Bitcoin Forum

Hello!

I'm thinking of getting into Bitcoin but I don't feel like buying the hardware of an S5 to get started. Has anyone had any luck with a cloud service like Genesis Mining?

What are your thoughts?

Most people will tell you Genesis and all cloud mining are scams. 

I don't personally believe they are, but they're for people who don't understand all the factors that go into mining payout.  I recommend you first use a mining calculator which takes into account difficulty increase.  You'll find the only way to profit is if the cost of bitcoin increase.  Then consider the difference between just purchasing the bitcoin and realizing the increase and you'll understand why people think it's a scam.

But again I wouldn't call it a scam, just a poor investment if you run the numbers.

 i have Mining Contracts there for 2 years for x11 Miner. Seems so far They pay me every 10 days..

Don't ever mine Bitcoin.  The days of instant profitability are long dead.  Just buy Bitcoin.  You'll be way ahead even if mining is profitable for you.  I spent $15k on mining rigs in 2013.  Yeah, I made lots of money.  But if I would have just bought 150 BTC at $100 each instead, I would have made a lot more because I never came close to mining that many.  I'm speaking from experience.  Just buy BTC.

Cloud mining contracts are not profitable and even hardware mining is not profitable at current difficulty if you don't have free or very cheap electricity.

If you don't have cheap electricity better buy some bitcoin when it is cheap and trade them according to market rather than trying to buy mining hardware/contract and mine bitcoin. You may have to wait decades to get back what you have invested on buying it.

It will be the same as you buy a S5 antminer to get started which means both are unprofitable, unless you have free electricity in your country and in this case the S5 is profitable.

If you are willing to spend money for mining why don't you build a PC with 6 GPU-s like RX 480 and mine Zcash. It will be profitable but don't know for how long since Zcash price is going down day by day now. One such PC costs not more than 2000 USD and it will give you a bit more than 3000 Sol/s per second or the picture below. Remove your electricity cost from it and you know what is your net profit monthly.

https://i.imgur.com/8bZ8sUB.png

1 GPU RX 480 with stock settings gives you 575 Sol/s so in total the 6 GPU should give you a bit more than 3000 but I just took the 3000 to give you an example. This is the only way to mine profitably now , from a PC(mining rig) with lots of GPU-s.

Genesis is scam. yeah they are paying to users but what they don't tell you is that they have rights to terminate your contract if it's no longer profitable for them. So all that "forever" and x years contracts with small hash will eventually be terminated. And even if you purchase x amounts of hash (larger) it will take years to hit ROI

You dont get it. There are a lot of cloud mining services that are set up to try and take everyone's money and then run away. The owners behind it know there are enough gullible people in the forum for them to bank a profit. Sure some are not scams. I think Genesis is one of the good ones for now.

Since you know a lot about cloud mining. Can you give the services that you think that are not scams?

i think they are not scam, i am with them since 2015 until now and i am getting ROI for almost one year and now i still got paying from them but i don't have much of hashrate. if the OP wants to select cloud mining, make sure that you have the info about cloud mining itself and read about the reviews from many people so you can select one with best recommended from people.

There is no cloud mining right now are profitable and most of them are scam like other said better to don't invest and much better to stay buying bitcoins and hold it for a long time or buy bitcoins and sell them if the price is high it can make you profit in that way..
The other thing is investing in gambling casino some of the site like crypto-games are legit to invest but its risky because they are relaying in winning of gamblers and loses..

Every cloud mining service will at some point make its customers lose money as they either close the doors due to their service not being profitable anymore, or they simply run with the money.

You getting paid is only the result of them having enough people joining their service and "invest" money in their platform. You are getting paid with money coming from these people.

As long as new people keep pumping money into genesis, you will continue to get paid. If at some point there is barely any new money flowing into their service, then you can bet on it that they will run and leave a trail of destruction behind.

What does it mean "i am getting roi for almost one year?" Have you got the return or not, because everyone, who claims to have bought their contracts, are saying the same thing.
They aren't a scam because they are paying me, and I will roi in a year or 2 or 3 or whatever... and all of them are yet to reach the point, when GM starts sending them money. 

Until you have reached the ROI point GM are paying you with your own money, so you're getting ahead of yourselves by saying they are not a scam.

The act that the cloud mining sites advertise and market themselves as profitable is already an act of scamming. Every cloud mining site out there who obviously will not bring you ROI will tell you that they will. All they do is suck money from everyone they can scam and then after some time close down and hide. They will then set up another cloud mining site and scam a new set of people.

