Topic: Genesis-mining Legit ? (Read 1929 times)

please let me know, Genesis-mining is still legit.

yeah i understand.
it's not even worth buying a mining contract if you want to make static income in the source of btc :/ which is quite sad.

There are as many negative reviews and warnings as the positive ones. The problem with this is that positive ones can be paid articles or made by people involved in the operation, while negative ones are usually written by burned users who lost money. Which one would you trust more? A warning by a former client or an interview with GM owners who claim everything is great and bloggers saying they aren't a scam because they aren't taking your money and giving nothing in return.

https://www.reddit.com/r/Bitcoin/comments/5tz011/guys_please_read_this_before_investing_your_money/
https://99bitcoins.com/genesis-cloud-mining-review-scam-legit-investment/

At the moment I have 1.19 TH/s with Genesis mining which would cost a new customer around $170 (0.139BTC at today’s exchange rate). This mining capacity generates around 0.00035BTC a day after maintenances are is removed. So at the current BTC price it will take me around 400 days to break even.

They were for 3 long years but now are failing to pay the users.

I have read this question a lot of times in the forum with different approaches of asking it. So I started teaching over the internet and found that there are almost 7-8 top reviewing websites who state that mining with genesis is completely legit and they have very transparent ratings. The thorough study about the genesis site looks very perfect and it is one more proof for us to believe in the genesis. I know cloud mining could be tough decision but we can't just ignore the reviews by these sites.


https://99bitcoins.com/genesis-cloud-mining-review-scam-legit-investment/

https://www.buybitcoinworldwide.com/mining/genesis-mining-review/

http://bitcoincloudmining.org/en/genesis-mining/

https://www.trustpilot.com/review/genesis-mining.com


and many more are there.

Note: Im not involved with any of the service links provided above and neither they ref links. They are just review about the genesis mining.

I dont believe any cloud mining are legit.all are ponzi scheme.first few days block find quick and profitable and you may think why I don't put more money and earn more but after few days increasing difficulty and  lose your hash power.done little research about cloud mining,invested few sites all are doing same first few days they give you profit and you eager to make more profit and buy more hash power after few days you will see fees are more than outcomes and mining site will deduct your hash power.at the end you will have 0 hash power

I'm talking about the feeling of those people and aspiring investors that thinks there is a good fortune in cloud mining.

Look on how many are popping out the service discussion thread about these cloud mining and that's why many of them are asking about it.

I know that owner will be having it's fortune all the way.

What does tried mean? Did you buy a contract? If you did please tell us why? There's so many warnings in here and no actual proof of people profiting from GM and you still went there and tried them out? Please tell me you're smarter than this.

I've tried the site but not sure how it is possible. I've got confused.

Btc mining surely a scam and works for some people but other than that their yearly contracts are good you get roi in a year for eth and next year is pure profit. I have found a better solution for this i checked hashflare for eth they give 140-150% return per year, if you don't wanna wait for a year just to get roi go with hashflare they give returns in 8 months max and remaining months is profits. Both sites are still not safe but all I'm trying to hashflare contracts are less risky than genesis mining.

No one can guarantee you profits, but as for legitimacy, Genesis Mining is a legitimate company. Good luck!

best summary I read so far.

do not invest in GM, it's much better to just buy bitcoin

I signed up today for a wee contract today and will see how it turns out. Seems to be legit from my perspective.

They will eventually do an exit scam, like they all do.

396/5000
Until now genesis-mining always pays, but I think that it is not very profitable. Because you will only get a little profit. Even if only for ROI you need a very long time. I suggest to make another investment, you should try to buy hardware mining for a much safer and profitable investment.

Well, to be honest if this mining website goes down then my mindset for cloud mining schemes will increase which i am sure is going to happen sooner after reading all the posts made till now.
This forum is also doing a great job for it's members by providing a mean to share thoughts.

Fortune? You're too funny.
The only ones that made a fortune on Genesis mining are the owners. Marco is driving his Ferrari right about now at your expense suckers and it's a very fuel hungry machine. Quickly wire some more money so he doesn't run dry.

Yes there are such people who are investing with this cloud mining. They may be 2 comments here in this thread but we may not know on how many are them in total.

It's about the early investors and the next investors will be expecting that the same fortune will to their investment.

