Bitcoin Forum

Day 0 (buying the contract):

I finally decided to give it a try and bought 0.7 TH/s as an open-ended bitcoin cloud-mining contract today. I don't expect much, but I will be sharing all statistics and analytics on a regular basis:
https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway (https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway)

I will give back 50% of referral earnings and 50% of Steem earnings! Make sure to check out the steemit post for details.

Best regards,
Kryptowerk

(Update Day 1:

It is now more than 24 hours (26:20 h) that my contract was validated but I still did not receive my mining payment. That sucks. Especially because they state the following:
Please be patient for your payout since they are only done once a day. Because you started in the middle of our 24-hour payout period your first payout is expected to be less than the following.

If this statement was correct I should have received my first payment by now, althought it would probably be less than in the upcoming days.

Let's see how this develops...)

EDIT: Just received my first payment, update on Steemit coming soon!

Please do not refer more people to this website. We all know that cloud mining is not as profitable as it used to. People can never ROI in a year if they mine Bitcoin. Moreover, investing your money in cloud mining is very risky. There are many people has lost their money in those kind of services. You can never know when they will become scammers and run away with a huge amount of Bitcoin

Don't worry, I am not advertising their service. As you can see in my latest post I am calculating the expected time to reach ROI. If the payouts stay as small as the first one was and if difficulty in the mining network continues reaching ROI will probably be impossible. If this is the case I will point it out in all my new blogposts about GM mining.

Here is my detailed Day 1 review: https://steemit.com/mining/@xwerk/genesis-mining-review-day-1-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway (https://steemit.com/mining/@xwerk/genesis-mining-review-day-1-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway)

I will also be looking in NiceHash contracts as it was recently pointed out to me that these are more profitable. If I do invest there I will be comparing GM to it.

I was actually thinking about joining one of these cloud mining sites but the first line of your opening statement makes sense. People can not roi in the first year of mining bitcoin so why would you even think these mining companies will pay you even your original investment back within the year or even after that?
How would they make any money from doing this? If they didn't then why would they have made this business in the first place. ::)
It is pure macroeconomics to think logically about their bottom line here. :P

Imo the idea of any investment is taking a risk (in this case for example the risk that bitcoin might crash) and companies look for risk reduction by sharing some profit while also sharing the risk (THIS is pure macroeconomics). At least that is how it should work. If you can't even make your ROI + a little extra back in a year then I am inclined to call it scam.
We will see. I am not here to promote, but because I am curious myself as there are all different nuances of statements about Genesis Mining. Some people claim got get more than 150% ROI back while others say it's impossible. I didn't invest much, if I see good results I might invest more. But as of right now, with the first small payout I highly doubt that... if it doesn't increase their mining contracts are indeed scam.

can u do this with hashnest also. its actually alot cheaper over there. i dont think this is much of a experiment at gm  ,since its  way overprice.

Yes I will do this with hashnest, too. Right now they don't have their Antminer contracts available.
I guess I should have done more research - although it's not that important to me I am really disappointed right now by the low payouts of GM.

at hashnest   u can buy it off the market u dont have to buy a full unit.  what people do is  they would buy it from the shop if its cheaper or the market if thats cheaper. the market mines instantly  , the shop u have to wait 3days   so u would have to factor in  3 days of mining .  they also reload at random times, but market is always for sale. u can sell at anytime as well. and if u have enough ghs for a full unit u can redeem it after it hits 90-100% maint  fees.  shipping is not cheap tho.

Here is my latest update:
Genesis Cloud Mining Day 6: future perspective and disappointment (https://steemit.com/mining/@xwerk/genesis-mining-review-day-6-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-first-disappointment)

If now from avarage aernings you can get ROI in over year, with increasing so fast difficulty, only Bitcoin price skyrocketing will help you to get this ROI EVER!
If now it is 386 days, and price will not change, I expect that after 2-3 months it will be at least 20 - 30 days more. Not good..

I know. That's why I wrote: "This looks to me as if payments do not increase for the next payouts and difficulty continues going up, reaching ROI will probably be impossible!"

