Bitcoin Forum

As you can see in the subject, can you still make some money using cloud mining services? I remember I was using cex.io a while ago and actually made something but I've been out of the bitcoin story for about a year now, so can it still be profitable and what websites do you recommend?

Yes, well if your electricity costs at home are exorbitant or you cannot mine for another reason, but you need to keep in mind, those services are there to make them money, not make you money.

I'd checkout Hashnest. In my mind it would be the only one i would trust since it's owned by Bitmain, which would have a lot to lose to default on their contracts.

As many btctalk users said: cloud mining is 95% scams.
And for the other 5% you will not get a big return due to the maintenance fee + the increasing difficulty...

What's the minimum for the contract?

Actually, you can make a few bit from cloud mining at this time. As long as you buy many GHs, you can earn money although it takes very long time to achieve ROI. If you wanted to earn bitcoin from cloudmining, I would suggest you to check genesis-mining and hashnest. Both of them have legit partner.

I dident think there was are legit sites out there

But I don't have that much to invest. Does it require a lot of GHs to make a profit or I can start with some minimum?

No, you actually don't need that much to invest in cloud mining (well if you will rely solely on the hashes, you have to get a fat start). There are legit cloud mining sites wherein you can trade your hashes to other users of the platform, same like cex.io. But there are other ones who offer just hashes and you cannot trade that with others.

In my opinion, cloud mining will be very less profitable when we compare to other earning sources. If you want a passive bitcoin income you can go for cloud mining with a through out money. Yes you need to forget the initial investments only the ROI is the benefit. So, it would take more time to get real profit.

At www.CloudMining.website, you may start investing as low as 0.014 BTC to buy 10 Ghs. They are paying close to one year now. You may verify their payment history - http://www.cloudmining.website/payments.php

Even a few hours ago, I received my today's payment - https://blockchain.info/tx/17385ac56805f91adf1d65c9b15b9bed22018d08739cc5d5e7865e099b59a087

you need time, money are always possible to be made, but the problem is that the roi is very long, up to 10-12 months, because of fee, otherwise it would be half of that

if you're willing to wait that long, and myabe adding some luck on the difficulty, there is certainly a good profit awaiting there

i doubt that it might be still profitable to coud mine bitcoins

I would stay out of it! Honestly. To many scams, only maybe three services that are honest, and to make ROI will take forever. Did I mention that it's way too risky since with Bitcoin mining you never know.

Also the halving is upon us, keep that in mind! Find something else to do in Bitcoin and stay away from cloudmining.

I have definitively stoped to invest in cloudmining...I have meet only scam

I think no cloudming is is legit... dont try to invest in any other cloudmining website im 100% sure scam... in the first place you will got the few profit but in the end you will get scammed.

cloud mining is almost never legit, its all a ponzi

just buy some bitcoins and day trade to increase your holdings

Pacmics are by the TH, so expensive steps. The hash market is by the GH, so we would be talking about a minimum of tens of thousands of sats for something middle end. But in effect, you can send a few dollars at a time and buy the hash you can/want with that.

If Cloud mining was profitable why would they be selling it instead of using it themselves?

cloudmining is ponzi inside

The anwser is most do both.  Not all but some do.    It allows them to make miners in bigger batches so cheaper in price for them.  Plus they make a profit selling.  As a company that is a win/win if you can produce a miner for cheaper with more quantity and make a profit selling some off, and mining others.

Sadly some are scams so do your research.  But there are still a few good ones, you can decide that after research.   And no one can guarantee profit cloud or hardware.  If anyone guarantees profit they are lying.  Do your own ROI math.

for this moment only some "cloudmining" can be trusted at this time :
1. Hashnet
2. Bit-X

don't try other cloud mining

I used to use cex.io for cloudmining too, back when it was profitable but after they stopped their cloudmining service, I have not yet seen any place that is legit (not scam) or even profitable.
I think the only way that cloudmining can become profitable again is that if bitcoin price goes at last to $400.

Kinda the nice hing about mining cloud or hardware is hopefully if goes up in two ways.  Hopefully you ROI and get more BTC then you spent.  Make sure to do ROI math no matter what kind of mining.  I do lots of math personally before any investment.

The other hope is the extra you are able to hold onto to.  If you are able to hold onto extra and it goes up in BTC it can make quite a big difference in value.  I mean pretty recently we went up like 30 dollars which is nice for us miners.

