Cloud Mining - Legit or not? - page 2.

jeniferqueen0409

full member

Activity: 394

Merit: 100

Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

It's not a scam, it's just not profitable. You're interested in cloud mining, but it looks like the first 8 months are just making your money back.

GetOutOfMyLife

full member

Activity: 210

Merit: 110

Safein Community Manager

Quote from: Fidemoga on October 29, 2017, 07:27:01 PM

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

Yes, how long and how to make profit with over 6 months to get return. Plus mining fee, electric daily fee. So why not invest to buy mining computer to do your self as China have many mining factory? Cloud mining almost scam soon or long

.. I never believe in Cloud Mining, a long time a go i join cointellect and earn 32k doge at this site and i recognized that Cloud mining = HYIP

felicita

legendary

Activity: 1582

Merit: 1031

ima using genesis ming now since 2 years and it got my ROI there.
iam also buying months a bit hashrate there.
you cna find many proofs of there minign in youtoube or google Wink

its legit until now Cheesy

kind regards

mobnepal

legendary

Activity: 1218

Merit: 1006

Pros ;
- You don't have to maintain mining machines
- You don't have to handle all noise problem and electricity bill

Cons;
- You will never own any mining rig/device in reality, if genesis mining will change their terms or get bankrupt you will get zero in your hand
- Most likely genesis is selling more mining power than they actually owns that make them just like another hyip/ponzi
- You will never have full control over device purchased through your money
- You have to pay higher rates for same mining power than what you could get by buying real mining device

One big con about every cloud mining site is that you can actually loss all you have invested overnight and you might have to wait for years to get your initial deposit back due to increasing mining difficulty. Personally I will never suggest anyone to invest in these likely ponzi schemes. Grin

Welsh

staff

Activity: 3304

Merit: 4115

I discourage the use of cloud mining, just because it's not profitable in the long term. Normally what happens is a few people start earning a steady income with the service and either the company runs away with the money or clients stop earning the money. You only have to look at the history of these things and they always turn out to be a scam or unsuccessful.

Maveth13

full member

Activity: 336

Merit: 112

Legit? Yes. Genesis mining has had some issues here and there but they've been doing business for years. You will have a huge mix of opinions about this by just searching on google.
Is it worth it? For me, no. It just takes too actually get a profit out of cloud mining.

tiggytomb

legendary

Activity: 1848

Merit: 1000

Genesis Mining has been around for a few years and is one of the legitimate ones, there have been some complaints which you will find in the forum but overall I think they do pay out, I had a contract with them last year and although it did go all the way to the end the ROI was tiny.
This was last year and a lot can change in that time and after seeing a couple of comments here it seems that they may have turned a bit sketchy.

If you are looking for a good profit cloud mining isn't really the best way to go about things, you will come across lots of cloud mining sites and they are notorious for being fake and will just take your money, there are only a couple which are legitimate but really you would be better off simply holding your bitcoin rather than using these sites.

Teraboy

hero member

Activity: 2282

Merit: 505

Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

It is not a legit site, many people knows about the fact that the genesis already turned into the shady behavior in this time. as you can see in some recent articles about the genesis mining review. A lot of users of genesis mining itself gets a lot of problem with it. You will never meet your roi.
The real thing about genesis mining will never give a profit for your investment. They are taking your investment just a free loan and that gives you back again later. I meant about your first amount.
You will never meet your roi through invest in there and i reccomend you to stay away.

giveen

hero member

Activity: 826

Merit: 1004

Quote from: Bitcoincy on October 29, 2017, 11:42:11 AM

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

No cloud mining site will ever be termed as legit genesis mining has a shady past in terms of btc mining and other issues. People still invest no doubt about that but always invest what you can afford to lose.

Quote from: mk4 on October 29, 2017, 09:55:15 PM

Genesis Mining seems legit for now, as I've found good proof that they actually have a sort of like a GPU farm on a huge warehouse and not just make money through schemes like HYIPs. The only question is, is it profitable? I personally don't think so. The only reason you see YouTubers shill GenesisMining is just so you use their referral link.

If you really like to make money through mining, buy some good GPUs and or ASIC miners.

Another misconception do you have any proof that they actually have a huge farm you are just repeating what they have showed you. About profitability I'm not sure about btc mining but i did buy hashpower for alt mining and made 2x my investment till now (because price of alt increased).

Quote from: pinkflower on October 29, 2017, 10:52:39 PM

Quote from: Fidemoga on October 29, 2017, 07:27:01 PM

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

The only reason why Genesis Mining is still around is because of its size and new monthly inflows of contract buyers. Cloud mining sites and practically mostly all miners are breaking even because of BTC's rising difficulty. If the price of BTC stops going up but the difficulty keeps growing, Genesis Mining will incur losses and might also be forced to change their lifetime contracts to limited annual contracts.

Its better to invest in BTC from my perspective.

Exactly they are most likely running a ponzi scheme you never know getting profit is assured from their site but 1 year just to get roi seems really high and not worth it.

allcloudminers

newbie

Activity: 34

Merit: 0

Genesis Mining is a legit cloud mining company. It´s probably the largest and most transparent cloud mining operator as well.

During 2017 it would have be a better investment to just hold Bitcoin. However, I think there is no investment form that actually was better than just hold Bitcoin during 2017.

Cloud Mining is a probably as best when the Bitcoin price is stable.

Read more about cloud mining reviews, ROI, payout chart and more at www.allcloudminers.com

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: Fidemoga on October 29, 2017, 07:27:01 PM

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

The only reason why Genesis Mining is still around is because of its size and new monthly inflows of contract buyers. Cloud mining sites and practically mostly all miners are breaking even because of BTC's rising difficulty. If the price of BTC stops going up but the difficulty keeps growing, Genesis Mining will incur losses and might also be forced to change their lifetime contracts to limited annual contracts.

Its better to invest in BTC from my perspective.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Genesis Mining seems legit for now, as I've found good proof that they actually have a sort of like a GPU farm on a huge warehouse and not just make money through schemes like HYIPs. The only question is, is it profitable? I personally don't think so. The only reason you see YouTubers shill GenesisMining is just so you use their referral link.

If you really like to make money through mining, buy some good GPUs and or ASIC miners.

btcdiggingmaster

hero member

Activity: 644

Merit: 500

Transact Safer / Chase Better

Quote from: Fidemoga on October 29, 2017, 07:27:01 PM

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

There are some sites still paying on your investment but it will take lot of time to get returns on your investment. I think OP should shift from cloud mining to trading platform because you will make more money if you invest same amount in Bitcoin or altcoins.

Fidemoga

sr. member

Activity: 302

Merit: 250

Genesis-mining seems to be legit, the questiin is only, how long. Hashflare was also legit but turned already paid lifetime contracts to one year. I think, you will have more profit, when you keep your Bitcoin and buy some altcoins and keep them. They will continue to rise because if upgoing acceptance.

Bitcoincy

newbie

Activity: 28

Merit: 0

I saw a YouTube video of someone using this site - https://www.genesis-mining.com

Then I thought it looked easy and fun. But I have never heard of this Cloud Mining, thing.
I know of big supercomputers to thousands and thousands of dollars, for mining cryptocurrency.
Or a very slow and "useless" process on your own laptop computer.

Is this legit? Is it worth it? Anyone here with a Genesis or any other similiar provider experience?

Pros and cons, etc... ?

Topic: Cloud Mining - Legit or not? - page 2. (Read 917 times)