Recently i wanted to try steemit, a common blog platform where you can publish posts after registering your own account and also earn steems. Steem is a cryptocurrency unit. The platform has a system called upvote which is a way of liking posts and also make the author warn steems. You can publish posts categorized as tags.
Authors can also use steems to steem power so that they can have a bigger effect on their own votes and earnings. Users also earn steem when they upvote other posts or comments. Earnings gained this way is called curation rewards. You can follow authors and also be followed.
I think steemit is like a mixture of facebook, twitter and blogger. The difference is that users are awarded for their posts by other users.
If you register at steemit you can follow my blog at:
Wednesday, April 26, 2017
Update: Hashflare announced that they ended lifetime contracts for sha256 and scrypt contracts starting at 1st September 2017 so all new and existing contracts will be valid for one year only. So the comparison below is not valid now because genesis did not make a change yet. At this time it is obvious that genesis is much better for sha256 contracts. However you can still compare both for other types of mining contracts.
Recently i've been involved in bitcoin/litecoin mining by using cloud miners Hashflare and Genesis mining. Even though some people think cloud mining is generally a scam these companies seem to be the most reliable cloud miners as i searched on the net. I've not invested too much on mining but i'd like to compare these services according to my experience.
ReliabilityBoth Genesis and Hashflare seem to be legit companies according to some research on the net but of course you're free not to trust these or any other cloud bitcoin miners. I always recommend starting with a reasonable amount of investment that you could risk.
SecurityHashflare and Genesis probably use different software according to their website structures. Both have 2 factor login security option and i think this is a must for any financial investment services. Both use google authenticator for one time security code generation. You can install google authenticator application to your smart phone and use it each time you login to hashflare or genesis mining websites when you enable 2FA for these services.
** Please read the note below wallet settings section for a difference between hashflare and genesis.
CurrenciesFor both Hashflare and Genesis bitcoin (BTC) and litecoin (LTC) mining are available. There are also other cryptocurrencies like DASH, ETH etc. for different type of investments.
Wallet settingsTo get payments for your cryptocurrency mining earnings, you need to have wallets for these currencies. Hashflare and Genesis require you to enter your wallet address in your account settings for currencies you'll get payments for. While hashflare makes BTC and LTC payments to your BTC wallet address, Genesis has different wallet address settings for BTC and LTC. Hashflare has BTC, LTC, DASH and ZEC wallet address settings while Genesis has many more cryptocurrency wallet address settings for about 15 currency types. I dont know why there are so many wallet settings for genesis for you only see 5 types of mining order sections while making an order.
Security Note: For hashflare accounts, if you change your wallet settings the system blocks your account against payments for 2 weeks for security. And you need to click the link on confirmation email sent to you when you change wallet setting to make this change active. However genesis doesn't block your account in this situation but only send a notification email to you. So hashflare is more secure than genesis in this way.
Mining Contracts (Hashrate Orders)In Hashflare you buy hashrate according to algorithm (SHA-256, Scrypt, Ethash, X11) while you see hashpower order options on genesis according to currency name. Both Hashflare and Genesis have different sized hashrate order packs but Hashflare has more resolution while Genesis has a selection with larger packs of hasrate orders. You can start with very little hasrate power with Hashflare while you need to spend about 30$ for your first order with Genesis mining. Both services have open-ended mining contract options for BTC but Hashflare also has Scrypt mining besides bitcoin. Hashflare has yearly mining contract options while Genesis has contracts for 2 years. For Genesis 2 year contracts, there is no maintenance fee but i couldn't see this information for hashflare yearly contracts on the order page.
Hashflare has a nice feature that allows you to reinvest your balance automatically which is a nice for who want to continue investing with their earnings without need to manually order packages. Auto invest options are Sha-256 and Scrypt for hashflare. Genesis has no reinvest feature at the moment.
PaymentsHashflare and Genesis both have minimum payment limits but they differ in the way they do payments for your earnings. As i see Hashflare keeps your balance if you don't request a withdraw but Genesis makes daily payouts as long as your balance is over minimum payment limits. Some people may prefer daily payouts while some would like to control whenever they get payments so this is up to your preference.
Control panel and managementI think Hashflare has a much better control panel and dashboard to see your balance, investments and earning reports. Genesis has reporting features too. Both services have graphs and reports for earnings etc. but hashflare seems to be much more transparent for giving data and control about your investments. Hashflare allows you to select which pools you want your mining will be worked on but genesis has mining allocation which allows you to allocate your hash power among different algorithms (sha/scrypt) and currencies. By selecting pools and allocate mining power as percentage, Hashflare allow you to try different combinations to see which combinations are better for your earnings. The graphs of Hashflare are much better and easily understandable. For example you can easily see your earnings and balance graph on dashboard on the same graph which will make you see your daily earnings at a glance. Genesis have graphs and reports too but Hashflare seems to be much better for this. Hashflare dashboard also gives you some useful information like Revenue per 1 TH/s which makes you see how your pool allocation performs and Revenue forecast data gives you an idea about what you can earn in future periods (day, week, month, 6 months and year).
ConclusionAt the moment i can't say something about ROI or earning potential for both mining services but i think that hashflare has a more transparent system that gives you more control and easy reporting. However Genesis mining makes daily payments so if you prefer automatically get payments Genesis can be your choice. Anyway bitcoin mining has risks and may not return your investment in the period you guess so i advise that you should only be making investments in a reasonable amout. Another point is that hashflare seems to be selling hashrates for cheaper but we can't blame genesis because it makes daily payments and so they need to supply payment costs everyday. However if daily payouts is not important to you and you are ok to request payments manually you can prefer hashflare.
*** UPDATE: I've realized that that term "payout" is given differently for genesis and hashflare. Genesis names the net BTC/LTC revenue for user after maintenance fee reduction as "payout" which is how you should expect, but hashflare shows payout values without maintenance fees taken into account so when you look at the graphs on dashboard you see much higher BTC payouts and revenue forecast values according to genesis. I think this kind of reporting is not fair and its like cheating users so that they think the numbers they see are net payouts on graphs and reports. After this difference taken into account when i compared net BTC payouts for both services for a few days history, i saw that genesis payouts were higher than hashflare after maintenance fee reduction. So if this is important to you you can prefer genesis over hashflare.
If you'd like to try bitcoin mining by using Hashflare or Genesis mining, you can use the following codes to get a discount for all your hashrate orders.
Hashflare coupon code: FB0E39B7
Genesis coupon code: zqWh60