No ROI is guaranteed.  To mine in any form you have to love it really.  And feel confident on your ROI math.

I have only my own list:
https://bitcointalk.org/index.php?topic=1136572.0

But other than that I dont know, most of them are ponzi schemes, so beware guys.

you missing Bit-X mining service
it's a legit site, you can trade your ghs and you can receive some satosi for hold your GHS

you are right.

why do I sell mining shares?
Why do I not profit alone?

It is easy as 123.
Alone I earn almost nothing and "in fine" I even loose if I count the electriciti cost.

But I give out free shares so the cloudmining site makes profit like a faucet site.
People can then as well buy shares,because the shares make profit.
Profit I could not make alone.

I return you the question:
why does faucet runners give satoshi away?
For the same reason with my cloudmining.
For honnest cloudmining owner ofcourse it is the same:
they need your cash to buy performing miners.

So far it is not interesting to invest in my cloudmining...it is whi the possibility is not yet possible (only free investment is possible)
But soon i think it will be possible.
And we will have the same story:
alone you will lose money if you buy a U2
if you invest in my cloudmining,you will lose less (lol) and perhaps even ROI with profit if my cloudmining has success.

Hashnet or hashnest? Are you referring to this site http://www.hashnet.co/ ? I also heard hashnest (https://www.hashnest.com/ )is a legit one and they have a discussion thread here on bitcointalk. Can you clarify?

if you want to know "at the moment", the answer is no. because most of the good cloudmining services like cex.io that you mentioned have paused their service and the rest that are working are scams or they will not make you any profit and have terrible ROI.

but if you want to know about "future", the answer is yes. again like cex.io they paused their cloudmining service because of low bitcoin price. but if the price goes up they can resume it because the earning would be larger than the maintenance fees.

He's talking about Hashnest. Here is a thread:

https://bitcointalk.org/index.php?topic=766448.0

Stay away room the other ones! What do you think why they have made pretty much the same name and address like one of the most famous and legit cloudmining sites, hashnest.

because they do not have enough KW to cover all their new machines, so they sell those that they cannot use, this could be one of the reason, there may be other

they does not sell machien...they sell a part of the value of the machines...

I think you are making assumptions and not up to date on topic.   Look at hashnest some do sell the actual miner.  They sell S5 are in stock right now you mine in hashnest and you own it to.  They are sold out of S7's currently.

I suggest reading up on the subject some.    Cloud mining is not one size fit's all on how sites work.

So I'm correct that hashnest was the legit one :D Proxibuier probably just had a typo (or maybe he believe that hashnet was a legit cloudmining ;D ) Thanks for the clarification as I don't know whether a cloudmining is legit or just a ponzi.

no you can buy the whole hashpower of a certain asic, s3-s5-s7 are all buyable completely, and in the event that this was not true my point stand

they don't have enough electricity to cover all the hashpower that they can produce

Cloud Mining can still payout but the amount is relatively small and it would be hard to ROI as the earnings gets lower. Sites like hashnest is quite legit for now but the contracts get obsolete easily and I personally haven't made ROI from it yet, mostly due to the dropping prices.

It's still can pay, but the amount is maybe low because the difficult is increased, and maybe something on internal technical, like electric bills and maintenance fees.

Hashnest and bit-x is dominate cloud mining service recently. And they still paying nowadays.

Cloud mining yield so less bitcoins after electric fee, and with increasing difficulty and decreasing rewards (block halves to 12.5BTC within a year), ROI won't be made (the current earnings could calculate a ROI of about a year, however if you know the maths, it will be forever).
Currently people only by hashing power for trading, or just for fun. Don't expect earning from it.

Yes you can still make money with cloudming but the ROI will be that hard for legit ones. Well there are many suggestions about it posted here with some analyzation and you can test some legit ones but expect a longer ROI like I mentioned.

sorry for this situation, sorry for my "typo"
https://www.hashnest.com/  (https://www.hashnest.com/)

official Thread : https://bitcointalk.org/index.php?topic=766448.0

if you do not trust in my cloudmining then claim only free shares...
if i am a scammer...you have only lost time.

You must have make big time :D:D. Don't cloud mine, it was never profitable in first place.
Its shady stuff

I think you are losing vision.   Not all cloud mining is the same.  Did you read up above about hashnest selling hardware though cloud?   It is part of it.

