Bitcoin Forum

Hello everyone,

I want to invest in Genesis-Mining, I want to buy 15 TH/s (power of Bitmain S9)
can anyone give me details of my profit from this ?


Regards,

Bitcoin Boy.

https://alloscomp.com/bitcoin/calculator
http://www.bitcoinx.com/profit/

I doubt you will make much profit. What price are you paying for the 15TH?  That might help do some calculations.

I just want to know my Monthly payment and Have no interest of how much I'm paying at start because its a lifetime contract

To answer the question in your title, NO. Stay away from any BTC cloud mining site. They are operating like a ponzi scheme. They need your money to pay off their existing customers. It is a known fact that BTC mining are a slightly losing or break even venture. Maybe only a small portion of the whole BTC mining industry is make a little profit.

I doubt about the lifetime contract, most cloudmining that have good name and kinda trusted such as genesis mining will only run your power if the maintenance and electricity cost are still lower than how much share you can get and will stop eventually because of the rising difficulty

At least you "MUST" read this, the honest review by the merkle.

http://themerkle.com/genesis-mining-review/

That already tells a lot for us. You can underline the conclusion has made by him at the contract correction. It doesn't matter legit or not, but the shady contract has made it looks like silly site.

To me personally, I will not take my time to find out whether its still profitable or not I have made up my mind not to invest anything in cloud mining in the sense that the ones that will pay, you will take forever to ROI, other that are springing up always have one thing in common which is to Scam... My opinion though...

cloud mining has never been a good investment and this has not yet changed.
99% of the sites that are offering cloudmining service are scams that are running a fake operation called a Ponzi scheme. and you will end up losing all your money if you invest in them.

that 1% else which at least seem to be legit, are either turning into a scam when they decide to run away some day and leave you without your money or they are giving you a very small amount in return for your investment that makes the investment a waste of time where you are getting paid small and paying big amounts for maintenance,.....

You can use this calculator that will give you an estimate of your earnings per day.

http://www.genesisminingpromocode.com/genesis-mining-calculator/


We are talking about a lifetime contract, obviously that after a certain period of time you will have a profit and that profit will be while the miner exists. Have you seen the returns that banks offer each year? If you saw, make a comparison and draw your own conclusions.

"crazyivan from bitcointalk described genesis-mining best:

    Its not a scam in a classic way where they will run away with your money, no, they re 100% legit and they will provide everything they state. The only problem is one cannot make money, their products re simply that bad. By investing in genesis-mining all you do is provide them an interest free loan for them to expand their farms and that is all."

   CrazyIvan from bitcointalk gave us good explanation what is going on in genesis mining company. I never tried investing in online mining sites, after I saw here what kind of experience people from here have on this sites, I said to myself that I will not try that ever.
   More I read about them, more sure I`m in my decision about them. I will not give them my hard earned money just like that, and to wait all my life them to return that same money too me. CrazyIvan described them, they cannot make money, they are just collecting money from everyone. I dont understand how they survived so much, who are the people that invest in this sites and wait for ROI that will never come.
   

if you choose real mining maybe still profit table , investment in cloud mining
the best cloud mining is now genesis-mining and hasflare but i don't two service i write real mining or not
so if you online investment, cloud mining or another you must ready lost your money
every time can scam

You have a wrong understanding of "lifetime." It's not your life, it's the life of the company! They could be gone next year or in 2 years, but if you believe they are going to keep paying you until your death, you must be living in a dream. Also, don't forget that they can keep paying you 1c per month and you won't be able to sue them!

Investing in a cloud mining is not profitable but instead it will just run with your money. I tried it many times and i got scammed many times never got back any ROI from any of the cloudmining that i invested too. So bro do not try it because it will only waste your time and your money.

Well actually i am doubt with genesis mining service because they are not transparent about the hardware miners and i don't know who is support the hardware miners,
It is different with hashnest, they are clear be supported by bitmain for the hardware miners.
But everything depend on you, will make investing on genesis mining or not. In my experience cloud mining service is not profitable.

