Bitcoin Forum

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I was just at TNABC the other day, where Genesis Mining had a stand (as did Ledger, the hardware wallet maker).  I took some photos, and may write my visit up at my blog.

A quick look around here did not show a thread (of course I may not have been looking in the right place).

I would be very interested to hear of any experiences from any of you re Genesis, I am considering an investment (I too am iinterested in growing my BTC pile).


*** I do understand that most mining contracts are either "Ponzi" or uneconomic.  But, I would definitely like opinions. ***

Thank you!

If you already understand that mining contracts is basically a ripoff, why are you asking if it's worth it?
If you see other advantages to it e.g. not going through the trouble of buying hardware, I guess it would make it OK.

In my opinion, the reward isn't really worth the risk, best case scenario you will make little money.

My suggestion for you will be to stay away from genesis mining. You will need 1+ year just to reach your ROI and that is without any difficulty increase which we know is not possible. Unless you want your money to be locked with them for years then you should stay away from genesis mining

My post simply reflect my own experiences with them **

no, not worth. stay away.

I lost some money there in the past. (randomly cancelling contracts)

The only contract which might be worth something is Ether mining. However, even in this case, it s safer simply to buy Ether in the first place.

unless you can shell out good amount you cant profit through genesis

The amount that you invested doesnt matter in genesis mining, no matter how ig you invest in you will need alot of 'years' only to reach ROI. You could even earn much more just by putting your fiat in form of bitcoin and wait till next year to exchange it back to get some profit but there is no way to get profit in a year with genesis mining not even your ROI

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OK, thank you all very much.  I'll pass on sending BTC their way.  It's a pity that there appear to be NO cloudmining opportunities that come out with any kind of decent ERI. 

It would seem like anyone offering a reasonable rate-of-return would attract a lot of customers, hence make more money for them.

Why would they rent out their miners if they could offer a event rate of return?

I don't think it is worth it. I say this because their prices are too high when comparing to other trusted cloud mining companies.
If you take a look Hashnest is cheaper and you can even trade your ghs while your mining.

It will take a year or so to get roi but then with the rewards halving in a few months it will probably take longer.
They have got an x11 option which allows you to mine a few select altcoins but ultimately you would be far better off if you just bought bitcoin or any other coin directly.  Cloud mining is not worth joining at this point in the game, just my opinion.

Don't do it. A year ago Genesis Mining ripped their customers off big time. They switched expensive scrypt hash 16 USD per MH for cheap sha hash (less then 1 cent per GH).
There was nothing their users could do, expect for taking a 90% loss.
The time prior to that was bad too. They overcharge the maintenance fees by over 30%...
If you look good you will find many experiences like mine.
My personal experience is very bad.

Wow, Genesis Mining is a pretty high profile company. I wasn't expecting them to have such sketchy practices regarding investments.

They are not sketchy. Everything is clearly written on their FAQ so they are not hiding anything. Some people never do any simple calculation regarding their return after the fees and there are less reviews back then about genesis mining so there are alot of people got trapped inside this genesis mining cycle still waiting for ROI

You can always try DMD Diamond cloud, there are the only ones where I ve reached ROI within a year. You get your payouts in DMD, which stakes 25% a year. So this helps a lot.

What you say is party wrong. let me explain why
Let me speak on my behave. I was charged to much maintenance fees, but i did get it back when i sent them a mail.

This has nothing to do with FAQ or a TOS, but straight forward ripping forward your customers.