Bitcoin Forum

Are genesis and hashflare trustable?
How made it untill at least break even?
I have already bougth 1TH in both cloud mining websites! So far made arround 9 dollar after 10 days in each! So 18 in total!

The return of investment on both sites are 1 year or even more. You can earn more if you trade alt coins. Regarding Genesis-mining and Hashflare.io legitimacy, that one is questionable if you ask me. They haven't posted anything that will prove that there really is a mining operation going on in any of their sites.

Hashflare seems to be paying genuinely. It's true that they don't have mentioned any details regarding mining. One could have posted their physical presence or shown some pictures too, but nothing like that seems to be shown up. I have tried hashflare but return of investment takes forever. More importantly they increased minimum cashout limit which is way ahead one could imagine. It takes longer to mine that much and you could barely cashout once or twice in the month.

Ok so could they both be ponzi's?

Both sites have been running long time,I can say they can be trusted as a place to invest but I have one suggestion that is to use your money for trade rather than being used to invest in cloud mining because it is not profitable.

Preferably they are used to become a trusted site before and even now but for the fact that their ROI given to their investor is pretty much awfull right now I think Our trust is not worth for the time we spend on them since we cannot earn more money for investing at their company and might better if you shift on another ventures since you can even earn more on that, just try to learn tradings since it is better than investing on cloudminings.

I d say both re OK in terms of trust.

The problem is ROI. You need to be EXTREMELY careful and constantly reinvest large chunk of your profits in order to reach ROI. If I would have to choose between two, I d go with Hashflare.

Why lose money to these sites ? They maybe are trusted but you will never ROI with them. The only possibilities to make money with bitcoin are trading and holding bitcoin for a longer term. If you are not good a trading and you were looking for a passive income I think it is better for you to hold the bitcoins.

Mate you should have really done your research before you invested anything into these sites. Right now it's too late asking any questions as it won't help with your existing deposits but i guess it could save you on future losses.

Genesis mining is well known, and probably the most legit cloud mining site out there. They have a youtube channel with thousands of subscribers(not sure real or partially bought), showcasing their mining rigs on a monthly basis. However, they are known to have ridiculous fees which can eat up your profits, and in the end most people don't ever get their ROI back.

Hashflare is questionable. Although it's been around for a long time as well you can tell from the design it looks like a scam site. I have no conclusive proof but it's gut feelings. Company is based in Estonia which means if they go scam there is no way you'll track them down realistically.

I suggest investing in a altcoins or a bankroll of a casino if you are looking to invest, not cloud mining.

As far as I know, these websites run for a long time, I know exactly the years/months is, and there are many users also who get in there but most of them I dunno if they get their ROI almost already it takes a year or even more than a year. So all I can say is its a waste of time and money if you want to invest there. I will prefer what above this post said, investing altcoins is much better than cloud minings.

been using genesis mining a month ago and it goes smoothly even withdrawal takes an ages yes the site say instant but actually no , yet its reliable i think but in some case now i heard they are turning into scam investment , just be careful fam , for hashflare didnt try it yet

Cloudmining is not profitable because BTC mining itself is a game of very small gains. There is a reason why the mining industry is now controlled by only a few mining farms.

So dont give them your money.

Because people are simply said too dumb to spot potential dangers.

Hashflare's trustworthiness is very much debatable, but Genesis mining is a pure black hole that swallows practically anything people throw in it. I don't understand why people think otherwise ~ it's a pure scheme.

If people so badly want to earn at least something, then there are a few passive alternatives, but they are not entirely risk free, and they require people to have patience. Patience is something that most people here are lacking.

True but for cloud mining you actually need patience! Invested 0.055 btc in 1TH!
Now i'm making 0.0004 btc every day. But on avarage for this year i think to make at least 0.00025 a day! Thats 0.09125! Maybe and of this year bitcoin migth be worth 4000 dollar. Then i'll be happy with this investment! And afterward i'll keep the contract mining more maybe 0.03 next year! 
But i won't invest more after all the warning from you guys!

Stay away from cloud mining.

None of them are legit. Most of them don't even mine. I don't know much about hashflare but genesis mining has many scam accusations all over the forum.

The only way to make money via coudmining is luring more people in (referrals) and that's not mining, it is ponzi.

@BrickShares ~ I assume you bought 1TH from Genesis mining?

Problem isn't the first period of your investment since everyone gets paid accordingly, but the real difficulties will start being visible after a few months.

You'll then realize that what might look decent right now, will be a waste of time after a few months. You'll directly also realize that the chances on actual ROI will be next to zero.

Thousands of people have gone through this before you. These people also tend to make the mistake of reinvesting what they earned into more mining power.

It means that you have to start from zero each time you reinvest your earnings into more mining. It's a solid waste of time, you'll soon realize ~ just make sure you don't reinvest.

There are no trusted cloud mining websites/platforms. You should never trust cloud mining – they can get away with your investment funds any time. Although both Genesis and Hashflare have been long in the business, still, I don't trust them.

