Topic: Genesis-Mining Review - page 14. (Read 126905 times)

Genesis Mining does have the q
Genesis Mining does have the equipment, there is no doubt about that.
And yes they don't offer you a good price for your money, which is why most of the people are complaining about them.
The few fanboys earn on referrals, easy as that.

This makes them a disputable company at the most.

But what people forget is that they did a nasty trick a year ago by stopping scrypt mining while it was still profitable.
This way they stole a small fortune from investors. While using their GPU rigs on other algo's

This makes them a scam company.

There s some other point in crypto cloud mining besides getting money?

lol don't bother. paid shill, guaranteed.

Uh, what?

where did you get access to this files ? FTP ?

could you explain those images please? and how can you proof they're not fake?

real income ... yes
ROI ... not yet proofed
How many you payed for all contracts?

Atm BTC got a first push yesterday (effect that miners can endure longer, nothing to do with good business)
ETH was pushed and got a slightly reduction the last 24 hours again. We will see. No proof for ROI - lets talk at the end of contract in 10 month.

Scrypt, Scryptn and X11 - I am out - nothing to do with that
Never did math about them. Never mined them and got no feeling for those.

At the end if there will be no new Antminer out (battle for first place is over, for now) - BTC will maybe get more stable (@mining reasons; nothing to do with halfing, diff or other network-events). At this point you will MAYBE get ROI with GM.
This is Bitcointalk - so lets talk about Bitcoin @GM.

Find out the price @Genesis-Mining one year ago.
Find out what the BTC-price was and is.
Find out what was the running and fix cost per TH/s was. (wattage and hardware invest.)
Calculate how many bitcoins you would have earned in 12 month now.
You will see the starting is looking nice, but then every month the earnings per day are lower and lower and lower.
If you are lucky you will maybe get 3-5% and your money back.
That means EUR 3,- to 5,- for EUR 100,-
If you are unlucky you even dont get back your EUR 100,-

Its not a ponzi. Its a hosting!
Even before there was bitcoin you could rent GPU-Farms and even now you can rent big GPU-Racks, but not for mining (those gpu´s are maybe even BAD for mining), but search RENDERING FARM for more information (else getting off topic).
And I think Genesis Mining is VERY VERY FAIR EVEN IF YOU DONT GET MONEY!

1) They never promised you to get rocking ROI.
2) They are offering and renting hosting power, they get payed for it (power, people, space, line ... and some small winnings!)
--> THEY ARE NOT GETTING THE BIG MONEY. IF YOU ARE REALLY CALCULATING IT, ITS FAIR
3) They have no big risk, because the risk has the investing customer.
4) They never ever will have big winnings - if bitcoin is exploding (or whatever can affect this) and you will get rocking winnings, then all people will say: WOW. They are so perfect  

At the end: Its a fair business. They never sell you winnings. They sell you chip-/gpu-power and ofc they are first covering the own costs.
They will have small loosings or small winnings and ofc they will regulate it in this case to have no loosings.

NO SERVERHOSTER AND NO INTERNET COMPANY WOULD CONTINUE THE BUSINESS IF YOU DO LOOSINGS EVERY MONTH. YAHOOOOOOO. (I should search it on ask.com)  

See the video: https://www.youtube.com/watch?v=doRAF2c-Rrk
real roi, real income 

It is kinda sad that 'GM' is considered legit >.< I mean, they probably have the datacenter with miners, legit company, real employees and all the things that PONZIs don't have. Sad thing is, lot of people usually ROI with PONZIs, but no people ROI on GM. So in my eyes, GM is even bigger scam than some of the ponzis

Me too I am still waiting for a single person who have ROI-ed with them and I need very strong evidences in order to believe such claim. Unfortunately I am sure that no one will come here with such evidences as with them ROI is impossible , they will shut down your miner after 2-3 months because they will say its not profitable anymore and if you had it at home you would have shut it down. This is the biggest scam of mining history and people still join them, I cannot understand this.

The Ethereum mining contract was $1700/100 MH/s before the Ethereum price hype, that was not profitable for the investors at the time.

Yes and No. At the end the chip manufacturer are those and THEY ONLY who can do effects on the market - not the buyer of it.

Yes, it looks like but if you do a professional cost estimation - even with the today situation - you will see that they had the best aim.
But of course and that is the question to Genesis and to ALL other cloud/hosting/mining/farm etc.

WHY OFFER HOSTING ON SOMETHING YOU CAN GET RICH WITHOUT FOREIGN PEOPLE?
Because they are smart. You can get rich, but there is a risk. If you just sell the chance you will get a fix ROI and the other people will make profit, loosings or nothing of all.

