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So, I am mining bitcoins with a company called Genesis-mining. Every time I create an address with the purpose of receiving bitcoins from them, do I need to specify how many bitcoins I want to receive, since I do not have control of how many bitcoins will be created per day as far as my contract-mining goes?
Thank you.
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After reading the FAQ's of genesis mining, it is clear that it is a kind of pool mining company, however, you do not buy the mining rigs for yourself but just pay them for the hash rate you wish to by. Now the amount of bitcoins you receive is decided by the ratio of your hash power to the entire hash power of genesis.
As an example, say your hash input is 1 hash/sec and the total hash power is 100 hashes/sec, and genesis mined a single block that day. Todays block mining rewards are 12.5 BTC. So you will be paid 12.5/100 BTCs. However the FAQ's also mentioned that they cut certain operational charges. So you will get a little less than the above figure.
Right!! And also my earning will vary depending on the amount of people who are into the mining pool right? (which is genesis-mining) – OVV – 2016-12-26T01:32:10.320
Yes, But that being the case for a normal pool mining company. Whereas here the company provides the hardware, so presumably they already have a lot of hardware running and the proportion might not be exactly in proportion of its customers. – Shabahat M. Ayubi – 2016-12-26T04:58:35.077
Yeah! Thanks man! I already understand more! Thank you a lot :) – OVV – 2016-12-28T03:41:17.850