Exactly. They will pay you as long as they have enough new users. If (when) new users stop appearing and investing on their website you think they will still pay you ? It's same with every cloud mining and genesis is not really different then any of them

May be we can't call them scam right now, but it is true that mining contract with them may get terminated if it doesn't earn enough to cover maintenance expenses. Also they don't have transparency about total mining power they actually own and amount of contracts they have already sold. May be they are selling more than what they actually have.

Nowadays in bitcoin world there are lots of cloud mining that has been scattered in online that are connected into bitcoin. it hard to distinguish on which of them are legit bitcoin mining site. And the worst is like what you said they can terminate you anytime they want unless if you invest more into their site again that bigger than the first one you did to them.

Yeah. I don't recommend investing in a cloud mining site. Because, almost all of those are Scams. They are Ponzi's who are just circulating the money of the people and provides fake pictures or videos about the mining rigs they are organizing. Of course not all cloud mining are scam but it is very difficult to distinguish which one is legit or not. So, I just recommend investing in trading rather than in cloud mining website.

What is most untrustworthy is that they don't show address they use for mining. I mean it's not like they have anything to lose, when you go to any pool you can see all the big miners and how much are they earning but you are no threat to them

They don't show anything because there is nothing to show since they are not mining anything. That's why they will do everything to avoid answering such questions.

Legit operating pools/farms have indeed nothing to lose, and thus show how transparent they are where they supply the public with all important information/addresses.

All people with common sense would do everything to avoid investing in such a service. But that unfortunately doesn't go up for newbies as they simply don't know how to spot potential scams.

This will help you a lot and read with carefully.

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

A lot of the clear point about the genesis mining.

and not only that, they also seems to have very expesive contract, that will never break even because the roi time is too long, and this make me wonder that they are not selling that much like you said

Almost always better to buy bitcoin and hold instead of mining. If you want your bitcoin to grow a good idea would also be to invest in a known trusthworthy online bitcoin casino bankroll. Fue to the house edge, in the long run the casinos almost always win. So if your in for the long run if you invest in the casino bankroll youll end up woth more then you invested.

I agree that its better to hold your bitcoin rather than mining because its more profitable compared to mining. Nowadays miners equipment is not that profitable compared from previous past years because that time electricity is not expensive not like now its more expensive. There were mining sites offering investments but still turns out to scam people, and worst is ponzi schemes were very often happening to people being engaged.

as far as I know they are running their services since a few years ago and there are also many good reviews about it before but now I don't know if it is still the same because most people nowadays are saying that investing in genesis-mining is not profitable and it would took you several months to get your ROI . so far, I guess it is much better if you are going to just keep your coin steady in your wallet or invest it to much better systems .

You can earn a good amount of bitcoin here in bitcointalk community instead of investing a large amount of money in cloud mining sites. If you try calculating your ROI you will find out that you'll only lose your profit instead of gaining from it due to the increasing difficulty in mining bitcoins.

That's why Mining services doesnt put any calculator on their sites cause even them couldn't calculate what would be the result of your invested money they dont show any transparency to its users and doesnt let you pick your desired mining pool.
They wont even show you the actual mining power they have and worst part is they maybe selling services that they cant afford to give.

How much is your earn from your purchased Genesis mining contracts or plans? I would imagine it isnt that much. Im not saying they are a scam but would you say the wait to get to ROI has been worth it? The rising difficulty is another factor to worry about because you have to upgrade your plan to maintain your monthly earn and theres also the maintenance cost.

Sometimes its better to keep the BTC in your wallet because it is already itself an investment.

I have an account with Genesis Mining but I have never tried buying a contract because I think it's expensive and ROI is long although I am having a second thought on trying out their mining contract for Ethereum but I havent seen any feedback about the earnings of those who bought mining contracts for Ethereum.

You may want to try www.hashnest.com which is the most reliable cloud mining platform.

The problem is that we can't have a real estimative of ROI. The profit they pay us in any contract is lower and lower each new day. Some people liked the ETH contract, but I still think it's too risk as you can't know exactly when you will hit ROI (and if you will really hit it). Good that you didn't invest in such things, I'm sure you saved your money very well.

I don't see a problem here. If the rates are not appealing you shouldn't consider investing! They should come up with a plan to satisfy their customers.
Really guys, there are many other investment possibilities, don't waste your money on unprofitable contracts!

