Genesis Mining Bitcoin Case Study | Bitcointalksearch.org

CaliforniaCrypto

jr. member

Activity: 52

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Quote from: Catmony on September 23, 2017, 01:23:13 PM

I think you have to wait atleast 8 months or even more because mining difficulty gonna shoot up soon after november hardfork and by that time price might also get dumped a lot because of panic in the market.

What I suggest you is that you should store all those BTC if price will go lower than $3k in near future and you can exchange BTC which you have got last month into USD so that you will not loss anything in terms of fiat value.

Good luck, However I will never invest in any cloud mining packages.

The mining difficulty should go down after the hardfork as some people will split off and mine the new coin, if it happens. When Bitcoin Cash happened difficulty went down slightly.

Catmony

hero member

Activity: 854

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I think you have to wait atleast 8 months or even more because mining difficulty gonna shoot up soon after november hardfork and by that time price might also get dumped a lot because of panic in the market.

What I suggest you is that you should store all those BTC if price will go lower than $3k in near future and you can exchange BTC which you have got last month into USD so that you will not loss anything in terms of fiat value.

Good luck, However I will never invest in any cloud mining packages.

CaliforniaCrypto

jr. member

Activity: 52

Merit: 10

Quote from: dothebeats on September 23, 2017, 10:57:27 AM

Is this for real? Even with 50TH/s you wouldn't break even for a year. Imagine how crazy is that? Also, instead of getting your profits, they will deduct a maintenance fee which you won't be having to pay if you have your own hardware. Worrying about electricity costs and hardware space? GPU mining is the best solution you can have if you really want to make mining your answer to your everyday expenses. Even with a mere 6-GPU setup, you will have breakeven in 2-4 months plus maximum control with real hardware.

How long have you been mining with them lol

I do have a home mining rig, and no you dont reach ROI in 2-4 months, unless your electricity is free. I live in SoCal with .16 electric cost. Im pretty sure that ill break even in less than a year, but thats what the video series is for. I already know what fees they deduct from my payments and have calculated those into my ROI projections.

dothebeats

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Cashback 15%

Is this for real? Even with 50TH/s you wouldn't break even for a year. Imagine how crazy is that? Also, instead of getting your profits, they will deduct a maintenance fee which you won't be having to pay if you have your own hardware. Worrying about electricity costs and hardware space? GPU mining is the best solution you can have if you really want to make mining your answer to your everyday expenses. Even with a mere 6-GPU setup, you will have breakeven in 2-4 months plus maximum control with real hardware.

How long have you been mining with them lol

CostaRibeiro

full member

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You must be kidding, lol.

Slow death

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: CaliforniaCrypto on September 22, 2017, 09:55:55 PM

Actually it is a legit company, and its been around for 4 years now.

True, but there are many cases of people who invested bitcoins and are not satisfied with the daily gains, I have read many sad stories involving genesis mining

Quote from: CaliforniaCrypto on September 22, 2017, 09:55:55 PM

By selling hash power they then bring in a large amount of capital fast instead of slowly by mining and then they build out their farms and purchase more ASIC miners (they also make money on the fees). By selling hash power they have also diversified by not having their sole income from mining.

Is a very lucrative business for the owners of genesis mining and a loss for who invests in this site

Quote from: CaliforniaCrypto on September 21, 2017, 09:48:22 PM

the objective is to see if I will ever reach ROI on it....

How much are you earning each day? just watch this to get an idea of when you will reach your ROI

coolcoinz

legendary

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Quote from: CaliforniaCrypto on September 22, 2017, 11:30:55 PM

I have done tons of research on GM before I put my money into it, and no I'm not receiving anything from them. I will make my money back and GM is not a scam,

You're defending them so much that it's starting to look funny. How can you be so sure that you will get your money back? If you did so much research then you must have seen posts by people whose contracts were terminating before reaching ROI.

