end of genesis mining ? | Bitcointalksearch.org

carlfebz2

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Quote from: commenkiz on September 14, 2017, 11:28:39 AM

4 day in a row no payout .

friends that invest on ETH did not get their payout in the last 4 day.

I already expected this thing to happen on Genesis on which there would really be the day that they would stop on paying out their investors.Checking back in the previous months they do have already some complaints about payout matters which I do suspect that they are already starting to have problems on it and sooner or later they will surely plan an exit scam.

IanFoxley

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Quote from: commenkiz on September 16, 2017, 03:50:40 AM

we are buying ETH Contract which means no maintenance fees , so there is no reason they are blocking us

myself buying 15mh contract , my friend is buying 20 , and the rest is just 10

all of us still no payout. 5-6 day

Well that is why then, you do not really have much hashpower at all, so you do not get enough ETH a day for them to send out to you as what you get each day is not reaching their minimum payout limit.

If they did send you daily payouts it would be small and then over time your wallet would suffer with all the transactions on it, all those dust payouts.

Go to your payouts page, at top of page is some text called Quick Information. You will see some text with the following

Missing ‘transaction hashes’ means that your payout is being balanced until its paid out. Please also see the minimum thresholds for a payout here.

Then you can click there and a box pops up with all the minimum threshold amounts.

So for ETH you need to have accumulated 0.05 ETH in payouts before they send it out.

Looking at a hashrate calculator with 15 MHs you only will get around 0.08 ETH a month currently, so that means its gonna take a few weeks at least before they send anything out to you.

Thats all it is. they aren't scamming you.

kairo8758

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If there's no payout or you are not hearing anything from them, then you gotta be scammed.
The cloud mining is always using HYIP model.
It's like a money game for me than the definition of mining itself.
Stay away from this kind of business.

savioroshan

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In my opinion just wait for 2 more days, definitely they will pay you. Genesis mining is not a scam. They always pay me once in a week. But they always pay me. I think its depends upon the profitability of your contract. Your daily payout from mining must have reduced. If that's the case they will accumulate your few days earnings together and will send it to your address. They do it for me like that.

PACIFICADOR

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Quote from: commenkiz on September 14, 2017, 11:28:39 AM

4 day in a row no payout .

friends that invest on ETH did not get their payout in the last 4 day.

I will always Stay away from any of so called cloud mining sites.

pinkflower

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Quote from: ss890 on September 16, 2017, 03:13:10 AM

Cloud miners has always been scammy no question about it. The business is little risky because you never know when does the mining will get very difficult and maintenance would kill the profits in the future. I'm not sure what's happening with cloud mining now a days but that is for sure all the news about bitcoin going illegal in different countries which impact the bitcoin industry in negative way always.

This adds up bogus mining stuff around the cloud miners leading to scams and ponzi schemes. The thing is we should know that investing in such way is not the trusted way. Let's see how genesis tackle the current scenario.

To be fair with Genesis, they did a good job in maintaining their business for this this long considering their size. Most cloudmining sites dont have a lifespan of more than 2 years. Marketing and having whales invest in it from the beginning really made it go a long way.

But it will all end soon.

BlackPanda

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Quote from: ss890 on September 16, 2017, 03:13:10 AM

Cloud miners has always been scammy no question about it. The business is little risky because you never know when does the mining will get very difficult and maintenance would kill the profits in the future. I'm not sure what's happening with cloud mining now a days but that is for sure all the news about bitcoin going illegal in different countries which impact the bitcoin industry in negative way always.

This adds up bogus mining stuff around the cloud miners leading to scams and ponzi schemes. The thing is we should know that investing in such way is not the trusted way. Let's see how genesis tackle the current scenario.

since the beginning of cloud mining is not the right way to invest. we will just throw away and lose the money we have. as you said that today almost all cloud mining is a scam and also has a PONZI system. do not ever try to sign up and invest with cloud mining, our time and thoughts will be messed up by thinking of a futile thing. just like genesis mining, although it is still paying but we are all already convinced that all cloud mining is not convincing.

BitHodler

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Quote from: btcney on September 16, 2017, 04:50:22 AM

They are a ripoff. however i would not call them a scam since they seem to actually have a mining farm going on, so at least they are not just a ponzi operation. However, that doesn't make them profitable by any means.

Genesis mining is mining hot air. If they are as they say they are, and that's a big player in the mining industry, people should be able to see the addresses their block rewards are being sent to.

And exactly this is something that doesn't seem to exist. People from the very early days years ago, have been asking for their mining addresses, but genesis mining blatantly ignored all people looking for this information.

Genesis mining is in fact a ponzi, and one with a solid amount of marketing behind it. This explains how they manage to continue paying people out, because as long as fresh money comes in, they will remain operational.

btcney

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Quote from: commenkiz on September 14, 2017, 11:28:39 AM

4 day in a row no payout .

friends that invest on ETH did not get their payout in the last 4 day.

This happened a lot of times with me and i just waited, eventually the payouts come.

If you are concerned then message their support.

They are a ripoff. however i would not call them a scam since they seem to actually have a mining farm going on, so at least they are not just a ponzi operation. However, that doesn't make them profitable by any means.

commenkiz

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we are buying ETH Contract which means no maintenance fees , so there is no reason they are blocking us

myself buying 15mh contract , my friend is buying 20 , and the rest is just 10

all of us still no payout. 5-6 day

so bitcoin pumped back to 3900 , so i assume they will start giving us back ?

ss890

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Cloud miners has always been scammy no question about it. The business is little risky because you never know when does the mining will get very difficult and maintenance would kill the profits in the future. I'm not sure what's happening with cloud mining now a days but that is for sure all the news about bitcoin going illegal in different countries which impact the bitcoin industry in negative way always.