S7 was about USD 2000,-
Its now down to USD 450,- + PS USD 140,- => USD 590,-
And why they didnt sold the first batches for this price - they wasnt more expensive - because the market was able to handle this price. But it is always a AT THE MOMENT calculation and this is wrong - even it went wrong for Genesis.

Lets do some simple math without TAX - BUILDING RENT - etc.
S7: USD 600,-
S7 kw cost per day: USD 1.944 (@ 6 us cent) -- so you will maybe have more costs on it or first get this price.
Earning per day: USD 6,- minus 1.944 => USD 3,09 (3,08619...)

USD 600 / 3,09 => MORE THEN 194 days and you just got back the hardware.
No talking about racks, cooling, cable, employe (or your own work) etc.

200 days with ... halfening ... changed difficulty every day/week ... and a lot of new chips and asics.
You wont get the hit after 200 days - 300 days?
Your daily earnings will get down to 1,50 --- 1,00 --- 0,50 ---- and you have to shutdown!

And at the end - what is left? An ASIC nobody can use. Its not a GPU or CPU you could sell for a little bit.
Its even not raw material, because you cannot use it for different things. Garbage left, only.

Until you are able to mine Etherum and there will be no ASIC - GPU only - there is an option on this currency to do some long time invests again.
For now you have to do short or REALLY long.
Bitcoin will hit the 1000 USD - even the 5000 USD - lets talk about if we all are old with grandchilds around us
If you mine today and need the bitcoin to sell your bills - forget it!

On the other hand - you just can buy some bitcoins in this case to have a retirement provision.


The point is that the chip manufacturer exactly know what they can take as price.
Even if those chips are worth 100 USD - why they should sell it for 200 USD if we all pay 1000 USD or more

And again - the chip manufacturer is gaining bonus for it.
We buy it and we get maybe no ROI.
But the chip manufacturer can produce in larger amounts - cheaper

Shouting a lot about other services does not help.
Its not about the services - you have to reflect the winner on SHA256(d) and on Scrypt(n), too. Asic and out!

Well, as you can see, they never ever mention even ROI possibility cause they know people might sue for false advertising. Basically, all they do is sell junk to noobs. Unfortuantelly, they have grown so big from noob money, they dont even need cloud mining service anymore.

That's true. Look at the dirty factory buildings @chinese farms
But --- ROI is the winner. And therefore hardware and facility will look not very nice :/
A pitty 

yes! but my fear is they will follow spoondolies and have quality over quantity, which may push them out ;\
can anyone stand up to the ARMY of ANTS BMT can make? batch after batch.... time will tell i suppose
avalon makes great machines, but this is one industry where quantity beats quality in terms of these superfarms so idk ;\

Avalon?

except the SP50 is vaporwear, never produced, and spoondolies is out of business now.....
bitmain all that's left sadly.

There is always a winner and genesis worked well at the beginning.
And they should have some advantages to S7 with their SP50.

A SP50 with 110TH/s is about 30.000 to 35.000 USD. (tell me if you can get them cheaper)
With 24x Antminer (S7) im over 110TH/s, but I pay USD 16.800m only. (@ USD 700,- for S7 + powersupply)

But at the end the power will be doubled with Antminer!
24x 1350 wattage => S7 (32400 watt per hour)
10x 1450 wattage => SP50 (14500 watt per hour)

Saved: 17,9 kw per hour for every 110TH/s
Saved 156804 kw per year for every 110TH/s

156804 x 5,5cent @Genesis => 862422 cent or USD 8624,22 saved per year per 110TH/s
The advantage is nice, but it will need almost 2 years to reinvest the additional cost for SP50 with power savings only.
During this time many things can happen and maybe that is the point why Bitmain is winning the race.

Small, cheap, fast - like the bitcoin network

AGREED. i also have never found a person who has ROI'd there ;\   it amazes me the blatant BS they can spit and not be shut down by the SEC.
"world's largest hashpower provider"   BS. they don't even have their own pool, and WONT SAY EXACTLY HOW MUCH HASH THEY EVEN HAVE
"most transparent"   really?  like REALLY?   -no public BTC address, no pool addresses, no verified hashpower , best friends with gaw-fucker.
"100,000 users." doubt it, but let's say sure, but how many are active? self-referred noobs?  ripped off angry customers?

genesis is a joke, all i can do is pray they run out of scam money soon to continue

It all comes down to ROI. I ve been asking this question on each and every GM thread: SHOW ME ONE SINGLE PERSON who has reached ROI and show me verifiable data about that ROI. I was not able to find a single one. Still searching and they still manage to sell their useless service to poor unsuspecting noobs.