Quote from: CaliforniaCrypto on September 22, 2017, 11:30:55 PM

yes there are lots of scams in cloud mining which is why GM is the only one I'm invested in and at this point ever will. With a ponzi scheme and shit cloud mining sites like Hashing24 they hide who the owners are so that when they make with your money you cant find them to prosecute, or sue them. I know exactly who owns GM you can look it up very easily. You can google map their farms in Iceland. If they ever try and run people will hunt them down. I get that you don't really understand GM and its in peoples nature to bash things they don't understand, but you are wrong about GM.

I've read of fake cloud mining operations that did not hide who they were and didn't care if they're going to get sued. If you haven't then you've done poor research.

CaliforniaCrypto

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Activity: 52

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Quote from: magneto on September 23, 2017, 03:20:08 AM

Quote from: CaliforniaCrypto on September 21, 2017, 09:48:22 PM

Hey everyone, first real post here! I wanted to give a heads up about a case study I've been doing for a month now. its a 50TH Bitcoin contract with Genesis Mining and the objective is to see if I will ever reach ROI on it. If you want to check it out the link below will take you to the one month review. Let me know if you have any questions!
https://www.youtube.com/watch?v=33-ZeujnJ1g

Interesting video. I would have thought that the ROI would be much lower than what you achieved in the first month(which was actually decent), or maybe i just bought my own genesis contract at a very bad time.

You should see a pretty big decrease in your profits later on, though. 5 month ROI seems pretty unlikely.

I actually invested the bare minimum into genesis mining a year ago(0.05 BTC back then) and wasn't close to making all of my investment back. But then i'm interested to see whether now genesis mining is a worthwhile investment or not - after all, it's been a year!

BTW, welcome to bitcointalk

Hey thanks! Ya I don't think ill reach ROI in 5 months, hoping its before 1 year. I do have issues with GM, they need to remove the Ether contracts, at this point no one will make money on those. Really I think only the SHA256 contracts are worthwhile. It also does help what time you buy in, guy earlier mentioned he bought in right before the havening and that killed his contract, so you do have to do research before putting money into this.

magneto

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Quote from: CaliforniaCrypto on September 21, 2017, 09:48:22 PM

Hey everyone, first real post here! I wanted to give a heads up about a case study I've been doing for a month now. its a 50TH Bitcoin contract with Genesis Mining and the objective is to see if I will ever reach ROI on it. If you want to check it out the link below will take you to the one month review. Let me know if you have any questions!
https://www.youtube.com/watch?v=33-ZeujnJ1g

Interesting video. I would have thought that the ROI would be much lower than what you achieved in the first month(which was actually decent), or maybe i just bought my own genesis contract at a very bad time.

You should see a pretty big decrease in your profits later on, though. 5 month ROI seems pretty unlikely.

I actually invested the bare minimum into genesis mining a year ago(0.05 BTC back then) and wasn't close to making all of my investment back. But then i'm interested to see whether now genesis mining is a worthwhile investment or not - after all, it's been a year!

BTW, welcome to bitcointalk

Kyraishi

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Activity: 952

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I would not call Genesis Mining a ponzi scheme. Their equipment is documented and people have done videos on it. It is a lot more transparent then most cloud mining services.

But for me it's not a profitable investment at all. If it was profitable(or at least on a long term scale) then why the hell would genesis mining sell contracts to users instead of just reinvesting everything they earn for themselves?

My contract ended prematurely when block rewards halved. I do hope you can make your money back plus profits, i will be following, but this is essentially speculating on bitcoin price and difficulty, rather than a real passive income. Obviously if you can refer people then it's a different story.

