Bitcoin Forum

so i was thinking about putting some money into genesis mining though i had this one question:

when the halving happens will it still be profitable to mine with it? for example if i invest in it now and buy 2 TH/s mining power and get 3 dollars a day right now, will i get 1.5 dollars a day only after the halving?

I think no one know about value dollar, if now you get $3/day after halving maybe you can get over it as bitcoin price increase or below it if bitcoin price decrease
But the exactly what you can know, if you get BTC0.1/day after halving you will only get BTC0.05/day Yes its true if bitcoin mining difficult not increase too

Do the math.

1. The number of bitcoins you earn will be cut in half.
2. The maintenance fee will not change.
3. The difficulty will drop perhaps 20%.
4. The price is unpredictable.

I suggest you to stay away From Bitcoin mining sites, because the amount of Mining Bitcoins is half after halving. And now all the Bitcoin mining sites are Scamming people.... So Stay away from all Mining sites....

Yes youre right bitcoin halving makes mining sites turn into scam..so better to stay away never get involved with this mining sites,and the reason is some of them will collect some btc before going ofline in preparation of halving

It depends on the price for me because if the price will go higher and higher then even you mine half amount than what you can mine before it will be still profitable but if the price will not adjust to make the mining still profitable then you should not invest on mining because it's just a waste of time. If you ask me i suggest you to mine other coins if you like mining that much.

I agree that it depends on the price of bitcoin after halving so I think it's better if you wait for it so you'll know if it will be profitable or not. Since halving is coming and no one knows what will really happen aside from bitcoin will be cut in half, I suggest you to not invest your bitcoins yet but rather save it. That's the safest way to do as of now because even if genesis mining seems to be legit now, we don't know if they will stay or turn to be scam sooner or later.

it is already very hard to make any prediction about bitcoin and when it comes to mining this gets even harder, and worst of all is saying anything about cloudmining where you can't really tell because they are for one unprofitable and that is only if they are legit and not a ponzi scheme, and even legit ones with real hashpower turn into ponzi when they stop being profitable for the owners.

It's not that simple. If the price rises, then so will the difficulty, and then you will earn fewer bitcoins at the higher price. In theory, the price is not a factor.

No it will not happen if you know that the place you put the money to invest in the mining sites if they are actually running their businesses like genesis mining is one of the trustworthy sites.

are you sure they will not scam us because last time people said hashocean are trustworthy cloud mining sites but in the fact they were gone now however for me currently mining aren't profitable any longer especially after halving i think may be they will cut out profit users became a half

Yeah that's right even the top cloud mining sites is still tempt to turn to scam and ran away the investors bitcoins.
I think i doubt that on what you said that mining aren't profitable anymore because you can see that the price is rising and helping the miners to make the mining still profitable even though the block reward will be half and the mining difficulty will increase.

It depends on the difficulty rise. If the difficulty rises 1% each 14 days, it is possible to make some profit. otherwise, not profitable.

Not too sure but if we invest in the genesis it's much safer because they can provide evidence of their mining. it's different if you invest in hashocean they only say you can get fast ROI when you invest your money on them.

Friends,

If we think very positively about bitcoin mining and conditions already happened, mining is completely different thing but price of bitcoins in current exchange market is highly important.

As we already seen two halvings as of 2008 to 2012 with 50 BTC reward for block then 2012 to 2016 with 25 BTC reward for block and after then 2016 to 2020 price for each mined block will be 12.5BTC but think if price of Bitcoins rise up there will net profit can be count in local currency with ROI.

And as predictions price of bitcoin will bump upto $10000 till 2020.

Think for mining at that level.

A very optimistic prediction indeed for the mining at bitcoin price of 10.000 USD per coin till 2020. That would be extremely wonderful to achieve the price of 10.000 USD per bitcoin as people holding more than 5 bitcoin will be with a nice decent amount of money for any country like 50.000 USD. But this is unlikely to happen until 2020 I am afraid but no one stops us from hoping this prediction to come true. Mining would be great back then.

Now back on topic, I have warned several times against Genesis-Mining. No one has made ROI with them and they don't mention to you any ROI in the contract they are selling. They turned off X11 scrypt mining when it was heavily profitable a few months ago. They will shut down your miner if difficulty increase. If you had bought a lifetime contract, you have lost money, if not then you would have not made ROI still. Do I need to add more that Genesis-Mining was not profitable before halving and it will be not after the halving.

Genisis mining had many issue and when you post your problem to their fb suddenly they will delete it and doesnt answer problems inquiry to their costumer, thats why we should not invest in mining because for the fact that difficulty of blocks is even more higher and that says it not more profitable for them to opperate for more years thats the main reason they join ponzi scheme now.