Did I understand that right? ???
450 days to get your investment back? :-[
The steem back is a nice spiff but still. Is it worth it to wait a year and nearly 3 months to get back, if that with the bitcoin price flucuations minus your transactions and their so called 'maintenance fees', for what you spent on the site to get anything out of it?

Definitly not worth it, unless GM changes their payout policy. And I doubt they will. Just buy and hold, should be a much better "strategy" ; )

Update on the Genesis-Mining Bitcoin contract bullshit (I feel inclined to call it SCAM):
https://steemit.com/mining/@xwerk/genesis-mining-review-day-16-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-don-t-do-it (https://steemit.com/mining/@xwerk/genesis-mining-review-day-16-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-don-t-do-it)

Sorry for your loss, but it was very expected if you read the feedbacks about this service before investing. Cloud minings don't give any porfit for investors, you should search for a better investment option next time.

Just holding BTCs worth much more than investing in this kind of site...

Out of cloudmining options, Genesis Mining is the biggest bullshit, a legal scam. Sorry for your loss but there ve been so many threads about them.

It doesn't really matter how many threads there are that clearly prove that aside from the fact that the majority of the people won't get even 75% of their initial investment back, that even 'legit operating' cloud mining services can turn into a scam. I like the term that you used ~ legal scam.

But as always, people will still pump their precious coins into these money grinding services. These services aren't doing anything other than paying people with their own money, but then very slowly. But hey, who are we? They clearly don't take any of our advice into consideration.

I agree with you . this time too many things like this that give us false hope. with enticing lure to benefit, in the end we lost all the money we have. need a proposal / blue paper that is reassuring to be able to secure this business.

It s not false hope what motivates people, it s greed and the lack of common sense. WHY would a cloud mining company of such magnitude let you make money off them?

Are you sure crazyivan? I was sure that your mission is to disclousure scams!? I never seen that you have any proofs against Bitcoin Mining.. I'm not saying that this kind of businnes is profitable, but saying that they are not legit must have some confirmation behind.. do you have any to say like that?

For the same reason that any company would sell equity or shares... reducing their own risk and in return paying their investors. With a high volatility market like BTC this would make perfect sense.
Unfortunatelly it seems to me that Genesis-Mining just outright scams people out of their money.
I decided to blog about my mining contract experience and provide a ton of graphs because there are a lot of people claiming they make greatprofit with their mining contracts by constantly reinvesting etc. Obviously (now) this is blatant bullshit.

I will continue updating my blog to spread the word about this rip-off:
Day 20 - Genesis-Mining is a joke (https://steemit.com/mining/@xwerk/genesis-mining-review-day-20-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-i-guess-it-s-a-joke)

Two weeks later and nothing has change for the better (as expected):
https://steemit.com/mining/@xwerk/genesis-mining-review-day-37-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-roi-in-infinity-lol (https://steemit.com/mining/@xwerk/genesis-mining-review-day-37-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-roi-in-infinity-lol)
 >:(

Now, 61 days in, there is a slight change for the better. As could be expected with the recent raises in Bitcoin pricing:
https://steemit.com/mining/@xwerk/genesis-mining-review-day-61-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-finally-light-at-the-end-of-tunnel

Still, I wonder how long this upswing will hold, as soon as network difficulty adjusts, my guess is the contracts won't be profitable again. Will keep you posted...

I absolutely don't get your problem.. Do you actually accuse GM of doing something illegitimate?
As far as I know, they did't promise you to pay you more than you payed them. They offered x THs
for y $/BTC. If you were unable to make your calculations, or if you made wrong predictions about the future
difficulty changes, then that's sad but you can't blame GM for that. There's only one culprit and that's you.

If I buy a yoghurt in a supermarket for 5 $ I can't complain later on that it was too expensive. Decide
at the moment you agree to a contract if you deem the price reasonable, and if you find out later you
were wrong then deal with it like an adult and don't cry like a baby.

