Genesis Mining Investigated

GrandMasterDash

GrandMasterDash

Well-known member
Masternode Owner/Operator
For a long time I've had a feeling that Genesis Mining has not been paying out based on hashrate. I've been thinking perhaps their payouts were more inverted to dash's price rise. To test this theory, I've taken a small recent sample of my own data from the beginning of 2017 and I have tried to overlay it against dash's hashrate and exchange rate.

Unfortunately, I couldn't get my hands on raw data for the hashrate so I've fudged things a little by taking images from coinwarz.com. I then stretched out my chart and overlaid it on top... not scientific but I just wanted to get the gist, to see if there was any correlation.

Here are my earnings (red) against the hashrate (blue):

ev1.png


And here are my earnings (red) against dash's exchange rate (blue). I've Y inverted my earnings to align with the price rise:

ev2.png


As you can see, around 12 Feb the payouts started to flatten, a couple of weeks later dash's price rocketed.

I know this is not conclusive but if I could get my hands on more data then perhaps we can be more thorough.

EDIT: I don't know why the second image isn't showing. Here's the link to it: https://s26.postimg.org/42qrpytd5/ev2.png
 
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This is worth investigating. I too think there is a dependency between hash rate paid for and return.
I once emailed genesis mining and asked about fees. They informed me that they take their fee in USD, therefore dash/btc payouts should increase as price of dash/btc increases. I have not seen anything to support this.
 
In May 2016 I sent the following to Genesis Mining:

"It seems in the past week I am receiving less dash than usual, why? I didn't notice any change in the price of dash and my hash rate is the same"
​
and their response was:

"Mining is not an exact thing, returns are never exact, mining difficulty changes after each block, and your share of each block depends on the total number of shares that mined that block. Things are never the same. Nothing about cryptocurrency is ever the same.

We don't have control over the earnings as it largely depends on the conditions of the market. There are parameters such as difficulty and exchange rates that can fluctuate. They are variable, as so it is the sheer nature of the cryptocurrencies. As any investment, it contents inevitable risks as well as possibilities of making a profit.

We can only hope that will change and your payouts will grow. :)

You can always upgrade more haspower in order to affect the payouts."​

Well, first of all there was no exchange rate because they were paying out dash directly. And secondly, they didn't try to show correlation between my payouts and the market hashrate.
 
If anyone was using Genesis Mining with significant hash power, I'd be like to see your payouts as a csv; date,payout

If anyone has raw data for daily dash hashrate going back at least a year, I'd like to see it. Same for daily dash price. Thanks.
 
I'm supposed to have 7TH of hashing power at genisis mining. At the moment it's all allocated to "mining" dash. The strange thing is, Dash aparently has 3TH total of mining hash power???!!!
 
walletmonster said:
I'm supposed to have 7TH of hashing power at genisis mining. At the moment it's all allocated to "mining" dash. The strange thing is, Dash aparently has 3TH total of mining hash power???!!!
Click to expand...

Don't just sit there, start unwinding the blockchain! :-D
 
Are you sure that you are mining Dash directly? Maybe you are mining Bitcoin and just receiving payouts in Dash?
Because 7TH of hashing power for X11 would be prohibitively expensive (something like 30K $)
 
It's Genesis Mining, nobody is sure of anything. That's kind of the point of the thread I think. I'm not too disapointed though because I am in profit overall now, thanks to Dash's spectacular bull run so far in 2017.
 
walletmonster said:
It's Genesis Mining, nobody is sure of anything. That's kind of the point of the thread I think. I'm not too disapointed though because I am in profit overall now, thanks to Dash's spectacular bull run so far in 2017.
Click to expand...

Can you confirm that you are in the profit in terms of dash returned, or simply because the price multiplied 10x. I mean to say, the money you put down before would of bought a lot more dash directly... did Genesis Mining return you more than 10x dash, or simply that the little dash they paid out just happen to multiply by 10?
 
GrandMasterDash said:
For a long time I've had a feeling that Genesis Mining has not been paying out based on hashrate. I've been thinking perhaps their payouts were more inverted to dash's price rise. To test this theory, I've taken a small recent sample of my own data from the beginning of 2017 and I have tried to overlay it against dash's hashrate and exchange rate.

Unfortunately, I couldn't get my hands on raw data for the hashrate so I've fudged things a little by taking images from coinwarz.com. I then stretched out my chart and overlaid it on top... not scientific but I just wanted to get the gist, to see if there was any correlation.

Here are my earnings (red) against the hashrate (blue):

ev1.png


And here are my earnings (red) against dash's exchange rate (blue). I've Y inverted my earnings to align with the price rise:

ev2.png


As you can see, around 12 Feb the payouts started to flatten, a couple of weeks later dash's price rocketed.

I know this is not conclusive but if I could get my hands on more data then perhaps we can be more thorough.

EDIT: I don't know why the second image isn't showing. Here's the link to it: https://s26.postimg.org/42qrpytd5/ev2.png
Click to expand...

Everywhere I read I get people saying genesis mining is a scam. So with that I guess its just best to have your own mining equipment.
 
Hey,

if it is of interest, I singed up for a life long mining contract with genesis mining. I bought 2500 TH/s for 350 USD and so far I am happy with the contract. It will run as long as it is profitable. Since 22nd of August 2017 I got roughly 0.0046 BTC. So at the current rate I should break even in about 4.5 months. Sure there is a risk but I dont think it is a scam.

with this promo code you get 3% discount on genesis mining contracts: sK0JB2

cheers
 
helluva said:
Hey,

if it is of interest, I singed up for a life long mining contract with genesis mining. I bought 2500 TH/s for 350 USD and so far I am happy with the contract. It will run as long as it is profitable. Since 22nd of August 2017 I got roughly 0.0046 BTC. So at the current rate I should break even in about 4.5 months. Sure there is a risk but I dont think it is a scam.

with this promo code you get 3% discount on genesis mining contracts: sK0JB2

cheers
Click to expand...

Look around you and see how many people are using GM codes, there are LOTS. It means, if you never use a GM code, you will always be paid less than everyone else and, therefore, considered a second-class customer.

GM is 100% dependent on referrals, the whole thing is a massive ponzi scheme. Go ahead GM and sue me, I'm waiting. Let's see what "transparency" really means. Because I will be producing data that shows more correlation with price than overall hashrate. Don't take my word for it, come back here in 5 months time with your data, we'll plot the data and see how it goes.
 
GrandMasterDash said:
Look around you and see how many people are using GM codes, there are LOTS. It means, if you never use a GM code, you will always be paid less than everyone else and, therefore, considered a second-class customer.

GM is 100% dependent on referrals, the whole thing is a massive ponzi scheme. Go ahead GM and sue me, I'm waiting. Let's see what "transparency" really means. Because I will be producing data that shows more correlation with price than overall hashrate. Don't take my word for it, come back here in 5 months time with your data, we'll plot the data and see how it goes.
Click to expand...


Maybe you are right. I think it is worth the risk and I hope I will make a little profit compared to buying the coins on the market. Either way, I will come back and share my data with you.
 
Not sure what are you talking about, I still have my ongoing profitable contract and I couldn’t be more satisfied with it. Genesis Mining’s customer support gave me all the information I needed for my investment and provided me support on each step I took. There are a lot of happy GM customers in the world that are making money on crypto as we speak. Yes, market crisis hit us hard and definitely affected our profits, but that's not on Genesis. Let's just hope that enitre market is back on track soon. However, I will conitune to mine with Genesis Mining, cause they gained my trust.
 
Hey you Genesis Mining customers
can you please pm me , i have a question ;)
ty

@Michaela
 
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