So by that genisis-mining well be dead anytime soon.

Genesis Mining has NEVER EVER been profitable. I have not been able to find a SINGLE person EVER reaching ROI with them.

So pls, do your calculations the right way and stay away from financing their farms.

even without halving you'll get super low profit unless you're such as early investor which already got ROI after waiting few months,for newcomer there's no chance just wasting your money,time and effort,better allocate it on other potential thing

Never every huh? Well consider me the first single person to tell you that I have been able to reach ROI and have looked at about a 120% yearly return at the highest with them. My ETH year contract has been a pretty nice success for me.

I ask the same question , how they will work after the halving , if their rates now about 120% yearly , it may be 110% after the halving , but they depend on other crypto coin like ETH , whereas most of miners will turn to mining ETH as it is the most profitable coin after Bitcoin .

it is difficult to say if they are still profitable as no one can predict what will be the price after halving i guess it is much better for you to find other ways instead of investing in this kind of mining never heard anybody earned from bitcoin mining as i started knowing bitcoin since this year every thread that i have been read only says that mining is no longer profitable so why try, much better trying to investing in trading alts you can control and you don't need to pay any maintenance mate.

you can rich roi in any minign company other then ponzy mining scheme like hashocen ..other wise they are not profitable when you rich rio they wil say its no more profitable and clso your account this is all mining compnay issue .

I dont think that any cloud mining or mining sites are ever given any profit to the users , even before halving or after halving This all mining sites are scam as they never give any proof of their mining sites or hardware details, so how do you think that they will give you profit when they dont mine itself , they just shuffle the users bitcoins between them and when their target achieves they just vanish or start some bluffing like site got hacked etc etc bla bla.

my opinion , nope, because after halving i think btc price would be stable around $650-$700,with that price, i doubt if genesis minning would give you big profit, also, with that price , some of minning sites already become scam, just hope genesis minning dont turned into next scam site.

not recommended investing on mining in this time because in the short time the halving will come and this is can decrease your income from mining. as posum578 opinions, if you get $3/day after halving you will get $1,5 only and you will feel a big lost in them. avoid mining at this time, you need to think again about your intention to using mining service.

Using this calculator here: it shows the calculations alloscomp.com/bitcoin/calculator mining with increased difficulty of the blocks and halving. With it you will have a base about how you will win.

I doubt any cloud mining operation will be profitable... EVER. They haven't been from the start. The people who were lucky to get paid in ponzi's are just a small minority if you compare if with the people who got scammed.

If there is a cloud mining with a decent chance of profit it's by far not Genesis Mining, With Hashnest you could have a chance, but again it's very slim.

after halving many cloud company will crash ..so not sure how this will work if price increase then may be it will stat otehr wise all will go down ..waiting for halving to see the situation

Yeah i think better to stay away in those cloud mining site it can end up to scam.. just hashocean if you remember many people are scammed by this company.. this is just like the same as old investment schemes before.. they are acting the same as old owner of scrypt.cc

I dont think you really understand the difference between Genesis Mining and the other two you mentioned. They are far from anything alike.

If you don't mind, What is the difference?

For starters, they have proved through pictures and video interviews that their equipment exists, not to mention publicly mentioning where their mining operations are held (even have live streams of their mines). They have taken part in numerous important bitcoin functions and conferences and made their appearance known by have a fully transparent team. I can go more in depth if needed but its terrible to compare them to sites that have brought nothing but problems from the start and have been ruled as scams before they really took off.

This. And yes I speak from experience. Even though it was a small amount to try them out, it was a loss after a year. Do not invest in Genesis Mining, it's for your own good.

They are giving so much low roi and not advisable to invest because we cannot really gaurantee that we can earn in their site, and  i see they have  many claims that their costumers are still didnt get their roi even if they are member im that site for a long time and some other says they are scam, but what i can say about them is they are wreck there mining are not profitable thats why they join Ponzi noe just to sustain their expenses.

hahaha... basically at the first time they make cloud mining is not to give a profit for their users, only to lure people to join with them. in my opinions, if they can using their cloud mining for themselves and can get big profit from them why they want to contract the cloud mining for another people? just thinking about this. maybe they only rotate their member's money.

If the bitcoin price rises, you might get your money back in US dollars, but in terms of bitcoin, you will get less.

Where do you read/experience they offer less ROI?
The last time I check they don't offer ROI at all. They use the funds to prefinance their equipment and then pretend something happpen so users will get less payout.From there you will see your income decreasing and decreasing till there is no payout. This is what has happened to me.

I found their Ethereum mining contract was not profitable. That is mainly because the difficulty rises too fast.

