Bitcoin Forum

I am thinking about joining genesis mining and buy some of their contracts
and I was wondering if any of yo tried them before,if so, please tell me if i can trust them with my money or not
Thank You

There has been several scam accusations against them over the years but I think It's nothing confirmed. Whether Its true or not , cloud mining is not longer profitable so It's not recommended to invest anymore.

meandering away from the logical answer of cloudmining is very shady.
there is another point that should be raised.

imagine you did find a legit cloudmining business. (requires alot of imagination :D)

mining bitcoin
based on the last 6 months some maths has been done
based on a 13thash asic over 6 months, it returned 0.47btc mined over 6 months
converting it to fiat, thats about $340 for 6 months mining bitcoin

so easy maths. 0.47btc / 13thash = 0.03615385 per Thash return after 6 months ($26/Thash)
as for the next 6 months. unless you are getting a contracts for far less than $26/Thash dont expect to break even in 6 months

altcoin mining
however if you are altcoin mining.. well throw a dart at any number and treat that as expected returns.(meaning no guarantees/no predictions).

though cloudmining alone is very shady, even if you found a legit company.. the returns wont be as expected
your better off just buying bitcoin and holding.

They are not profitable right now and to many bad feedbacks posted on this furom, and surely you cannot take to get some problems if you will choose to invest at them, that site is no longer given such decent roi to their investor thats why its better to find another alternative profit earner since genisis mining is totally a shaddy business for now. Just try to dig some past pages on this section you can actually see thos bad feedbacks against them.

better you asked yourself. my advice is if you are really curious about cloud mining, then you can trying genesis because genesis is one of the oldest cloud mining that still online and i think you don't have to mining bitcoin because its really hard to mining, better you mining with other algorithm like x11, scrypt, equihash and i think you can get profit with that. but fyi, its need times to get ROI like almost 8 month until 1 years from your first deposit and its depend on how much you buy the hashrate.

Well... actually depend on your decission to make investing or not, in my opinion if you want make investing on genesis mining make sure you be ready for lost them and wait until you get return of investment, because there are people who make guarantee genesis mining will be survive forever, remember mostly of cloud mining service were ending with scam.

No you shouldn't, as you also shouldn't trust in every other cloudmining businesses out there.

They don't mine shit. They make money as long as you find new customers for their ponzi. If their mining business were making profits, why would they share it with you? Ask yourself this, would you do it?

This issue has been discussed many times in this section, Genesis mining is one of few companies which are still working after the halving, but it is not profitable any more, in my opinion, holding your bitcoin or investing in legit ICO are better than investing in any cloud mining service.

Yes. Everybody is awared about this truth now. I hope investors stop sending their money to genesis mining and another sites of the same kind.
To OP, I say: You shouldn't trust genesis mining, because cloud minings sites aren't profitable for investors, just for the owner who is getting all your money. Cloud mining consists of empty promises.

NO, NO and NO. There s no single individual who made money with them. You just pay them to expand their own farms. BS cloud mining. Better try some other company.

Changing price of mining package several times within a year or month is shady part they have, they keep selling packages at quite higher rate on starting days and lower price over time so the one who will invest on first will always struggle to get back their invested amount. If they don't run away just like hashocean, to get your investment amount may require more than a year period. Trusting cloud mining is out of option for me.

cloud mining is ponzi scheme never been profitable at all.I seen all of the site come with nice offer and after couple of days or month they just ran away with investors money.my recommendation don't invest on cloud mining site there have must possibility to lose your all investment.

I think yes. Genesis mining evidently has the mining system in Iceland. You can find this information on the internet as well as some trust bitcoin-related news. However, nowadays, cloud mining is not as profitable as it used to, you need at lease 6 to 10 months to return your capital. So please considered about investing in cloud mining

Cloud mining = virtual mining /fake bitcoin mining for most of the time
Genesis mining shows real mining device and mining farms in some of their videos and pictures however i really doubt that they may be selling more than their real mining device power.

No, you should not. Every cloud mining can turn into a scammer in a blink of an eye no matter how long they have been running and how trustful they are. Stay away from them or you will lose your money. If you have capital, you should learn how to manage your own mining system. It is more profitable and more trustful

I don't think you should put in a lot of your money into cloud mining site, most of the cloud mining sites are scam nowadays.

then where do you recommend me to invest?
except for trading and casinos, i don't think that there are any ways to invest in bitcoin
i am a beginner btw so if you have any tips then please... TEACH ME MASTER

They are considered a trusted cloud mining company. Already provided evidences they are really mining BTCs. But you shouldn't invest on this company, because the profit is low or inexistent.

The lifetime contracts don't work. You won't receive income for the rest of your life from this. I heared all cloud mining "legit" sites stopped working after halving, only Genesis Mining continued, but I don't know for how long... People are complaining a lot about this kind of deal.

I'm not sure who suggested you to invest in casino but he/they don't want to see you succeed because investing in these places is very shady.

I don't prefer to invest in casino or gambling or betting website because these are mostly based on luck and mostly the bosses of these get rich not you.

