Topic: Genesis-Mining Review - page 8. (Read 126905 times)

That`s why Genesis Mining has Daily payouts 

Even if this is an old review I still feel that mining on Genesis is going to be completely unprofitable for people, mostly based on the lack of power when it comes to mining on a pool where you feel you could gain more profit with your current package.

But I guess that's the type of problem I have with all cloud-mining sites, I don't really trust them and I feel even the most reputable cloud-mining companies will just get "hacked" and run with all the money.

It is not a question of short or long term. It's just you CAN'T make money with Genesis Mining. They will suspend your contract before you can make any return on your investment.

(I'm not talking about others cloudmining companies - but most of them are the same)


Prove it ; because it's impossible to get ROI with them. Prove how much you paid and how much they did pay you back.

Well it is not about the short term with cloud mining, if anything it is about the long term.
Still being very debatable whether it will actually make profit..

Yeah comparing some numbers to each other would be nice. Although it seems our numbers are quite in line with each other.

My friend hold his BTC and they are up like more than 50% and I've lost a lot.

Here is my total spent from the web site: 
My Completed orders
Order created              Start date    End date         Hashpower    Type                             Price    Order status       
2016-07-16 11:26:55    2016-07-16    ∞                 2.5 TH/s       sha256                     BTC 0.62    Approved    
2016-07-16 11:26:55    2016-07-16    2017-07-16     5 MH/s        dagger-hashimoto       BTC 0.27    Approved    
2016-07-21 13:24:03    2016-07-21    ∞                 5 TH/s          sha256                     BTC 1.24    Approved    
2016-08-12 18:02:53    2016-08-12    ∞                 40 TH/s        sha256                     BTC 10.61    Approved    

This should be copied to every page of this thread, as it perfectly shows how the scheme works. If more people like you put big money into it the owners are now spending their weekends sunbathing and sipping margaritas. When did you invest these 12.5BTC? Based on that we could calculate your profits from the recent price pump. Buying these coins in Autumn and holding would result in 20% profit and sending it to those crooks cost you time and money.

I guess you could be right, still I have no way of verifying the numbers and comparing with other similar users.

I think you might get confused by the fact that btc was way up a month ago.
A 20% increase in bitcoin value can be a much bigger increase in payout.

This is because the costs/fee are a fixed costs.
If bitcoin rises by 20% this costs stays the seem, resulting in a larger payout.

You are referring to  the peak arouund 1200 dollar. Yes, it makes sense payout was higher at the time.

For the last 10 days I'm getting 0.01 BTC per day. It was 0.021 up until the beginning of this month. Then it continuously dropped and it has been stable for the last 10 days.
I don't think they are distributing in the same way for each user.

By my calculation you should be getting 0.0013 BTC per day for 6.2 TH.  

https://blockchain.info/address/1hiJahLpuiD5ooMg9CQPwrYjXdDhJ3NP4
Here is my account address, you can see the payouts.

i have got ROI with genesis mining and its need almost 9 month and now, i only mining doge and the coins is send in my wallet everyday, i only get small doge but its fine. all in all, for new people which want to play with cloud mining, be careful and be wise before you spend your mining in cloud mining because the times to get ROI is too long and i don't think that we can be patience for waiting too long.

I think the expression highlighted above best describe  what genesis mining is doing to her customers. I even have a theory that they are the only mining company to have successful perfect the mining ponzi scheme, thanks to new projects like Ethereum and Zcash that has comeout and help to extend the life of the Scheme

Cloud mining contracts are no longer profitable! You will lose investment, except if you have a bunch of active referrals who are constantly buying cloud contracts and your are profiting from them. I know that for newbies lifetime contract sounds very attrractive but, believe me, you will earn cents per day. Even your GPU could give you more hashrate than Genesis cloud contract.
Just check it on CryptoCompare:
https://www.cryptocompare.com/mining/#/contracts
Genesis payback period: Never!

Be wise, do not waste your money!

You spend quite a lot on that  
Shame it does not work.

Could you give me an overview of your payouts of the last 5 days and your total hashrate?
would like to compare this to my payout.

