Topic: Scam alert : Do NOT INVEST in Genesis Mining - page 18. (Read 257815 times)

They have paid out all the rewards for the last three days.

But these payment delays are very suspicious anyway.

I get my paymenst everyday for years now.

Ive been getting paid everyday

Genesis is not safe, its payments are too unstable, I (and the others) got paid only for one day out of the last three days.

No it isn't. Read back some posts.

It is safe invest in Genesis Mining?

Yes, I believe they indeed run fractional mining and now they have cash flow problems (or even out of money), because alts are going up and up, and they need to pay more and more.

BTCDream did a real mistake investing such a huge amount in Genesis. He bought quite unprofitable contracts and now risks of GM insolvency add up.

they are no longer paying on a regular basis. They must need money for the party.

here is the shame wall of fame (I bet they post here as legenday)

Marco Streng
CEO Genesis Group / Co-founder

Jakov Dolic
Head of Sales / Co-founder

Dr. Marco Krohn
CFO Genesis Group / Co-founder

Stefan Schindler
CTO

How much BTC did you invest?

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
70         4/5/2017        0.42885551
71         4/6/2017        0.44184485
72         4/7/2017        0.44760152
73         4/8/2017        0.44586506
74         4/9/2017        0.4486273
75         4/10/2017      0.45160695
76         4/11/2017      0.4530062
77         4/12/2017      0.45382166
78         4/13/2017      0.41957132
79         4/14/2017      0.41560285
80         4/15/2017      0.41806306
81         4/16/2017      0.41285586
82         4/17/2017      0.41573978
83         4/18/2017      0.41896408
84         4/18/2017      0.41759347
85         4/19/2017      0.43284344
86         4/21/2017      0.43279131
87         4/22/2017      0.43110726
88         4/23/2017      0.43151517
89         4/24/2017      0.43204929
90         4/25/2017      0.43604858


Total Mined BTC to date = 38.943273


Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Any Questions please PM me or find me on twitter. Thank you

Will continue posting results

There you go.... ETH has been up maybe 600%+ over the year while you make 100%.

Okay, I made an account on these forums just for this.  Because I was investing in Genesis for a while, and looking to reinvest the profits, when I read this.  I've been dabbling in cryptocurrencies for a couple of years, looking to get much more serious, so I'm aware that I may know just enough to be dangerous to myself.  But I thought I'd made a profit using Genesis.  What am I missing?

I really need someone to do me the favor of explaining this to me.  I'm a dabbler, as I said above, so you may need to break it down, but I'm not an idiot, so don't treat me like one.  I will see about providing whatever evidence you need of my profits.  Most of it was in Ethereum mining, BTW, where I put in less than $100 and got $200+ in under a year.  What am I missing?

Today I was recommended Swiss Gold Global and part of their business is bitcoin mining. Guess who they use for mining??? Genesis mining...

mmm... interesting so its going to take over 500 days just to get your money back and then if the miners are still PROFITABLE then you can start making money, subtracting the fact that the price of BTC goes up.

Am I missing something here?
6.396 BTC X $1000 = $6396 in 20 days
$6396/20 days = $320 per day
$166,000 / $320 / day = 518 to get your money back

Genesis Mining - BAD

BTC average growth 100% per year

buy BTC and hold $166,000 after 518 days = 142% Simple buy and hold - GOOD

Sorry i don't see it any other way.

Genesis looks the same today as it did 2 years ago.

I hold you get your money back but what are you going to do if it become unprofitable to mine and they stop paying because the difficulty goes too high?

Luckily I googled Genesis before going too far.

I have no knowledge of BTC mining and have a couple of questions.

I see this Antminer S9 13,5TH/s@1350w is $1499+PSU @ Eastshore
Before diving into more info about BTC does anyone have a rough estimate what BTC one S9 will mine per day?
I've seen from 0,002 to 0,005.

Edit: I found this link saying 0,36 BTC per month, does that seem correct?
https://www.bitcoinmining.com/bitmain-antminer-s9-review-bitcoin-mining/
Edit2: Further down in the review it says 0,285 per month...wtf?

Is there any point in starting off with only one S9 and start mining from home since cloud mining seems so sketchy?

Anyone got some useful links for a beginner?

I did buy my first 10m/h x11mining on the 20th then I upgraded to 30mh/s on the 2nd april. In total i paid 174$
Yesterday after 31days (credit card hold) i got my first payout of 0.08564958 dash. I still got 0.42856259 Ltc and 5765.87 Doge in my balance that should get paid out today or tommorow.

I'm happy so far with them

If you are looking for LTC mining contracts, I can suggest Hashflare contracts that I'm selling here: https://bitcointalksearch.org/topic/hashflare-scrypt-cloud-mining-hash-rate-for-sale-1876754

They have maintenance fee of 0.01 USD per MH/s per day, but they are also cheaper per MH/s and are advertised as lifetime (until profitable though). At Genesis you would get only 2 year contact with maintenance price prepaid and fixed. Hashflare lowered maintenance price for existing SHA-256 contracts once this year and they may do this in the future for SHA-256 or scrypt contracts.

Ltc ones look good? Whats the downside one those ones?

Don't use Nicehash unless you host a mining rig and sell your hashpower. Nicehash is widely used for money laundering in crypto world. Some bad guys buy hashpower for dirty coins and mine clean fresh coins then. Of course, these bad guys can afford paying more for such a service and you cannot find cheap prices there...

Seriously, 1520Th = 108 BITMAIN Antminer S9,
in https://www.nicehash.com/?p=calc
1 S9 = 0.00215297 BTC / Day
108 S9 = 0.23252076 BTC / Day

in your payout

Payouts Date Amount
15/03/2017 49 0.52695421 > 0.23252076 BTC / Day   
16/03/2017 50 0.49993947
17/03/2017 51 0.47497929
18/03/2017 52 0.42322828
03/19/2017 53 0.42017074
20/03/2017 54 0.42670095

wow, I'm doing a test against genesismining as well, with very little volume.