Thoughts on Genesis Mining finally returning to Daily payouts
It's really about time that Genesis Mining (GM) returned to what they promised us in their mining contract. Gone were the dark days where they breached their trust in us, failing to deliver what's they promised in the mining contract, when they failed in delivering their daily payouts to us. That follows their security breach, supposedly. Our frustration is obvious, in this GM subreddit community and all over Twitter. You guys on Reddit did a great job in showing your displeasure in a civil matter, albeit sometimes in a less pleasant way, that was effectively communicated to GM to get their mining payouts and availablity of contracts back together to business as usual.
We got through this together as a community, where we had gained a few valuable insights:
- We learnt the importance of listening to opinions of others before judging
- We understood that it is more effective to find out the truth by looking into the situation deeper ourselves
- To effectively communicate our options to others by doing so in a civil manner.
I really hope this is the last time GM placed our patience and trust, as customers, to the test. And personally, I am really glad that I have this GM subreddit community to rely on for valuable advice and timely updates :)
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yup, i do hope the same that there will be no more problem anymore, finger crossed. however, it is just like having my own rig, there are always a lot of technical problems.
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The payouts as actually been acceptable for me in that month of August, following the security breach, thankfully. Instead of the daily payouts, as stated in the mining contract, I received it once every 2 days. Frankly, there are days where they lagged behind that got me worried, but I've received all my Litecoin payouts, for my BTC contract, into my wallet for the month of August. (I'm not sure about the other cryptocurrencies though)
Actually the main concern for me for Crypto-mining, esp. cloud mining, is when difficulty increases. Our payouts decreases significantly, and our mining rigs/contracts becomes unprofitable quickly 🙁
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With everybody coming into this gold rush, probably selling shovels makes more money than miners, see the stock price of Nvidia & AMD?!
In any case, invest with care. At the moment, my forecast to mining is still positive in general, RoI about 1 year for both hardware & cloud contracts. However, I watching closely and swap algo if necessary.
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