Topic: Genesis-Mining Review - page 38. (Read 126905 times)

One that has mathematically been proven to lose money for the customer? Literally just a few posts above.

I already doubled my investment with my initial hashlet purchases by selling those off and then rebuying

Also true in a way. I prefer to stick with a company that can actually show that theyre hashing though.

Sure it is. You pay less or more depending on the pool you point your hash let at. They pay you for that pools payout but they use the machines to mine what they think is the most profitable and then payout everyone. Some people use less profitable pools (pay less for them) but if GAW mines the profitable pool and then pays you your due then they get to keep the remaining cut.

That's what they openly say

right but then its not truly cloud hashing then imo

They ARENT hashing on those pools, they said multiple times. They just pay out what those pools do and hash what they want.

Nope, your being paid based on pool profitability, which doesn't mean you have to be mining there at the given time.
GAW is not only mining but also renting out their equipment, and you, by buying hashlets, are in a way buying shares of the company. The pool payouts are just used to calculate your income.

I am mining with them.  At the starting it was great but now bit down.

because it shows they're mining on pools and the operators of those pools themselves have said that theyre's no sign of it hashing on their pool.

Why would they need to prove anything? They are offering services, not defending themselves in court.

The lack of proof that it's hashing on the pools that they say it is worries me when it comes to the hashlet.

Ahmed

Looks like a great company, sounds like a great one, looks great, Guess who's buying some?

Great review btw!

Hey Blue,

Talked to Marco again.

Got Great News for you.

Here is a promo code for genesis contracts

BTCTALK

It is a 5% off code. I just checked that it works and it does.

Not sure if that helps but In all honesty i think changing your account specifically would definitely cause problems. Although, i do know that there are some really nice things coming out soon.

Maybe a Hashlet Genesis from GAW?
10 GH/s costs $9.95

I'd reckon that genesis mining would ROI better than other alternatives such as CEX.io but im not sure. Anyone have any comparisons?

Hi Finalhash,

Thanks and it's nice to know that things are read and discussed at any level.

If you are able to do anything at all with regards to this then my user login is [email protected].
I'm not expecting to get rich from the contract lol,but a slight chance of getting close to ROI would be great....maybe a bonus 1Mhs at the least would help?

Anyway, thanks for reading and considering my point of view.

Stephen

Hey Blue,

Great feedback.

I took some of your concerns to Marco Streng yesterday night and this morning.

When i said run those numbers only using bitcoin, just wanted to see them. I was not assuming you would be better or worse off, i just think it is important to do it that way so you can truly see what the deficit is.

Also, you have to take into account electricity usage when mining at home.

None, the less. You are right. I think it is important to really dig down into the ROI issue.

I talked with him and he said that somebody pointed out that their other 2 years contracts had a bug in the pricing. He said his team fixed it and compensated folks who got jived by that bug by upgrading their accounts.

Also, I told him he needs to realign pricing, and this will be happening soon according to Marco.

Also on the topic of this.


I am not sure about if he would do this or not, but IMHO i think it would be fair if and only if hardware during that time period also saw a similar drop off in price. You know?

So just talked to Marco about this. He said they will be launching lifetime contracts immediately because of this. He feels like it will help this situation along with something he keeps calling project X.

No problem CSI_Tech_Dept, thats why I posted the info. Just wanted to make people aware of the return on investment that they are likely to achieve, primarily in dollars but also in Btc.
As I said, I think that they have a very nice website/platform, but unfortunately it seems that they are selling customers short when it comes to overpricing of contracts and also understating earnings shared per Mhs.


To be honest, the response from Finalhash wasn't unexpected.
It's a shame that instead of just saying that perhaps they overcharged for the subscription at the time, say 'now run the calculations if you bought your own hardware'.

Ok, well, yesterday I earn't 0.000759 Btc from Genesis-Mining, or $0.3795.

If I bought my own equipment I would have earnt 0.002295 Btc ($1.1475) at yesterdays average script exchange rate! or in Dollar terms an extra $0.75 per day!

And, the biggest bonus would have been that I could now have the choice of selling my mining equipment if I wanted too and get some of my investment back.
Whereas I am left to 'earn' 0.000759 Btc/$0.40 per day with no exit strategy.

To be honest, i'm not sure what your point was really. Earnings would have been higher if pool mining from home, and I would have the option of selling my equipment to recoup some capital. As it stands with no exit strategy I am guaranteed to make a significant loss in Btc, with the only chance of making a ROI being if the Btc price stays above $789 for a sustained period of time.

Perhaps they should have offered members a goodwill upgrade to help compensate for the (almost) halving of the subscription cost in the past 3 months....that would have been an appreciated gesture which would have had minimal cost to Genesis-mining (as equipment is significantly more power efficient and cheaper per Mhs than in June).


Anyway, I didn't come on here to argue. As stated, I came on here to give an insight into the potential for ROI.

Stephen

I was thinking about starting with them. Now I think it would be better to wait and let's see what is going to happen with BTC. Thanks a lot for your helpful information.

I don't really trust the cloud mining companies because of the high scam/ponzi rate, the low or no ROI, and the general approach of selling mining as a service. Unless the person has control over the miner and pool, it's not mining (in my opinion), your are investing in their infrastructure for a return. A lot of people who learn about bitcoin and then the fact you get get some as a reward for contributing to the network, is a strong attraction. An uninformed investor and his money are soon parted. With Bitcoin, the learning curve is a bit steep and mining just a little steeper, so newbies to cryptocurrency are ripe for the plucking and some companies take advantage of that through slick marketing and a failure to disclose real returns or lack thereof.  How many cloud mining companies put a ROI calculator next to the buy button?  Right now, there's nothing to force anyone to present a prospectus to a potential investment in cloud mining, so the ethics and responsibility to do so falls on the owner. 


Thanks, I've been mining for a few years in all different cryptos and have been lucky to get involved with a great community here. I've been in IT for 20 years and worked for NASA at one point, so I tend to leverage my background and experience where I can. My investments in crypto have been profitable and I like to pass that along to others here when and where I can. I've only fallen victim to one scam for 2BTC about a year ago and it was because I didn't do enough due diligence, after that I managed to escape all the others so far including Mt. Gox. So, I try to use any experience I have to educate people on either mining or bitcoin in general.

Overall, good luck with your business venture.