Topic: Genesis Mining is very poor! (Read 244 times)

LOL, perfect troll mate but still that is true. I see these sites mostly share the cloud mining contracts with in the forum on various thread. If anyone wants to invest on mining why you guys don't prefer the GPU mining.
I believe if you own the mining rig you will be able to make the money around 250 US dollars for a month of the time with the 10 cards mate.
All the cloud mining are ponzi schemes worst to put your fund on this.

So, HashFlare/Hashcoins create this shill account yesterday & post the same thing 16 times on every cloud mining thread in an effort to fool noobs into their cloud mining ponzi scam:

https://bitcointalksearch.org/user/fillinginc-2053312

Proof enough to stay away from this scam. Neg'd & reported for fake account spamming.

I have a lot of contracts with Hashflare. In general, I think they are a solid company. However, be very aware that with most contracts (BTC, Scrypt) your cost is denominated in USD, while your payout is in BTC. So BTC falls your cost/payout spread goes to hell. Right now (these are December contracts), at $8800 BTC over half the return is eaten up by daily fees. Now if BTC goes north of $10-$12K and its a different story. But at least they pay ontime and are very transparent with all transactions. Just be careful with Algos that may become very challenging in the next few months - ETH with Asics or POS/reduced mining payouts, etc. I think their BTC contracts are rock solid and pricing is pretty good if you believe BTC price will increase in next 12 months. Highly unlikely they will change the POW algo in next 12 months so safe there.

And please don't forget difficulty increases - that's the other side of the equation. BTC price moves up, more hash comes online, and diff increases dramatically. If you believe (as I do) that Bitmain and others are introducing next-gen SHA Asics then difficulty is going to go way way up. Need to factor that in. The current calculator results are valid for about 2 weeks.

I don't think this is about the merits or issues of cloud mining. That's a different topic. This is about Genesis Mining screwing their customers big time. First was the delays with ETH and XMR payments. XMR issues still ongoing. Worse yet is that they were clearly using Asics to mine XMR, probably through some deal with Bitmain before they were generally available. Now that (thankfully) XMR forked to be asic resistant, they haven't upgraded to Cryptonight V7 (because they can't on Asic). So we are all stuck with the original Cryptonight algo - basically mining Electronium. A completly useless coin, and with returns that are about 1/4 of what we were getting prior to the fork. All the evil Asic folks are going to drive the difficultly to the moon on Electronium and the other crap forks of XMR. Minergate upgraded their cloud contracts to V7 so still mining XMR. Genesis is one really bad actor and a complete scam. We are all stuck with 2 years of mining crappy coins on our XMR contracts. The contract says "XMR mining", and it says "CryptoNight". I don't believe they have honored the spirit or the language of the contract. They were and are greedy - notice the hash and diff drop on the new XMR fork. Because of assholes like this. I would never buy a contract from then again.

Online contracts can be good, or bad. I would highly recommend to never go longer than a year however. To many things can happen (ETH going POS, on and on). But Genesis is just shitty. I use Hashflare and Minergate. Not perfect. But they have honored their obligations and been transparent.

You like many others unfortunately have learned the hard way. There are a lot of threads in this section of the forum which just tell everybody the truth about genesis mining with the bottom line being to not invest a dime there.

Another error you have made is that you have spent 4000 dollars in cloud mining while you could have bought 2 antminer s9 with that price or you could have built a multi graphic cards computer with 10 graphic cards with that amount.

I strongly hint towards the opposite. All their terms and conditions demonstrate how everything is set up like fort knox, where even in case of an actual scam attempt, they can make it look like a legal scam attempt. It's bad for all involved parties having suffered damage, but that's unfortunately what they bought themselves into. Reading terms before investing is boring, but boring saves people a lot money in the end.

Good lawyers cost a decent chunk of change, which makes things even less worthwhile to proceed. GenesisMining is well aware of that, and very likely uses that in its advantage. Also, GenesisMining can just admit its mistakes along the process and still pay out what is due, and all without any negative consequences for them. Is it worth to potentially put thousands into lawyer costs to get back, what is it, hundreds of dollars worth of due payment?

$4000 is like owning an Antminer S9 with some cash on the side, or 4 1080ti and a mining motherboard, together with the processor and mining rack. Most of the time, laziness attracts bad luck, and you clearly haven't done any research before tossing them four grand. Cloud mining, though a nice idea, clearly isn't viable for consumers and the only ones gaining something from it are the operators and owners. Idk why many people still fall for these glitzy advertisements of theirs. Tbh ponzi schemes are better than cloud mining, because on the former these dudes will keep on paying as long as someone joins whereas the latter? They'd give you bits of your investments that I think you won't even see ever again. A pricey lesson and next time, stay away from cloud mining sites.