CaliforniaCrypto

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Activity: 52

Merit: 10

Quote from: cpfreeplz on September 22, 2017, 10:09:03 PM

Quote from: CaliforniaCrypto on September 22, 2017, 09:55:55 PM

Quote from: cpfreeplz on September 22, 2017, 09:49:22 PM

Quote from: DaMut on September 22, 2017, 10:10:36 AM

Quote from: lumeire on September 22, 2017, 09:44:07 AM

Quote from: swogerino on September 22, 2017, 09:06:40 AM

-snip-

Well that was already the situation way back then. I'm not even sure how Genesis keeps their services up in this environment.

it is very simple to do that since they are a reputable company,

Yeah right hahaha. There's not a chance at all that they're a legitimate company. No company rents out hashing power for other people to make profit rather than them making profit. It's so obvious it's not a sustainable business but we'll see how long they can keep up the charade.

Actually it is a legit company, and its been around for 4 years now. By selling hash power they then bring in a large amount of capital fast instead of slowly by mining and then they build out their farms and purchase more ASIC miners (they also make money on the fees). By selling hash power they have also diversified by not having their sole income from mining. If Bitcoin goes down to $500 tomorrow the mining would stop but they already made bank by leasing that hash power to others. Let me know if anything else has gone over your head as well.

Lol this newb is now going to define a ponzi and pretend it's a smart investment. This is hilarious.

When it all comes crashing down on you (which I can tell you're shilling for them so I'm sure you're in on the ponzi somehow) don't say I didn't warn you.

No cloud mining scheme has ever been legitimate and none ever will be. You can quote me on that.

I know what a ponzi scheme is you moron. I have done tons of research on GM before I put my money into it, and no I'm not receiving anything from them. I will make my money back and GM is not a scam, yes there are lots of scams in cloud mining which is why GM is the only one I'm invested in and at this point ever will. With a ponzi scheme and shit cloud mining sites like Hashing24 they hide who the owners are so that when they make with your money you cant find them to prosecute, or sue them. I know exactly who owns GM you can look it up very easily. You can google map their farms in Iceland. If they ever try and run people will hunt them down. I get that you don't really understand GM and its in peoples nature to bash things they don't understand, but you are wrong about GM.

jorneyflair

hero member

Activity: 672

Merit: 500

Quote from: CaliforniaCrypto on September 21, 2017, 09:48:22 PM

Hey everyone, first real post here! I wanted to give a heads up about a case study I've been doing for a month now. its a 50TH Bitcoin contract with Genesis Mining and the objective is to see if I will ever reach ROI on it. If you want to check it out the link below will take you to the one month review. Let me know if you have any questions!
https://www.youtube.com/watch?v=33-ZeujnJ1g

Great video and i appreciate you trying to keep everything as transparent as possible.

However trust me, in the next few months the payouts will normally drop off to a point that the maintenance fees will outweigh your actual payouts and after less than a year your contract is terminated. Or at least that's what happened to me.

I'm not a big fan of genesis mining just to put it out there because i invested 0.1 BTC once and didn't get even 70% ROI from it.

cpfreeplz

legendary

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Quote from: CaliforniaCrypto on September 22, 2017, 09:55:55 PM

Quote from: cpfreeplz on September 22, 2017, 09:49:22 PM

Quote from: DaMut on September 22, 2017, 10:10:36 AM

Quote from: lumeire on September 22, 2017, 09:44:07 AM

Quote from: swogerino on September 22, 2017, 09:06:40 AM

-snip-

Well that was already the situation way back then. I'm not even sure how Genesis keeps their services up in this environment.

it is very simple to do that since they are a reputable company,

Yeah right hahaha. There's not a chance at all that they're a legitimate company. No company rents out hashing power for other people to make profit rather than them making profit. It's so obvious it's not a sustainable business but we'll see how long they can keep up the charade.

Actually it is a legit company, and its been around for 4 years now. By selling hash power they then bring in a large amount of capital fast instead of slowly by mining and then they build out their farms and purchase more ASIC miners (they also make money on the fees). By selling hash power they have also diversified by not having their sole income from mining. If Bitcoin goes down to $500 tomorrow the mining would stop but they already made bank by leasing that hash power to others. Let me know if anything else has gone over your head as well.

Lol this newb is now going to define a ponzi and pretend it's a smart investment. This is hilarious.

