cmon GM, if you can now get 3x more hashes with the same equpment, that benefit should be passed to the consumers, without whom you would not be making the profits you were happy with before. Are you really going to let greed be the ruin of your company name?
What makes you think that? For all we know, they could have a killer miner that allows them to pull 100H/s from commodity GPUs.
sold out now
but i have 36h/s
Well, let's explain a bit differently then:
We have the best mining setup available and we will not downgrade with any lesser efficient versions. Prices are based on this efficiency, and so far are the best in the cloud mining business.
We promised you would get the hashrate you bought and if possible even more, and we did manage to improve on our starting offer so we could upgrade hashrate twice in the past 11 days. If you had an early contract of 1 H/s it would have been upgraded to 3 H/s and then to 6 H/s, and that 6 H/s is what you will get at launch.
We sold a clear defined mining service and we will deliver that service, exactly as promised and indeed not a question. If there are others with different offers, or there are other options out there, it will not change our commitment to what was already agreed upon. How all that competition affects the future remains to be seen, as so many things right now.
Oh, we have no more hashrate left for the launch, but we are working on building more for later.
And right now we're all very eagerly awaiting launch...
Your Genesis Mining Team
This response seems valid enough.
We should all take a deep breath and see what happens.
Are you saying your software is already better than this?
So you don't plan on upgrading the existing contracts anytime soon?
It's not true anymore.
A lot of improvements of GPU mining occurred in these days after you upgraded it. 5x performance more than yours.
Yes it's possible, but it seems that you don't have the will to upgrade more for your sake.
This is true. However your website says:
"There are many who tell us that they can mine cheaper by themselves according to their calculations. However, it always turned out that they forgot about one or more of the above listed costs. We did our calculations, and we think it's impossible to mine more profitably on a smaller scale, at home and by yourself."
Do you stand by this statement?
Seriously people stop making pointless speculation and then use it as facts. Truth be said, no one has any idea of how powerful GM's setup is. For all we know they could be pulling well over 100H/s from basic commodity GPUs. Do you really think they made a bet when upgrading contracts 6x? They already knew that they could afford that, and still make a good profit, or they wouldn't have done so.
well, when they knew it and had these intentions from the very beginning without saying a word to customers, it does not look good at all for them. Not only Genesis Mining, generally. This is a deceptive strategy.
I also won
t bash anymore, only tell one last thing. When earlier customers were purchasing hashrates they had no idea how many hashes one GPU could provide. When i first launched official zcashd miner and saw 1 h/s or even less, i have read about high memory demand, asic-resistance, etc. On this background offers for cloud mining I saw seemed acceptable. BUT: at that moment I as well as many other customers thought that many devices/GPUs are needed to guarantee say 50 hashes. And the price seemed aceptable considering that volume of GPUs required. Hashrate offered by cloud services was increasing with the time, but not by the same rate as solvers efficiency. Zeropond has currently even worser conditions. But they promissed to fix it when a better miner appears, so i do very believe they will do it. But with the current situation when the total network hashrate is much higher due to improved miners, and hashrate of cloud mining also increased, but not comparable with the jump in miners efficiency within latest few days, cloud mining looks as for me very doubtful. This means that hashrate, which earlier would had been assured by say 4,5 or even more GPUs now can be achieved by only one GPU. Thus, i was ready to pay, because I knew that i pay for renting of several GPUs and respective expenses for electricity, and so on. Now i dont know what i pay for, because those roughly 50 hashes can be performed by only one GPU now and even more improvements are possible in the nearest future. I ask myself what to pay $2330 for? And there is no answer to this. If Genesis says they have the most efficient miner, then they need only 1 GPU to reach 50 hashes (of course this is extremely roughly just as example, depends on GPU). In this case the question comes up again, isn
t 2330 too much for renting one GPU for one year? If they use several GPUs to guarantee this hashrate then they are probably not using the most efficient software and can increase hashpower for customers just by switching to another miner This woould not cause any extra expenses for additional equipment for them and would please customers. Or maybe they dont want doing it for some uncertain reason, or they will do this or have already switched, but customers are not aware of it, so the only side who gets more profit is the cloud cervice. The entire system is not transparent. We buy hashes, but they are still strongly bound to devices and miners efficiency. When GM stated that hashpower will grow with the algorithm enhancing we all relied on this. In fact sutuation turned out very twisted. Nobody wants to pay for 1 GPU the same amount of money that was supposed to cover several GPUs. Increase in hashrate given by cloud services was not comparable with the increase in miners efficiency as far as i can judge. This would be the question to Zeropond as well, I hope they find a decent solution for this.
I hope Genesis can improve hash rate again. 6 H/s is less than a CPU (unless I'm mistaken?) and it doesn't cost that much to build your own rig for that.
With all the GPU improvements done just today, 6 H/s could be increased 3 fold.
Anyway I just hope that even after mining starts GM will be awesome and improve the contract and our hashes free as they continue to improve their mining operation.
In your contracrt you have clearly indicated that you will not be worse than currently most efficient gpu miner. Which was the sole reason many customers bought in.
From known performace of currently most efficient gpu miner it follows that you attempt to take more than 80% of each gpu resource leaving to customers less than 20%. This is outright theft. Not business.
Yup everyone is getting pissed off at genesis mining now. I'd like to think that they will do right by their customers and not just tell everyone to suck it up, but at the moment it's seeming like they don't care and just want to keep the mining improvements to themselves and not distribute it to customers.
Today I purchased a contract with Genesis Mining using my credit card and for some reason my bank decided to charge me a hefty fee (CAD>USD conversion crap).
In panic, I decided to refund the contract and re-purchase using Bitcoin instead. Being the semi-careful buyer I am, I clearly read my contract before purchase and it states in Clause 4 that either party can cancel and in 4.d that a 10 USD charge will be applied in case a refund is issued. To my shock and surprise, Genesis Mining responds saying that they don't issue refunds and that their Sales Department will study the case for the next 5 days. This is a clear breach of contract and it frustrates me as now I am having to lose 5 days of potential mining time had I purchased directly using bitcoin.
I hereby request that my refund request is processed directly, and honestly this behavior makes me very hesitant about re-investing using Bitcoin, and I was planning to double my 12 H/s up to 24 H/s.
Genesis Mining, considering that your name in the industry stands out as top providers of cloud mining contracts and search engines give you such authority, I truly believe you should be capitalizing on this trust rather than not honoring contractual terms.
I appreciate your feedback on this.
Don't invest with bitcoin, you're better off staying away to be honest. Go up through the most recent posts in the thread. It's not worth it to get a contract, it's a ripoff. They will just respond with something along the lines of we don't issues in public email our support and they will get back to you or look into your claim.
Either way I want my credit card deposit refunded as the bank charged me a lot for it. Given that the contract clearly states that refunds are an option while they claim it isn't, will a charge back through my CC provider work? Mining didn't even begin and they have 0 reason for refusing to refund or to pull any of this.
wow almost as much as ONE of my cards, what that cost you, 2,000$? good job?
This is unfortunate .
Welcome to the crypto world where we get fucked over and over again .
yes cjmapope Almost 1730 $
I will go ahead with a charge back as needed as they are in clear violation of their own contracts, and since they closed my follow up ticket without even responding to it, I will not proceed to invest using Bitcoin either. To hell with those scammers Genesis Mining.