I never trust the cloud mining services because most of them have failed in the past and it's almost impossible to make profit with it. However, the genesis mining have kinda proved their legitimacy by showing their mining farms and stuff, so they might be legit. Though it's one of really not many cases so all in all I wouldn't recommend you to invest in it as there's a possibility that you will lose money.
For trading altcoins you actually need to spend tons of time on research, know how the psychology of traders usually work and have balls of steel. Thus, It's tough to make profit with it while investing into cloud mining it's way easier to make money if it actually doesn't turn to a scam.Well if we take into consideration that they use those money for buying the equipment and you have to pay the fees of electricity and maintenance, it is possible that you can end up in profit. Though it might take a really long time because the fact that the difficulty will also increase over time you could need to wait for a few years.

I think it's more of the way to freeze your funds so you don't do any stupid moves with it. When you deposit it to the cloud mining services you get small amount of money every day. It's kinda like a wage.

You really made the worst decision and reason is pretty simple :
First of all the idea of cloud mining is the best idea of scamming people and as genesis doesn't assure any sort of special return and says they mine so they can't decide it is really easy for them to scam you. What they do is pay youbin pennies for you 1 btc purchase and after 6 months when you get half investment back they will mostly suspend your contract saying your cost is more the reward or they will simply just block you from accessing their site. Just check on google there are thousands of scam accusations against it.

All cloud mining sites are ponzi.I invest bitcoin many site but at the end I cant even get back my investment.I Just can tell you keep away from Cloud Mining.try to withdraw your investment soon otherwise you have big chance to lose your investment.if you want to do real mining try mine with AntMiner that would be best decision.you can buy new AntMiner S9 its now popular.the real mining is rig mining.

Actual mining through hardware comes with too much hassle and annoyances for most people. Don't forget that the difficulty will continue to increase in the coming years, plus we have block halvings that will make sure mining becomes unprofitable for most smaller miners. Buying and holding Bitcoin has always been more profitable than mining. Best of all is that holding requires basically zero effort aside from the initial buying and offline storage practice.

If you say that all cloud minings are scam, how can you say the same about hashnest which is under Bitmain and it's known that bitmain produces antminers and also antpool is serious pool which mines serious % of bitcoins.

OP as I know roi on genesis mining is simply impossible but I know hashflare from the begining and as I know people are ok with them but still I don't suggest you to invest, better to try your own real life mining.

Both of them seems to be reasonable for now to invest in. But who knows these are behind the curtain role plays and you don't know whats going on there. I wouldn't trust them so quickly and invest.

Could any of you tell me the difference between a cloud mining service like hash ocean which ran away with all the coins but actually paid

For some period of time and genesis mining stopping the contract after 60 days without even getting the initial investment back?

If I paid $500 to buy a contract for mining an altcoin and only received very small amounts every day to sum up around $450 and then

Nothing I have nothing there any more, what do you call that if not scam? cloud mining should work this way; I start a big farm with

GPUs and ASICs and have a total hash rate of 800GH/s for altcoins and 3700TH/s for Bitcoin, now some people actually gave me the

Money to start up the farm, shouldn't I share the profit equally regardless of the size of their investment? lets put it this way; if I buy

150MH/s to mine some altcoin and the cloud mining service has 1500MH/s in that coin then I should receive %10 of the profits after

All the fees deducted from the whole fund not deducting maintenance and other fees of 1500MH/s from the 150MH/s share of profits

And then pay the rest, these assholes are scamming us by doing that, we are practically paying for their expenses and still are happy

With the dust that we receive daily.

To your questions:

1. Are they trustable?

• Genesis ist trustable. They pay out every time, when the minimum value to transfer has been reached. In my case they transfer every 3 or 4 days to my ether wallet. They start transfering from the 2nd month on to get sure, they receive the price you have paid by credit card when you made the contract.
• About Hashflare I cannot tell anything. Ich wanted to sign a contract. To attract potential customers you can find a lot of discount codes, which promise you a discount of 10% or more. None of those codes worked for me. So I didn't become a customer of Hashflare. But as far as I've read a lot they should be trustable too.

2. Profit and Break Even
See my calculation to Genesis (https://bitcointalk.org/index.php?topic=768281.msg20063427#msg20063427).
I invested 1000€ into a 2 years ether mining contract with 40 MH/s. After the first month I got about 0.65 Ether. It started with 0.029 on the first day. After 1 month I received about 0.017. Now after about 6 weeks mining I get 0.014 Ether. Based on this values, you can assume a diminution of about 40% each month. This means, after about 6 months the mining will become useless. With some luck, my revenue will be about 1.6 Ether.

Or more exactly: I bought 1.6 Ether for 1000€.

Dash (x11 mining) should be a little bit better, Bitcoin even worse than Ether. Independend on the current price and the performance of any coin, it's better to buy the coin you want than to pay it to a cloud mining company.

Positive experience with HashFlare. ROI-ed with them once. I know other forum members who did the same.

I have had experience with Genesis and although you do make a return you need to wait a year and it is such a small amount, trading some altcoins is far better.

But making a return in a year in the amount in bitcoin is good right! So lets say you invested 0.2 BTC and after a year you have 0.2 back then from there is only profit!

As compare to investing on ICO, your 0.2 BTC could be tripled or turned into 1 btc when you trade with altcoins. Lets say you have bought your 0.2 btc with NEO while its price is yet 0.001 btc last two weeks. That would certainly be a huge profit without having the thoughts of getting scammed.

But not all icos are profitable! But your right with genesis and hashflare you migth invest in a ponzy!