Bitcoin Forum

Hello Guys,

i have a question and hope you can help me.
For Example if I buy for 13.000 $ 100 TH/s on genesis mining.
The Calculator from https://www.cryptocompare.com/mining/calculator/btc?HashingPower=100&HashingUnit=TH%2Fs&PowerConsumption=333&CostPerkWh=0.0 says it mine per Year
Ƀ 10.67.

I know it is not the final mining result because the increasing difficulty is not considered.
But how can I create a relatively accurate calculation how much Bitcoin really end up coming out? Also the fees of Genesis still have to be considered.

Do you think it is so at all possible to increase bitcoins with cloud mining?

Thank you

Theoretically you'll start to profit after 5 months.

But as you told, increasing difficulty is not considered.

Yes, thats the question how much will make the difficulty.
My main idea was why let Bitcoin in my wallet if i can let they mine more bitcoins.

I agree with you. Also Bitcoin price goes higher when difficulty increases so you won't lose money.

i hold btc and many other coins.
I dont want to buy btc i think about to buy mining power at genesis or hashflare ( with btc not with fiat ) or anywhere else, to increase my BTC Amount. Thats why i asked if anybody know how much will decrease the final btc amount because of the difficulty. Or is it impossible to get a Approximate estimate?

Theoretically it might be profitable bit that is just considering the difficulty and price doesn't change. And matter of fact, both change constantly. So it's very hard to predict whether you will be in profit. But I highly advise you  to NOT invest in Genesis mining. They probably legit but their business is getting more questionable by the day. They didn't pay put for 2 weeks. I invested 0.013 btc in this shit site and I wish I would have that money back.

you have to count the 28% maintenance fee and deducted from the total to know your profit...
the good thing is as bitcoin is going up you'll get your investment sooner.
I used this code gf3CTB for 3% less on my purchased and saved me few bucks too. :)

For me much better to don't spend time in such a scam cloud mining site there are no cloud mining site that can gives you real profit..
Most of the cloud mining site are scam so better to stay away if you want to make a profit invest in bitcoin and hold it for a long time and sell it wait for the decrease of the price and buy again for cheap price just to taking the advantage of the price movement..
If you calculate your roi in cloud mining site the difficulty is always changing that i think until you will not making any profit .. and mostly base in my own experience you are just letting you invest more and scam in the end..

Let me warn you before,
do not ever put your money into Cloud Mining or something like that(buying contracts for a year or something like that).
Because you will never get it back,it's like you are giving away your money to them.
Reason :
1.Electricity Fee
2.Difficulty
3.Hidden Fee

They put a so called 'Calculator' to calculate your income if you buy their contracts,
but in reality you will never get what you see on it.

Especially Genesis Mining,go here for one of costumer GM who's complained about their contracts :
https://bitcointalk.org/index.php?topic=1185909.0

or type in google if you're looking for more.

Stop investing in cloud mining, it will never work and worth of your time and money. Simply buy bitcoin and hold it for a longer time.
This is much better to put your investment, stay away from those scams.

With $13.000 in Cloud Mining you will never hit ROI. Just to let these $13.000 in BTCs in a cold wallet worth much more. After some months or years you will can earn much more than 100% profit over this amount while at Cloud Mining investment nobody knows! The only certain is that you won't be able to recover your investment (in fiat price possible, but you will never hit BTC ROI).

Or you can split the $13.000 in some amounts and invest it in few sites of the Crypto-Currency world, withdrawing the profit often to minimize the risks.

The calculator is all you can trust really. The difficulty is going to increase Day by day for sure because daily hundreds of miners jump into the mining industry and try their hard luck. Of course it has got so difficult now a days that the PPLNS share reward has dropped to four times what it was earlier in the start. This now is not possible to get unless and until your hash rate is bigger. To be honest try to mine with caution on any cloud sites. With 13,000 USD you can actually set up your own miners. To be honest that would give you lifetime opportunities to earn bitcoin.

I wouldn't suggest you to invest at cloud mining at all. I loved cloud mining at cex.io a few years ago and I've actually got a ROI without practically investing anything but now even they've stopped selling hashrates, they're just too unprofitable, and I've tried looking at cloud mining again and could't find the legit one or the one where you could actually profit from.

No, NO, NO and NO.

Genesis Mining is nothing but an ordinary legal scam. There s no way u ll ever make money with them.

My suggestion is to try PoS coins, something like this:

https://bitcointalk.org/index.php?topic=1931773.0

In my calculations, bitcoin ROI will be after 19 months and till that time, your maintenance cost would have surpassed your profit.
Conclusion, holding bitcoins is more profitable than genesis cloud mining.

No, it's not possible to increase your bitcoin in cloud mining, the contracts aren't that advantageous for the investors and the possibility that investors can be scammed is there.

Also just stop investing or putting too much attention into these scam because it's not that really worth.

Yeah I remember when CEX.IO was profitable.
S7 antminer's on hashnest are still profitable.
At least on hashnest you can sell your gh/s at any time; to take out your capital.
I started with $650 in March and now I'm up to 21,000 gh/s
Over $400 per month if I don't sell my gh/s
$2945 if I sell all my gh/s
In CDN dollars.