They are pretty good at it. You can trust the genesis mining because they have shown the promise of paying its users time to time. At least it is better than all other scammers. One up for genesis.

I think those people who are making good earnings in genesis mining those who are promoting their own referral link and get more commission for those who are investing using their referral links its an affiliate ways just to market and promote their link to attract other people to use the link and invest so the man who promoting the link also can gain a good amount and free hashrate.. this is the same as other do. 
That is why they are happy to use cloud mining site until now even its really not profitable for those investing a real money than investing your own time for promoting your link without spending any money.. 
There is no free in the internet and you should work hard before you can earn a good amount if you are just investing the same as genesis mining or any cloud mining or investment site expect that you will be lose and scam in the end..

Are there really such people? I'm only reading 2 types of comments about them.
Negative stuff from people who invested and were getting paid with their own money and newly made accounts praising them and saying they're a good investment.

It's legit for those people who are earning good before and until now that has contracts with them.

But when it comes to breaking even from your capital, since I didn't invested there as I'm basing on others experience.

They are having hard time to get their capital > profit back.

I invested here for test. Don't say profitable or not.. need wait 6 month.
Payout with delay now..
I read and watch video this is legit.
If you want i can give you 3% discount, please PM me

if you planning to go earning btc through faucets you.need to be aware of the site you are entering. Specially if you have balance in your account. You need to be aware that nowadays scamming is spreading in internet.

is this really legit? how soon can we break even from our capital?

They became more suspicious nowadays since they had been secretive for that matter and I can't even imagine on how they can provide those payouts to their investors while their mining business is becoming more heavier for these years. And maybe its better that we should avoid them since maybe one of these days the glory month of genisis-minings will be gone and they will perform the exit scam show .

Actually it's really suspicious as they are not providing the address of mining blocks.
Then i think it's better to not use that website sooner or later they will scam for sure.

After a long research I reached in the conclusion that genesis mining is the only profitable legitimate cloud mining.
And I invested some buying a mining contract on 6th of August.
No payouts were made till 10.
After making a support ticket I got one payout for 6th august but after that there are no notification of payouts till now.

until now genesis-mining is the best cloud mining
and still always paid

i have saw that they are not gonna publish what kind of pool they are using, and as well IIRC they have not been signing any blocks from the beginning of that site, suspicious. i have saw it in Hong Kong, but i don't sure if it has referrals.

Obviously legit? Well, there is only one single way to prove legitimacy, and that's providing people what they for so long have been asking for ~ the Bitcoin mining addresses their block rewards flow into.

Since GM's very first day, people have been asking for these addresses, but GM for obvious reasons never responded to any of these requests ~ it's pathetic that people believe they are legit.

There is really no reason for GM to try to hide these addresses from the public, since everything is open for anyone to look through anyway. That's Bitcoin's transparent nature ~ there is nothing that one can hide.

The thing about mining is that it is not the most trust worthy way to invest your money. The amount of companies that are considered legit to mine your bitcoins is very low, most of them are fraud. Genesis mining is one of the old companies and is obviously legit. But legit doesn’t rhyme with profitable. With the rising price of bitcoins it’s very hard to understand what profit means in mining, and how to get it. People mostly use these king of marketing techniques to steal you bitcoins.

The payouts are actually listed below the article. Both in text form (so you can do your own calculations) and in screenshot.
You could run the numbers yourself so you can see the return on investment.

Cloud mining = virtual mining
Virtual mining power those cloud mining sites sell might not be equal to real mining power those sites actually own.

Genesis mining is registered entity but this doesn't mean you will make profit before they close their site.

It's like gambling.
They sent me a mail that they can cancel the contract if the price of currency increases also depends on the difficulty rate.
The time I heard they can cancel it I thought it's useless

Anybody can write a article about it accordingly. Please share the payout screenshot of yours that will give a clear view about the payment and it is legit. I have created a mining account in genesis but It asks me to buy a hashpower to start mining. If this legit than any cloud mining. I will definitely invest on it.

In case you are interested I have published my payouts over the last month, and did some calculations on it.
You can find the article on my blog: Payout on Genesis mining.

I have already got my investment back and are expecting a nice profit towards the future.
If you have any questions let me know, but I think the number speaks for themselves.

---

edit: this article is about BTC. I'll try to run the numbers as well with other coins like ETH.

