The problem with cloud mining, is just how closely it (visibly) resembles a ponzi scheme.
You put money into this unknown box. You wait. And then magically, more money comes out. (You hope).
Imho, if cloud mining sites *are* legit, they should operate similar in style to nicehash, and allow you to point your share of the miners towards whatever pool you so choose.
I know hashflare lets you "choose" pools, but the proof of mining, (and more importantly, the proof of non fractional mining) would be so much greater if you had full control over your hashrate.
Not only that, but it would also allow miners to mine sha256 altcoins with their contracts, and promote decentralization, by not supporting only a few large pools.
Topic: Hashflare vs Genesis vs Bitforx - My experience (Read 393 times)
3 scams, do not waste your time with it.
Thank you for your generous warning
3 scams, do not waste your time with it.
+1
This guy is obviously a cloud mining shill.
Ignored.
3 scams, do not waste your time with it.
I have account at Genesis Mining for bitcoin and ethereum. The first one (Bitcoin) will be practically impossible to at least receive what I paid. In Ethereum, it will still be worse, because with the payments I am currently receiving, I think I will never be paid. In my opinion, do not invest in Genesis Mining.
All right, thanks to the warning. I just planned to invest in cloud mining. Some YouTubers suggest to Genesis Mining.
I also see a lot of Genesis mining ads, that makes me curious about cloud mining. But fortunately, I found this topic and learn a lot. So I can decide my investment now.
it is most wise to research before you invest in something you don't know! let me tell you that i find cloud mining comfortable and profitable as well! but, i think it's already easy to see from my review! Anyway, I don't want to be the kind of person who talks trash about other companies, but trust me - Genesis Mining is a too much of a big company for a beginner to start mining with! They DO NOT have time for customers!! and I'm telling you this - they do not really care for customers! are you a beginner, are you a professional miner, secret customer service quality control, or whoever... they answer questions 3-4 days later and that's if you got lucky! other than that i don't have problem with them, except there were times when I did not get the payouts because of the technical errors and they couldn't fix it, so... ye... just be with the company who cares about the customers, even for the explanation or just a little help!
I think cloud mining here are so long before you can earn and for me better to not use it in crypto then more better to risk in trading or spend your time in sure profit like faucets than cloud mining actually i don't believe in many users here post that they earn in that and i think they earn because they got many referrals to their own links that's why they earn so it's like pyramidying only,i use a lot of cloud mining before when i'm newbie but they back only what i invest then they turn to scam and i got scam in some of it so think twice because they legit first like a month or more then turn to scam their investors but some are still legit
Wait, what's main idea od your post?Firstly, currently no legit cloud mining offers refferal system. It's not pyramid because somehow now one geta fully paid and business runs for years. Well, they try to catch moments when mining difficulty increases and price increases, then they just apology and close your contract. Also faucet has to do nothing with any kind of investment, are you kidding man?
I have account at Genesis Mining for bitcoin and ethereum. The first one (Bitcoin) will be practically impossible to at least receive what I paid. In Ethereum, it will still be worse, because with the payments I am currently receiving, I think I will never be paid. In my opinion, do not invest in Genesis Mining.
All right, thanks to the warning. I just planned to invest in cloud mining. Some YouTubers suggest to Genesis Mining.
I also see a lot of Genesis mining ads, that makes me curious about cloud mining. But fortunately, I found this topic and learn a lot. So I can decide my investment now.
humm... cloud mining companies are a very profitable business for the owners of the cloud mining company, investors do not get profits that are something considerable, most of the time is even better to buy bitcoin and hold for some time, you may think Bitforx is a different cloud mining, but they are all the same, Bitforx for being new needs to get more customers and with that will make customers feel safer and get some profits, but after many months they will do the same thing that genesis mining and hashflare. take your money and buy bitcoin and altcoins and hold, do not waste time on cloud mining
Your post like mine has no idea, not because it's bad, people will do the same. How silly you can be to believe someone so blindly. Imagine I have equipment, take care of things and then offer you to just give me some money and I'll work those equipments for you to get profit. Ah, seems people can't learn anything after hashocean.Cmon man, this world and especially economics isn't fairy tail.
My personal experience with Genesis Mining has been anything but positive. I put in around 0.05 BTC to mine in 2016, and I only made around 50% of my initial investment back. After that, my contract was terminated straightaway. There are plenty of other cases like this.
