Topic: Genisis mining and hashflare profitability? (Read 3740 times)

You clearly didnt even read my post. I dont know where Im going to keep the machines? In my pickup? In a magical trailer? If you think thats the dumbest thing ever then you clearly didnt read it. Why would I build rigs when I have asics and had baikals? 4g isnt like some life killing mistake. If I loose it then i loose it and thats about as upset as ill get over that. Thats only 1 week of pay for an engineer, worth it.

You better work on your mathfs. 120 days is a 1/3 of a year.

Both are cloud mining sites so you should beware that yiu may get scammed. Till now from what i have noticed is that hashflare actually mines for you as we barely see any accusations against it. For genesis mining everyone knows they somehow try to cancel your contract.

I don't believe what he saying about he already read all scam about cloud mining since you are just newbie there is high possibility that this is another way or trick to promote those site you mention and i strong believe that 2 site you are mention are partner.
Even i seen a seller of bitmain miner are wearing hashflare i still don't believe that there is cloud mining can stay for too long.. for giving free hash rates..
Scammers are always looking for a way to scam other people in many ways.. just like this thread. .

So for those who don't know or newbies be careful.

I can only see these type of services to be profitable if you A). Buy the hash from them during a promotional price at a 20-35% discount from what they normally offer the same amount for alot more then what they are worth. B). You buy from someone their hash at aleast 50-65% off because they are just tired of it and waiting this long (200 days! ) just to break even with what you paid for it and start to turn a profit after that time.
That is over half a year (120 days) for you to start to see anything being made back until your contract you bought is over.

And you also have to consider the fees you will pay to even withdraw from the hash account to your own bitcoin wallet. That does calculate into your profits and does put a dent into the amount you paid for it from the very start.

This is the most common mistake. You're happy because Bitcoin is worth more and your contract became profitable and you think it was due to Genesis. You project the result on the wrong source. The cloud mining company didn't produce this profit for you, Bitcoin did!
If you want to calculate your profits compare 2 situations.
1. You bought 0.035 btc and held for a year.
2. You bought a contract and had it for a year.
The difference in money is the profit (or loss) you had with GM. I hope you'll have luck with your "lifetime" contract, but what will you do when they shut down next year? Will you go to court because your lifetime contract worked only for 2 years?

So you spent 3750 USD for buying hashpower from Genesis mining ? That is the dumbest decision anyone can make in my opinion. Why ? Because with that you can build 2 mining PC-s with 4-5 RX 480 GPU-s to mine with. I can say you can make a good 2 computers with each one having 4 RX 480 GPU-s.

Let's make some calculation now:
A RX 480 8GB can make you with stock settings (if you undervolt you make more) about 2.2 USD per day profit while 4 can make you 8.8 and 8 can make you 17.6 USD a day with the actual bitcoin price and considering you mine Equihash and Ethereum.

Within 200 days you will make 200x17.6 USD 3520 USD, yes I know it's a bit less but you have your equipment and you will be sure that no one will shut down your miners like Genesis Mining do and you will continue to mine for at least 2 years without a problem(actual life a video card if you keep it running 100% of the time 24/7 but maybe more). Guess what, ROI is super with 2 such PC-s set up for mining.

Next time do a bit more of research before investing in shit scam cloud mining websites.

It's still defend on you or on how much the bitcoin is. I'll give some example that I already made ROI.

I started buy lifetime mining contact with genesis-mining last 2016 1st quarter of the year and the price at the time is 400$ per bitcoin. I brought 0.035 BTC mining contact which is hashpower 0.05 TH/s and after 1 year I already mined that amount. So if I sell my mined bitcoins right now from genesis-mining I will earn 3X profit because the current price of Bitcoin is almost 1400 USD..

If you ask me? Both of them are unprofitable since as many people said difficulty are much more getting more difficult to get and the only thing make them survive is the new deposit of their investor and im wandering how could they survive in this situation while mining industry is not giving them a decent profit by themselves. People need to be aware so that they will not turn to cryladies later.