Bit-X has 1PH of confirmed bitfury gear.  Yes on this kind of gear you get part.  It is not sold by unit. Bit-X is actually a very big BTC exchange in UK.  Cloud Mining is small part of overall company.

And I'm not pushing for sales, just trying to get you to see not all cloud mining is the same.  I say this a lot but it's true I make 0 money off of people who choose Bit-X mining.  So I push for research not sales.   

list 10 cloud miner sites that dont close over a year lol its all ponzi

not all, it was already said that bit-x hashnest and genesismining are legit, roi just take a long time like 10 months in most case

i really doubt that it might pay off after a few years though i dont think its worth doing it then as it wont give you decent profit

More than likely, whatever GH based on a value you get now will be worthless in a few years, because of raising difficulty, at least at hashnest, because its fee is based on the profitably of the unit its tied to ex; S5.

Otherwise you'd need a system where they devalue and overtime fee per GH is lowered.

No miner cloud or even hardware miner will make it years.  If someone say's lifetime or forever it works be weary as to good to be true.   

With any miner there are risk it's there with cloud or hardware.  You have a point where it's not profitable to run.   As hardware miner I sell it before it reaches this point.  It depends on the cloud mining site what happens at this point.   Also some have trading on cloud hashing where you can buy/sell.  So you could sell on some sites if you think this is happening soon and maybe get a tad more out of it and someone else takes over the risk of it being end of life of miner.

I was invested in few cloudmining sites for almost two years and never did i make money.. Given the high fees and mining difficulty i'd say just hold on to your bitcoins.

So I did...
it's why i propose now a kind of cloudmining in 3 parts.
free shares...already working
investment...soon possible
mining...possible but not yet explained online.(in few words...you have a miner and you have difficulties to reach the minimum payout then you can mine for me and i will pay you or give you shares for it.

Probably you had bad experiences on cloud mining sites and you only tried those ponzi ones, if that's so we're the same :D I also see cloudmining sites as a disguised ponzi but after some research I found cloudmining sites that's legit and not a ponzi. One good example was bit x. Also hashnest was a legit one and probably there are more legit cloud mining sites.

Yes I also had bad experience with my cloud mining. Earning was very much little that may be due to the amount of hash power I have bought. But when bitcoin prices down surged, they paid out in negative with the reason of maintenance charges.

It's sad but you really do have to research before any investment.  Cloud mining is so full of scammers I suggest even more then normal researching time.

But also once sure it is legit.  Do ROI math to.  Just like hardware mining you have to do ROI math to see if it makes sense at that current time.

But its not that cloudmining is ponzi or not, its the fact that mining itself is getting less and less profitable.

As the competition grows, the profit margin shrunks. And mining is a very competitive game nowadays, not to mention that the difficulty rises, and the cost of operation too.

It actually is pretty good right now.  Those of us who made profit at 230... a bump like 270 even is a nice little bump for us.  So the trick is being able to handle low priced mining times. 

And the good news is all of the BTC you mined and did not use to pay electricity for example has today's value so your holdings can go up a decent amount as far as USD in just a few weeks.

So you are saying that you turn your mining equipment to half capacity when price is low, and full capacity when price is high? Thats a good strategy.

Or, mine always for maximum capacity, but only dump the coins at high price? This is riskier.


The problem is that difficulty is going up, electricity cost going up, and you need new mining equipment that doesnt ROI for months, to keep up the capacity.

It is though, but doable.

Better always mine full speed, you might end up losing more from not mining than from mining more efficiently. Of course its understandable if you need to pay electricity bill from your BTC earning, but if thats the case, your electricity rate is probably too high to be mining anyways.

At least thats how i see it for home miners.

The problem with this is that some miners under clock nicely.  I have normal electricity nothing special.  And I do pay for electricity so if under clocking brings me more money, I do it.  For example my Avalon 4.1, SP20's are all running under clock as they do it very well and I can run at most efficient electricity.

Running full speed sounds nice but unless free electricity for most it will not work.

You would have a huge headroom before you need to overclock when you're paying 0.04$/kWh. I can understand that people that pay 0.1$/kWh+ already need to start undervolting their S5 equivalent hardware to remain profitable, but i tell myself that if thats the case, you probably should not be mining at home in the first place.