Well, you may not understand my problem (too high maintenance fees for BTC contracts, no rewards for taking the investment risk). But I surely see yours: People like me may reduce affiliates using your CODE. Without that shit shills like you would probably never get your investment back. Especially if the semi-ponzi-coin Dash crashes. Anyway, happy mining to you.

I think this thread is about your mining operation, not mine ;) And your mining operation
is not even the interesting part of this thread, but your attitude and personality is (in my opinion):

"no rewards for taking the risk" What kind of bullshit is that? Did you expect they give you a welcome present
for turning up as a new customer? How naive are you? Did you think they will apologize if diff increases (which
is beyond their accountability) and pay you some bonus so that you don't get sad?? You get what you payed
for as described. period.

"too high maintenance fees for BTC contracts" Did they change the maintenance fees for the contract
after you signed up, or are you just unhappy afterwards?

To sum up: You didn't do your math before, GM delivered as promised, and now you are mad. Is that
right or not? If not, name one thing that GM owes you per contract and failed to deliver.

"Without that shit shills like you would probably never get your investment back." You are crying about not
ROIing and at the same time you are still circulating your Ref-Code for the very company you accuse (rightly or not)
of stealing your money. Is that right? Just think about it. And rethink if it's really your turn for insulting others
for posting REF-codes.

Cry louder, shill. :D You cannot make a thread posting "stats" about your mining contract when referral codes are included in your "calculation". Well you can, but then please, don't cry for beeing called by your real name: a low life shill. I don't insult you, you feel insulted by what you are. Sorry. You can post your ref-code anywhere, all day long, but for putting warped information out there I will call you out. It is nothing else than misinformation if you don't deduct your ref earnings from your calculation. It's that simple.

I don't give a rats ass about the 0.09 BTC I invested, I will probably get more than 50% of it back. I did that because there are a ton of fishy guys like you promoting how great GM is, while the only fact they are getting back so much more than they invested is because of their referral earnings. They, and you, try to live off people believing their lies. Disgusting.
Btw: I never accused them of stealing my money. I accuse them of beeing a company with fishy offers. And this thread is intended as a counter for a the shill-shit like yours out there.
kthxbye

I have zero earnings from refs and I would of course not include them in my calculations.

It's remarkable that you again and again try to move the topic away towards my investment.
This thread is about your miserable investment decision. So answer one of my questions or
simply shut up. Or continue to make yourself ridiculous, that's up to you.

How much did you pay for this contract?

How much do you earn per day in bitcoin or dollar?

I'll follow your thread.

I've seen many people complain about cloud mining and I've personally been disappointed with a legitimate cloud mining company.

Here:
You can read all extra details on my Steemit channel.
This is my first post: https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway
And this my lastest: https://steemit.com/mining/@xwerk/genesis-mining-review-day-61-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-finally-light-at-the-end-of-tunnel

It s no my business to discourse scams but I do not like new members of our great cryto economy lose money like this cause they ll probably leave crypto and not come back again cause they feel scammed. Who benefits from this? Only Genesis Mining people who took their money and gave them nothing in return.

Show me just ONE SINGLE person who has ever reached ROI with GM. Just ONE SINGLE verifiable proof. You can't. They say they have 200k users which is BS. Maybe 200k account registered. Even I have account there but do not use their shit service. So, how is it possible out of 200k users, there is no SINGLE USER who can say, YES I made money with them.

Do you really need more proof? Do you think you, out of 200k people, will be the first one who discovered a way to make money with GM? Don't be stupid. Save your money for something more profitable.

Day 88 update: https://steemit.com/mining/@xwerk/3-months-of-genesis-mining-review-day-88-bitcoin-cloud-mining-or-full-disclosure (https://steemit.com/mining/@xwerk/3-months-of-genesis-mining-review-day-88-bitcoin-cloud-mining-or-full-disclosure)

why so many people talking like that about genesis ROI i calculated and found out that my ROI  would take up to 6 months (5 in the best cases) it depend on a lot of thing actualy it doesnt depend on genesis
I invested aproximate 2.5k in ether and bitcoin $ and currently make Aproximate more than 20 $ a day

Having a number of mining farms with unknown precise locations in Europe, America and Asia, Genesis Mining started around 2013. Exact whereabouts are privately hidden for safety and security reasons.