In normal investments, you'd be pretty lucky to get ROI in five years, if that.  Bitcoin investments are unique because they're less professional and people can screw around with them a lot more and potentially get a lot more even though the risk/reward ratio is hard to judge.

Still, I don't think cloud mining is a good idea.  The difficulty, over time, will naturally adjust to only just be profitable and that'll mean that it's only profitable if you do it yourself or the cost of giving the profit to the cloud mining service will result in a loss.  After a few years, most people will give up on cloud mining altogether except for crap Ponzi schemes which inevitably collapse.

Genesis mining is even worse since you only have two years of the extremely low chance for you to get ROI.  The recent rise in the Litecoin price just means that it's more profitable because the difficulty hasn't adjusted yet, but for most of the contract the profits will be much lower and in reality you still won't ever ROI.

Genesis mining will never ROI.

If you're lucky, Hashflare will eventually, but the hashrate you have there will decrease in profit as the difficulty rises so eventually the earnings will be insignificant.

"Lifetime contract" is never true anyway.  How likely is it that some website for people Bitcoin mining for you at will is going to stay online for basically a hundred years?

Another promotion of GM which is the most shitty cloud mining service available online. Dude, you know you ll NEVER EVER ROI with them and the moment you ve figured that one out, you decided to come here and spread your affiliate link so more people could lose their money the way you have.

What kind of person are you?

There has never been a user which I met here who has ever reached ROI with them.

I do have contracts from both Genesis Mining and Hashflare.

The 3% discount is widely available, because everyone who owns a contract from GM has one as referral. So, the person who has put this referral on internet earned at least 2.5% of your purchase - there are members on this board who wanted to share their profit when you buy, so you could better put a request on this board for a code instead of just posting someone's referral code.

At this time the only (seemingly) profitable contracts are Scrypt from Hashflare and Dash(X11) from GM - but even with them I'm afraid there is a big chance you will never reach ROI. The profit comes mostly from the higher price of Litecoin (Scrypt) and Dash itself. The number of coins mined is dropping, and when new mining equipment will become available on the market difficulty will rise again - with another lower number of mined coins. Only Scrypt has an advantage: it is lifetime (=as long it's profitable).

When you want to buy more: regularly there are people selling hashrate from Hashflare or contracts of Genesis Mining. Then you will pay a better price.
For example: https://bitcointalksearch.org/topic/hashflare-scrypt-cloud-mining-hash-rate-for-sale-1876754
It's easy to transfer hashrate on Hashflare to transfer from one user to another.

Sha-256 is even worse: bitcoin-difficulty is rising faster then price, so earnings will go down every single day. The only upside is that Hashflare once changed the maintenance/electricity fee - for all contracts. GM changes this frequently, but only for new contracts.

i think youre wrong section, abou discusion cloud mining you can post in service announcement or service discussion
and in there official thread genesis mining and shaflare ready too

Ive been mining for a while but recently had to start moving around the country so i handed off my antminers to a friend and sold my baikals. I decided to buy cloud mining with the baikal money. I was wondering what people thought of these 2 services.

www.genesis-mining.com was what I chose for x11. Its just about the same price as hashflare but genisis is 2 year and hashflare is 1. Also a google search gave me a discount of 3% with the code S18cZt. I used it twice so its a multiuse. I got 800Mh for about 3750$ USD. I figure ill ROI in about 200 days or less.

www.hashflare.io is what I chose for Sha-256. Its a lifetime contract and it seems like ROI might be a bit high like a year. I couldnt find a promo code for hashflare that worked so if you have one please share. I only bought 5Th on hashflare to see what the payouts are like after the maintenance fee. It was 600$ USD for the 5Th.

I was just wondering what other users of these services think. Im looking at buying more but I figured I would see what I get out of a month with current contracts. If anyone is interested I can post random payouts with hashpower rate. If your not a user of these services then I'm not looking for your opinion. Ive read all the posts about it being a scam but the majority are from 2-3 years ago and these 2 companies are still around. I just really want to know what people paid and what their ROI was if it even happened.