Transfer Scrypt to SHA-256 Hashrate at Genesis Mining

21 Jan
2015

genesis-mining-transfer-hashrate

The cloud mining service Genesis Mining has announced an interesting options to its users that have purchased Scrypt cloud mining hashrate – an option to transfer the Scrypt hashrate into SHA256D hashrate. With the current low Litecoin exchange rate and the high network difficulty a lot of services offering Scrypt cloud mining are close to being unprofitable resulting the in the cancellation of these contracts. While the Scrypt cloud mining hashrate at Genesis Mining is still bringing some prfoit, though not much, the service has decided to offer users the ability to convert their Scrypt hashrate to SHA-256 hashrate. So you can turn 1 MHS into 1 GHS, something that may not seem like a very good offer considering how much you had to pay for for 1 MHS as compared to 1 GHS, but with the current low profitability for Litecoin on the longer term it might not be so bad with the chances that soon your Scrypt mining contract might be terminated if it becomes unprofitable and this trend lasts for 20 consecutive days.

There is a bit of catch though, you have only 3 days from now to make your decision if you want to make the switch from Scrypt to SHA-256 cloud mining hashrate at a rate of 1 MHS for 1 GHS. After that this offer will most likely not be available and it is up to you to decide if you should take it or not as there is still a chance that Litecoin may recover and become viable to mine it again. The only thing you need to do is login to your account and click on the Transfer Hashpower button in your contro panel. A word of warning though, clicking on the button will immediately transfer the Scrypt to SHA-256 hashrate, there will be no confirmation required and you will not be able to reverse your decision. So make sure you carefully decide if you should take up on that offer or not.



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9 Responses to Transfer Scrypt to SHA-256 Hashrate at Genesis Mining

Balzero

January 21st, 2015 at 23:21

It’s something from Genesis (they do make a lot extra efforts for their customers), but if it is still profitable in January then it may be worth taking a chance on reaching the block halving in August. When a lot of Fiat Currencies Profiteers quit mining Litecoin due to the block halving, difficulty will decrease sizeably remaining miner on the network.

Because the remaining miners will more interested in not selling Litecoins, but stockpiling, supplies to the exchanges will dwindle, you’d expect the prices to see rises above $2.60 as a worst case outcome.

Larry Cole

January 22nd, 2015 at 01:48

What a nice move in times other companies shut down their operations. Well done genesis!

Lotuswalker

January 22nd, 2015 at 01:50

A 1:1 hashrate ratio would be very bad :P From 1 MHS to 1 GHS the ratio is 1:1000

Scott

January 23rd, 2015 at 08:54

Exactly… 1:1 conversion is crazy and BAD. Even the old Gridseeds could do 6GH/s or .4MH/s. I just paid US$1,799 in September for 100MH/s worth of Scrypt and almost immediately saw the daily payout fall quickly day after day – where now my 100MH/s of Scrypt = less than US$0.01/day. Yeah right… My 20MH/s home farms makes A LOT more than that per day – even after costs. The numbers simply do not add up and I believe Genesis Mining has known for a long time it is impossible to ROI using their solution. Since September, I have received less than $280 of my $1,799 investment back and now they think they are doing me a favor converting my 100MH/s to 100GH/s, which is less than a penny on the dollar?? I say it is a SCAM.

dreddjudge

January 23rd, 2015 at 16:03

I think you’re right on the money there Scott and my returns bare that out as well. It’s a joke to call them returns even.

Andy

February 15th, 2015 at 08:32

They are cybercriminals and completely ripping off people with their conversion rate.

They turned my 7.5 BTC investment in a 0.498 BTC investment and dare call it customer support.

I had 200+MH/S script and now 0.2 TH/s

Their must be more customers that they ripped off like this,why cant more info about this ?

Jaws

February 15th, 2015 at 09:09

“something that may not seem like a very good offer considering how much you had to pay for for 1 MHS as compared to 1 GHS”

At least they’re honest about stealing your money !

What a horrible decision … 1:1 conversion jeez..

Isabelle

February 16th, 2015 at 21:14

I am so pissed @ genesis mining! i had 360MH/s happily mining darkcoin @ 100%,not one day i did not receive a payment! so i don’t know what bullshit they’re talking about?
Contract ends after 20 days negative payment ???

360GH/s … thats like 2 generation 1 Antminers …. wtf ??
Contacted support several times and all i get is bullshit from them.what a scam ! cant say i am surprised tho,every crypto service that offers something eventually rips you off.

Genesis Mining : you suck !@ssholes !

Isabelle

February 16th, 2015 at 21:16

@Andy

I don’t find any more information about it either,seems like we were there only customers :/

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