Most of my Genesis contracts became worthless after mining (in fiat) about 20-35% of their cost. In BTC the return was even worse. I'd like to know what period you purchased them. Mine were in early 2014.

Did you include the maintenance fee in your calculations? The mining revenue decreases by 50%, but the income will be reduced by more than 50% after fee.

It is no good looking at your payouts and thinking..well halving means half so that means i should get half of what I get before.

Here is an example, just an example mind you but it will it help show you why you do not get half the amount as before.

A person buy 1TH/s with Genesis Mining in March, their daily fee is 0.55 USD per TH/s per day.

On the day of the halving, 1TH/s mines on average about 1.54 USDs worth of Bitcoin a day before any fee is removed.

Genesis mining then takes 55 cents off that amount for the maintenance, and gives the person 99 cents worth of Bitcoin.  1.54 USD - 0.55 USD = 0.99

Today for example on average 1TH/s mines around 0.78 USD a day. Only an average mind you as pool performance and other factors always influence that payout amount too.

Genesis Mining then deducts 55 cents off that amount for the maintenance and gives the person about 0.23 USDs worth of Bitcoin.  78 cents - 55 cents is 23 cents.
.
As you can see...you quite clearly do not get half. I guess people think that because they were getting 99 cents worth of Bitcoin before the halving then they should get half of that after which is 49 cents or so. But as you can see, once you do the maths, you clearly do not.

But GM has not done anything, the fee is still 55 cents as before, all they are paying you is what you should be getting paid.

My payouts with Hashnest have dropped also btw so this is not just a Genesis Mining thing.

This is pretty accurate.

The reason is due to not being able to produce asics themself so they act more of a bigger re-seller and cant manage the pricing on their own so they have to adjust the price of cost of machines.

I mean that alone is a indicator the business model wouldnt really work unless they had the partners willing to selling it for dirt cheap prices and which direction they took for gensis mining in general.

after halving is mining is decrease 50%, so is rertun with mining if price bitcoin not high is not profitable,
but i think price bitcoin is level now is enough profitable

FoendyZ

So is doing also some other non legit cloud mining so far which I don't remember which. But let's get back at genesis mining, I see through facebook they are promoting heavily their website now and claiming that after the halving many ponzi companies have gone out of the market and many legit ones could not afford to continue(all words of Marcus Streng or whatever the CEO of genesis is called). Now they are inviting people to their website and are using the X11 as a profitable way of mining if you join them. Well I really want to believe it but I will not until someone here shows solid evidence that they made profit with this new restarted X11 mining from Genesis-Mining(solid evidence to be from normal users of the forum and not from the shills who have in their signature Genesis mining discount code or are in some form affiliated to them).

after halving, the fee is jump into twice, the diff bitcoin is going to hard if we just have small TH/s. oh btw, i send an email to GM this morning, i ask them why i do not receive my payment in 2 days ago, as i only have 0.0510 TH/s. i joined with GM as 13 - 12 - 2015 almost a year ago. and here its the answer from GM :


so its become useless if we only have small TH/s. in that email, my contracts became unprofitable so i should bought more contracts to get payment like before. i've been thinking over and over, if the price is not reduce to get more TH/s, so its useless, maybe i will wait until 18 days later to make my decision to buy or stop with GM.

yes they will close it as soon as its not profitable because after halving many user account has been closed because of not profitable contact ..

I suggest you That Stay away From all Mining Sites Because everyone knows that Mining sites are Scamming People.....
Due to halving the Bitcoin Block solving Reward Remains Half So According to me You Earnings are also Cut in Half and also there is no Guarantee that You Make ROI or Not......

You are right and ive seen many of investor didn't get their roi and they have many bad claims and i think they are now joining the ponzi scheme game, mining is not very profitable for now so how could people think to invest in minings when they already known and many people says here that mining is not profitable business for now since blocks are very difficult ti find. And how come some other people didn't listened and invest again in their.

Earnings didn't halve it is the ratio.

Bit many sites dont do mining they lie and it is a ponzi all they own is the website. There is no miners or building just fake google address of any place and pictures of people and things. Never a picture of the office building or miners or source of power or even cabling just nothing. Then it is known to be a scam for sure so beware !

There so many issue among them and they are bit shady now and i dont think it is the best investment thing to look for to earn money online, Genisis mining is it horrible state its not worthy to give your trust in them and invest a lot of money since they are not really profitable in their own rigs as bad claims stated in their fb groups and some of them are already deleted by them, and for those new one's want to invest their think better enough and dont do bad decision because your money will might be compromised and sleep longer to them.

Another cloud mining scheme fails. Take out your coins now or you will regret it from putting them into something more useful. ::)

I just checked https://www.genesis-mining.com/pricing, one year Eth mining is 2900 dollars, there will be no ROI.