It may not be a scam in a classic way but most of them sure are run like classic ponzi schemes. What kind of business that needs new money from new customers coming in to pay off the current ones?

So its good to advice everyone to stay clear from cloud mining contracts. Its better to invest directly in BTC.

I haven't tried investing in any cloud mining services especially Genesis-Mining and I don't know how much would be the profit that you'll be able to gain from them but as what some people are saying investing in Genesis-Mining and other cloud mining services is not a profitable source right now and it is impossible to get your ROI even after several months .

It will be profitable if you buy bitmain s9 miner and run it in your home rather than buying 15 TH/s from genesis mining.
Profit with cloud mining? I don't think you will be able to pull out what you have invested in buying those 15 TH/s power within a year or even more than that.

Bitcoin mining is not profitable right now if you can't have very cheap electricity and latest mining hardware.

Lifetime contract on genesis mining will stop if those contracts can't pull out enough bitcoin to pay maintenance fee which can happen within few year if mining difficulty keep on increasing in the same ratio it is pumping right now.

Bitcoin mining is not profitable right now unless you have cheap or semi free electricity with a big farm of miners so i advise you not to go with any cloud mining service right now , if you have enough good asset buy more bitcoins and hold them safe. 

Exactly, those cloud minging companies are scams, usually a ponzi sites. We should avoid it, and we need to protect our money.

Web mining is not profitable now . 90% Companies are scam now days and rest 9 % don't pay money and 1% charge maintains fees..
I will Suggest to you do not waste your money in cloud mining better to buy solar powered mining farm to save Electricity bills..

Too many issues, even to mine physically. The cheap electricity is one of the main issues for many people. In my country the electricity is very expensive, for me it would never worth. I don't know about OP, but in my opinion, it's much better to use the money you would use to buy the contract with Genesis or to buy the Asic, to buy BTCs and hold it.

I had earlier interested in investing in Genesis mining because of the publicity I have seen around as well as the testimonies being circulated until I came across a thread related to them on the forum and from there, I make the conclusions that

1. They are not scam because they been around for a long time.

2. You will have to wait till forever before you ROI and finally

3. Cloud mining will eventually turned to Scam.

Genesis mining look legit company or at least till now running smoothly but with increasing mining difficulty no any cloud mining site will be profitable so you may have to wait for lifetime or your contract may stop if it can't pay maintenance cost before you get your investment back.

It's like give your profit for them. What is the purpose of putting your money on the cloud mining site?


I believe not in giving him a free loan.
There is no different like buy your bitcoin in exchange site. But the fee will cheaper rather than it.  :D

it's supposed that cloud mining is good but not scammed.
it will take you long term to recover your fund (usually 2-3 years) If you buy bitcoin mining shares and the price is at 1,000$ or more
beside that I don't still say about the diff of this coin.
Do not invest money to cloud mining.
 

Yes back in the days when there are a decent number of cloud mining sites that really pays or legit . Many people gained profit from it but unfortunately, Now is different cause a huge scam sites rose up with different scamming strategies . So take mine and others advice to stay away from all cloud mining stuffs and just look for a different way to earn .

Yes I think that it can still be profitable but that you than should do it with altcoins and not with bitcoins anymore.

How are they not scam ? They sell 1 year/lifetime contracts that are designed to be "not more profitable" for them so they will have to terminate them after 2-3 months. That is in my opinion scam just like any other.


Look at cloud mining this way. If for your own right it would take 6 months to ROI, how can they sell hashing power that will ROI quicker when they have to profit from you too ? It's not possible to ROI quicker, or for cloud mining to be more profitable than building rig yourself. Any Mining company that advertise low ROI is SCAM !

If you want to mine Alt Coins make sure to choose one that won't "die" soon. Most Alt Coins are pumped and some time later they die, become worthless and making all those who bought them just lose money for nothing. Alt Coins is a dangerous deal, and mining them isn't too easy. You will still spend electricity and you will still need a powerful machine to do it. It's a good adventure for who wants experience and see how it works.