Compare the payouts relative to hashrate and see if they are actually paying out what is earned or just tricking the whole thing.

edit: Let me be the first:

Total hashrate: 6.2TH/s
Payouts:
0.002124
0.002135
0.002106

This would results roughly in a payout of 0,034258 BTC per 100 TH/s.
Which would mean you need to get around 47,5% of that.
That is 0,016272

Is that close to what your current daily payout is?

I think it is time that I write about my investment failure here as well. Everything was in front of my eyes and I couldn't see the negative outcome.

I have spent close to 12,5 BTC into the service and it cost around 6400 USD at the time. I have spent the majority of my BTC into the service around August 2016. Before that I have made smaller investments to see the service in action. It has been 5 months and I think it is safe to say I won't make it back.

Payments have started from 0,025 and now have fallen to 0,01 BTC per day. The amount I have gotten back in terms of BTC is 3.4 as of today. It is displayed in USD in Dashboard so it says if I have converted everything into USD I'd have made back 3.000 USD. From here onwards until the end of time I'm expecting to make another 1.000 USD so there is a net loss of at least 2.5K USD. In terms of BTC I have lost close to 8 BTC including the remaining payment I will get.

Is Genesis-Mining a scam?
- They don't reveal much of anything about their daily operations, you get payments out everyday.
- They are saying they will give out according to your share in the ever increasing Hash rate world which was aroun 1.5M TH when I invested and it is now around 3.4 M. Obviously you are gonna get less everyday.
- They state how much per GH they will charge for electricity.

So if everything is in front of you and they are saying they will do the job under these terms and you cannot see the future clearly is this a scam? That is an ethical dilemma I'll leave you to ponder about. I can think about that I have supported the BTC community but that's not how I see it.

My lessons learned:
- Don't make an investment decision late Friday night.
- Do not go all in.
- FFS read the fucking forum (I've found this forum AFTER the investment.)

I can provide screenshots and more info if needed.

Edit: If anyone wants to buy 47.5 TH I'm selling it for 3.000 USD, much cheaper then they are selling on their web site

This is a Huge problem indeed. I can Ensure you Genesis Mining has all miners to cover each single hash.

Here is a video of the Bitcoin Moscow Conference

https://youtu.be/Q9lfngN6D_c

Why dont you give up promoting your website? You have already been tagged as a person who cant be trusted in this forum. While Genesis Mining and others have not become a ponzi scam yet, all of the other cloudmining sites in the past have already been proven to be ponzis. Are they paying to to be a shill?

You will just get your capital, but i think it will not fully recover, at least it will get decrease caused by the fees has applied on the GM.

It's not a scam but it can't give you more like profit.

I understand that. Since the last halving, Bitcoin mining speed has been deducted a lot. Because of that fact, cloud mining is not profitable like it used to be in the past. However, even if cloudmining is profitable, I will never ever put my money into such kind of investment like this because it is hard to figure out which cloudminings are real and which are based on ponzi scheme

hey guys. im really using Gm a long time ago.

Im very glad with the Service but i think i will never ROI.
= THat means i will never get the btc back i invested.

Of course the service is still running, also for me, but they also took some time some Th/s cause of the Price and now the PRice was even over 1000 and the Power comes not back... So im really afraid of this cause lots of things are not seeable on GM.

regards

Hi,

We can all use the mining calculator, we all know 9 of the 10 time the difficulties gets up. GM is not a scam in any way, prices are clear, and yes sometimes they are higher, but see it this way, mining at home, when power cost near 20 euro cent KWH, and shipping in a miner is really expensive, GM could be the better option.

Supporting bitcoin has been done by huge Anti http://Western union campaign[/img] and funny [url=https://s-media-cache-ak0.pinimg.com/736x/4b/4b/17/4b4b17b1797b0d20a655d943dbfaa6b0.jpg]http://billboards

And Yes I know what you are gonna say, The old 2014 Litecoin contracts right?  I agree, they where still profitable in my opinion, I did not use the conversion option(one mhs for 10ghs?) and mined scrypt for months after that. I think the ending of scrypt had something to do whit MAT not delivering the ordered scrypt Miners, but that`s only what I think and I could be ferry wrong there.

Like I mention, Ethereum was head on a Success! And I Thank GM for that    Now I hope Zcash will fight back