Topic: my Annual Genesis Mining report (Read 3660 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.

Love
Lisa

~35% loss in investment is not nearly "almost" in achieving ROI, but it was expected to happen as cloud mining services were discussed thousand times, and everyone
agreed that it's a waste of both time and money. The only way to make some profit on them is when bitcoin is in a bullrun; then prices per GH (after some time lag) tend to
rise, so you can make a nice sum by trading those GH + the coins you got from the mining itself (until the time of the sale of GH's)

Well if they take the funds invested that arent returning even a peny and go to exchange some btc or altcoins they could pay us faster and make all happy,even being a long time on the cloud market well we dont know how many hash and their income daily because they dont wanna to say or expose.

I think contract in Genesis Mining is stand for "forever".
But for sure, we really get minimum in daily profits.

They are not transparent for their Mining Pool, just from this point they can manipulative their real income from hashing with "different" report.
In their policy contract, we will not get minus profit, but if on that day "their mining" not profitable, we will not get any profit too.

zero incomes.

How can they make mining company which do not brave enough to take the consequencies.

---
At least you almost get your ROI

Best wishes for you.

I purchased 2MH/s that time.

You can be sure that I will not put my money to some web without knowing how it works and what options I have  . Of course market and Genesis-Mining is evolving and there could be new features which were not available at time I purchased and managed my contract there.

You can trust some calculators there, or you can se my payments showed here, it`s just like what you have in your wallet and what can be there. There is a lot of factors which influence the mining believe me. I am in Mining for long time 

How much hash power you bought from Genesis Mining with 0.4291 BTC ? Probably, if you risked a little and tried out little known www.CloudMining.website, you could be sitting on profit by now. A third party cloud mining monitor has reported ROI within ~114 days with www.CloudMining.website.



You may also check the full payment history here: www.cloudmining.website/payments.php

Well old investors ,besides me an smaller investor ,and recent,they should try to benefict all their members otherwise these game will be invest again and try to roi now,its the best oportunity to invest or reinvest the money from your old investment ,for me makes no sense they doing nothing to change

It seems that they are focus on new customers, they bring a new coins and improve a new contracts they offer. When there is signed contract it`s payed already and therefore not in much focus. This is my view.

Well would be better to genesis mining take the btc invested from users and start to trade them ,those way we custumers would keep getting paid and im pretty sure they has some huge ammount that is frozen due the fact the difficulty raising and getting harder to keep mining bitcoin,soo maybe is time to they ,say hey our costumers are pissed with us ,what we can do we need to change our main focus,keep mining by themselfs and take the bitcoin invested into exchange otherwise it can be called ponzi and scam the most suceed .

Buy from them again? Genesis Mining is a sieve designed to separate you from your money. The rule should be: never buy hashpower you cannot sell. The most power efficient consumer miner on the market now is Antminer's S7. Starting this weekend you can buy S7 GH/s on the Hashnest internal market. I would not jump in and buy as soon as trading starts, I expect price will come down after a few days. Plan on selling any S7 hash before the halving next July. I would be surprised if Bitmain does not have their next generation miner by then.

Don't bother to mine there, roi is non existant, they might not steal your money, but will not make you richer certainly, best you can expect there is your money back and that's it. And consider yourself lucky if you get them all back

This is good to have evidence of their own miners, I trust Genesis Mining too in respect of own HW and do mining itself.
What I am not confident at all and I would like to demonstrate here by my anual report is profitability for you who bought contract.
Do you believe that replacement of new HW will improve the situation? Difficulty is increasing and this is main factor here + on top all cost.

I purchased some hash at genesis a while ago because I liked the fact that they were one of the few sites that had proof of mining.    Unfortunately, it seems that actually having miners makes things less profitable for all involved(the nerve).     Hopefully they upgrade to some newer, more efficient hardware soon so I can buy from them again.

I can't unfortunately because I had free referral hashpower added so it kept growing but if it had not had grown then it should have been similar to yours.

I did do a set of videos from September with a one year contract for both GAW Miners and GM and as of yet, still have not made ROI on both although still getting payouts from GM every day but only for 11 GH/s as originally I had 10 GH/s Sha256 and 1 MH/s Scrypt and then scrypt went bye bye and my 1MH/s Scrypt got converted to 1GH/s SHA 256 and we all know what happened with the Gaw Miners hashlets.

Anyway with my GM contracts i paid at the time 0.05 BTC for them way back in September and so far got 0.04 BTC back.

Ian

Yes Ian I know that you know Genesis Mining very good and I agree with you.
Can you post how profitable was your contract which you order by last May?

Before sometime in September, all contracts with Genesis Mining were 1 year contracts, although they did offer 1.5 and 2 year contracts from around August as well. Then they changed their marketing and plans and started offering lifetime contracts instead. The 1 year contracts had no daily electricity or maintenance fees as they were included in the price of the contract.

Anyone that had a 1 year contract had their contract automatically changed to a lifetime contract when it finished. My first 1 year contract finished in May so then it was changed to a lifetime contract. Most 1 year contracts were Scrypt contracts so because they do not sell Scrypt, my MH/s was converted to GH/s at the same rate they offered in February, so 1 MH/s Scrypt became 1 GH/s Sha256

You will most likely find that your contract was converted to GH/s too although will most likely be a very small amount. Even 100 MH/s Scrypt means 100GH/s, not a lot really.

Ian

OK, I do not care too much if contract expired or continue. This is still annual report which can give anyone idea about profitability and ROI chance of such contracts are limited to zero.
Mining forever with the same GHs is very nice, but with no effect at all 

Genesis mining is a lifetime mining contract not only in just a year or five years...but it is mining forever

are you has try to contact genesis mining support ?
This acc is official genesis mining support https://bitcointalksearch.org/user/genesis-mining-247140

you also contact him in https://bitcointalksearch.org/topic/m.11611147

There is not much difference be it 1 year or life time because of increasing difficulty. And this Genesis Mining is not profitable, if you don't roi in a year you never will, you'll start receiving dusts or nothing at all..

Contract was for 12 month and I stop to received my payments last week.

12 month ? Or 12 years
Genesis mining is live contract now not only 1year

Year ago, when I look for another opportunity then run own miners I found Genesis Mining with their offer to use Cloud mining in smart and diferent way to hash for mix of coins. Offer was interesting as I received like 10% discount of initial price. So make it short, this is report showing my investment and what I received as a payment during 12 month when contract was valid.

Initial investment:
0.4291 BTC

Payments by month:
0.07456656
0.04482120
0.02725750
0.02627661
0.02055218
0.01523150
0.01137384
0.00990287
0.01075219
0.01075442
0.00951173
0.01001327
0.00239668

In sum my contract finish with lost of 0.15568945 BTC.

This is fact for cloud mining as I saw lot of dicsussion here around I would like to show when my contract expired.