Be sure that invest into cloud mining has huge risks, and may let you loose your bitcoins instead of multiply them, some people are and were able to get an amazing roi with those, but they took the risk. Considering you wanna take the risks why dont you try hasnet, bitmain cloud, or hashflare, that allows you to mine script and there is an auction to sell those mhs script, and i do believe you can choose the coin you wanna to mine.

Scrypt Hashflare does not allow you what to mine. At least that was not the case a few months ago when I was using them.

Hi! This topic is very relevant! I was hoping that the acquisition of machines for production and prices of Cloud mining, the machine is more expensive to use the Cloud profitable! But you must choose.
This cloud mining of cryptocurrencies. Data centers in three different countries. When you buy a little more expensive than competitors, but the speed of a recoupment of the above!
The newly opened center date and now gives the gift of power to the test.

get free power click on this text (https://www.nanohash.net/home?ref=6918)

Live Stats

Total users: 6952
Total payout: 1.370 BTC
Used power: 2.528 GH/s
Datacenter power: 95.000 GH/s
Online time: 20 days
Site generated in 0.02445 Sec

Most of cloud mining sites are turns to be scam in the long run so I dont think it is still profitable. The hard thing in cloud mining is you never know when the site closes so you have no choice but accept that you loss your money

It can still be profitable without any doubts but its also that you than should do it on another coin!

Many cloud mining sites and companies' are scam sites and you will do yourself a lot of good by avoid cloud mining and leaned how to mining you own coins. Another way to make money from crypto currencies is by trading. Trading required a lot of knowledge and skills, most people that succeeds in trading, don't trade based on emotions and greed but based on calculated and skillfully analysis of the market.

No one can't answer your question.
Because answering your question would mean to accept it. And fact is that your question is wrong. Cloud mining has never been profitable.

Your profit will be easy: go to mining site calculation, imagine you get only half of it at best. That's all.
I bought a contract of genesis 2 years ago. It is indeed liftime, no scam from here.
But in 2 years you'll barely break even... If btc doesn't go down too much...
Cloud mining is a useless scam in itself!

if 2 years before just only break-even, thats worst, as 2years ago the bitcoin price is low. They recently expand farm so u need to considered that
your profit will be shorten as they use for expand.
I got seen comment in fb that ppl complaint about their years contract no profit then contract expired.
So they removed the contract period to lifetime contract, but i not so confidence v them.
As first i know cloud mining, GM is the most advertised, but i realized that even seems the most legit one also got ppl complaint about the service.
So i invest another company indeed ><
For ROI only, cloud mining not the best then got more risk due to time.
If like that, the profit cant be detailed in GM, lesser than they promise.

I think its been 2 weeks ago about  this question start but i think cloud mining isn't profitable these days.also if you notice the price right now was crash after news release by chinese and i think many people are already experience of scam there that is why they are not trusting any cloud mining site anymore.. better to don't try cloud mining much better to start a business than investing in any cloud mining site..

Yeah that's the idea.
THe fact is that you can't break even with only 1 year, they just pay too low for that! Even with nice promotion and whatever you want. But the problem with their lifetime contract is that you have to understand it's not so different from a 1 year contract. Not because they'll scam you after 1 year but just because after 1 year of constant difficulty increase your mining power will produce nothing... Or said better, your mining contract minus the fee taken by genesis will grant you nothing. Like litteraly, after the year my contract granted me a few thousands of satoshi everyday...


And the worst is that YOU take all the risks while THEY take all the benefits.
You litterally give them 500$ so they can buy a miner and return you only whatever they feel like. Without any contractual obligation...

I think its not profitable anymore and also not really something that is good anymore, a lot of these websites are just scammers that want your money.

I'd go for hashnest if I wanted to waste my money on cloud mining and not genesis, they are just good at altcoin mining while the coins are cheap with low net hash rate because when a coin rises both in price and hash rate suddenly your income reduces by half, at least hashnest is operated by mining machines manufacturers and recently they've opened S9 cloud mining contracts after a few months running them for themselves :).

Just don't be blinded by greed like many of us before trusting hash ocean scums.

