Hi Everyone,
So I've invested a bit of money into Genesis mining and was always wondering how the mining allocation worked, after reading about it on various forums and emailing the company directly I've finally figured it out. I wanted to share my findings for the benefit of this community.
One of my purchases was 10 TH/s of BTC on an open ended contract. I wanted to know based on the fees and all what sort of profit I would get mining Dash (Auto). The Auto on any of the allocation pages is explained by the excerpt from the FAQ page from Genesis mining:
By default all hashpower is allocated to BTC for all algorithms, and hence you will receive your payouts in BTC. The Genesis Mining Advanced Auto-Trader (in short “AUTO”) will apply to algorithms which cannot mine BTC directly. If you are interested in mining different cryptocoins, you can do this as well. In the user interface go to “Mining Allocation” and choose the hashpower allocation that is best for you. When you are done press “save allocation”.
The question I had was with my 10 TH/s using the sha256 algorithim what sort of speed would I get by mining Dash (Auto). Effectively when you allocate any percentage to Dash (Auto) from your allocation page, you will receive Dash coins, not BTC. After mining this for 24 hours, I received 0.03966727 Dash coins.
I had to tinker around a little with the Mining Profitability Calculator
But I managed to find out that I can get 0.03964 Dash per day with 230 MH/s. Which is pretty close to the amount that I was able to mine with my sha256.
So what does this all mean? Well if I mined my daily BTC I was making about 0.00290866 BTC per day, which with a price of $2,613.87 per BTC equates to $7.60 per day (this is after their costs). If I allocated 100% to Dash I mined 0.03966727 per day, which equates to $7.36 per day with a Dash price of $185.46. The difference isn't that much, and is likely to fluctuate.
I decided to stay with BTC with my allocation, and purchase seperate Dash contracts.
tl;dr 10TH/s BTC open ended sha256 contract allocated to 100% Dash(Auto) produces a equivalent 230 MH/s rate.
A general explanation below, from the Genesis team:
On our mining allocation screens we have coins you can mine directly and those that you can not but you can get payouts in them if you wish. Those coins are marked with AUTO beside them. Auto means autotrade.
I will give you a general explanation of all of your mining options (it will also include explanation for the currently sold out contracts, for your future reference):
With Ether contracts, ETH and ETC can be mined directly. As BTC, ZEC and REP are not mined directly they are labelled (AUTO) so if you assign hashpower to them the following happens: ETH coins are mined and traded at payout time to the coin of your choice.
With Monero, only XMR can be mined directly. All other coins will be autotraded.
With a SHA 256 contract, Bitcoin, UNO and Zetacoin can be mined directly and if you want to have a payout in for example LTC or Doge, then you would assign hashpower to LTC (AUTO) and Doge(AUTO). How it works with a SHA 256 contract is as follows. WIll give an exampe with LTC (AUTO). When you allocate hashpower to LTC (AUTO) Bitcoin is being mined and then at payout time we autotrade the Bitcoin to Litecoin at the latest LTC/BTC exchange rate and then pay out Litecoin to a Litecoin wallet.
With the x11 the following coins can be mined directly: START and DASH. All other coins (BTC, LTC, DOGE, XMR…) will be autotraded, meaning: the mining will be in more profitable coin between START and DASH and then will be autotraded (all coins having AUTO next to the name) on the market with our autotrader to the chosen coin.
With the LiItecoin (currently sold out) contract the following coins can be mined directly: LTC and DOGE. All other coins (BTC, DASH and ZEC) will be autotraded.
Wth the Zcash (currently sold out) only ZEC can be mined directly. All other coins (BTC, ETH) will be autotraded, meaning:
the mining will be in ZEC and then will be autotraded (all coins having AUTO next to the name) on the market with our autotrader to the chosen coin.
If you allocate hashpower to any other coins other than the ones in initial setting, then you will get a payout in these coins - that means you will need a wallet address for them coins (for example, a doge wallet for doge, a litecoin wallet address for Litecoin etc.)
Go to your account and under Mining allocation select your contract and see all your options there.
If you make adjustments, don't forget to click Save allocation.
You'll have to select your contract first every time, to see your current allocation.
Hope that is helpful! Happy mining guys.