Bitcoin Forum

http://themerkle.com/genesis-mining-review/

tl;dr

Genesis-Mining is a reputable company with legitimate datacenters, if you are interested in cloud mining it is definitely worth checking them out, however, before purchasing any contract make sure to do the math and do not underestimate bitcoin's or any other cryptocurrency difficulty jumps.

Yes it is reputable "for now" because it is still operating but I don't think they could able to proceed further more on the longer runs since bitcoin difficulty does really increase as the days goes by and ROI for its investors would really be long for sure.I don't tend to be bitter but I don't really like to invest on these cloud mining sites because most of them are just scams.

This an interesting sentences. At least run some of R4S in my apartment will be more profitable than it. They are legit because of, not a scam. but they're not legit for pay back your ROI.  ::)

You should make a clear statement there, first you say they re reputable and worth checking out and then u say they re not profitable.

Why would I check them out if I cant make money using their service?

That is an interesting point, would buying your own hardware be cheaper than using a cloud mining service like Genesis-mining? I know Genesis offers 200ghs contracts for $30. You can grab an ant miner s5 for $100 from Amazon which can easily push atleast 1.1TH. Effectively a 200gh contract for less then $20.

So now you may say electricity costs. Well guess what it's December and my house gets cold I need to wrap myself in 5 blankets. This $100 space heater / money making machine seems a whole lot useful than some pixels on on my screen which might one day ROI.

Many people have good experience with genesis but the only thing is we are not making much profit with genesis, they are charging really very high withdrawal fee. I hope once the days are passing mining bitcoin will also decrease due to it's difficulty, even it will long to get returns on your investment. I hope cloud mining is very risk one because we are investing our money into third party we don't know what will happen after investing, we have to listen their words and we have to satisfy on what they give to us.

looks suspicious

I cant imagine how this is sustainable in the long run. The money coming in will stop sooner or later and they will have a hard time paying their customers. Some of the users of this forum consider cloudmining companies as ponzi schemes.

Once again, how can you have GOOD EXPERIENCE with them and not make money with them. What does good experience in cloud mining mean other then actually MAKING MONEY!! PROFITS!!!

Most of them are ponzi and there are lots of cloud mining sites before which were considered legit by many people but they scammed millions. Most of the cloud mining never have the amount of mining power they advertise they have and sell for high price which ultimately make them run in HYIP/Ponzi model.

I just hate cloud mining and don't understand why people are still thinking about investing in them and trusting them.

LOL. how much did they pay you for this "honest" review?

Or maybe the reviewer already figured out that to make money with these cloud mining contracts, the company, Genesis, has to get more new customer's money in to pay for the current contract holders. He is doing his job so that he himself can get paid. :D

You can not ensure that this project " cloud mining " will last forever. Most of them will turn into scammers and take all the money away. That's Ponzi schemes, not cloud mining at all. If you want a truth investment, buy some antminer and setup your own mining pool at home.

hahaha genesis reputable, lol. What they are doing are selling contracts that are lasting for one year or infite but most of them will be terminated after few months. They said in their TOS that if it's not longer profitable for them they will close your contract

Anyone who does it won't buy the contract. The math shows these contracts are unprofitable and the only way to have profit is if the currency increases its price during the process you are mining on cloud. If you hold your coins the profit is much higher.

I see reviews splited between some sections of forum about Genesis Mining these days, what is the interest of those "users" to create threads endorsing Genesis Mining service?

Yes with rising bitcoin prices i would also suggest just keep buying and keeping BTC and profiting that way.

From my own personal experience I think that most of the cloud mining are just a total scam, it is a way so they can get money and leave without a trace, that is what happened with one cloud mining service called Hash Ocean which was legit at first but when the number of users got high the owner was consumed by greed and run away with the money.

Yes till now it is going fine and paying to people on time daily but for bitcoin mining may be they are paying very less amount to people, they are deducting more fee on withdrawals. But don't know how long this predictions will go far and how long they are going to pay. Even when days are passing it will face some difficulties in maturing the coins.

sure it is they are hyip and behiding and just hiding to that name so that they can scam people who still believes in cloudminings but one thing is for sure Genisis-mining is quitely a reputable and who's proven that they run a legitimate mining business but as far blocks for bitcoin is so hard for now i dont think they are worth to still invest at them, nor to the other cloudmining sites out there.

A private company would never let other people make money off their back. If it s so profitable and they ve grown sufficiently not to need additional capital, why would they give away money for free. So, cloud mining is a very dubious concept.

yeah there totally paying but do you think people are getting great profits in there? do you see there feedbacks in there social media pages? i dont think they are worthy right now, remember mate bitcoins mining for these days are quitely unprofitable thats why people should take some little basis from this situation so they will not regret for there money if the time that they realize that its truly bad to trust the cloudmining concept.

That's right but thanks for this kind review.
I love it.

It looks like just exchanging our money with BTC. or BTC with the other btc but the decimal below than the previous amount.

So, I will be heating my room using $100 machine.   :D

While the available contracts may not be the most profitable out there, the company is indeed legit.

By investing in genesis-mining all you do is provide them an interest free loan for them to expand their farms and that is all.

These two sentences contradict. If you're only giving them a loan to finance their operation, saying they are not the most profitable is a huge understatement. I'd say they are not profitable at all. Why should anyone even consider giving them money. You aren't buying a contract guys, you are crowdfunding their project and this is business not charity.