No matter how many cloud mining scam sites we have seen go down, people still don't understand that this is an industry that should be avoided.

Even when certain cloud mining sites are seen as legit services, they can still change their fee structure at any time in their own benefit.

If people are so crazy about mining, then let them build their own altcoin related "farm" where they are actually mining instead of being fooled by all kinds of sites.

It may not gain you much where you even may end up losing money in the way of electricity costs, but at least you're not getting scammed.

I do not think that its still worth investing in cloud mining, its not profitable anymore and its also risky with all the scammers around.

Cloud Mining is really not good investment even though they have good back ground but my concerns they are paying some % from your investment, even it will take lot of time to get your returns. It's better for you if you know bitcoin trading go with it because you will make daily profit from it and also you will make more money of what you are getting in cloud mining and more over your money will be in your control.

Weren't cloud mining companies going to turn scam later?
I use to have some account to these companies back 2014 to which they sell pretty cheap, after i year i still didn't earn back the initial amount invested to it.  

I think some of these cloud mining companies pay hundreds of $ for a good review.

I agree a lot of ponzis have been in cloud mining and due to that I also do not trust it anymore, I think its logical that we should not invest in such things anymore.

Not so much after halving. I think lending coins would be more profitable.

You're right Boy. Bitcoin trading seems like a more better option. I used to be a good fan of Cloud mining... I was glad I can do a bit of mining because It ain't possible in my country. I got on it and My experience was not pleasurable at all. I don't trust these guys running cloud mining anymore.

Indeed due to the halving its also not so profitable and more and trading is now the best thing you can pick.

cloud mining was never profitable... only for the scammers running it

You could mining on POW88.COM . https://bitcointalk.org/index.php?topic=1708231.0  this is our post, and our maintenance fee is lowest all around world, we provide Avalon 7 ,Electricity fee only  $1.1023/6THs/Day the price only $768.37.

As a token of appreciation for being our valued customer, pow88.com would like to issue you a special $28.945 discount coupon towards the purchase of a new Avalon7. All customers who purchased an A7 in SHOP are eligible for this promotion (A7 hash rate purchased from EXCHANGES are beyond the promotion) .

Please email the customer@pow88.com fellow message: Your register account, the amount hashes you've hold on . You will revcieved coupons form pow88.com. 

One A7 hold can receive one coupon.

Coupon redeem period: between January 12 to February 12th 2017.

Coupon Expiry date : It  will last 30 days since you get coupon.

As always, pow88.com values your loyalty and we look forward to building lasting relationships with all of our customers. This coupon is one way we can say thank you for making what we do possible.

My strategy is based on speculation, cloud mining and 5 years investment projection:

1. Buy when you think the price of bitcoin is going to rise

You bought 2 BTC, with 1 BTC = $700

2. When the price is high you can ether sell it or buy hashing power

For 1BTC=$1050 you can buy with 2BTC the 15 THS in genesis
For me 1 THS in genesis gives me around 0.00034 BTC per day so 15 THS gives 0.0051 BTC per day

3. The difficulty is unpredictable and it happens each 13 days approximately 

In 13 days 15 THS generates you 0.0663 BTC
If 1 BTC=$1050 so 0.0663 BTC=$69.615 you can buy 0.4641THS that generates 0.0001578 BTC per day
Your hashing power rose from 0.0051 to 0.0052578 or 3%
It means that if the difficulty is 5% you lost 2% of your mining power in the end of the day
Investing 2 BTC gives you 0.153 BTC each 30 days
If you count 5% difficulty each 15 days your ROI goes to 46.2 months=3years+10months+6days  (IF YOU SELL BTC AT $700 AND YOU DON'T REINVEST IT)
https://bitcoinwisdom.com/bitcoin/difficulty
( IF you reinvest everyday with BTC in the same price you can beat this symbolic 5% mining difficulty rise )

4. Accumulate your BTCs generated and multiply it speculating, selling, buying and reinvesting in hashpower

Now tell me, how much is gonna cost 1BTC in 5 years?