What makes you think that investing 4000 dollars in a mining company is worth it? didn't you made a research before deciding to put your money there? because there are lots of complaints that people didn't received payouts from them and problem with the contracts, yet you still trust them your money. Yeah they are legit because they are operating for a very long time but it doesn't mean that there is no chance that they will not turn into scam or will do an exit scam, cryptocurrency mining profitability is not consistent, the cost of maintenance is not cheap and the difficulty of mining is increasing so there might be a time that those legit mining companies might get bankrupt, and they will not be able to pay those who invested on their company.

Is of knowledge of many people that cloud mining does not offer good profits, but this problem of lack of payments is much more serious, genenis mining has its "reputation" of being "reliable" because it made payments, but if it does not make payments it makes them scam company


at least they have some office so if you hire good lawyers it might be possible for you to get your money, I'm not familiar with the genenis mining terms of service, but I believe it's possible that you can get your money back

Genesis Mining can be said to be a fraud project. I invested a little money to mine the Ethereum, and at beginning everything is normal.
Later it declared that it had been stolen, and the payment was intermittent.
It seems to be said that it is no longer supported by the Ethereum payment.
Anyway, I will not invest a cent in cloud mining further.

That makes no sense.

Firstly, cloud mining, or basically any form of mining in general, is a very slow form of generating income. I very much doubt that people believe they can book quick profits here, people aren't that retarded.

Cloud mining offers convenience and a passive income stream, and that's the main reason people like it. People however don't realize that there is nu such a thing as actual income as long as they haven't ROI'd yet.

Secondly, there is nothing anonymous about cloud mining. Everything you do happens on their site, which means they know everything about you that you allowed them to know, and from there it's just a waiting game. It's an empty hole.

Most of the people are suggesting from the beginning not to invest in cloud mining website but without any research, you just invested in it. Not only you there are many people facing the same situation with the Genesis mining they are not giving payouts on time. What was the major problem till now they are not updating?

i believe this too but mainly its because people want fast return on investment and another reason is because there transactions are anonymous

No man, Genesis Mining isn't poor, only investors are poor because they invest here blindly and with a hope of good profit in a short time.
Btw I have no idea if people invest in mining, why don't they choose hashnest because at least here you can sell hashrates at anytime and get money back.

Since you are newbie you have better understanding about the cloud mining investment but even in this field Genesis and Hashflare. There cloud mining contracts are helping the people to earn more money.
Then if you want to get non trouble mining investment you need to buy the GPU cards or ASIC hardwares.
THose will be given the decent hash power on mining the various cryptos. Please look into the good algorithm else you cannot more money.

We all know that genesis is one of the trusted cloud mining, but in fact that genesis must have its flaws and it has been predicted before because most of the cloud mining is indeed a risky thing. I still can not believe why there are still people who want to invest in cloud mining. when we already know all that cloud mining is not reliable and has a lot of problems. there are many other jobs that are far more useful and make money. For me that people who still want to invest in cloud mining are lazy people !!!

Cloud mining is like a fake hyip site. I would never join one even if it was one cent to sign up.

I don’t understand why these companies are still around here. I mean most of the people do know that it’s biggest Ponzi scam they can experience. I suspect that it is all about the new comers who come join these kind of schemes straight away. The calculator of these cloud miners is bad ass which creates the greed among these new people and thus they fall for heavy investment into it. Can’t imagine that we still talk about them on the forum. Lol.

Actually people should have stopped investing in these schemes long ago the problem with this world is they never learn from the past or their mistakes.
First everyone cursed hashocean and whole idea of cloud mining calling it a scam and finally adopting to genesis mining just to make few bucks in 2 years

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I personally was going to buy the same monero contract but instead bought 2 xmr for only 0.02 well today just after 6 months the value has increased by 2.5 times. There are many opportunities around which are better than cloud mining but people nowadays are too dumb to realise it

Referral system would always been present yet this is one of the ways on how to expand or to progress such company.Normally they do offer referral bonuses which there are really people would strive on to invite more people to the site without minding or concerning on the possible things that they might experience later on as long they would able to break even or can make some profits in the end of the contract then they will surely done this thing without any doubt.

Sometimes this makes you really wonder if they have liquidity problems and aren't able to pay out customer profits as a result.

Seems very plausible to me, otherwise they wouldn't have so many cases of people not receiving their payouts for weeks or even months on end. That's completely unacceptable.

Genesis Mining is a no go for me for sure. It has never been of interest to me because of the fact that their affiliate marketing scheme essentially means that people are encouraged to give biased reviews about how profitable their investments are. In reality, you'll be lucky to even break even in a crypto bull market. On top of that, you need to deal with payout issues, when you don't have a high chance of getting your initial investment back in the first place. Definitely avoid.

