Bitcoin Forum

Hello,

honestly im a totally new to the whole topic with cryptocurrency mining and stuff. Recently i started to think about the oppurtinity as we all did, when we started.
I researched a lot of stuff like YouTube Videos, Blogs, Forums and so on and found at the end "Genesis Mining" which looks pretty legit to me.
I watched a few documentaries about them and everything seems really good to me, but on the other hand i really often read that they are scammers and stuff.

Now is my question: Who is acutally using Genesis Mining and who already was able to ROI?

Recently i found another thread here but it seems pretty outdated, thats the reason why i created this topic now :)
Since i started i do receive payouts but to reach ROI it would cost me around 280 days from now on, which is a really heavy number if i think about the FAQ on the website.

Hopefully i can activate a really nice dicussion about the topic itself and to earn more experience or another point of view about the whole stuff!

Thanks in advance

best regards

Alost no one reaches ROI with Genesis Mining, and if they did they were very, very lucky.

Genesis Mining is not a scam at all - I believe that they're mining - but they're a very shady and manipulative company which lays out their plans in such a way that they never see how much profit they make and how they're taking it from you.

Furthermore, they have these two-year plans which don't reach ROI, because they add new altcoins when they surge in price, making the plans look like they will reach ROI much quicker than they actually do once the difficulty catches up with the price.

---

Cloud mining is never reliable, safe nor particularly profitable.  You're always better off going for mining yourself, mining the most profitable altcoin with a GPU or mining Bitcoin with an ASIC if you have low electricity costs.

ive posted a few times on here with my experience, i have done well just over 2 dash in 3 months so for 475 dollars not bad. customer service is good, but unfortunately the dash contracts have sold out. i think there are btc, xmr and eth. eth is not a bad deal i think at the moment, mining is risky, but if you buy a contract set it up and leave it, it is nice feeling checking your balance every month.

only you can make the descion whether to hodl a coin or coins, build your own brig or buy cloud mining, which i do recommended GM, they have been helpful to me. i mine myself, cloud mining and hold some coins so hopefully cover all bases, any other questions just ask.

But how many dash did the $475 contract cost? I bet it was more than 2. Three months ago dash was $50-$100, so did your 2 dash cost you 4.75 -9.5 dash?

Genesis is a legit cloudmining. But you'll lose your patience to this because it takes a lot of time to return your ROI. Also in my experience on cloudmining. They are not as stable as you think. They can just ran away with your money and never look back. Maybe if you are an early adopter. You can earn huge from them. But now, i don't think this is worth the money you invest.

it cost 0.39 btc, but there was so much volatility at the time i wanted a hedge. it is not GMs fault that profitability drops or btc went up. like i said they payout on time, respond to my email and fulfilled so far the service i wanted, and because i am not the at best trading i prefer mining.

Mhhh thanks a lot for the reply´s!
acutally im still really optimistic about the whole stuff and hopefully it will work well.
I mean i only invested around 50 bucks which is not that much and its a great way to earn some experience.
Honestly after i saw the Ethereum charts and the growth since 2015 i invested there aswell. Really looking forward for the upcoming month.

Any experience there?

But it's their fault that they choose to mislead customers offering them lifetime contracts that are not meant to last a lifetime. If your contract starts making very little profit they'll terminate it. Their system is based on borrowing money from customers and paying them back over a period of 1-2 years and then terminating the contract.

It's definitely a legit cloud mining company if you really want to mess with cloud mining you should do it with genesis not hash flare or something. I think it can be profit already if you invest a significant investment to get started but I personally don't use it.

i can't comment on lifetime contracts as i didn't have one, i don't want to mine btc, i prefer alts. i can only comment on my experience which has been good. i don't know if it is a ponzi etc, you could say that about loads of stuff really, coins etc. they seem to get a hard time, but zcash, dash, ltc contracts are all sold out. i looked at the eth one and for me to get 100 m/h rate cost me over 3k usd plus electricity. they offer a 2 year one for 2799 (plus discount) so on paper that is better than my rig.  some people don't want the hassle GM fills the gap.

