The answer is NO (check that thread : https://bitcointalksearch.org/topic/scam-alert-do-not-invest-in-genesis-mining-1185909 )
If you trust them, you will lose your money.
Genesis mining is now an organised fraud system.
Topic: Should i Trust Genesis Mining (Read 2656 times)
The general answer is YES, you can trust them because they are legit registered company.
BUT
Will you make a profit? NO.
It is well calculated to be profitable for them ( not for you ) .... I guess only in case huge profits they will share small part for you (probably).
Sadly I have purchased one contract in past and can say the payouts appeared too fishy to me.
Why?
Because I think they calculate it purely in fiat.
e.g you buy $200 contract and get paid $220 .. so far it looks like profit ... but when the BTC price goes up, you are getting smaller amount of BTC (just to get the right amount BTC equal to $220 according current price).
and this is the catch. How come the miner mines less BTC when the price goes up? No way. This is not how it works, miner do not cares about BTC price.
The only profit I made is through my referrals. But have to say I'm not proud of it ... actually I feel ashamed for promoting them ( that time I believed it's a good investment ).
Final conclusion: Stay away from them.
BUT
Will you make a profit? NO.
It is well calculated to be profitable for them ( not for you ) .... I guess only in case huge profits they will share small part for you (probably).
Sadly I have purchased one contract in past and can say the payouts appeared too fishy to me.
Why?
Because I think they calculate it purely in fiat.
e.g you buy $200 contract and get paid $220 .. so far it looks like profit ... but when the BTC price goes up, you are getting smaller amount of BTC (just to get the right amount BTC equal to $220 according current price).
and this is the catch. How come the miner mines less BTC when the price goes up? No way. This is not how it works, miner do not cares about BTC price.
The only profit I made is through my referrals. But have to say I'm not proud of it ... actually I feel ashamed for promoting them ( that time I believed it's a good investment ).
Final conclusion: Stay away from them.
I don't expect to make a profit on cloudmining. But I would like to use it as a slow way to convert fiat money to BTC. As long as the conversion rate is competitive with BTM machines, I am happy. Unfortunately, most cloudmining requires you to pay in BTC - and that is just silly. It's like giving them a negative interest loan (as you correctly point out).
The other thing I want is to choose the mining pool my rented mining hardware is contributing to. Then I can monitor the contribution of my rented rig (and whether and how long it is down).
Naturally there needs to be some sort of waiting period with escrow when paying by CC - until the transaction is final.
The other thing I want is to choose the mining pool my rented mining hardware is contributing to. Then I can monitor the contribution of my rented rig (and whether and how long it is down).
Naturally there needs to be some sort of waiting period with escrow when paying by CC - until the transaction is final.
I repeat this over and over again. Find me a SINGLE person which has made any ROI with them and then we can talk. If there s no person like that on the planet, these guys sell shit and re not better then ordinary scammers.
if by them you mean cloudmining in general I have reached ROI and made some profit but that is for a long time ago on a very legit and popular cloud mining site called GHASH.IO which had majority of the hash rate once.
but if you are talking about in general but these days, then yeah there is nothing but losses in cloudmining these days since 99% of them are scam and that tiny 1% is also doing something shady in the background and do everything they can to pay their users less than they should to maximize their own profit.
Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.
I think this is quite true as of now with Genesis Mining. Well, they can be legit because they will only pay what they earned...and that is a consolation fact rather then they are paying high and then they will be gone before the year ends. Cloud Mining is becoming like a revshare industry.
No you shouldn't trust any mining actually because nowadays its not profitable due to some circumstances on electricity consumption. Some offering this kind of mining sites investments which turns to scam you and no profits will be returned back to you. When the time comes with the failure of mining operations and your investments contracts will be neglected and communicatiins between you and mining holdings is terminated without any advice from them all you've invested turns to nothing.
I think crazyivan is correct here. There is no one that gets rich in any of these contracts anymore but genesis mining and all those other cloud mining. You have to pay so much money for the contracts then you don't even get to earn that much. Then they have some fine print that they will continue to operate until it is profitable. So when it is no longer profitable for them, say good by to your contracts.
Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.
I think this is quite true as of now with Genesis Mining. Well, they can be legit because they will only pay what they earned...and that is a consolation fact rather then they are paying high and then they will be gone before the year ends. Cloud Mining is becoming like a revshare industry.
I repeat this over and over again. Find me a SINGLE person which has made any ROI with them and then we can talk. If there s no person like that on the planet, these guys sell shit and re not better then ordinary scammers.
To be honest I wouldn't trust any cloud mining company right now that promises a profit because cloud mining is not profitable right now. As for Genesis Mining there have been many scam accusations against it so I would be careful with my investment. A simple search here would reveal the scam accusations.
Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.
I think this is quite true as of now with Genesis Mining. Well, they can be legit because they will only pay what they earned...and that is a consolation fact rather then they are paying high and then they will be gone before the year ends. Cloud Mining is becoming like a revshare industry.
Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.
Nobody knows... Impossible to calculate because each new day the payrate changes, lower income each new day, considering this you will never hit ROI. The only chance you have to make profit is if the BTC price increases a lot, example:
You invested 1 BTC ($650), after 3 years you earned 0.7 BTC ($1000), so you made $50 dollars profit... Received less Bitcoins, but in fiat you had profit. Very bad investment anyway, if you had just holded your coins the profit would be higher in this example.
Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.
Nobody knows... Impossible to calculate because each new day the payrate changes, lower income each new day, considering this you will never hit ROI. The only chance you have to make profit is if the BTC price increases a lot, example:
You invested 1 BTC ($650), after 3 years you earned 0.7 BTC ($1000), so you made $50 dollars profit... Received less Bitcoins, but in fiat you had profit. Very bad investment anyway, if you had just holded your coins the profit would be higher in this example.
as much as I've researched on legit mining services, genesis mining is the legit one as hashnest I believe. IMO you're safe to invest into genesis.
Well you can not trust anything permanently, especially cloud mining. They are all scammers you know. They may be legit, but I don't think that they will last forever. Cloud mining is just another form of Ponzi scheme so I suggest you should stay away from them unless you want to throw away your money. Actually your right, but we cannot call all as a scammers since there are still few of them running good but not ideal to invest on, they are not profitable as we do some mathematical calculation, it takes so long before we can get our capital back and thats totally insane if we choose to invest at them eventhough we see some bad feedbacks against them, we should remember that cloudmining is dying industry wich is needed to avoid for our safety.
Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.
as much as I've researched on legit mining services, genesis mining is the legit one as hashnest I believe. IMO you're safe to invest into genesis.
Well you can not trust anything permanently, especially cloud mining. They are all scammers you know. They may be legit, but I don't think that they will last forever. Cloud mining is just another form of Ponzi scheme so I suggest you should stay away from them unless you want to throw away your money. 
Well, the reports regarding the genesis mining service are not the best, nor are they the worst. I think the site is no scam, since they apparently comply with the contracts, the problem is that many of these contracts have details that make mining very difficult for most users, such as high maintenance fees.
I don't hear about genesis mining.I just found this thread Scam alert : Do NOT INVEST in Genesis Mining https://bitcointalksearch.org/topic/scam-alert-do-not-invest-in-genesis-mining-1185909
CloudMining are ponzi.I Just can tell you keep away from CloudMining.I was try cex.io well known site but lose my investment.you try mine with AntMiner that would be best decision.you can buy new AntMiner S9 its now popular.My suggestion just keep away from cloud mining because most of the site are scam you will lose your all money.specially I believe every cloud mining sites are ponzi scheme.
CloudMining are ponzi.I Just can tell you keep away from CloudMining.I was try cex.io well known site but lose my investment.you try mine with AntMiner that would be best decision.you can buy new AntMiner S9 its now popular.My suggestion just keep away from cloud mining because most of the site are scam you will lose your all money.specially I believe every cloud mining sites are ponzi scheme.
I can;t say Genesis Mining is not a scam cloud mining website now. But after some time they will turn into a scam cloud mining website. Same as other website, when u join them early there are not scam, but when u are late u gonna get scam by them. Even though they are not scam, u aren't get much profit by investing in them. My main reason i reply to u is to encourage u to earn bitcoin through faucet, trading or other stuff but NOT CLOUD MINING! Hope u understand it.
would not touch again any cloudmining even with a stick
regardless if the service is legit or not you are not gonna ROI
there is a slim chance that bitcoin price doubles,but even then you would be much better off simply buying and sitting on your coins
Honestly i can not be still trust them if they can be prove that they are mining they are still a cloud mining just like other investment site online.. but if you are nearly to the place where they are mining you can invest so that you are far in scam site..regardless if the service is legit or not you are not gonna ROI
there is a slim chance that bitcoin price doubles,but even then you would be much better off simply buying and sitting on your coins
So for me better to stay away from those cloud mining that honestly it is very risky than gambling because you did not enjoy your money unless you lose it for investing that you are hoping that you can make a good passive income..
would not touch again any cloudmining even with a stick
regardless if the service is legit or not you are not gonna ROI
there is a slim chance that bitcoin price doubles,but even then you would be much better off simply buying and sitting on your coins
regardless if the service is legit or not you are not gonna ROI
there is a slim chance that bitcoin price doubles,but even then you would be much better off simply buying and sitting on your coins
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