I don't think you have a choice, really. You just have to be patient until they finally respond to you.

I would hope one day I would become so wealthy that it only takes me 10 to 15 minutes to make a decision on $4,000! It's frightening to see the amount of wealth just flowing into anything remotely crypto related - and to me cloudmining is possible the remotest thing related to crypto.

I'm really tired with hearing all these scam companies get away with it. They're still pulling a lot of weight and their reputation has hardly taken a dent in the corporate world. Hope these lawsuits get their act together and smash Genesis with a huge class action. I know the people who invested are to blame, but perhaps we underestimate just how easy it can be to fall for scams like cloud mining... even with research. Yes, one's born every minute but still...

Yes there is solution, you can expect to get back your investment! So for that purpose I believe you will need to raise hundreds of tickets to support team and be on their ass until they make payout for you. Off course they will make many reason but be strong on your opinion and keep asking tat everyday. By no means they will lock you so dont worry about that as you have paid the money already.

I will suggest that if you get your money back (4K USD) then just take it and run as far as you could from the genesis mining and all kinds of cloud mining in general. Hope you do realised that they dont work anymore.

A lot of people are scammed due to their referral program.  They added that so that people who were losing money could basically get what they perceived to be "profit" by scamming more suckers into the program.  People who were halfway through their contract and weren't sure whether they were going to make profit also started using this.

Genesis Mining is favoured by the major Bitcoin media sites, they're given positive reviews and information from people on YouTube who are part of the referral program and they use plenty of tactics to try and keep their existing "customers" on board with them as well.

OP's probably beating himself up enough, you don't have to do it for him just because you have the right sources of information.

It's already there and you'll have to deal with it because you didn't choose the right thing. GM is popular for being a legit but turns out to so many into scams. This topic is not a surprise it is an active topic we see here each day it's either GM or cloud mining the topics for these two are endless.

Tons of people that are experiencing the same issue:

https://www.reddit.com/r/GenesisMining/comments/7ivo8r/no_payouts_since_beginning_of_december/
https://steemit.com/bitcoin/@hw-enthusiast/genesis-mining-missing-payouts-again
https://www.reddit.com/r/GenesisMining/comments/7xsd4z/again_missing_8_days_of_eth_payments/

And the problem is still persisting apparently, even though it was first noticed way back last year.

What I suggest you do is take screenshots of all the proof of the missing payments, organise it nicely and send it to the support. They are the only ones that are able to help you, in this case. Do you know by the way why this might be caused? is it because your contract has been terminated due to insufficient profits to pay for maintenance fees?

But again, there is a reason why we advise against investing in cloud mining, even Genesis. They are all shady businesses. And this is a prime example of why, your profits are completely in their control, and if they say that you shall not make profits, you won't.

Not to be surprised yet people do have different mentality when it comes to investments,some people do rush in without any proper knowledge or research and without even thinking that the site do have a bad record or reputation.They do only learn up when they do already experience hardship and problems later on. Reading up comments and advises even just a minute would really already give you the idea if you would make such decision to invest or not.

There is nothing to be sorry for. If people spent a good 10 to 15 minutes just doing some basic level research, one would instantly get demotivated due to all the complaints against genesis mining.

It's not just a few hundred bucks we're talking about. If I am going to invest a few thousand bucks in something, I'll browse through every possible corner of the internet to find out what's going on with that specific site or service.

If what I read about that site or service makes me doubt whether or not it's a good investment, then I simply ditch it and look for an alternative. If I see red flags pointing out how scummy that entire industry is, I will not even look further.

People keep forcing themselves to invest in cloud mining, which is just ridiculous.

Well I don't know what to tell you.. I don't know what's worse... Is it you investing $4,000 in cloud mining at this time or investing in cloud mining at all... Why didn't you consult or ask someone on the forum about genesis mining? 99% of the users here would tell you not to do it.

What can I tell you now, either try to reach them with any way you can (email,phone call maybe, ticket, social networks,..) or be patient. Sorry to hear that you had invested that kind of money. Good luck tho.

I spent almost 4000 US dollars on genesis mining Monero contract (5000 H/s). Since Dec 2017 when my contract began, I received a total of only 1.2 XMR. They have missed 52 days of payouts! You can find so many complaints on twitter and other social media. Thinking of what I can do to protect myself and other people. Any suggestions to my situation?
Be aware! Do not fall into scam, folks!

Discussion on filing law suit and other measures in reddit:
https://www.reddit.com/r/GenesisMining/comments/8bwl8b/its_probably_time_to_start_organising_a_lawyer_to/