 

So you paid 7 DASH in order to mine 2 DASH. That is typical with cloud mining, unfortunately.

A 100 MH/s contract costs $2799, or about 7.5 ETH. 100 MH/s currently mines 1.73 ETH per month, but the ETH difficulty is doubling every month, and at that rate of increase the most that 100 MH/s can ever mine is about 3.75 ETC.

You are paying 7.5 ETH to mine at most 3.75 ETH.

As far as i know and my experience with cloud mining is not very profitable the numbers that their displaying in their sites about the ROI is very wrong cause i wasn't able to take even back the total bitcoin that ive invested even more less from original amount of bitcoin that ive invested. Cloud mining and faucets s where i first started earning bitcoin and after a couple of months or i guess 1 and a half years i finally realize that this is not profitable. I suggest not investing in this ponzi scheme program to only steal your money, if you want to really earn bitcoin you join a sig campaign here, 15-30$ isn't so bad is it?

I'm 80% sure they aren't scammers. They actually do pay out.

The question is, is it worth it? Honestly you are better off just buying and holding bitcoins. Due to bitcoins volatility you can get profits in months, or even weeks. Whereas in genesis mining you'd have to wait like more than half a year to achieve ROI.

Yea I see that reason all over the internet. Reaching ROI can be very much possible if you invest with a credit card and not with a crypto currency because at the time you end your contract bitcoin might be 2 times what it was back when you initially bought the contract.

The problem is that you will get more if you just buy the crypto instead of cloud mining, and you will have it immediately.

i think cloud mining still a waste of time.
about using Genesis Mining i give you a really long thread where you can find more info about this service
https://bitcointalk.org/index.php?topic=1185909.0
Judge yourself...
and then decice what to do.

It may be legit, but it is far from worth it. It's good maybe if you have like a Youtube channel whereas you can share your affiliate link. But definitely very not worth buying.

for those who already using this service its really rising your money out from your pocket and let those scammers
to enjoy while newcomers are trying to find out if they will get some benefits using this mining investment.

The problem with Genesis Mining is that it's basically nothing more than a scam, but a lot of people still made ROI with it, because bitcoin's price rose...

Take this example:

Person A buys a contract at Genesis Mining. As bitcoin price is $300, he pays BTC0.1 for a contract ($30 contract).
Person A then makes money with the contract. He got a whopping BTC0.07 with the contract! The price of BTC is now $3000.
Person A is happy, as he now got 0.07*3000 = $210 worth of bitcoins from an initial investment of $30!
Investment: $30
ROI: $180

But what if he just held BTC instead of buying a Genesis Mining contract? He would've had BTC0.1 instead of BTC0.07!
That means he would then have:
Investment: $30
ROI: $270

People make money from buying its contracts, ONLY because of the rising Bitcoin Price!

An awful thing about Genesis Mining too, is that it has a referal system... This referal system makes the people who refer people to the site earn money, which means that people love to advertise the site and create nonsense stories which attract newbies to the site.
Because of this opportunity to make money through refering you to Genesis Mining, they don't mind lying about it or creating bullshit stories. The only thing they want is making money!

Conclusion: Do not invest in Genesis Mining! It's COMPLETE CRAP!

bla bla scam scam scam, the same argument over and over again.

i invested in edgeless if i had kept as eth i would have made more money that argument works for loads of coins investments. i bought GM and have been clear about the costs and returns. yes i made money on referrals all of 3 usd dollars yesterday, you and others have signatures for coins etc, most likewise never actually used them just looking for a freebie.
i actually use them and they work for me, people ask for advice so i post. it is the same type of people shouting the loudest going from thread to thread trying to force people to their viewpoint. i have never forced anyone, they can decide. maybe btc doesn't go up maybe it goes down, who knows, but to dictate what people should do because you don't want them to do something is bloody stupid.

