Bitcoin Forum

i search about this company and i think they are legit and i'm planning to invest on this company, can you please give me some reviews to those who tried this? or what do you think about this company?

This topic is on wrong section , please move to right one , thank you. 

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.

im using it, i can say its legit but dont invest on there for now, but the choice is still on yours. Of course i already got profit but most of my profit its from referal purchase that can increase my power. If you want try to invest then do it at your own risk.

IF you really want mining, buy your own mining rig and dont just depend on cloud mining. After you got your own rig, join pool contract in the mining section. Dont join mining with just your own PC because they will just mine you. Dont buy any upgrades from mining sites saying they would increase you power. They will just take advantage of your IP. Dont be blinded by those referral links. The more referral the more IP's they will mine and absolutely no money for you.

No, I never believe in cloudmining since I got scammed one time and I suggest everyone to stay away from cloudmining, it maybe sound so promising but all of it just hollow promise, you will regret to put your money in cloud mining

But the many newbies introduced by the miner people, they does not know about the cloud mining and goes to invest on it. Since they were introduced by the miner as well. When the time they face the looses in the cloud mining then you will have the bad experience and goes out of the forum and else where.
Buying cards from the local market and make your own rig for altcoin mining. I am sure you will be profitable for the investment you do.

As I remember right, Genesis stopped lifetime contracts. So if it was legit, it is not anymore right now in my opinion. It will face the same end like hashflare will do.
Cloud mining is not reccommended. Buy cryptocurrencies directly and go through beginners & help section to learn the basics about earning, saving and trading cryptoconencies.
https://bitcointalk.org/index.php?board=39.0

It may turn out to be more profitable in the long run, and especially so because the hardware you invest in will always maintain a certain resale value, but it's too much hassle for most people. Nowadays YouTube is full of paid shills talking about how wonderful and profitable certain cloud mining services are, and this is something noobs want to achieve as well. They see it doesn't require them to buy hardware and have high power bills, where on top of that they think about how it allows them to "earn" money passively. If you're a complete noob just having found your way into crypto land, it will look like an opportunity that you shouldn't miss out on. It's the sad reality.

Well, if you really know about how mining works you would know that selling lifetime contracts is the real scam. A legit company wouldn't do that. So that's why I am happy that Genesis an Hashflare got rid of lifetime contracts fast enough.

"Lifetime" makes you believe that you pay once and mine for the rest of your life. Very wrong! Lifetime means you will mine as long as your mining result is higher than your costs. And then the contract terminates. The problem: Lifetime contracts are usually more expensive than 1-year contracts. Unfortunately you have no idea how long the contract will last. So ROI and the amount of return is very hard to calculate. With a 1-year contract it's still not easy (due to difficulty change) but you get at least a rough number when you reach your ROI and how much you can expect in relation to your investment.

So for me I never would mine with somebody offering lifetime contracts!

No, I have never tried Genesis Mining, but I know people who invested there and they aren't happy with the results... Especially about the lifetime investment. I thought about investing there some years ago, but fortunately I didn't. We never reach ROI there IN BITCOINS, we are only able to hit ROI in dollars, what isn't interesting for us, Bitcoin investors... Your investment is profitable only for the cloud mining owner!

You can read their reviews here:  http://bittrust.org/genesis-mining. Filter out the obvious outliers and advertisements and the image you get will be about the same as most people's impression is of genesis mining.

It is a legit site, probably legitimately mining as well. But we don't know if they are mining on fractional reserve or full reserve. It's hard to tell when you don't have public access to their mining facilities overseas.

They're not going to steal your coins but they are going to offer you unprofitable investment options and market them as profitable ones. Payouts as you can see in the reviews are quite unreliable, sometimes your payout can be missing for days or weeks as well. Support isn't the best either. I would suggest that you do some further thinking and research before deciding to invest with them.

BTW, Genesis is „out of stock“ on everything.
So no way for new customers at the moment anyway.

