Is Genesis-Mining Zcash Contracts A Scam?

Just curious to see what people think on pricing and the company in general

Well on check out it says

x H/s of Zcash Hashpower (term: 1 year)
Starting date: 06.10.2016

Which means you lose out on over 2/3 of your first month.

1 hash at 28$ is outrageous .
I hash will give you less than 1 zcash a week according to current testnet stats

A midrange CPU (2 cores) gets 0.2h/s

Comparing GM vs Zeropond

4.269 BTC for 10H/s (12 months) vs 3.078BTC for 10H/s (3 months)

Are they reliable though or a scam ?

I don't think that they are a scam, zeropond is priced 6.156 BTC for 12 Month (or 3.078 for 6 Month not 3!).

I've bought 10 H/s from GM ..., fair price and they got big big farm :wink:...

Oh correct I forgot they doubled the hashrate for their first customers.

you forget one big difference. GM dosent finish contracts

i would not DREAM of giving GM my money, ill go zeropond all the way

good luck tho !

Hense my question about them.

What does that mean?

it means what having a GM contract always means.
you will have the hash for like a month, then GM will say its not profitable, does not cover fees, and will cut it off.
like they have been doing for users for 3+ years now...

are they a scam? nah , but their not profitable either ;p

Thats not right. Its not a lifetime contract. Its a contract for 1 year. All additional costs are integrated.

GM make this only for BTC Lifetime contract :wink:. And this is nothing special, all cloud miners make this with Lifetime contract ....

I'm not for or against, I'm planning on putting my money on both. As I missed out on the first round with zeropond. But the current contracts i have with GM have been paying out for the last six months no issues, I'm just waiting on zeropond to offer is second rounds try buy in there Well

I follow Tim&zeropond for some time. IMHO, I think they are a reliable company (I hope). But seeing the new GM contracts, they offer the same for much less:

10H/s for one year:
GM: 2600 USD -> about 4.23 BTC
Zeropond -> 6,156 BTC
Almost 2 BTC difference!!

I dont have enough money to buy both contracts

What would be the pros&cons of each?
Which of the two options you think would be best?

:confused: :confused: :confused:

Zeropond seems legit to me aswell. I wasn't awake to buy contracts with them sadly.

Tim mentioned that they will upgrade if there's a faster open source GPU miner out or if they get better optimization, GM mentions nothing in terms of additional hashrate.

1 Like

From GM web:

It is important to note that Zcash is a young technology, and no public GPU miner exists for it at this time. Genesis Mining is working hard to provide a GPU version in time to allow you to mine at the highest efficiency possible. In the unlikely event that Genesis Mining is not able to deliver the promised hashrate two weeks after expected Zcash mining start (28th of October 2016), you will be eligible for a full refund. We are very confident that we will deliver in time so that you can start mining from day 1. 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.
There are no maintenance fees applied for Zcash mining plans.

Stop spamming all threads with your coupon code

Is it even possible to determine the value or potential value of these contracts if the network is not yet running?

I was looking at the contract from Genesis and 1 hash a second for a year is 280$
But I don't know how to quantify a single hash per second

A m4.large gets around ~0.08h/s while a c4.large gets ~0.1h/s

Thats basically a mid range 2 core CPU

My guess is 1hs is around the equivalent of 10 mid range 2 core CPUs

I have been going back and forth between the option with Genesis and setting up a couple vps miners on AWS or linode. Linode offers a 4 core cpu for 40$ a month with no contract