat, etc.

malickie

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