I would prefer you to not use any cloud mining because it is not profitable or the ROI takes ages which I think doesn't worth, so try maybe trading bitcoin or altcoins.

Hah, if making money in crypto would be that easy, we d all be next Donal Trump. :)

Nobody here s going to give you free of charge advice to the ways of making money. Cause if we do, we re just creating direct competition and potentially causing saturation of our investments. Good luck bud.

Even legit cloudmining isn't profitable anymore, just invest your money in others services, if you don't find anything trustful and good today, wait until tomorrow, there's a lot of altcoins where you can have a good profit(with a low risk), just have to read a little bit about.

I don't even know why would anyone want to use genesis services. You will ROI basically NEVER as difficulty increases constantly . All their plans are based on per year stuff. It's better to invest in your own mining equipment

You just leaned that investing in cloud mining is not good option. I was like you in the past, I thought that cloud mining is amazing and it was created to help everyone earn money.
I was wrong as some companies I was fond of turned out to be lying about their projects, since that time I never trusted any service again.

And it was before halving. Today's reality is even harsher for mining BTC. There are altcoin projects where mining 'might' be still profitable like Zcash but personally I wouldn't touch it.

This is not the right time to join cloud mining as the bitcoin prices are still not meeting the mining costs to get you considerably quick profits. If you are ready to wait for almost 1 year to get back your investment, you may go for buying mining contracts with them.

Genesis mining is a trusted could mining services still investing with them is not recommended by this time as it will not be profitable.

i think it should be your decision whether you want to earn with risk .
because in my opinion no one is trusted after hashocean but still some better mining plans are available , so you need to take decision through your own efford of risk .

I don't know any other investiment too. And nobody here told you a good one...
I'm always looking for oportunities of good investiment, but it's hard to find, too many scammers. If I would be able to find at least a investiment offering 10% monthly I would be satisfied. But it looks impossible.

It is not profitable anymore i think I was in hashocean business and I was withdrawaled about 0.05 btc but invested only 0.01 btc and I am really happy that I didnt invest more money in that scam site.

I think the question should not be if you can trust or not Genesis Mining,  your question should be whether invesing in Genesis Mining profitable.  The fact that cloudmining investment had been not profitable for sometime now should at least give you a hint on not investing in a Cloudmining services because it is more possible that you will never get your ROI.

Cloud mining platform realease took some new investors. They provide such a good promises, But if you obviously going to try it then you would surely see the result but after doing that you should also think that you have been warned

Yeah right. The ROI in genesis mining can be bought back to you in a year. Damn! How's that? Your capital is stuck at one year and nothing came to you. I was fool when I invested 0.1 BTC in that cloudmining and now I am regretting it. Well, I am just hoping they can return as much as they can in my capital and I am not hoping for a profit because of the small amount they are giving back each day and I just hope their site last for one more year. Just to cope my investment to them.

Again, just beware of investing in a cloud mining sites. Why not try investing in a Bitcoin Casino ? I think that was better than cloud mining.

Feedback among them is really needed to look up for by people so they will not fall for the false hope of high earnings on genisis minings, that services should not really worth it to go true mining business is totally wreck at this time so thats why its truly in believable how they survive not unless there still yet many investors throwing some money on them or yet they found better alts to became alternative of their struggling business.

The people realize if they have joined in the cloud mining site and they have made some money with just sitting on his chairs.
It is becoming the wrong common thing for all.

You better invest your money in other profitable but trusted sites if you want faster investment returns. Genesis mining take your money and give you back part of it which is not profitable for you even in the long term.

Its totally true, people are so lazy enough to think that they can earn money by just sitting and doing nothing, thats why many people fall for that thoughs since scammers grab that oppurtunity and make an illusion earning sites, thats why we should think that no easy money on this world and all needs sweat and headache, hearth aches for losing is avoidable and be more vigilant for the thing who offered an high profit gaining, and genisis minings for me is totally a bad idea to invest on.

No, you don't have to trust this kind of sites. This sites are totally scam, there are lot of  people here complains about this sites. And why do people expect that they eill earn more by doing nothing in this sites? Investing what? You're just wasting your money there. Much better if you stay away with this kind of sites.

I think Genesis mining is legit. Its still operating until now. But if i were you, im not going to invest my btc on a cloud mining because it takes a lot of time to take back the btc you invested on that site. Theres also a possibility that you finished the contract without any profit. Many investors have bad experience with Genesis some of them doesnt get any profit and even take back their half of investments.

I almost paid for a zcash mining contract, before the launch. Luckily, I did not invest, and according to some reports, it was the right thing to do.

Do not try to invest money on that site. In investing online, 90% are scam. Maybe they would pay you at first, sooner they would not.

No you shouldn't trust any cloud mining, no matter how famous and how many profit the site had paid, most of the time the owner is going to run away with your money, you better invest it into another investment, cloud mining ROI is quite long and the risk is too big so stay away from it

ROI = Wolf in sheep's clothing.