Trust is a big issue with cloud mining. You don't know if a company is actually mining, even if they show clips of their mining farm, it really means nothing. You don't have control over the hardware that is supposedly working for you. Even big names like Hashflare can completely screw you over, as they did.
There's a lot of people on Youtube and crypto related blogs saying that cloud mining is profitable, but inevitably they put in their own affiliate links at the end to prompt people to sign up and invest. The only way to make money off cloud mining in the long term, imho, is to get affiliates. Your profits in cloud mining really depend on whether the coin your contract is supposedly mining goes up or not. You could most likely hold that coin and make the same amount of profits, if not more profits in a bull market.
I don't see Bitforx as being different to Genesis or Hashflare. They all operate under the same business model, and the previous two have proven to be quite unsuccessful in making profits for the investor.
Trust is a big issue with cloud mining. You don't know if a company is actually mining, even if they show clips of their mining farm, it really means nothing. You don't have control over the hardware that is supposedly working for you. Even big names like Hashflare can completely screw you over, as they did.
There's a lot of people on Youtube and crypto related blogs saying that cloud mining is profitable, but inevitably they put in their own affiliate links at the end to prompt people to sign up and invest. The only way to make money off cloud mining in the long term, imho, is to get affiliates. Your profits in cloud mining really depend on whether the coin your contract is supposedly mining goes up or not. You could most likely hold that coin and make the same amount of profits, if not more profits in a bull market.
I don't see Bitforx as being different to Genesis or Hashflare. They all operate under the same business model, and the previous two have proven to be quite unsuccessful in making profits for the investor.
Trust me I read all these comments in every detail and it is important for me to know your opinion as well, because I am expressing my opinion and my experience. Before I started working with cloud mining companies I researched them, every single customer review and remarks are known for me and I know what people think of Cloud mining itself.
I don't know if you have read the previous comments or my answers to them, but anyway.. I will repeat. Yes - trust is a great issue and you can not just trust someone on internet. Because of this I spent days with Bitforx community team, they showed me their live video from their mining farm, I spoke with their community manager and customer service reps via skype, I met those people and they seemed legit! everything they do is legit! now i don't mean to say that other similar companies don't have mining farms or are lying about them, etc. I just want to say that Bitforx has shown utmost care for its' clients and in the end, that's one of the most important things that matters for me, because I understand the risks when getting involved in Cloud mining, but when the risks are getting actual and bad things start to happen - I need customer service and community management to be with me.
Once again, I'm saying! It is more comfortable for me to Cloud mine cryptocurrencies for so many reasons!!! I stated these reasons above. Now I don't mean to say that you are wrong, of course your advice is a form of care, but I will continue doing this and see how this company will develop.
**cut the spammy blah**
So, HashFlare/Hashcoins create this shill account yesterday & post the same thing 16 times on every cloud mining thread in an effort to fool noobs into their cloud mining ponzi scam:
https://bitcointalksearch.org/user/fillinginc-2053312
Proof enough to stay away from this scam. Neg'd & reported for fake account spamming.
My personal experience with Genesis Mining has been anything but positive. I put in around 0.05 BTC to mine in 2016, and I only made around 50% of my initial investment back. After that, my contract was terminated straightaway. There are plenty of other cases like this.
Trust is a big issue with cloud mining. You don't know if a company is actually mining, even if they show clips of their mining farm, it really means nothing. You don't have control over the hardware that is supposedly working for you. Even big names like Hashflare can completely screw you over, as they did.
There's a lot of people on Youtube and crypto related blogs saying that cloud mining is profitable, but inevitably they put in their own affiliate links at the end to prompt people to sign up and invest. The only way to make money off cloud mining in the long term, imho, is to get affiliates. Your profits in cloud mining really depend on whether the coin your contract is supposedly mining goes up or not. You could most likely hold that coin and make the same amount of profits, if not more profits in a bull market.
I don't see Bitforx as being different to Genesis or Hashflare. They all operate under the same business model, and the previous two have proven to be quite unsuccessful in making profits for the investor.
Trust is a big issue with cloud mining. You don't know if a company is actually mining, even if they show clips of their mining farm, it really means nothing. You don't have control over the hardware that is supposedly working for you. Even big names like Hashflare can completely screw you over, as they did.