When it all comes crashing down on you (which I can tell you're shilling for them so I'm sure you're in on the ponzi somehow) don't say I didn't warn you.

No cloud mining scheme has ever been legitimate and none ever will be. You can quote me on that.

CaliforniaCrypto

jr. member

Activity: 52

Merit: 10

Quote from: DaMut on September 22, 2017, 09:39:58 PM

the question is not how long you will get your return(ROI),
but instead how long your contract will be active for.
if you do some research about it you will see a lot of people had a problem with their account/contract,
you can say you get a 'return' for now,but what will happen in the difficulty increase? you will get less than before right ?
afterwards you still need to pay the expenses that will be deducted to your account,
electricity fee,maintenance fee and hidden fee(the expenses can not statis but dinamis,it can change at anytime based on your earning.it can higher than before if you get more than before)
what will happen if your contract no longer any profit aka return for you if the difficulty+fees much more than what you get ?
obviously they will close your account forcibly,there are a lot of people had an experienced something like this.

Yes I know all about the fees they charge, and the contract states the fees wont change. They charge me .00028 USD per GH. I have a 50 TH contract so thats $14 they charge me a day. At todays current price of $3616 thats a 33% fee cost. Its not even at 50% yest so the contract will stay active for a long time. Also again the fee is in USD so if the price of bitcoin goes up to say $5,000 USD, then the fee percentage goes way down.

CaliforniaCrypto

jr. member

Activity: 52

Merit: 10

Quote from: cpfreeplz on September 22, 2017, 09:49:22 PM

Quote from: DaMut on September 22, 2017, 10:10:36 AM

Quote from: lumeire on September 22, 2017, 09:44:07 AM

Quote from: swogerino on September 22, 2017, 09:06:40 AM

-snip-

Well that was already the situation way back then. I'm not even sure how Genesis keeps their services up in this environment.

it is very simple to do that since they are a reputable company,

Yeah right hahaha. There's not a chance at all that they're a legitimate company. No company rents out hashing power for other people to make profit rather than them making profit. It's so obvious it's not a sustainable business but we'll see how long they can keep up the charade.

Actually it is a legit company, and its been around for 4 years now. By selling hash power they then bring in a large amount of capital fast instead of slowly by mining and then they build out their farms and purchase more ASIC miners (they also make money on the fees). By selling hash power they have also diversified by not having their sole income from mining. If Bitcoin goes down to $500 tomorrow the mining would stop but they already made bank by leasing that hash power to others. Let me know if anything else has gone over your head as well.

cpfreeplz

legendary

Activity: 966

Merit: 1042

Quote from: DaMut on September 22, 2017, 10:10:36 AM

Quote from: lumeire on September 22, 2017, 09:44:07 AM

Quote from: swogerino on September 22, 2017, 09:06:40 AM

-snip-

Well that was already the situation way back then. I'm not even sure how Genesis keeps their services up in this environment.

it is very simple to do that since they are a reputable company,

Yeah right hahaha. There's not a chance at all that they're a legitimate company. No company rents out hashing power for other people to make profit rather than them making profit. It's so obvious it's not a sustainable business but we'll see how long they can keep up the charade.

DaMut

sr. member

Activity: 1274

Merit: 263

the question is not how long you will get your return(ROI),
but instead how long your contract will be active for.
if you do some research about it you will see a lot of people had a problem with their account/contract,
you can say you get a 'return' for now,but what will happen in the difficulty increase? you will get less than before right ?
afterwards you still need to pay the expenses that will be deducted to your account,
electricity fee,maintenance fee and hidden fee(the expenses can not statis but dinamis,it can change at anytime based on your earning.it can higher than before if you get more than before)
what will happen if your contract no longer any profit aka return for you if the difficulty+fees much more than what you get ?
obviously they will close your account forcibly,there are a lot of people had an experienced something like this.

