Genesis Mining -- Worth a Shot? | Bitcointalksearch.org

jt byte

hero member

Activity: 994

Merit: 500

Quote from: Falconer on January 25, 2016, 06:48:20 PM

Quote from: capcher on January 25, 2016, 06:44:17 PM

Wow, Genesis Mining is a pretty high profile company. I wasn't expecting them to have such sketchy practices regarding investments.

They are not sketchy. Everything is clearly written on their FAQ so they are not hiding anything. Some people never do any simple calculation regarding their return after the fees and there are less reviews back then about genesis mining so there are alot of people got trapped inside this genesis mining cycle still waiting for ROI

What you say is party wrong. let me explain why
Let me speak on my behave. I was charged to much maintenance fees, but i did get it back when i sent them a mail.

This has nothing to do with FAQ or a TOS, but straight forward ripping forward your customers.

crazyivan

legendary

Activity: 1652

Merit: 1007

DMD Diamond Making Money 4+ years! Join us!

You can always try DMD Diamond cloud, there are the only ones where I ve reached ROI within a year. You get your payouts in DMD, which stakes 25% a year. So this helps a lot.

Falconer

legendary

Activity: 2660

Merit: 1141

Quote from: capcher on January 25, 2016, 06:44:17 PM

Wow, Genesis Mining is a pretty high profile company. I wasn't expecting them to have such sketchy practices regarding investments.

They are not sketchy. Everything is clearly written on their FAQ so they are not hiding anything. Some people never do any simple calculation regarding their return after the fees and there are less reviews back then about genesis mining so there are alot of people got trapped inside this genesis mining cycle still waiting for ROI

capcher

full member

Activity: 224

Merit: 100

This user is currently ignored.

Wow, Genesis Mining is a pretty high profile company. I wasn't expecting them to have such sketchy practices regarding investments.

MaritiJames3

sr. member

Activity: 448

Merit: 250

Quote from: OROBTC on January 24, 2016, 09:31:29 PM

...

I was just at TNABC the other day, where Genesis Mining had a stand (as did Ledger, the hardware wallet maker). I took some photos, and may write my visit up at my blog.

A quick look around here did not show a thread (of course I may not have been looking in the right place).

I would be very interested to hear of any experiences from any of you re Genesis, I am considering an investment (I too am iinterested in growing my BTC pile).

*** I do understand that most mining contracts are either "Ponzi" or uneconomic. But, I would definitely like opinions. ***

Thank you!

Don't do it. A year ago Genesis Mining ripped their customers off big time. They switched expensive scrypt hash 16 USD per MH for cheap sha hash (less then 1 cent per GH).
There was nothing their users could do, expect for taking a 90% loss.
The time prior to that was bad too. They overcharge the maintenance fees by over 30%...
If you look good you will find many experiences like mine.
My personal experience is very bad.

tiggytomb

legendary

Activity: 1848

Merit: 1000

It will take a year or so to get roi but then with the rewards halving in a few months it will probably take longer.
They have got an x11 option which allows you to mine a few select altcoins but ultimately you would be far better off if you just bought bitcoin or any other coin directly. Cloud mining is not worth joining at this point in the game, just my opinion.

BTCBinary

hero member

Activity: 504

Merit: 500

I don't think it is worth it. I say this because their prices are too high when comparing to other trusted cloud mining companies.
If you take a look Hashnest is cheaper and you can even trade your ghs while your mining.

Phildo

legendary

Activity: 1526

Merit: 1000

Quote from: OROBTC on January 25, 2016, 10:35:43 AM

...

OK, thank you all very much. I'll pass on sending BTC their way. It's a pity that there appear to be NO cloudmining opportunities that come out with any kind of decent ERI.

It would seem like anyone offering a reasonable rate-of-return would attract a lot of customers, hence make more money for them.

Why would they rent out their miners if they could offer a event rate of return?

OROBTC

legendary

Activity: 2996

Merit: 1903

...

OK, thank you all very much. I'll pass on sending BTC their way. It's a pity that there appear to be NO cloudmining opportunities that come out with any kind of decent ERI.

It would seem like anyone offering a reasonable rate-of-return would attract a lot of customers, hence make more money for them.

WEBcreator

hero member

Activity: 840

Merit: 1000

Quote from: nichu on January 25, 2016, 03:01:35 AM

unless you can shell out good amount you cant profit through genesis

The amount that you invested doesnt matter in genesis mining, no matter how ig you invest in you will need alot of 'years' only to reach ROI. You could even earn much more just by putting your fiat in form of bitcoin and wait till next year to exchange it back to get some profit but there is no way to get profit in a year with genesis mining not even your ROI

nichu

full member

Activity: 154

Merit: 100

unless you can shell out good amount you cant profit through genesis

crazyivan

legendary

Activity: 1652

Merit: 1007

DMD Diamond Making Money 4+ years! Join us!

The only contract which might be worth something is Ether mining. However, even in this case, it s safer simply to buy Ether in the first place.

favdesu

legendary

Activity: 1764

Merit: 1000

no, not worth. stay away.

I lost some money there in the past. (randomly cancelling contracts)

WEBcreator

hero member

Activity: 840

Merit: 1000

Quote from: OROBTC on January 24, 2016, 09:31:29 PM

*** I do understand that most mining contracts are either "Ponzi" or uneconomic. But, I would definitely like opinions. ***

Thank you!

My suggestion for you will be to stay away from genesis mining. You will need 1+ year just to reach your ROI and that is without any difficulty increase which we know is not possible. Unless you want your money to be locked with them for years then you should stay away from genesis mining

My post simply reflect my own experiences with them **

unholycactus

legendary

Activity: 1078

Merit: 1024

If you already understand that mining contracts is basically a ripoff, why are you asking if it's worth it?
If you see other advantages to it e.g. not going through the trouble of buying hardware, I guess it would make it OK.

In my opinion, the reward isn't really worth the risk, best case scenario you will make little money.

OROBTC

legendary

Activity: 2996

Merit: 1903

...

I was just at TNABC the other day, where Genesis Mining had a stand (as did Ledger, the hardware wallet maker). I took some photos, and may write my visit up at my blog.

A quick look around here did not show a thread (of course I may not have been looking in the right place).

I would be very interested to hear of any experiences from any of you re Genesis, I am considering an investment (I too am iinterested in growing my BTC pile).

*** I do understand that most mining contracts are either "Ponzi" or uneconomic. But, I would definitely like opinions. ***

Thank you!

Topic: Genesis Mining -- Worth a Shot? (Read 838 times)