This query has been keep on creating by many people as I notice this section all the time. Whether genesis, hashflare or any other cloud mining site all of them mostly cheat the investors finally. Hence investing on the cloud mining is not at all a good option for any of the person.

But in these genesis miner is one of the good one when compare with the other cloud mining site. They will mostly bans the cloud account or consumes the high fees to maintain the cloud account you have for mining in cloud platform so completely scam attempt by them.

Indeed, btc contract is not available for now as the contract based on hardware (ASICs) that they have or have purchased from Bitmain.
The last batch of bitcoin contract sold out in November 2017, you can read here: https://twitter.com/GenesisMining/status/934102016149872640
Genesis mining cannot offer new mining contracts until they have new ASICs which will be sent in March 2018.
as far as I know, genesis mining is legit, I have asked some friends and they said it's profitable.
But, too many hassles for customers like a bunch of tickets remains unsolved, missing payments, etc.
Nevertheless, every investment has a risk, if you are ready to deal with it, go ahead to invest.

Cloud mining is not recommended, if you have money to invest much better to do trading than investing in cloudmining that is not profitable, if you analys things you will know what is the disadvantage of investing in cloud mining even they are paying.

Since i start in crypto world many cloud mining i witness that they run with a year but after one contract they will be turning to be scam that is why i do not want to recommend this method.

Genesis mining has been here for a long time, and I believe that most newbies to cryptocurrencies have tried its cloud mining services. Most people just do it for fun, but some people do it for the money, and usually they won't get any.

They are one of the few, if not the only one legit cloud mining site. Even hashflare has gone scamming their users. I would trust them to not fake mining, not steal your money, but i wouldn't trust them to make a decent return on your investment.

If cloud mining was indeed as profitable as some people say, why isn't genesis mining mining themselves? Think about it.

Says who?
You have a friend who heard that somebody knows a guy who‘s brother has a colleague that read somewhere that they are scammers?  ;D

I do not want to engage in cloudmining again, and i do not believed to cloudmining again because before i experience to invest in multiple cliud mining site and the result is the same i got payment at first but in the long run all my investments was taken away by them. They turn to be scam.

First of all, it's a pretty damn shame that you consider genesis mining to be "one of the very few, or even the only legit cloud mining site". And second of all, you are contradicting yourself in your own post. Genesis mining has refused to show actual proof of them being a large player in this market, and that for quite some years now. Them paying out for a long time doesn't mean anything beside the fact that they have enough noobs investing their money in that shithole. As long as noobs do so, it means there is a constant flow of fresh money coming in that they can use to pay out people. Open your eyes and don't consider them to be legit just because they are paying users, and that they aren't running with people's money. As I said before, they don't need to scam (while they in reality do so) people off their funds directly.

I am using it and now the payouts are really decreasing. I don't think it is one of the best investment opportunity out there right now. I have to wait more than 3.5 months for getting 0.003 BTC.

There are tons of reviews website that you can google it so you can see more information about it. Way back years ago there's also a well known cloud mining "hashocean" if someone can remember that for sure will remember on how people are trusting them and after the years they were trusted they already had their exit. I don't invest in cloud mining and as much as possible I'm giving caution to the people who are interested of investing there. And with genesis mining, you can't invest there anymore for now as far as I know.

For sure most comments you would able to read up here would be against or discouraging you to join up that cloud mining investment and i do completely agree with those words. Talking about genesis mining they do have their own physical or existing farm which can really be considered as legit since they do have the miners to present on and thinking off that they are already operating for how many years already but the BIG question is about the profitability.It wont really be worth of specially they do have contract duration's.

I do not even try to invest in cloud mining because i see a lot of negative feedback about this method that is why my thoughts would be also negative for them. Also i do not want to take the big risk on investing with them that is why my fund will be used in trading method and i am joining in premium signals to be able have advantage to find a good coin to buy.