CaliforniaCrypto

jr. member

Activity: 52

Merit: 10

Seems to be some hate in here about Genesis Mining. I did lots of research before I put down the $6,000 dollars. I am 100% sure I will reach ROI, the only question for me is when that will happen. 5 months? 10? 2 years? It will happen eventually its just a matter of how fast the difficulty rises. They have mining facilities that you can look up on Youtube, many big crypto youtubers have gone there. If you dont believe that I will make money with this contract, make sure you check back in with my video series in 6 months or so!

coolcoinz

legendary

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There's so many people here exposing their system and you still gave them 6000 USD? I can't believe how greedy you are. Maybe you will get ROI or be very close to it, but that's not important. It's not about showing you reach 25 or 50% ROI. Even if you get 101% ROI and your contract expires you can still consider yourself scammed. I don't know why people aren't getting it but if you gave a loan of $6000 to someone here you'd be expecting to get at least $6500 after a year. With GM people are loaning them money and are happy even if they get $100. That's insane.

mk4

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Paldo.io 🤖

I personally think your video is fine. I was expecting a video something like "this is why you need to invest in genesis mining right now and use my referral link below etc etc", but at least your video was somewhat informative, taking into consideration the increase in mining difficulty so interested people won't be shocked by their decrease of daily/weekly payouts.

Even though I personally stay away from cloud mining and I think your video wasn't like super great, but it was decent. Well done.

DaMut

sr. member

Activity: 1274

Merit: 263

Quote from: lumeire on September 22, 2017, 09:44:07 AM

Quote from: swogerino on September 22, 2017, 09:06:40 AM

-snip-

Well that was already the situation way back then. I'm not even sure how Genesis keeps their services up in this environment.

it is very simple to do that since they are a reputable company,
i believe if someone whose having a contract in their genesis account should know about a hidden fees.
when you are expecting your earning you will get report about how much it will be and what is the fees/expenses that you need to pay
(usually they will automatically deduct your earning without confirmation)
that is the 'earning' for their site and to pay the staff from that money.
you should also heard about an account that no longer profitable and force closed by them without your confirmation,right ?
it's not your account no longer profitable,but instead they are asking you to deposit more money so they can buy a new hardware from it.
the difficulty keep increasing by day and they need a newly reborn tech to fight with it aka replace the old one.

so,it's no longer profitable(in my view) because you will get less and less.
until your account contracts closed by them forcefully.

lumeire

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Quote from: swogerino on September 22, 2017, 09:06:40 AM

I am sorry for you to say that you will never ROI back with them unless you are one of them trying to grab attention and lure newbies in your website. It is because of the rising difficulty of Bitcoin mining which they cannot afford to pay you the same amount everyday. Even altcoin mining difficulty is going up every 2 weeks or 1 month now and they can't pay you there also the same amount every day as your first days. Next there is electricity fee and maintenance fee which they will remove from your daily payment. I think these are enough reasons why investing in Genesis Mining is and was not worth even before.

Well that was already the situation way back then. I'm not even sure how Genesis keeps their services up in this environment.

swogerino

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Bitcoin Casino Est. 2013

I am sorry for you to say that you will never ROI back with them unless you are one of them trying to grab attention and lure newbies in your website. It is because of the rising difficulty of Bitcoin mining which they cannot afford to pay you the same amount everyday. Even altcoin mining difficulty is going up every 2 weeks or 1 month now and they can't pay you there also the same amount every day as your first days. Next there is electricity fee and maintenance fee which they will remove from your daily payment. I think these are enough reasons why investing in Genesis Mining is and was not worth even before.

CaliforniaCrypto

jr. member

Activity: 52

Merit: 10

Hey everyone, first real post here! I wanted to give a heads up about a case study I've been doing for a month now. its a 50TH Bitcoin contract with Genesis Mining and the objective is to see if I will ever reach ROI on it. If you want to check it out the link below will take you to the one month review. Let me know if you have any questions!
https://www.youtube.com/watch?v=33-ZeujnJ1g

Topic: Genesis Mining Bitcoin Case Study (Read 685 times)