Topic: my Annual Genesis Mining report (Read 3672 times)

summarizes cloud mining. it's all scam or false promises.

lucky for you that bitcoin is worth much more now than 12months ago

That just illustrates the reason you should stop buying contracts and get a physical miner and have it hosted in a reliable hosting place. After you reach break-even point, you still have a miner that you can resell and be used by those who pay less for electricity.

Genesis Mining for SHA-256 charges $0.35 fees per TH per day. This means over half your mining income goes back to Genesis Mining for fees. If you want hosted bitcoin cloud mining with low fees of $0.16 to $0.17 choose ViaBTC or HaoBTC.

Very good example. Thank you, this needs to be spread around to warn a people. This is not good for Bitcoin any way.

In their thread you can find calculations of people who try to warn new users before pay money into this trap:

https://bitcointalk.org/index.php?topic=843417.940

I do not want to stick with just Genesis Mining here. All positive or negative experience is welcome here. Just would like to see real experience, not just some predictions here.

Sorry for topping up this picture, but this mining service is scam, nobody get roi there. They pay but dust like PBmining. Im with them from November 2014 (so from first days) and to get ROI from this dust i need around 4 years more..

Info on this "review page" is not real - this page is full of ref links. How can it be objective!?

The main idea of cloud were something like to rent their hash to others,soo they offered something to us members that will give roi in a some months otherwise i doubt the most would join these,if they say you will roi when after 2 years of your invesment ,no one would go into cloud,many others clouds still open besides this one and well some had just closed and steal our investments but well scam are anywhere always.

They are a company to make profit for themselves not a company to make profit for everyone else. You will get your profit after you get ROI but to reach ROI you will need years and thats only if your contract is still paying

Well i see your point about new contracts but i keep surprised being Genesis mining a company the income they have should be distributed to all costumers, supposing there is 200k users on it with different hash power,if the companys had produced 100btc of proff they should distribue this ammount as the hash total.So if they are paying new contracts based on new farms,is just unfair and looks there is a third companie running the mine and not the same company that started to mine and offer clould service.

This is easy explanation which does not care for existing contracts and customers.
I am pretty sure that Genesis-Mining is company who care about financial part of their business, they have to. They operate on global figures and manage global cost. So why they do not do the same for as for customers? We are living in global world and GM operate aroung globe. I am pretty sure that this is a way how to keep existing customers. Not just show new contract and let all hope it will be profitable. GM is living from our contracts we pay to them.

When a person purchased hashpower in September 2014 their contract is based on the farm and the type of miner the hashpower was hashing on. At the time the miner would have been a power efficient model, but as you should know, over time, newer hardware comes along that is more power efficient and uses up less electricity etc.

As time goes on, GM build another farm, perhaps in another country with different electricity costs and newer miners, perhaps a newer batch of an existing model which can be stable and better performing and then can offer users that purchase contracts from that facility lower fees going forward.

Then in September 2015, same thing again, lower fees, again probably because of newer hardware and better electricity rates for that specific farm, so those that reinvest in hashpower from that point onwards get a lower fee.

I also think that as GM build new farms, they evolve and learn from the previous farm so the next farm perhaps is more cost efficient than the last to build and set up. Could be lots of factors.. If they build a new farm from scratch then it could employ better cooling systems where as if they are using an old hangar or old building then they have to try and build a farm around what they have already.

Regarding New investors just getting the new fees, You have to remember that its not new members getting just the new fees, older ones too can reinvest over time as well.

It is not a case of GM looking at your account and thinking.. Ok this user first purchased in May 2014 so all their contracts are at this rate of electricity ...for ever...Every time you purchase it is a new seperate contract so old members get the same fees as new members get whenever they purchase...In my account for example I have contracts with many different fee types..

I do not get payouts on my older contracts no more but I understand why I do not and just get on with it. If Btc/USD price on Sept17 had been higher then we would have still been getting payouts and you can not really blame anyone for that. People can always try and blame someone.. Genesis Mining gets the blame, but then we could blame Bitmain or Spondoolies or KNC too or the company that made those new chips that made everyone buy the next generation of miners in August and September that increased the difficulty by 10 percent over a month which also helped contribute to the older contracts to stop paying out. But this is Bitcoin mining and it is risky and this is how it is unfortunately.

Well its a good information about the income of the plans purchased,i belong to those that arent getting a penny fees above the income,but why new investors getting payment? The new energy should be to all miners they has?Makes no sense they pay to new members and stop pay the oldest,even being different contracts.

They still payout but it depends on what contracts you have and when you bought them.
If you purchased a SHA 256 Lifetime contract between September 2014 and sometime in January 2015, was near the end of the month, then they stopped paying out last month because the maintenance fee became more than the payout.

People with contracts bought after the last week or so of January are fine as they had newer maintenance fees so they still get payouts. Those fees were 0.0015 USD per GH/s per day.  Then last month in September they had new contracts with lower fees so those people will get payouts too. Those fees were 0.0012 USD per GH/s per day.

So depending on when you purchased will depend if it is still paying out or not.

yeah you are right genesisi mining is life contract

I think there is not way hot to ROI. When contract expire then they continue with payment, but payment significantly drop down. As I said there is no chance to ROI ever.

Well i didnt checked it but will take a look at it but the last time i saw the payments were daily and after the drop stoped,would be good to keep the fees coming back home to be able to roi one day.

They paying constantly, at least I am still receivning dust from my contract.
Take care and do your calculation properly, not only with one calculator. Good luck.

genesis mining is still paying because if i'm not wrong i have seen someone post they now is not paying again. i have try find to invest my money in cloud mining company now because price bitcoin now up and looks mining is profit now

I think you are in the wrong thread. Anyway, your mininum withdrawal on Cloudmining.website is high.
You may fix the 'lost password' function before posting advertising here.

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Lisa