For instance at the local rate, S3's are still nicely profitable, and since they are undervoltable much more easily than with the S5, its going to remain profitable long into the post S7 phase.

I talk of 0.04$ and 0.1$ so there is probably a middle ground where some fine tuning bring more profits, but i never actually ran the numbers on profitability of 0.5J/GH vs 0.7J/GH at various levels in-between.

Cloud services obviously know this and they slap their hosting cost at the point in between where they are guaranteed profits and their investors are likely to break even, after a long time, but not much profit will be achieved.

Or you can plan for later dumping,  I mean at next halving the price can go to 5000$. Imagine how big ROI that would be.

Bitcoin can go to the moon, this is also need to be considered by miners.

It's getting a little away from cloud mining, but I guess some of these ideas do kinda crossover.

I have a set amount I want to be invested in.  I don't believe in going deeper and deeper in debt in chance of ROI.  I either make ROI or I don't.  And hopefully there is ROI/Profit on my investments.  If you wait on X price (which I admit I have done if price is horrible but as a general rule don't like).  If I did this I would have been KILLED from day's of when BTC was worth double or more then it is today.

Going through something like when btc went from thousand or so to a ton less luckily did not kill me as I had ROI'ed on my holdings.  If I held saying Ohhh if i get X more to pay the costs I do better, the drop like that would have crushed my investment.  I think you had to go through this to see how things can go wrong.

I've never really thought of investing to them simply because I have no total control over how its done.  I would rather do solo mining to any altcoin than could mining. but why are could mining companies still existing?

Its the same as cloud mining, if the cloud mining is legit, if its a ponzi then thats another story.

Because the cloud miner if he is really mining, he has to do the same calculations as you do by solo mining.

The only difference is that if he is selling a tradeable instrument, then its additional risk of price movement of that instrument.

Not really there are a few different cloud mining way's to do it.  Do you do much cloud mining?

Big thing is some you can buy the equipment and it runs in cloud.  You own the equipment, at end you can sell it.  Other you own hashing speed so you don't own a machine.   You can sell hashing speed, but you will not be able to sell a machine.

I see those as 2 massively different types of cloud mining.  Each has different strategy.  And home/hobby mining is a different topic completely.  You directly are responsible for electricity you can pay it with cash, cash out btc to pay, not cash out, etc.  Cloud mining it's going to take those fee's out of it no matter what in BTC. 

Also dealing with a lot of miners... it becomes something much different then looking at a screen and no gear.  They both have their own pros/cons.  But they are not the same in many ways.

because there are poeple that like to mine with whatever is available, so they use cloud if they cannot at home, i would do the same if the roi wasn't so high

I will not talk about all the ponzi shemes and scammers because it is not easy to rate the scam level.

So let suppose the cloudmining systems are honnest.
(so far I was ever scammed...but i want believe that honnest ones do exist)

With cloudmining it is the same story than with every thing you can invest.
The owners propose  and you analyse if it is interesting to invest.
Some investors prefer warranty about the principal back after x days.
other ones prefer dividends for ever
other ones prefer fix profit even it they are low
other ones prefer variable profit with possibilities high dividends.

After all my scams stories i have prefered to lose my cash by buying a miner.
It's not the best solution but it is funny to see day after day the few "sure" satoshi...(I will not scam myself)(lol)

For the fun i propose for free to invest cash or time in my cloudmining site.

Profit comes from mining and from site incomes.
So I believe that it will be worth to invest (time or cash) in my cloudmining.
I just believe...I can be wrong.
Now to answer at the question:


it depends ont what you mean about "pay out"
if it is about dividends,then no problem.if incomes then dividends.
if it is about the "principal" it depends on one thing:
if your shares (bough or earned for free) are sold...then you get your principal back.

if you buy a miner you as well do not get back you principal if you do not resell it...

This is the key here after all the stories you have heard.  It sounds like you have not cloud mined.... yet giving long winded advice?

Some are legit there are many scams though.  I have earned money an I have lost money in cloud mining.  Mine if first hand no "story" that it's based on.  The ROI is fun... it gets addictive when you think you are doing good.  I got burned on GAW miner was so my only mistake... and  i knew going in it was riskier but I invested... i lost some.