Theoretically you would have an ROI after around 20 months. But there would be two questions about genesis lifetime contracts: Will genesis only calculate the difficulty, that will get higher and higher or is also increasing Bitcoin calculated? On hashflare for example gives with raising bitcoin less profits so that I fear, I never will reach ROI.

Is it profitable on hashnest?  I was looking for some passive income but didn't know that there was still some legit cloud mining website. Well I don't have that much of a capital to invest, so I don't know if it profitable to invest far lower amount, due to fees and such.

Your profit is not as you will expect the cloud mining promise you since the difficulty increases time to time. The hash rate you buy is not constant with the time since the more difficulty the less bitcoin to be mined which makes the return of investment takes time to achieve. Yes the hash rate is lifetime but your profit isn't so think twice before investing in cloud mining even it is legit or not.

Fees are the same percentage for $1 or $10000

Yes it would be foolish to not use some profits, to increase hashing power; past difficulty changes.
I started at 5,000 gh/s and today at 22,000 gh/s.

I believe cloud mining is not profitable at all. I talking about CLOUD mining and not the HARDWARE mining. Both have got different ways of mining the bitcoin. Cloud mining is dangerous because of two things, it is PONZI and second you dont know the TEAM behind the mining. There is no exact location and truth about what they are mining and what hardwares they are using to mine. It like you are throwing the cash into darkness and expect the gold to dazzle from other side - the greed! That is how you invest money into it. Thats risk a lot of risk. Return of investment will increase as the hash rate is bought but you are increasing the risk behind it. So just triple check before you go for it.

Yeah agree with this one. The profitability calculation is not stable at all. There are so many factors that are always fluctuating your profits or daily earning if we think short term analysis. If you have seen any miners or softwares then they will calculate your per day earnings from which you can be certain about your profits after deducting the electricity and internet costs. For now lets skip these two, but if you see the same calculation on the another day then there will be change in your per day earning, this is because of the fact that network difficult changes or it also sometimes depends on the price of bitcoin. Thus, you will have to be careful when you calculate your first time profits on the cloud site. There is scam alert by the way for cloud mining. Happy mining!

first few days block find quick and profitable but after few days  increasing difficulty and  lose investment.done little research about cloud mining,first few days they give you profit and you eager to make more profit and buy more hash power after few days you will see fees are more than outcomes.

How much are you able to withdrawal or buy hashing power in USD?

It's their system.
Prepare a good flashing bait to get you on the hook.
Make things look fine at first so maybe you'll become more confident and invest more.
After a while when they know you're not going to keep paying they will lower the payouts to extend your roi time indefinitely. You can't do anything to them as long as they are paying you even if only a few cents a day.

I think many users have given their advice for you to stay away from genesis mining as it may be scam or you won't get profits.
the contract will run as long as it can cover maintenance fees which include electricity, cooling, maintenance work and hosting services.

If you invest $13,000 for 100 TH/s and according to the calculation, it takes 4 months in order to achieve ROI and then you can enjoy good profits after that, then it's seems too good to be reality. I am curious too whether you can get 4 months ROI or they will prolong it become 5-6 months to paid off your investment. But as long as you can take the risk to lose $13K, that's all right.
So, I will suggest different idea; Just give it a shot (go invest) and keep post on this thread about your investment progress, so we would know how is it going for you.

It would be passive income though for a few years after that. but i agree try it and tell us I'm already investing myself and making withdrawals.

Don't try it. People who aren't reading forum posts and investing just to try it out are exactly the same people that are making their operation last for so long.
Just spend 30 min of your time reading about them on the forum, there's even a scam accusation against them with some interesting statements from former users. Read it and decide afterwards.

Hi Guys,

thank you for your replies.
I will not invest the money in Cloud Mining because you confirmed my mistrusts in cloud mining, thank you.
I i will buy some BTC if the Price drop and hold them long.
I make some self experience on Genesis with Ethereum 5 Months ago and it was like you say the first days / weaks you get nice Earnings so you buy more Hash Power and then your Earnings get every day smaller.
Got anybody here too withdraw problems with genesis? I got big problems with my steem withdraws from there.

Genesis Mining is an old cloud mining service, i am  not sure if it showed a real proof of mining activity or not although i remember seeing some equipments in photos...but is it profitable?
Anyway, I would say even if a cloud mining service is legit, the profit that you will made will be very low in order that you will hope to recover your ROI before they will suspend the contract due to the high maintenance cost...

Genesis mining has owned good reputation over the time. But as if now I don’t trust cloud mining because of many factors.
Thats just calculator really and it doesn’t consider changing difficulty after few days or few months later. Do you really think you will get the same results today and from one week now? I think you won’t so just relying on the calculator is not worth as you are investing your money. Better try with small amounts and see what results you get. You will also confirm whether the site is still paying or not. But for sure ROI will be there but its about trust whether the site pays or not. Just reach out again herein you have positive reviews. :-)

I cannot believe my own eyes. There re tons of posts on the net about nobody ever reaching ROI with Genesis and new guys still send them money.

NO, GENESIS MINING WILL NEVER MAKE YOU INCREASE YOUR BITCOINS.