Actually, auto convert mines the most profitable coin of the algorithm you have and exchanges that for the coin you choose for payout. For SHA256 you’ll most likely be mining Bitcoin which then gets auto converted. For X11 it’s Dash (or Start). For Equihash only ZEC can be mined, so that will be converted to Eth if you have chosen that for payout.
It’s an convenient way of getting payout in another coin, but especially from one coin to another you will need to keep an eye on exchange rates and difficulty charts (and realize that mining takes a day before payout) to get the best out of it. If you plan to exchange the Equihash earnings back to ZEC some time in the future, then currently BTC seems to be best. As always, things can change from one day to another, so unless you care about one coin only, auto is not exactly a “set it and forget it” option, but it does provide more options.
GM - Thanks for letting me know I’m loosing only 80% of my investment and not 84% of it…
When will you stop treat us like fools and answer the real questions:
Why did you keep selling ridiculously unprofitable contracts after the actual market value of the zcash was set?
Your cost per Sol is obviously lower than any home miner, yet you give only a fraction of the hashrate of an home rig at same price of your contract. That means you keep HUGE revenue. Why aren’t you returning some of that revenue to cut deals with investors who are willing to accept a haircut?
How come you’re refusing refunds in excuse of hardware cost, while keep selling new contracts? If you can sell a new contract, you can simply reallocate ‘my’ equipment to the new sucker.
When I found out the true costs of home-mining after buying a contract, I realized I was a fool and though you were just greedy.
When I saw you kept selling unprofitable contracts after zcash market price was set, I realized you were nothing but scammers.
When you keep letting me know of the worthless upgrades you make as if you’re doing me a huge favor, I feel you’re not only scammers, but also shameless.
@Genesis-Mining, Can you please answer the 3 questions? It seems like I’m not the only one looking for answers:
Why did you keep selling ridiculously unprofitable contracts after the actual market value of the zcash was set?
Your cost per Sol is obviously lower than any home miner, yet you give only a fraction of the hashrate of an home rig at same price of your contract. That means you keep HUGE revenue. Why aren’t you returning some of that revenue to cut deals with investors who are willing to accept a haircut?
How come you’re refusing refunds in excuse of hardware cost, while keep selling new contracts? If you can sell a new contract, you can simply reallocate ‘my’ equipment to the new sucker.
Thank you Genesis Mining Team for the upgrade on our hashpower but the critical voices do have a point. Our hashpower needs to be doubled or trippled or even quadrippled again for us not to loose almost all of our money at the current price of Zcash. I understand that a mining contract is no sure investment but you can buy the hardware at cheaper prices, pay less for electricity and have programmers who know how to mine so you should be able to get more sols/s out of a cpu or graphics cards than hobby miners. Remember that it is easyer to keep current customers than to get new ones. So please don’t let your current customers down, afterall, if you make us happy, we will purchase contracts with you in the future!
On top of that, the zcash contracts are only one year. I spent 500$ on a contract. Thats the money you need to buy one or two good GPUs. I get to use the hashing power of that GPU for 12 months, while you get to use it for at least another 3 or 4 years.
Seriously, make us happy customers and you will benefit immensely. Positive feedback online will boost your business and word of mouth is the best advertisement. Unfortunately I could not recommend Genesis Mining to anybody until now
I take back my word. Genesis Mining is a pure scam. They pretend they are doing their best to upgrade but in reality they are just keeping the extra hashing power. The mining software is out there. It takes a minute to upgrade. How could you not keep up.
It was already hard to achieve ROI in the beginning and it just got worse. These guys are fucking wolves. This company needs to stop. Help spread the word.
@lumierre Maybe we should make youtube videos showing how little we get paid out. You could do a youtube video showing your hashrate with your rig, say how much it costs and then show the hashpower you have at genesis mining and show the krass price difference.
Yes, a complete scam. I had read bad reviews but put my trust in them anyway. They are quoted as saying they will stay ahead of the curve and use the most up to date software. It was a complete lie. These 20% upgrades of hash power are a slap in the face. They don’t answer any of the questions or concerns posted on these forums. They just tout when they improve your speed which does absolutely nothing in comparison to current miners and GPU’s available. Buyer beware.
Using the calculator I posted based on 600 watts and $0.100 kwph you need a hash of 330 to break even.
Most miners are losing money and not aware of it. It’s all based on market price. When the price goes up, then your profits go up. Zcash & bitcoin follow each other. When Bitcoin goes up Zcash goes up.
Mining in bitcoin is an investment at this point. I’m surprised at the network hashrate because I know most miners are losing money. But if in a couple years the price is $700, then it’s a win.
The real winners are the ones selling the mining equipment and video card sellers.
And at that rate using equihash you can make $0.97 a day on bitcoin.
I’ve got a whopping 12 Hps on Genesis and making @ 0.0014 ($0.07 based on current market) zcash a day. I’d say I’m doing pretty good.
@xfcash There are no issues with payout. All is done according to our normal daily routine. Payout for January 3 still has to go out, but that will be done before midnight UTC time as usual. Your Payouts page should at least tell you when the last transactions took place. Hovering your mouse cursor over the (i)nfo icon should show a little popup with extra information for any transaction.
If that does not clear things up, can you please contact our support regarding your payout? Either through our interface, under My Account > Contact Support, or directly at https://genesismining.freshdesk.com
~0.080 ZEC since end October. I had pay like 0.220 BTC, A fun little way to spend money too.
Would have give it to a homeless guy if i knew it ahahah
I won’t recommend Genesis to anyone!
And since they upgrade the HASH many times i still have the same payout, no matters the price of ZEC or the hashrate network … i don’t think it’s normal. Is it?
Genesis - Have you heard of Claymore miner? Go ahead and run that and then increase our hash power two-fold. You claim to be cutting edge…but have not been close. Are you still using Netscape too?