Now i have my own things I research before I ever invest in cloud.  First I start off with is solid proof of having mining hardware that get's of most of the scams. (there is a list in thread already but that is first one)

And again before any one invests in anything research it.  Don't go in blind.  Also don't let me push you into investing or not investing.  As I have said many times I make 0 if you choose bit-x or do not invest.  So I'm not trying to stir up sales.

But back to my snip you really need to do it before you give good advice.  Basing off stories you have read.... you just are missing so much first hand knowledge.

hmmm... yeah trusted cloud mining sites payout ...but there maybe new sites which will provide a high rates or may say themself as hyip investment program....Dont try them ,they may try to get away with your bitcoins....and you will be left crying :'(

It's not about stories I have heard...it's about MY stories about cloudmining...so far i have only lost...
yes only lost or not yet earned.

It is why i have decided to run my own cloudmining site and future will tell us.
Ok you will all say it is impossible...with an U2
I belive it is possible (lol)

You said stories.  What cloud site did you us? As I will be honest I'm not sure I believe you.

You kinda make yourself sound bigger in posts taking your investment into hardware, then you say U2.  I don't think you have the background to be honest to throw out some blanket advice earlier in thread.  Sure everyone is entitled to their own opinion, but you really need to have a lot of experience with something to give good advice.

To be honest too...
people never believe me...

It's not meant to be personal I just saw go from stories to you lost... does not fit right unless a typo.  You could prove me wrong and tell what cloud mining sites your using, a screenshot with it showing how much you have.  But I don't see that coming.

Just like you you made it sound big moving to hardware... and it's a U2.  Which nothing is wrong with mining with a U2, just seemed when you talked about losing money so want hardware... sounded like bigger operation.

And I could be reading it wrong, and others see it different.  Either way best of luck.

i have forgotten the cloud mining i took part...I had only invest the minimum possible or perhaps twice the minimum possible
Here i will lose
https://bitcointalk.org/index.php?topic=444495.0
And an other one where I cannot speak about because so far it is running and so far I have not reach the minimum payout i cannot know.

About my sites...investment sites or not...
I programme them for the fun...
after if the people use or do not use it does not matter.
I do not need luck...but my system users need luck (lol)

NO, getting the roi from these clouds is not going to work.
still instead of just losing money over a ponzi better try hashnest.

if you are trying to invest in cloud mining then you want to lose money rather go and gamble it

With the present situations both gambling and cloud mining may pay you or may not....

Cex.io still is profitable in terms of trading your ghs. I've made quite a profit from it when I was just starting my trading experience. It is a nice thing to do instead  of investing in ponzi schemes. The cloud mining pays good, but the trading of ghs pays better.

actually if you gamble at trusted sites they will pay you you dont have to worry about it :) (if you win)

is the same for cloud, but with cloud you can actually hope to reach roi, with gamble one bad move and you're done you lose everything

The same could be said with any sort of mining really.  There is no guaranteed ROI.  With a true cloud mining ... you do some ROI math. 

If someone guarantees you ROI most likely it is a scam.  It is based on good ROI math, and possibly luck depending on who you talk to.

You shouldn't be surprised :D I mean, who will believe on a potential scammer ::)


You got a point man, rather gamble it on a reputable casino site than investing it on an obvious cloud mining ponzi ;)

Most of the cloudmining sites are a scam. I have invest in two of them and after a few months i have lost a big part of my investments.
So be carefully

laosai...I hope a day you will recognize your wrongitude (lol)
And ...I hope for you that you will not to much regreat for not having tried my system.
People are so much incircled by scammers that they see scammers every where...
You will be surprised and astonished...
You will believe that you are dreaming...
You will say to yourself:
How can it be possible?

Same way - better invest in reputable cloud mining service (HashNest) than gamble in ANY casino..

Anyway never invest more than you can afford to lose!

+1
It's why if it is possible I propose to invest for free so people can see from inside if it is worth...and above all to see if it was worth...

ehh.. i give a try to your "shares" ;) but, you must know that in my opinion this system looks like Ponzi..  ::)

Then you will know a day...
40 years ago or so one heard all the day at the TV and radio:
It looks like Canada-dry,but it is not Canada-dry...
So it is with my sites...it looks like a ponzi but it is not a ponzi.

Please be patient...soon one will know the truth and be sure;I respect your opinion.