Genesis mining is deniably the most famous as well as substantially huge cloud mining company for coins like Ethereum, Bitcoins and others. Enlisted with the SEC for a Bitcoin mining fund, it is considered crystal-clear with it comes to transparency and legitimacy, therefore concluding not a scam.

But we cannot conclude that Genesis Mining is profitable, we are only implying that it is legit since it gives us the true service they promised us.

We are safe to say that the until the moment the contracts gains profit, you’ll still be able to mine and take in payouts, since these mining contracts last a lifetime bearing no maturity date.

I think yu can earn with genesis a lot of people do , the more people come to genesis and invest the more it get stronger aginst concurencie and the more all the genesis mining customer earn together Smiley
if yu want a try genesis yu can do with small amount and see what happen but don't listen what people say when they just hating for whatever the reason
Invest a bet and just watch lol Smiley
By the way to get yur 3% off on Genesis contracts here my promo code  LSfs3q

Excellent stats and in my opinion generlaly an unbiased, factual representation of Genesis-mining apart from the fact that you are trying to refer people into buying contracts which i think isn't a good thing especially when you know that ROI is almost impossible to achieve under a year.

I bought a genesis mining contract a year ago approximately and was hit hard from the halving - after the halving i wasn't receiving any sort of payouts because the maintenance fees somehow exceeded the daily payouts.


If it only took 6 months then this is free money from all. But obviously it isn't - you cannot get ROI in 6 months, and that's a proven fact. Even OP shows that ROI can only be achieved in over a year. And this is coming from a period where btc prices are rising constantly.

we shall not forget that genesis send you money daly so every day yu touch a part of yu roi its as if yu would have place yur money and wait a long time to touch
i think i'm going to reinvest severals K$ prety soon on bitcoin cause im pretty satisfayed i earn almost a K$ every month its not bad at all
i don't say that its imposible to loss money with genesis im aware of that but i bielive genesis is going to grow and make their customer more and more lucky in the mining place
if genesis was a scamer sit then it would meen they tampered the earning numbers of their customers for now 3-4 years and seems crazy that thing like this wouldnt have leak in a big society/company like them 
thanks to some nice video learn a lot from yhr one whogot the business , home minig good for the one who have fun having this at home but we'd better trust genesis yu go you rent for yur investement without having to care about the unhealthy computing. Mining with patient let you earn  #techrevolution lets make Genesis mining stronger and earn more together here my link ->> https://www.genesis-mining.com/a/859230 
her My Promo Code to get your 3% Off  LSfs3q 

I really dont understand why pupil are even talking about a cloud mining.I think that it is better to just stop talking about a cloud mining sites and then cloud mining will not be popular like before and there will be less opened cloud mining companies.

In general you are right. Unfortunatelly there a lot of BIG youtube channels that offer some legit content about cryptocurrencies but shill hard for cloud-mining, mostly Genesis-Mining.
That's why I decided to post this review with detailed statistics.
Here is my final report for now:
https://steemit.com/mining/@xwerk/6-months-of-genesis-mining-review-day-168-bitcoin-cloud-mining-or-full-disclosure

No affiliate links etc. The short summary: Just avoid cloud mining - unless you don't cae about throwing your money (BTC) out the window.

People like you are the plague. Get lost.

Thanks. I've heard this Genesis mining from one of my friends and most of his friends fell for it but not me. It's a cloud mining and every cloud mining is just a scam. Legitimate or not, they operate in a Win-lose situation where cloud mining operators are always the winner.

To Genesis Mining...


you don't give me daily payout figures for XMR for 2 months now, you paid me 0.4 XMR 12 days ago that still hasn't arrived, 6 tickets and all you reply it IT is checking it, refund my bloody money or pay me my XMR, you could check the blockchain in 2 mins and pay me but still you don't, you are not a honest organisation!!!!

https://chainradar.com/xmr/transaction/0000000000000000000000000000000000000000000000000000000000000000 <---- the transaction joke!