It is extremely like in my opinion that you have heard about Genesis Mining on youtube, from a bitcoin based youtuber(I know for a fact that Trevon James does some shows on Genesis Mining every now and then).

You'll very rarely see someone even break even with Genesis mining. The only reason why these people on youtube is promoting it is because they're getting affiliate earnings from GM every time someone buys a plan with them.

GM is probably legit, unlike ponzi cloud mining sites, but that doesn't mean that it's going to be profitable. Their maintenance fees are probably going to end your contract which is supposed to be "lifetime" within 4 years due to block halvings.

Don't invest!

Genesis mining is legit but in the end you are never going to break even. If you want to use it as a way to lock away funds so that you don't spend all of it at once then sure, but only expect maximum 70% ROI back, if not even less.

They advertise their site as a profitable business opportunity when everyone knows that difficulty is shooting up so much on a weekly basis. My contract earnings were outpaced by the fees they charged a few months ago, which means that now i receive nothing. You're also betting on bitcoin being up, if bitcoin crashes, then your contract is highly likely going to be cancelled by them as well.

Looks like some body spent some time to do a research and write a review here, lol not at all suspicious.
Being legit is entirely different than being profitable.

Profitability of this site is very hard to give an answer on. It's a fact that your risk is greater than your reward, but how big is that risk?
Let me give you some of my thoughts about it...

Profitability
Till now, Genesis Mining has been profitable for a lot of people... IN FIAT! That's an important detail people often forget..
In Genesis Mining, you pay basically with the currency you want to mine. So if the price of the currency you're mining rises, you will most likely make money. If the price of the currency you're mining drops, you will lose money. The thing is though, that if Genesis Mining would pay you back less than you invested, it would mean that you could still make money if the worth of the cryptocurrency increases. And that is exactly what happens at Genesis Mining!

Let me give you an example. This example contains a situation that has probably never happened in reality, but similar things have happened.

Person A is a smart, but definitely not a nice person.
Person B is a... Well, let's say he is simply not a too intelligent specimen..

Person A looks at GM. He understands that it's probably too good to be true, but notices its referal program. He decides to advertise GM, to make money for himself. He makes up a sweet story about "invest $5, get $500" and S
Person B sees Person A's awesome story and decides to click his referal link.
Person B looks at the site and thinks he can make tons of profit on it, so he buys a plan.
The Plan costs 10 Dashes. At the current Dash price, this costs $5/Dash, so $50 for The Plan.
The Plan then makes Person B $100 before the end of The Plan.
Person B is so happy... But he then realises that the price of Dash became $20/Dash, so he actually got only 5 Dashes back..
Person A is ofcourse happy, as he made money with The Plan Person B bought.

As you see, Person B now made money, as he turnt his $50 into $100... But if he just bought 10 Dashes and held tem, he would've had $200 by now! GM has earnt $100 through this, by just having him get the contract and paying him his own money back.

Now there are 3 possible outcomes leading to more advertisement of GM, making GM look more trustworthy, whilst it's actually a scam.
1. Person B realises he lost money, which means he wants to earn it back and take revenge... So he decides to make up a story and get referals to GM... Revenge + making money... eZ!
2. Person B doesn't realise he lost money, so he decides to give Genesis Mining positive feedback and recommend it to others...
3. Person A earns money, so he decides to advertise his referal link more, getting more people to be scammed by GM..

All these outcomes lead to GM seem more trustworthy, whilst it could just aswell be a scam.

Now I've seen a lot of stories of people who tried to prove that GM was legit and then realised it was actually a scam..
Others claim that it's legit, but I've not seen any proof of that... Till I see any proof of it, I consider it as a scam.

So maybe it's legit... But it's a fact that A LOT of people have lost money to it and I wouldn't recommend buying a plan from GM.
Even if it isn't meant to be a scam, in any case I've seen it would have been better to have bought the coin straight and just hold it.
 
And it doesn't even offer that much profit for the amount of risk it offers.
If you want more reward and, if you're skilled at it, less risk... Just invest in altcoins!

Regards,
Trump

I saw my father once using this website can't say thing about it though

I have heard that "genesis-mining" is profitable and I think it's worth investing in their plan but I want to be sure if they won't scam.

I would be happy to hear your thoughts on this website.