There's a lot of people on Youtube and crypto related blogs saying that cloud mining is profitable, but inevitably they put in their own affiliate links at the end to prompt people to sign up and invest. The only way to make money off cloud mining in the long term, imho, is to get affiliates. Your profits in cloud mining really depend on whether the coin your contract is supposedly mining goes up or not. You could most likely hold that coin and make the same amount of profits, if not more profits in a bull market.
I don't see Bitforx as being different to Genesis or Hashflare. They all operate under the same business model, and the previous two have proven to be quite unsuccessful in making profits for the investor.
3) mining - now here you will say that if I have money i should buy my own mining equipment and mine btc myself, but my arguments stay - it is way easier and better for me to mine btc via cloud mining services, than to buy equipment i have no idea how to take care of, where to buy, what kind to buy, how much to pay for, what to do if it breaks, etc. I don't have a place to place a miner and i have heard sounds that it produces, i can not bare that! So.. i preferred cloud mining! Mining is the best choice for me, because if I buy a $1000 of hashrates (instead of buying a fixed 0.13 BTC) i will have income in btc. And if you'll say that my potential 0.13 btc will grow as well with the price growth, i will say that from mining my everyday income will also grow.
This is a very interesting point of view, but what is questioned in the investments made in cloud mining is whether or not they are profitable, you can invest 0.13btc for a 2 year contract and at the end of the contract you receive 0.15btc or receive 0.08btc with losses. If you buy an altcoin that has potential, for example buy ETH now and hold for 2 years that you will have many more bitcoins in 2 years.
I don't think cloud mining has any meaning.
why? According to my observation, cloud mining companies often pay a small percentage of customers. In the bull market last year, your investment in cloud mining was only a slight surplus. When the market turns into a bear market, the cloud mining is almost a loss.
So, if you are interested in mining, then you can buy your own mining machine to mine. If you think mining is a hard task, you might as well buy the crypto currency directly from the money you plan to invest in the cloud. Direct buying is always higher than buying a cloud mining contract.
why? According to my observation, cloud mining companies often pay a small percentage of customers. In the bull market last year, your investment in cloud mining was only a slight surplus. When the market turns into a bear market, the cloud mining is almost a loss.
So, if you are interested in mining, then you can buy your own mining machine to mine. If you think mining is a hard task, you might as well buy the crypto currency directly from the money you plan to invest in the cloud. Direct buying is always higher than buying a cloud mining contract.
Thank you for your remarks. I really appreciate guys here helping out and giving advices, but I have been making profit from cloud mining since I started working with Genesis mining, the thing is that they are just worsening their job and services and I had to turn to another cloud mining service provider. Maybe the history will repeat itself with this company as well, but I have some time to find out. Now, I'm really satisfied and can see profit in Cloud mining.
btw, I already explained why i chose cloud mining in the previous replies, you can check them out. and as always, cloud mining is not for everyone
Hashflare is a confirmed scam, first of all. They reduced the length of customer contracts from lifetime (which wasn't really lifetime in the first place, as when profits didn't cover maintenance fees, they would terminate) to 1 year, without consulting any of their customers.
Genesis is probably legit, but nobody says they can't be doing fractional reserve mining. Even though they probably are mining there is no guarantee that they are paying out the right amount, or have the promised amount of miners working. The contracts based on most reviews are definitely not profitable by any means.
Bitforx is new, and unfortunately with no history I just wouldn't trust them with that much money. Plus, there is no reason that they will perform any better than their predecessors.
Just avoid cloud mining. History have proven that it is unprofitable and that's not even mentioning the risks of them running a ponzi or just scamming you.
Genesis is probably legit, but nobody says they can't be doing fractional reserve mining. Even though they probably are mining there is no guarantee that they are paying out the right amount, or have the promised amount of miners working. The contracts based on most reviews are definitely not profitable by any means.
Bitforx is new, and unfortunately with no history I just wouldn't trust them with that much money. Plus, there is no reason that they will perform any better than their predecessors.
Just avoid cloud mining. History have proven that it is unprofitable and that's not even mentioning the risks of them running a ponzi or just scamming you.