Sure its not a Ponzi, its Bitmain. But that doesn't change the fact that the hosting fee are so high you're looking at marginal return after your break even. And since it take so long the hardware itself will have devalued heavily, and you can't resell it at a good value at that point because of how expensive taking it out of Bitmain's centers and receiving it is.

for now i wouldn't recommend cloudmining site because most of them is a ponzi and could be scam anytime but if you a have huge amount of capital try to learn about trading i think that's more safe way than invest at the cloudmining and if you have a good skill from it i do believe you would earn a profit everyday

Well most of them, you can always try hashnest, although the profit in there is not in the mining itself, it's more on trading GHs, as they fluctuate accordingly to the price of btc. The mining profits are simply add-ons.

Lol, thanks for making me laugh dude, I appreciate it :D

Stop making jokes, just like your investment system a.k.a. ponzi :D To be honest , I do play with ponzi that is decent looking, but yours look like shit so I will never try your "investment" system ;D

What you've all said won't happen dude, I guarantee it ;)

the problem is the roi, not that everyone single cloud is not legit, which is not true

when you see the roi, it's up to 10 months or more, and if the price skyrocket it will be more than that because diff will increase fast

too much uncertain around the mining scene, to do a secure move, it's like gambling, not much of difference between the two

Have you read my nickname?
it's winspriral...not losespiral.
Take 2 same chocolate rocks
One is envelopped in commom paper and cheap.
One is envelopped in goldy paper and expensise.

The customer pays more or less for the same thing...
The owners earn more or less for the same thing...

With my fabulous system envelopped in common paper the owner and the customer have the right profit because the customer and the owner are customer and owner.
So:
site with common paper:
oh shit ... I have won 100 satoshi
site with goldy paper:
Oh great ... I have won 1 satoshit (lol)

Whatever, I still go with the one with goldy paper. Sites with professional looks tends to pay much lower but they will definitely pay. Unlike those shitty sites that promises very high returns, will most likely scam. ::)

I agree with you dear laosai
But my site (for you shitty)  pays small profit...It is why it cannot have to scam.
Soon my cloudmining site willperhaps  offer shares worth 600 or 700 satoshi...
do you think that they will not claim?
And it is anonymous...so perhaps they will say here "shit" and claim claim...we cannot know it.
perhaps are you a regular claimer on my site?
I cannot know...all is possible.
And if so...you are right...you can be wrong with your sayings here and be tight by claiming on my site...
but schuttttt do never say it (lol)

It can payout if the cloud mining site is still active but if not you will be scammed.. Just remember there is no 100% cloudmining sites legit. Be aware just like an investing site i will not recommend it for those newbies find another ways to earn bitcoin dont give hope in that ponzi scammed sites....
The best think that you can earn is joining campaign is just renting your signiture . and every week you can earn it...

Sorry but I have no time claiming satoshis on your "cloud mining" site as I'm quite busy with other stuffs. I said its shitty cuz of its looks, I  can see some bad english on your site, messy ads and very primitive layout. Anyways looks doesn't matter to some people as long as its paying, but for me it matters (especially on ponzis) :D

You say this because you do not like the cash games.
You give not good advices to newbies because you put all sites (ponzis and not ponzis) in the same basket.
What can an user lose with my cloudmining site?
Only the time spend for earning free shares and the satoshi invested if  users believe investing is interesting.


If you do not have time to claim then do not claim.
If I have no time for sign campaign or for claiming on good faucets,I do not say they are ponzi's (lol)

For my bad English...sorry...i'm better In French...my home language...but is it so imporatant for all the people here who speak almost every one an other language?
I notice that you have not understood the principle of my sites if the design and the writing is more important than the principle.
People here would thank you more if you talked about principle and not about bad English and design and ponzis,specialy about ponzis because my principles are not ponzi shemes.

I'm using genesis mining and hashocean.
Genesis is 100% real and hashocean i dunno maybe a 50% but they pay automatically every day
https://www.genesis-mining.com/ with 2.5% coupon discount ijRZuT
https://hashocean.com/?rid=207890
pics
http://oi60.tinypic.com/20pu35w.jpg
http://oi58.tinypic.com/dmfihh.jpg

How cloud mining can be 50% real??  ;D

I'm testing HashOcean too - they have very fast ROI - that i already get. However, I suggest to be very careful with this service.

Ps. Ref links are not allowed on this forum.

i think you must read here
https://bitcointalk.org/index.php?topic=878387.0

genesis mining is not a pure mining, it's ponzi scheme