Bitcoin Forum

I started mining bitcoins on Genesis mining about a year ago.  This is a great way to make more BTC. 
I made my money back in just under 4 months,  and everything after that is profit.  My payouts get bigger the more BTC is rising in value. 
I very much recommend cloud mining.  Best part they pay out everyday.  I used a the mining calculator on cryptocompare.com to find out how much money I can make.
The contracts will sell out fast they always do.  Please use this code at the checkout and get 3% off your order.  hVIeOt

I also mine ETH, ETC, and ZEC  BTC is the best with the highest payouts.
This really is a great deal and a great investment.


 

No,its not a great investment specially contracts now do have duration and on your case you did only get the ROI since the price of bitcoin did rise up tremendously but for those late investors will surely suffer on the difficulty rise which would end up on receiving less payouts on the amount that they have invested in. They would possibly not able to reach their Roi and their contracts have expired. How this would be a great investment?
This is why I don't really recommend on investing on cloud mining sites.

It can definitely pay off if bitcoin price is rising, but i would think that you would in that case make just as much as if you bought some bitcoin and held it yourself, or perhaps even by holding some altcoins yourself.

This is because maintenance fees are set in fiat terms for most cloud mining services. So by buying a contract - you're hoping that BTC does go up within your contract length.

However, this is not a good long term investment, at least regularly. Halvings and difficulty climbing up all the time means that cloud mining will never be profitable on a regular basis, and many times you'll end up losing money.

There was many Genesis mining reviews you can find the same section if you use the search bar. I see that you are finding the positive profit you can make the bitcoin and other top rated coins.
What about the hash power you bought as a contract and maintainence fees you are find the Genesis. I tried once to mine the eth in genesis only but got adviced from one of the member and I dropped it. Now mining the monero with the 4 graphics cards in my room itself.

Cloud mining and similar services, even though they re completely legit, are hardly profitable in most cases. They deliver what they say they deliver just that s not something where you can make money.

I d stay away from that, the best investment is an alt which should be kept in your offline wallet.

genesis mining daily payouts very small

The time you invested really suited you due to the rise of Bitcoin price but if the price corrects itself and moves down to a much lower point then you could have not made a profit. The way these work is that they will always profit from a contract due to people reinvesting. Supporting this kind of businesses is also very unethical as a lot of people are going to lose out.


Legit? I don't see how these 'investments' can be legit. They are literally making free money from their clients and later on down the line they either run with the money or it becomes no longer profitable for anyone. This has been demonstrated in recent history with a lot of the cloud mining websites just running away with the money.

I dont really believe in what you are saying here. Whatever you are doing is just the marketing of your referral code. As the prices are increasing the cloud miners will be in stress on how to pay bigger amount of bitcoins as the network difficulty calculation doesn't fit in the picture in first place. Im sure that you might have gotten money when you invested in it a year ago. But now the things have changed a lot and the bitcoin cloud mining is very difficult task to do. Things doesn't add up when they do it, there calculator is show case I believe and doesn't work in reality when we actually buy those limited time hash contracts. Im not offender of the cloud mining but I have very good experience with hash flare website where my contract of SHA-256 was deducted to 12 months where I was not even able to reach the point of my roi. SO these things sucks for my personal views.

Why you have made this new account to just post your review about genesis mining?

We all know that genesis mining is atleast legit cloud mining platform but that doesn't make them safe from getting bankrupt or disappear one day.

All their contracts are quite expensive compared to what you can get when you will buy real mining hardware with that same amount of money.

I just listen to somber stories about this company

Genesis Cloud Mining Review – It’s Not as Profitable as You’d Think
 (https://99bitcoins.com/genesis-cloud-mining-review-scam-legit-investment/)

" Cloud mining investing is a literal scam 99% of the time. Genesis is one of the few “reputable” companies out there, but investing in cloud mining in itself is still a scam (imo). If you were able to turn X value in fiat/bitcoin/altcoin/whatever into a value higher than X reliably over a year or so, then why do the companies even need you and your tiny investment? 95% of the ‘success' stories I hear about cloud mining are stories where the profit was almost exclusively because of the increase of price of bitcoin as opposed to mining profitability, aka, “I made 75 bucks in 1.5 years off my $50 investment, but only because bitcoins doubled in price over that year.” In other words, they would have made more money just buying bitcoins upfront with the initial investment.

You can always go onto their site and use calculators to figure out how long it will take to get a return on your investment….I checked it out and it looks like the expected return time is around 1.5 years for their cheapest mining contract (which is 2 years). Sounds decent, right? Wrong! That estimate is for the current difficulty, which always increases significantly. 1 year for now, that contract you purchased isn't going to be getting you what an estimate today says it will.

https://www.quora.com/Is-cloud-mining-with-Genesis-Mining-profitable-Has-anyone-earned-more-than-their-ROI "