Bitcoin Forum

Even though the risks in mining bitcoin in the cloud are very high, what do you think of bitcoin mining in Genesis?
From what I saw the genesis is very participatory in lectures and events.

I still don't even trust anything relating to Cloud mining so if I were you I'd stay away, like far away.

I agree with you! Mining in the cloud is extremely very risky, I think that profits do not outweigh the risks. More we can not generalize. Not because a mining scam in the cloud is that all will be.

You don't trust them because you think they are not profitable or because you think they all are some kind of Ponzi undercover ?
I agree that they are not easy to trust since there are very few true cloud mining websites which worked in the long term...

Genesis Mining is legitimate but they have never been a good deal. The reason is they sell contracts that expire, usually before you get your investment back. Also there is no exchange where you can buy and sell your hashing power. Right now is the worst time to buy any hosted mining with the bitcoin halving coming up next month. Wait until after, then take a look at Hashnest or BW.com.

In Genesis only Ethereum contracts expire. (Usually contracts last 1 year) Other currencies that they mine are lifetime contracts.

It really is very difficult to trust companies in this industry, because most just want to make a profit and are a bunch of Ponzi. I'm trying to rely on precise genesis search and to make sure I will not have prejudice. The fact is: we take risks everywhere. Bitcoin and other Altcoins are risky and we have the example of volantidade of bitcoins. So if we want security, Cryptomoedas are not the best thing ... More know that profits will be high (not for less since the risks are too)

The point you should clearly understand is that one should never buy hosted mining power that you cannot turn around and sell tomorrow if you change your mind. The two largest and legit companies in that space are Hashnest (Bitmain) and BW.com. The BW.com website may be too hard for most westerners to navigate as it is natively Chinese and the English translation can be confusing.

You want to buy hosted Ether mining you can sell? The GetHashing (https://forum.gethashing.com/) outfit is your solution. While they do not have an exchange I have never had a problem selling on their forum.

I have been using them for some time now with no problems

I've never heard this mining (Hashnest) investments you have in it? She's that good? BW.com is disposed to me that I am Brazilian ... Translate from Chinese to Portuguese is very difficult ... Translation is incoherent.

you consider Genesis a legitimate mining?


How long have you mine in Genesis? Already recouped its investment?

You virtually will not ROI with Genesis Mining on their SHA256 "lifetime" contracts due to their maintenance fee and BTC diffculty. Their contracts are not lifetime. If your daily output is insufficient for maintenance fee for 20 days straight, your contract will be terminated and you will be left with nothing.

How does Gethashing GHCloud works? I saw it a couple of months ago but I was skeptical and thought it was some ponzi. But to be recommended by you, that means it is probably a legit site.

Care to share the pros of the site and the investment amount needed to make decent returns?

Even they have lots of ads going on all over facebook these days and showing their video about how they are setting up their cloud mining rigs. I will never trust them and also whatever other cloud mining pops up in future. I know few of my friends who forced me to invest past in hashocean and cldmine are now crying, even they can't get their ROI back till now.

Genesis Mining, they maybe legit until some point, the fact that in their contract they don't mention any approximate ROI time is a smart move from them to scam people. No one has ROI-ed so far there except a few shills saying good things about them. Cloud mining is not profitable anymore and its best to stay away.

I am surprised nobody mentioned how they screw their customers over with Scrypt. At one moment they just cancelled it. My loss on this alone was 1k. Never would i advice somebody to use them. As you say, there is no ROI from them.

It should be common sense now to avoid cloud mining sites because even the supposedly legit sites like topmine and hashocean turned into a scam in just a flick of a finger.

Honestly, I was really thinking that genesis mining is quite a good site the first time I read about them. The only reason why I did not invest there is that they require $19 investment for starter and you will wait so much time to get your ROI. I'm a little bit confused because at any time they can turn to scam and my money will be lost (well $19 is quite big amount for me). That's why I don't want to take so much risk anymore on a cloudmining site and work hard rather by spending skills, time and effort to earn bitcoin.

For the 19 usd is nothing. They want someone who buys a lifetime contract with them, they keep paying the person who buys a lifetime contract for 2-3 months or 4 months at best and then they tell this person that because of the mining difficulty increased they have shut down his miner. Boom you only did not make ROI but you also lost a lot of money with them, thats how they keep on making money and promoting stupid videos via facebook or via youtube. You can never ROI with them and their data center in Iceland doesn't mean anything as long as no one has made ROI from them.

there are not legit sites from mining sites or another same in this category. Never to try and having things to put your funds in them, Just avoid them and take your money back. they will not give a more collateral for you.

i thought this is just usual cloud mining sites and after many times scam experience i think it's time to avoid cloud mining because even though they had claimed that they the real cloud mining but i personally don't trust them any longer and would not spend my money by investing at there because i considers that cloud mining are good in the beginning but scam at the end

AVOID thing have relationships with mining sites, it only makes the scammer became greedy to snatch all of the funds of bitcoin member. the scammer will give a good offer and service to lure their victims.

Genesis mining looks very good but i also no more trust any of the cloud mining site...they will surely shut down some day and run with all the btc

No they are  legal company they have proofs of mining hardwares and office location but when mining difficulty are harder there earnings is not good unlike before and now they are joining the ponzi industry thats why we really dont know if genesis mining will be the same as hash runs to their client(well who knows) but one thing we must do is to avoid cloudminings and we must look for hash ocean incident thats a lesson to be learned So we will not be scam again.

Although , there are a lot of scam sites under the name of cloud mining , but I think this site is different , because they have a proof of mining , and they have also famous partners support them , I think this company really mine Bitcoin and other cryptos , but the profit of mining will start to decrease after the halving , so I don't know how they will deal with this event .

I don't trust any kind of cloud mining even its true cloud mining.
I don't want to repent later for trusting this kind of investment

After much research, I believe that Genesis is legitimate. so I decided to invest $ 300.00 in it. Before did some calculations to find out how I could win, https://alloscomp.com/bitcoin/calculator used the calculator to create an average of how much gain. today got the first payment. The amount was slightly below the calculations made, but it was to be expected since the mining began in the middle of the day. Now I will wait to see the performance and see if compença invest more. I think I'll invest with caution in order not to have any damage, after all, mine in the cloud is very risky.
Thanks to all for the tips. You are awesome =)