Hi
somebody tried this service?
https://cryptofly.net/en
I want to invest...
but I'm new. I'm afraid to make a mistake

help me please

If you're thinking about sending money to them read this post:
https://bitcointalk.org/index.php?topic=768281.msg17671076#msg17671076

This shows what will happen if you invest, and it won't matter if it's 1BTC, 10BTC or 100BTC. The result will be the same, you will loan them money and they will give you back in the period of a couple years to infinity and you will never profit.

Always read the rules:

Once we receive the money from you, you cannot get them back.
Isn't it suspicious that they are saying this in the first sentence?  ;D

We, the admins, reserve the right to change the rules any time without announcing.
In other words we can say, from now on withdrawal requests will take a month to process and you won't even know until it happens!

CryptoFly is a system of mining with real cloud processing power.
A "system of mining" Their choice of words is amazing.

Tightly-welded and professional team makes it possible to operate such a system of the cloud of mining smoothly and uniterruptedly.
They should hire better translators.

Also, the data center pictures show something that looks like a server room, not a mining farm.

scam, move on, if you're not a paid shill of course.

This is right, meaning once the upcoming investors has being stop and the existing investors will become a ponzi scheme victim. Most of the time Cloud mining is stealing the money of the investors. So please, stop investing in Ponzi scheme.

Aside that most cloud mining sites are just total scams.Cloud mining isnt profitable at all in longer times since mining difficulty is increasing every 8 days which means if ever you put money on genesis or hashnest/hashflare then expect profits will sure decrease in the long run.

You're right this is the main reason why I'm.not investing anymore in cloud mining sites because the ROI will take more time and high risk also especially if the sites are fresh and no reputable reviews.

Yes halving will be at every four years but cloud mining is not the best suggestion for investing, because it will take years and years to get your ROI. Even i have invested in cloud mining without but people shutdown it very fastly without any single penny to me.

Aside from not being that profitable and getting hard to mine bitcoin every day, cloud mining is mostly ending up in scam, you give them your money without any guarantee with getting them back and only for 1% of the investment and the time, no cloud investment remains legit and keeping their words.

I don't think so, since cloud mining is not safe and it is very risky to all scammers their. If you want to invest then there are many ways to have more profit and it is safe then rather to invest in cloud mining. But it depends to the user on their own if they want to invest cloud mining or not.

https://cex.io/ still exist until now it means that they still survive and able to paid investor.
If investor keep come it means that cex.io still profitable so the conclusion must be depend on what cloud mining site do you want to invest

A long term ponzi scheme is still a ponzi scheme. Cex is also a trading platform so their income doesn't come only from cloud mining. The bigger the company the longer it can sustain its schemes without anyone noticing. Cloud mining as a system is unsustainable and unprofitable so all cloud mining operators have to somehow cheat their clients.

Yes exactly, cloud mining is not recommended to use since it is not profitable. At first cloud mining is decreed but as years went by, the money of the users who invested them is  irrecoverable since they already cheat or scammed the users who invested, they are easy to disappear like a bubble together with your money. It is very risky in investing in cloud mining, so i dont recommend to inevest in CM.

Brotherly advice "STAY AWAY FROM CLOUD MINING" even then if you cant comprehend then please go ahead and make some losses.

I know that this thread is long but for readers here in the service section I still give advice to beginners and newbie who intend to invest in cloud mining. I just can not say good about investing in cloud mining sites because scammers are spreading over the internet make sure you first compliment the site details and who's behind on it and always look at the feed back to prevent scammer's site.

Nice advice bro. Id also like to add that cloud mining sites are mainly paid and not free , if ever you see a free cloud mining sites like bitminer.io then that is defenitely a scam and cannot give you anything in return. Beware because these sites do have lots of clone and similliraties to other cloud mining sites but all of them can still be identified easily via their domain name . Scam sites usually ends in .io and not in .com

Overall if ever you find a legit cloud mining sites. Be sure to always track your progress and always withdraw your earnings immediately if ever you already reach the withdrawal thereshold in order to be safe from possible issues later on.