This adds up bogus mining stuff around the cloud miners leading to scams and ponzi schemes. The thing is we should know that investing in such way is not the trusted way. Let's see how genesis tackle the current scenario.

pinkflower

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Delayed payouts is the first sign that a cloudmining site is having financial troubles. Beware of the second sign, and thats customer support starts ignoring your concerns and questions about nonpayment of your mining contracts. Then the final sign, they will email their users that offer buying back those contracts at lower prices than the users bought them for.

jorneyflair

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Quote from: commenkiz on September 14, 2017, 11:28:39 AM

4 day in a row no payout .

friends that invest on ETH did not get their payout in the last 4 day.

Well i'll share my personal experience here.

My contract expired/terminated when halving happened, because of the fact that my earnings were less than the amount of maintenance fees that i was obliged to pay to genesis mining. But just before that, i received payments only once every few days instead of daily because the payouts were so low that they can't put it in a single transaction.

This could apply to you to, though it might just be genesis mining not fulfilling their promises. Contact their customer support and demand a response, that's the best option. They are not a good way to make money but they are not a scam either.

BitMaxz

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Quote from: magneto on September 15, 2017, 05:41:24 PM

Quote from: commenkiz on September 14, 2017, 11:28:39 AM

4 day in a row no payout .

friends that invest on ETH did not get their payout in the last 4 day.

How much hashing power did he buy in his contract?

If it was something small then it could be possible that Genesis Mining is going to consolidate all the previous payouts into a big payout in the future because the payouts are so small that it's not worth it for them to send it since tx fees will exceed the actual amount/the payout is below dust limit.

But they have indeed received lots of complaints recently and i would not invest in them with my own btc.

Contact their support, and see what they say.

I think there are lots of investors are not getting paid these days when the price is continues decreases well its a cloud mining there is no guaranteed that you can honestly make a good profit in cloud mining its not really profitable and most of the cloud mining site are scam..
Hope that he can be still withdraw his investment there if ever he get his investment he was lucky if not it will be the same as other cloud mining site..
And mostly honestly newbie are posting here because most of high rank member here are not investing in cloud mining because its waste of time to invest that sooner you can be scam.. If you really wanted to mine much better to buy your own rig or good specs of PC to mine altcoin much more safe than investing in cloud mining site..

magneto

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Quote from: commenkiz on September 14, 2017, 11:28:39 AM

4 day in a row no payout .

friends that invest on ETH did not get their payout in the last 4 day.

How much hashing power did he buy in his contract?

If it was something small then it could be possible that Genesis Mining is going to consolidate all the previous payouts into a big payout in the future because the payouts are so small that it's not worth it for them to send it since tx fees will exceed the actual amount/the payout is below dust limit.

But they have indeed received lots of complaints recently and i would not invest in them with my own btc.

Contact their support, and see what they say.

xypos

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Quote from: commenkiz on September 14, 2017, 11:28:39 AM

4 day in a row no payout .

friends that invest on ETH did not get their payout in the last 4 day.

Actually a guy called Boxmining on YT has done a video just a few weeks ago on the genesis mining farm, which means that they are probably still in operation and still mining. However i have definitely heard a lot of issues regarding the fact that they have delays in payouts.

Are you sure though that it's not either your contract being terminated by genesis mining becasue the payouts are less than the fees they charge, or just that your daily payout amount is less than dust amount?

Slow death

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Quote from: commenkiz on September 14, 2017, 11:28:39 AM

4 day in a row no payout .

friends that invest on ETH did not get their payout in the last 4 day.

Did not you receive your payment or did you come to tell that your friend did not receive payment? as much as I do not like cloud mining, you need to have proof before you accuse someone and in the case you do not have any proof

tell your friend to get in touch with genesis mining support so they can solve this problem

coolcoinz

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Quote from: DaMut on September 14, 2017, 10:34:03 PM

there are 2 possibilities why would they delayed your payout.
1.Your contracts no longer profitable,usually they're always said it to every costumer that your contract no longer profitable because it can not pay the expanses then they will close your account
2.Bitcoin crash for the moment and they can not pay their expanses and they delayed your payout to 'keep' it for a moment until the retrace,they're doing this to give the old investor their payout and to keep their company.

Genesis is going down? No shit.
Point 2 is a total bullshit. They are mining a coin and are supposed to pay you a percent of what they've mined. The client should always go first, so you should get the coins directly to your account with no delays and it's their job to take care of the fiat bills. You as a client don't care what the price of the coin in fiat is at the moment. What if I told you your payment is being delayed because the value of Bitcoin in Congolese franc has decreased? Cheesy

CyberKuro

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Quote from: commenkiz on September 14, 2017, 11:28:39 AM

4 day in a row no payout .

friends that invest on ETH did not get their payout in the last 4 day.

It's because most coins prices fall down and consider to crash.
Then, it's cause most mining pools, miners, and cloud mining run into loss, simply because mining hardware still expensive but the profits which generated bitcoin has declined. For people who invest in genesis mining, just wait if they can find a gate to get out from this situation, but for new investors it's a loss because they have to wait for 5-6 months for ROI. Too early to judge I guess, but hopefully genesis mining will pay everyone.

taiwww

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These cloud miners are always scammers. I'm not putting any tags on genesis mining site but somehow we see complaints about every cloud mining site in the forum. Looking at increasing complaints about genesis mining site they turn out to be little fishy now. Yes there are no payout as can be seen in many other threads around the forum. But too early to put a tag on. The deceased price will affect the mining industry more now. Stay safe guys, mining with cloud miners is anyway dangerous deal.

Topic: end of genesis mining ? (Read 935 times)