Topic: Genesis-Mining Review - page 17. (Read 126928 times)

Hi folks.

I registered because of your post, the last answers and really I read it 10x times - I didn´t get it.
Hope my english is not to worse. 

Lifetime is lifetime, but ..
1. There are maintaince fee´s. OK, got it.
2. If you didnt get enough BTC because of reward down from 25 to 12,5 or new machines are on the market mining more efficient then your fees can get higher then your income. Got it.

If I buy 100MH/s (for ex.) today with a fee of 1mBTC (just example prices!)
And another 100MH/s in 90 days with a fee of 0.5mBTC (because network has a new 10TH/s miner for just USD 300,-  )

... what will happen with my upgrade.
Is it 200MH/s with 0.5mB fee or is it a mix and 0.75mB fee.
OR MORE BAD is it 200MH/s but with the old fee of 1mB (in this case it would be smart to do a new account before every upgrade after a time or after fee is set higher)

And, well ... fee up - fee down ... where can I see the today fee`s? The yesterday fee`s? 
I got the tomorrow fee`s for you if you donate me 1BTC  (1000% cashout --- cannot read this shi...ning words anylonger) --- back to topic.

Will the fee´s always stay the same for 1 MH/s?
I would answers YES because some years ago you were the king with 50MH/s - then with 1 GH/s ----- 4.73 TH/s with Ant-S7 now is standard (shocking) -----
And I could bet - the No. 1 can always get the No. 2 or 3 again, if someone else is really smart (so not me, but somebody) 

So please give me a short hint WHERE I can see the fee before buying.
And what is happening while updating / upgrading your GH/s contract with your fee´s. (Old, Mix or new)

Example is for GM for the Lifetime only. (not for X11 or ETH - anyways gpu-mining and they have no lifetime)

Thank you in advanced if you have any ideas.

This is probably half the problem, Direct quote from   http://cryptomining-blog.com/6504-genesis-mining-what-is-more-profitable-to-mine-btc-dash-or-eth/

"Unfortunately the earlier adopters might not be way too happy if they have purchased hashrate with higher maintenance fee as with the recent rapid increase in the total Bitcoin network hashrate and the high exchange rate per BTC the profit might not be that great. Currently the service sells Bitcoin cloud mining hashrate with $0.00069 USD per GHS per day as a maintenance fee, but some months ago it was $0.0012 USD per GHS and prior to that $0.0015 USD and even before that $0.002 USD. It is important to note that the maintenance fee is set at the time you purchase hashrate based on the currently set feed (depending on the generation of mining hardware being used). This means that if you have purchased 1 THS Bitcoin cloud mining hashrate 1 year ago, then now it would be earning you less than if you purchase 1 THS hashrate at the moment. Of course you would have mined for 1 year with that 1 THS, but then again you would have been mining for 1 year already with that previously purchased hashrate at a much lower difficulty."

So as that states, depending on when you bought your bulk hashrate, it is going to have an effect on maintenance fees etc.  Kind of like how HashNest is, the only difference here of course is that you cannot Sell your hashrate for something else that will continue to work.  Also anyone who is going to get involved with Cloud Mining, you Really need to read the TOS, let alone I noticed it when I first bought hashrate there it states quite plainly that if maintenance fees ever become more than what your hashrate is worth it will be turned off.

Still, I do agree, it does state lifetime mining and it should be lifetime regardless.  

As for investing in your own hardware.  If you have the ability to do so I would do it.  There are a lot of people though who would not have that option, either due to noise issues, not having enough power to deal with the hardware, let alone you have to calculate electricity vs. what you are making per month, maintenance, heat, etc.

Are you sure???
gm is 100% scam because it is clear from the very beginning that you will never get ROI !!!
End of January I receive the following message:
-------------------
I am sorry to tell you that the maintenance fee overpassed the payouts due to the last difficultyincrease on 13th. Jan.
I calculated your mining results on coinwarz.com:
http://www.coinwarz.com/cryptocurrency/?sha256hr=22&sha256p=0.00&sha256pc=0.0000&sha256c=true
result was this:

BTC / USD rate: 380 Hashpower (GHs): 22
Maintenancefee USD: 0,044 0,002 per GHs
Maintenancefee BTC: 0,00011579
Coinwarz.com result BTC: 0,00009218
Maintenancefee BTC: 0,00011579
Result minus fee BTC: -0,00002361

so you had an negative payout since then, because the maintenance fee was higher than the mining result.
As it is stated in the terms of contract, your contract will be terminated in case there are more than consecutive 20 days no payouts.
--------------------
The Big Question is: what includes this "Maintenance fee" and how and who calculate this???!!!
It is definitely not a fair play from gm side!!!
I finish with my investments in "cloud mining" - better to invest into mining hardware myself!!!