Honestly, You can make more simple your essay. I may think if using the online investment place can become the easiest way for reaching some money. And it's same like the other people think. And this is wrong.

I agree hence this is actually part  of  nature  on  human  being  which  they  really dont  like  to do hard work  on earning  money  and they  just  like to sit  around and do  nothing and  they are earning, you are  right  some  people  would really use this  advantage against people  and they sees  that  its  an  opportunity to make money thats  why  there are  sites would surely go to scam. Abount genesis mining they are actually operating for  years already  but   for  OP,  invest only the amount you can afford to loss.

Genesis Mining s 100% legit, no doubt about that, however, there s another issue there, PROFITABILITY. I have been unable to find a single person who has reached ROI with them. In other words, NOBODY MAKES MONEY WITH GENSIS MINING. Do I need to add anything to that?

well it's up to you if you are going to trust them or not maybe after asking some opinion from people here in forum you should ask yourself as well because they are not the one who will make a decision , if you really want to know the answer you can try genesis-mining by yourself but if ever you have doubt better to change the your plan because as all of people always saying here you should not trust any kind of investment online like cloud mining .

Well i dont say that genesis  mining  is scam hence  they do have   mining  farms  physically and they do operate too. You are right the  main  thing here to be concerned about  is  its  profitability. I dont  think  that  most  investors their already reach their  roi  for  a long period of  time , as we all know that  bitcoin difficulty has increased  on  the latest  halving.

Do not trust any investment programs on the internet because there are full of scammers there. You have to be very wise when you decide to join some Cloud mining project or some kind of HYIP. All of them are trying to steal people money as much as they can and then they will run away without any notice. If you want to make a real investment, buy some hardware, learn about computer and start to make your own mining system at home. Even that Genesis-mining has run over a year, who can ensure for you that they won't turn into a scam ?

A pool I am using is paying out 0.00090755 Per TH/s a day or $0.66. Genesis Mining is not transparent at all and makes it hard to find out what their fees are, but a close look at the contract reveals the daily fees for bitcoin are $0.35 per TH/s. That means over half the daily mining income is eaten up by the high fees Genesis Mining charges. When you buy hashpower at Genesis Mining you can not sell it and are just putting money in the corporate till. You paid for their miners and power supplies but are getting less than half of the mining payouts. You are subsidizing their mining operation so it is a win win for Genesis Mining. They have the gall to claim their customers are getting a good deal.

Interesting, it's not easy to see this information on the official website. Under these conditions, the investor does not have great chances, if the mining difficulty increases too much in the long run.
I checked the genesis mining thread, here on bitcointalk, and I have not seen many happy miners. On the contrary, there is a lot of people complaining about zcash cloudmining contracts.

Some people were saying GenesisMining was legit and totally wrong. In my early guesses, he tries for snatching our money through the "Scam fees". According to from your sentences, I had realized if totally buy his Hashpower was very unprofitable. I had said if they use the smooth cloak.

I saw on another thread, they "eat" more than half profit investors make as tax. Reading the investors opinion, that is the worse cloud mining site investment. I don't see any reason for people invest there. There are more two options of cloud minings: HashNest and HaoBTC, these two sites looks better than Genesis Mining, but I don't think they worth anyway. Better to don't invest.

Hashnest does not sell hosted S9 mining yet only the less profitable S7. If you are looking for lower fees than Genesis Mining see BW.com charges $0.26 per TH per day for B16 mining contracts and ViaBTC only charges $0.16.

I would not trust them with a substantial investment but maybe small ones. I think they will be ready to run soon as some people habe not been paid and after enough complaints when they realize people habe had enough then they will run.

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.

I suggest to purchase the etherium package has a 1 year contract, my experience has not been to 8 months turnover, but for an sha256 need more than 1 year are not yet behind the RoI.

I suggest you order your own hardware miner - an antminer S9 and ship it to a reputable hosting place. In that case, you will own the hardware instead of some abstract cloudmining contracts which often fizzle away like contracts.

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..
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..

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.

I don't hear about genesis mining.I just found this thread Scam alert : Do NOT INVEST in Genesis Mining https://bitcointalk.org/index.php?topic=1185909.0

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.

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.

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.

Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.

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.

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.

This happen same like me, 2 years ago I invest 1.5 BTC buy SHA256, but until now recently turning 0.95 BTC. Luckily due to the assistive bitcoin price increase so USD my money was back but if calculated with bitcoin still need 1 more years. The best mining in genesis is Etherium package, only 8 months I was 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.

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.

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.

Wrong, they will pay you if and when they earn. You are funding the operation and you are taking the risk. If they keep earning you will keep getting paid. When the operation becomes unprofitable they will disappear and your money with them. I read somewhere that owners of Genesis are mathematicians, so they know their projected profits, do you?

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.

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.

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.

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 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.   

The answer is NO (check that thread : https://bitcointalk.org/index.php?topic=1185909.0 )

If you trust them, you will lose your money.

Genesis mining is now an organised fraud system.