its just a MSI laptop
Hello miners,
We have started selling hashrate weeks ago with the promise that we would work on providing the best available algorithm at launch or provide a refund if all fails. Those that bought a mining contract virtually knew for certain they would be mining Zcash from the start, for a fixed price and fixed period, without further risk or costs. Development of open source miners had started even before we came with our offer. Anyone that thought they were able to mine themselves or thought there might be better offers along the way could have waited on development of those miners. Some did wait, some will be cloud mining, and some will probably have both cloud hashrate and will be running their own miners as well.
In the past weeks we have worked on building and improving our own miner and made enough progress to improve our hashrate offer twice to the benefit of our customers. The fact that open source miners may be available now, is good news for those capable of building and maintaining personal rigs for home mining, but that does not change our business or offer since we sell cloud mining and we have made the best miners available which are waiting now to be put into action.
The official Zcash launch is now just hours away. We will inform you comprehensively as soon as possible via our newsletter (to which you can sign up through your Genesis Mining account) or our blog http://blog.genesis-mining.com.
For more information also check Schedule for release of the final binaries and genesis block
ā
Your Genesis Mining Team
@Genesis-Mining For now most of GPU rigs with improved software can mine at 5x more than your cost performance. So will you provide a refund to your customers? 
We are able to deliver the promised hashrate, but technically the launch of Zcash can still go wrong, after which our disclaimer gives two weeks time. Testnet may do fine, but even then there are never certainties as there is a massive amount of miners waiting to unleash their full power, probably all at once. Letās not forget that Zcash, and basically all cryptocurrency, are experimental and there are no guarantees. So far though everything is going just fine so expectations are good.
ā
Your Genesis Mining Team
@Genesis-Mining We are not talking about whether you can deliver the promised hashrate or not, but about the hashrate itself which is much less than current rigs can generate. You always gives an evasive answer. 
Guys, i prefer to read only, but could not help myself to stay silent here. Let`s talk straight.
I personally purchased a contract from you and from zeropond ONLY because you both absolutely definitely promissed to use the most powerful miner available. Here is the exact copy-paste from your site:
In addition, we will ensure that your leased GPU will mine with the best possible algorithm available at the mining start date and we expect that we will ultimately deliver a higher hashrate than currently advertised here.
I am not native English speaker, but I do definetely see you stating that leased GPU will mine with the best algorithm available at the mining start. Probably the word āalgorithmā is not a good match here, because it is the same - equihash as far as i got it. But the idea of your offer is still absolutely definite: you promissed to lease GPUs by using the fastest mining software available. And, this is important, you never made a clause, this should be exclusively your mining software. You said: ābest possible algorithm availableā. Is my understanding wrong? If i am right I dare to assume that your miner is not the fastest one currently, which implies one simple thing: you can provide a higher hashrate to your customers without any need to upgrade your equipment or bear extra expenses. It would cost nothing to you. This fact results in what we all are not happy with: you are invading the hashpower = profit, which as per your own promise belongs to customers. Your definite promise to use the most powerful mining software available (at least as i understood it) and not only your own miner, is not kept by youā¦ Is my understanding wrong? It was the only reason because of which i opted for you and for zeropond. I understood it as you will use any possibility to provide customers the highest possible hashpower if it does not cause extra expenses from your side. This is exactly the situation we have now. There are currently faster miners available, however you ignore them and invade hashpower paid by us. You should have a profit, i understand it. But now your profit is very immodest. Customers will never get ROI with the current prices, which will directly influence your future reputation.
Also, yes we all new this is a risk and a game, i realize it. Still, i decided to play this game with the idea in mind, that you do your best to provide the highest hashrate available to the mining start. If you don`t keep your wordā¦ of course you can do it. In this case we all will see what are your promises worth. I personally consider this as a dirty game and not fulfilling of your promisses. Sorry for being straight; maybe it seems rude for you, this is only my personal opinion. We as customers have full right to stand for our interests. I think most of the board members agree with me.
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There isnāt anything faster outā¦ for now
well, maybe i misunderstood it due to
my not very good English. I need to read again all threads again.
However, this is a pretty delicate
matter. Genesis mining operated such words as - leased GPUs; i noticed this
immediately. On the one hand we purchased hashpower, on the other hand these
guys use such a consept like leased GPU and promise to ensure the best possible
algorithm available. In this case
customers should be able to see what is the solution rate of their miner on one
GPU, or I don`t know. This should be specified more specifically. One can
dispute a lot, for me math is very simple:
currently 1-year contract of 50h/s is
offered for $2333. I tested my not the
newest laptop with nheqminer and i got
about 25-26. This is the half of 50. And i ask myself, what do i pay $2333 for,
if even my home laptop can ensure the half of it? Dont forget, we dont even
own these GPUs. I know, power and service expenses are also included.
Nevertheless, considering that they have not laptops like me, but powerful
mining-oriented GPUs i personnaly think they could provide the better option
for customers and have a decent profit for themselves. This would be also
attract more new customers and as result bring them even higher profit as it
could be with current prices, but presumably less customers. I dont try to talk out customers of purchasing contracts, dont misunderstand me. I just tell
that everyone should carefully read, take a breath and understand what he/she
pays for and what he/she will get (or lose). For me as a newbie it was not very
clear in the beginning. First lesson learned.
Iām not a miner, but I thought people were saying they were getting 5 x the hashrate for the same money with home setups? Am I missing something?
This is the part of the Genesis website that sold me:
āThere 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 itās impossible to mine more profitably on a smaller scale, at home and by yourself.ā
Iām hoping that when mining starts later I will log in and see a higher hashrate than has been so far stated. However judging by Genesisā last response it seems Iām just another sucker.
Many variables, but most setups are cheaper than the current contracts
yes it`s clear and it should be so. Cloud mining services need to make their profit, otherwise what are they doing this for. The issue is by how many times are cloud services more expensive as home setupsā¦ now i personally see a huge difference, which currently makes me doubt that these contracts will be profitable for customers. If they are not, why then do we need these cloud services? They need to find some golden middle between own profit and our ROI.
I know, it was difficult or almost impossible a month ago, however, now, when final zcash algorithm characteristics are known, more and more miners are coming out and there is an understanding what a particular GPU is capable of, it seems simpler. Cloud services should adapt under new changes.
@Genesis-Mining There isnāt a doubt in my mind that you will provide cloud mining services to your customers. Not a question. I think what some of us may be trying to say is, that although you say you have the best miners available, itās hard to believe that you havenāt had a single development in the past 11 days. Iām not talking about adding another month to the contract. Iām talking improving hashrate performance. After the Zcash launch, it doesnāt matter anymore, because thatās what we signed up for. But before the launch, thatās another thing. Now Iām not going to bitch anymore on this forum. Iām mainly just writing this so other people wonāt sign up for the contracts you have left.
3 Likes
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, letās 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 weāre all very eagerly awaiting launchā¦
ā
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 donāt plan on upgrading the existing contracts anytime soon?
Itās not true anymore.
A lot of improvements of GPU mining occurred in these days after you upgraded it. 5x performance more than yours.
Yes itās possible, but it seems that you donāt have the will to upgrade more for your sake.
This is true. However your website says:
āThere 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 itās impossible to mine more profitably on a smaller scale, at home and by yourself.ā
Do you stand by this statement?
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