Thank you for explaining ..yes slow and steady wins the race

For everyone who thinks Genesis has stopped paying.  Go to your history, you probably do not have enough hashrate to get the daily payout minimum.  You are still getting paid, you just aren't noticing it because like I said you do not have enough hashrate for a daily payout.  As for everything else, I tend to not like 1 year contracts because they can fluctuate too wildly.  The whole point of a "Lifetime" Contract is more for those who are in it for the long haul.  If you want quick and dirty find someplace else, granted you are not going to find much that will do that unless your willing to take risks in something like HashOcean or some such thing.

So let's say you invest a couple hundred into Genesis and get daily payouts of .0001 or something and all the sudden one BTC is worth $1500, your ROI radically decreased all the sudden.  That's what people who invest in something like this typically are looking at.

Maybe there are small prints besides the major larger prints? I do not usually read the small prints myself.

What I am especially pissed is their marketing efforts are based on the fact they try to convince you how their contracts re profitable and how you can actually make money. That s false advertising and I cannot understand how is it possible people have not sued them until now.

that is right. I can build the miners much cheaper and mine profitably. I will earn more than rent from Genesis.

The only one who can make money from these contracts is Genesis Mining. No point investing, you lose money 100%.

It is worth something at the moment. But if the difficulty keeps on rising like in the past, it will be worthless.

gtfo .  even the eth mining contracts are worthless. the cost per MH is to high

When compared to most of the other cloud mining services that have come and gone, Genesis Mining has remained.

While I don't fully understand their system, I believe their lifetime contracts are still paying out, it's just that the difficulty
of mining is ever increasing... which results in lower take-ins.

For the small-time user:
If you only have a couple hundred dollars, or even less that you are looking to invest... Then such a service can be helpful.
For anyone who is paying for their electricity to mine (which for most small users this would apply), you may be spending the entire
amount you take in, not counting the base investment price.

Options
For under $100 you could get their most basic contract in each category, those being: SHA256 Mining, X11 Mining, and the somewhat
recently added Ethash mining. Not to mention the ability to change your mining allocation within each individual section.

Takeaway
While it may not be for everyone, if you are looking for a semi low risk, low investment cost place to invest, then look no further as
Genesis Mining has been reliably proving itself to not only boost the economy of the btc market, but also make continuous payments to
users where many companies like it have failed.

whhaaaa?  Genesis mining are profit sellers they have a bisness to pay for .
if ANYTHING them mining only drives price down as it not only adds to nethash rate making everyone bring in less, but also most of their coins go str8 to market for cash for overhead, the ones they dont pay to users, (who also prob sell just to get SOMETHING from these guys)
so w.e man shill some more but your logic is flawed , grow a spine, think for yourself damn

Without Genesis Mining Ethereum would not be near $15 dollars. Do not forget the massive hash power GM provide to Ethereum.

ya i agree, noone could be so happy about losing 10k+ except zeta and ian unless their part of the scam imo
and ya the eth price saved their ass, if it would have stayed around 0.01 genesis would have fucked you like they did everyone else, but thank ETH for that, def not genesis, open your eyes wow

And if, for the same amount, you had bought ETH directly how much would you be in profit ? The right answer is : A LOT more.
Let's be honest : Genesis Mining didn't do a good job for you, the ETH bubble did.


They aren't just promoting bitcoin. They are promoting their website and their "life-time" contracts. The only problem is you mathematicaly can't ROI with it. So I guess they are not doing such a good promotion job if the only aim is to scam new users and convince them to buy unprofitable contracts.

+ As I said in my own scam accusation thread : You are advertising so much for them on the forum I'm quite sure you are part of their team or paid by them to do so.

Atleast for now they sell a very decent contract. Do you even remember the first time they launch their service, everything was great until there are tons of reasons of them to upgrade their fees and hows the mining revenue keep on decreasing or even how they stop paying their contract? moral is that everything is great until proven otherwise or atleast until they show you their true colour

How much did you pay for the Ethereum mining contract? The $1799/100 MH/s or the $4400/100MH/s contract?

Can we stop Bashing Genesis Mining, they are doing a great job and promoting Bitcoins in a way we not seen before!
My Ethereum investment did very well. I trusted Genesis Mining in Dash (x11) and Ethereum mining. Now Ether is over 10 dollars we all can see that GM sells good contracts as well.



Source : http://www.bitcoinupdate.nl/home/ethereum-breekt-door-de-tien-dollar

so genesis just sent out emails
they have started a crowdfund to try save their business by fundraising a company
"to invest in long term mining contracts"
guess where and who is the founder? you guessed it our most recent fav scumball, Marco streung, at genesis mining
what a joke! lol
good to know their getting broke tho, looking for new scam "legit" business models to scheme up