Yeah they are famous for doing that on Bitcointalk.
The competition made 4x hashrate upgrade. How about you, Genesis Mining???
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woow 0,75 sol/s for 29$ ?
That’s 0,02$ per day.
So in 1 year you would get 7$ from it, if prices stay the same. But those prices will even drop and in 1 year I don’t think anyone will get even 2$ from that 0,75sol/s.
Amazing offer I must say.
zeropond => 4 x Hash Upgrade, any news on genesis?
I think its time to adjust hashrate …,
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Genesis … How can you keep defending a “business” where all your customers lose money on their investments? That’s not a legitimate business. You should be ashamed of yourselves. How well do you sleep at night?
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The truth is that Genesis Mining made an absolute killing on Zcash contracts. There are a couple of scenarios here:
1 - They already had an optimized miner prior to release and sold it at the “Public Miner” hash rate. They do hire individuals like Wolf for private miners who is one of the best. If this is the scenario then it s fair to say that GM are smart from a business aspect but pretty scummy for doing what they did.
2 - They had a miner that was maybe equivalent to the public stuff or maybe slightly better and probably more stable. Under this circumstance then they did nothing scummy and the only ones to blame are the foolish people that bought contracts early before miners were optimized.
So I would be more inclined to say that people are foolish for buying the contracts early and that GM may or may not be scummy but I would be shocked if anyone ever finds out.
The moral of the story is don’t buy mining contracts early (and maybe not ever) or you are at high risk to lose.
Did anybody else not receive their Nov 14th payment? I didn’t.
GM said they would upgrade the customer hashrate if software improved the miners hashrate.
Seems like they are either slow with their upgrades or are not keeping their word.
No actions in these days. Maybe they are preparing for escape with your money.
@lumierre Payment for Mining Day 14 still has to go out, according to our normal schedule. We pay out within 24 hours after a mining day, before midnight in UTC time, so payout for the 14th is still coming on time.
Otherwise check your PAYOUTS page please. If there’s something wrong with payment for Mining Day 13, then please create a ticket so we can help you.
As for upgrades, we have upgraded 3 times so far and we are continuously investing time and effort on improving further, so you can be sure more is coming.
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Your Genesis Mining Team
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Sorry to bother, if I have bought a 3.5 h/s around two weeks ago when should I receive the first payout?
We pay out every day, so if you have not received payment perhaps you bought a December pre-order, which we started selling about two weeks ago. For such questions we have our customer support who can look into your details specifically and give an exact answer. You can either log in here for our support system: https://genesismining.freshdesk.com, or create a ticket via our user interface.
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Your Genesis Mining Team
Hello Miners!
We have been working hard to improve the efficiency of our Zcash mining algorithm, and we are happy to announce that we are upgrading your hashpower by 30%! After providing three previous upgrades (300%, 200%, 25%); altogether we have upgraded our efficiency for you by almost +1000% with this latest upgrade. Those who started out early have seen their hashrate increased tenfold, and it does not stop here. We will continue working on our efficiency and we are optimistic about providing additional upgrades going forward. We’ve also updated the contract pricing respectively, as this upgrade is free!
In addition, many of you asked for it: we have added our “Genesis Mining Advanced Autotrader” to Zcash mining! This means that you can now mine Zcash and choose to have the mined ZEC (AUTO)-exchanged into BTC or ETH for payout! To choose any of these options, please visit the Mining Allocation page and select Zcash. Mind you, if you wish to receive BTC or ETH as payout, then you will need to have a wallet for payout in your profile before you can set this option.
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Your Genesis Mining Team
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Only 30%?! LOL It means that profitability of Genesis-Mining vs Homemade Rig
1 : 5 → 1.3 : 5
LOL
Not to mention Optimimer coming out with their update so I’m calling shenanigans. Unless that’s who Genesis is using.
I wrote this before optiminer was out. and before the updates. It was massively overpriced then, and now… well its near atrocious.
they really need to increase by 1000% like a few times before its even remotely resonable.
http://boxmining.com/zcash-mining-genesis-mining-overpriced/
100 H/s - USD 2699
130 H/s - RX480 $199 + $300 system = $499 + electricity
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I’m telling you lol shenanigans
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I got a $70 Asus motherboard with a $20 2gb ram, $40 AMD CPU and a $40 ssd plus getting my 480 for $199 = $270 total
Shenanigans!!!
With a $10 PSU you hitting $280 
I just stated random numbers for a good system… + resale value so you are basically mining for free
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