No matter how many times people get adviced to avoid certain sites and services, they constantly come back to exactly these unprofitable services because they think it will result in a long term form of passive income.

They however don't realize that it's their own money that they get paid back over a longer period of time. It's beyond my understanding how it comes that certain people still don't have a clue how cloud mining works (newbies aside).

I had not longer trust the cloud mining. Nowadays, almost all mining cloud just calculate numbers, they do not have real hardware. I have experienced many losses due to cloud mining. I suggest you to buy hardware mining. it will be getting bitcoin.

I've made a brief video analysis of cloud mining in 2017. Check it out https://youtu.be/4dYoZ7UKNNo

No man don't get into cloud mining everyone new to bitcoin thought the same thing with mining we can more bitcoin but that's the worst idea because most od these sites show fake mining results in order ti earn maximum. Think logically over here if mining was so profitable why would they even sell their hardware and not mine for themselves.

On what analyze do you talk guy? How are you analyzing website (Genesis mining) when it's almost impossible to get profit? And again there was many scam accusation thread against them with valid proofs and it's already known that they look like scammers under legal mask.
Legit one is hashnest nowdays because it's under bitmain and you can sell hashrates but still useless because of very bad profit. People have to learn that cloud mining don't worths, it's better to do any other thing than simply waste money in nothing.

People who are investing in cloud mining are only dump people or bitcoin user that didn't know things about bitcoin if they know here in forum they know that cloud mining is useless not profitable way or almost all cloud mining site are scam..
Its a passive income but in non profitable way much better to invest to make your own website and get some offer from any CPA network to promote and get earn by promoting them than invest it all in cloud mining site that actually we do not know if the site is telling the truth that they are mining or not..
Here in online there's no free money you should work hard before you can earn big..

Initially I thought in the same way like you. But I made experiment with $114 investment in bitcoin mining. Now I've earned about $170. That means $56 of profit or 50% growth (it is show on the video).  It is possible to make profit. But you need to calculate risk before making any investment and call it scam. I have made money because bitcoin price in dollars grew faster than my mining profit dropped. Today imho bitcoin mining  on genesis is not such profitable. But there are other coins and mining calculators to figure out does it make sense to use genesis or any other company. But what is more importantly RISKY OR UNPROFITABLE INVESTMENT ≠ SCAM.

In case you are interested I have published my payouts over the last month, and did some calculations on it.
You can find the article on my blog: Payout on Genesis mining (http://bitcoin-introduction.blogspot.com/2017/07/my-payout-on-genesis-mining-btc.html).

I have already got my investment back and are expecting a nice profit towards the future.
If you have any questions let me know, but I think the number speaks for themselves.

---

edit: this article is about BTC. I'll try to run the numbers as well with other coins like ETH.

Genesis mining stop to pay for MONERO mining the 6 of august. MONERO is going to the star... We bet that if it goes down to the minimum, as by magic, they start to pay again ??? I mean, that's how they've cheated on the possibility of investing our earnings. Who will give us the chance to sell to the highest? But they have had it, with our money ... This story has lasted for too long and these have proved 100% unreliable and 100% unhonest... Please share in ALL forum to show how this company is!!!

If they are holding your payouts it means they are using your money to speculate on the market. They are making money at your expense.
It's obvious they have to be making money somehow since this cloud mining system isn't profitable at all. You need to turn to scamming to make it all add up.

Genesis Mining has tanked
https://imagebin.ca/v/3cVaubb0nHZu (https://imagebin.ca/v/3cVaubb0nHZu)

To Genesis Mining...


you don't give me daily payout figures for XMR for 2 months now, you paid me 0.4 XMR 12 days ago that still hasn't arrived, 6 tickets and all you reply it IT is checking it, refund my bloody money or pay me my XMR, you could check the blockchain in 2 mins and pay me but still you don't, you are not a honest organisation!!!!

https://chainradar.com/xmr/transaction/0000000000000000000000000000000000000000000000000000000000000000 <---- the transaction joke!

I still have a contract in genesis mining and I think it still running until now, I joined with them 3 years ago and I already reach my ROI over and over but I don't know how their service today because I am not yet checked my account for a long time ago. I think you can buy gpu to start mining if you don't feel like to buy s5. there is much hardware that you can buy to start mining and I think it is better if we are mining in our home than to rent the hashrate in a cloud service.