I completely agree with you about BitForx being new on the market and it being risky from me to get involved with them, but they seem to be stable and profitable, at least for me now! They are very customer friendly and attentive to all the details and remarks from me, so as far as I know I'm comfortable working with them, I get profit and my 2 year plan looks pretty stable to me. I invested when BTC was 6,8K and I can clearly see the profit now.
I repeat, cloud mining is not for everyone and as for cloud mining service providers being scammers, I have checked their mining farm, contacted their head office and even spoke to their CS representative and everything seems legit. so far so good!
Our team wants to thank you for such an honest and kind review. We are trying our best to deliver promised high standard services to our loyal Customers. As a reward, we want to grant you free 100 GH/s with your existing contract, please contact us on [email protected] or text us on our Social media page to discuss this subject more.
Thank you again and wish you Good Luck!
Thank you again and wish you Good Luck!
Thank you so much! I already sent you an email and contacted your community manager and we are currently discussing the details so, yeah.. I'm happy
I don't think cloud mining has any meaning.
why? According to my observation, cloud mining companies often pay a small percentage of customers. In the bull market last year, your investment in cloud mining was only a slight surplus. When the market turns into a bear market, the cloud mining is almost a loss.
So, if you are interested in mining, then you can buy your own mining machine to mine. If you think mining is a hard task, you might as well buy the crypto currency directly from the money you plan to invest in the cloud. Direct buying is always higher than buying a cloud mining contract.
why? According to my observation, cloud mining companies often pay a small percentage of customers. In the bull market last year, your investment in cloud mining was only a slight surplus. When the market turns into a bear market, the cloud mining is almost a loss.
So, if you are interested in mining, then you can buy your own mining machine to mine. If you think mining is a hard task, you might as well buy the crypto currency directly from the money you plan to invest in the cloud. Direct buying is always higher than buying a cloud mining contract.
Hashflare is a confirmed scam, first of all. They reduced the length of customer contracts from lifetime (which wasn't really lifetime in the first place, as when profits didn't cover maintenance fees, they would terminate) to 1 year, without consulting any of their customers.
Genesis is probably legit, but nobody says they can't be doing fractional reserve mining. Even though they probably are mining there is no guarantee that they are paying out the right amount, or have the promised amount of miners working. The contracts based on most reviews are definitely not profitable by any means.
Bitforx is new, and unfortunately with no history I just wouldn't trust them with that much money. Plus, there is no reason that they will perform any better than their predecessors.
Just avoid cloud mining. History have proven that it is unprofitable and that's not even mentioning the risks of them running a ponzi or just scamming you.
Genesis is probably legit, but nobody says they can't be doing fractional reserve mining. Even though they probably are mining there is no guarantee that they are paying out the right amount, or have the promised amount of miners working. The contracts based on most reviews are definitely not profitable by any means.
Bitforx is new, and unfortunately with no history I just wouldn't trust them with that much money. Plus, there is no reason that they will perform any better than their predecessors.
Just avoid cloud mining. History have proven that it is unprofitable and that's not even mentioning the risks of them running a ponzi or just scamming you.
Our team wants to thank you for such an honest and kind review. We are trying our best to deliver promised high standard services to our loyal Customers. As a reward, we want to grant you free 100 GH/s with your existing contract, please contact us on [email protected] or text us on our Social media page to discuss this subject more.
Thank you again and wish you Good Luck!
Thank you again and wish you Good Luck!
humm... cloud mining companies are a very profitable business for the owners of the cloud mining company, investors do not get profits that are something considerable, most of the time is even better to buy bitcoin and hold for some time, you may think Bitforx is a different cloud mining, but they are all the same, Bitforx for being new needs to get more customers and with that will make customers feel safer and get some profits, but after many months they will do the same thing that genesis mining and hashflare. take your money and buy bitcoin and altcoins and hold, do not waste time on cloud mining
Hmm yeah most of the time the creator or owners of the cloud mining are the ones who profit the most joining a cloud mining company won't get you anywhere since they don't reward you properly for the wage you've been working on and they only give you so little regarding the fact that you deserve better than that. I have account at Genesis Mining for bitcoin and ethereum. The first one (Bitcoin) will be practically impossible to at least receive what I paid. In Ethereum, it will still be worse, because with the payments I am currently receiving, I think I will never be paid. In my opinion, do not invest in Genesis Mining.
That is the exact issue I had with Genesis. it seemed impossible to get back at least 30% of what i invested
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