 My understanding is GM has been going 3 years, why not spam polybious or proper ponzi schemes.

this is my payouts pretty consitant, roi in 4 months, then mining at 100 mh for 1.8 months. like i said i bought it becuase x11 miners had aold out.

http://[url=http://[img]https://thumbsnap.com/s/VwE1mezm.jpg|https://thumbsnap.com/VwE1mezm]https://thumbsnap.com/s/VwE1mezm.jpg|https://thumbsnap.com/VwE1mezm[/url][/img]

This is the mining caclulator just over 92 dollars profit a month which matches my payouts.

https://www.cryptocompare.com/mining/calculator/dash?HashingPower=100&HashingUnit=MH%2Fs&PowerConsumption=0&CostPerkWh=0

probably best return would be ethereum mining presently.

Maybe I use the same argument over and over again because it's the best argument there is and because it describes the situation actually like it is?
It's not an opinion, rather a fact, that Genesis Mining isn't profitable.

I'm not going to argue more on this thread. If you want a discussion with me, please PM me and I'll be happy to prove that you're wrong.





Yeah, it's certainly better to hold than to waste it on cloudmining. For low amounts, BTC is indeed not very useful currently, as you're throwing away large percentages of your money et every transaction.. The only thing you could do is hoping on a rise in the price of bitcoin.
Anyways, Blockchain.info is quite safe, yes. I story my bitcoins on it too. For bigger amounts of bitcoins, I'd suggest getting a paper wallet though.

Regards,
Trump

the payouts i get match the mining prediction. yes when i first bought them i was getting double the payout i get now, but the price has doubled.

i think people should use cloud mining, choose who you want. i bought a 3k usd rig myself, if i had invested in btc i would have doubled my money instead of making a small amount and not even paid it off. but i bought it because if the market went to nothing i still have a computer. now cloud mining is risky, could do a runner anytime, but that is life, we risk to make a bit of money when interest rates are peanuts.
 some people don't want to trade, don't want to buy coins, don't want to build a rig so buy cloudmining.

i have covered all bases, cloud mining, mining, trading a few coins.

you can use nicehash but i found the website a bit confusing that is why i used GM.

Can you just answer these 3 questions:

When did you buy your contract at GM? (Date)
How much did it cost?
What cryptocurrency were you mining with the contract?

Regards,
Trump

lol i have written this on other threads, so not going to post again as it is clear you have your view and i have mine. so if anybody want advice pm and i will be happy to answer questions. thanks i wont post anymore on this thread it is pointless.

It's not a difference in point of view, as you know, just as good as I do, that buying contracts at Genesis Mining is not profitable.
The only reason you are advertising it is because of your referal links.
It is not a difference in point of view, rather a difference in honesty. I tell the facts with full honesty whilst you lie about them for your own gain.

Regards,
Trump

actually you could make roi but you must be there from beginning. just wait for the next new coin that will be minable on genesis

I have explained earlier in this thread that that's just not true and please read my posts for more information. PM me if you still don't get why Genesis Mining isn't profitable in the slightest way, besides for other scammers (people who refer others to the scam).

So let me just mention this... Here:

WRONG ADVICE! THIS IS COMPLETE BULLCRAP!

DO NOT INVEST WHEN NEXT COIN APPEARS! IT WON'T MAKE YOU MORE ROI THAN SIMPLY BUYING THE COIN ITSELF!

Regards,
Trump

I don't consider GM to be a scam because they are open and transparent. You are getting exactly what you pay for. Others might consider it a scam because the customers are being mislead -- you aren't getting what you think you are getting.

However, I do believe it is a bad investment because you can do much better by buying the coins directly, rather than paying GM to mine them for you.

The source of the confusion is caused by looking at the investment in dollars, rather than the currency that is actually being earned. It confuses the gains/losses from holding the currency with the gains/losses from mining the currency.

Yup.

Genesis Mining CAN be profitable in dollars.
Genesis Mining CAN'T be profitable in the mined currency.

Easy as that. It's not going to make you profit. End of discussion.

Regards,
Trump

ummm... in my experience, i already on my profit (since my investment is back) well im enjoying my profit now because i just do small investment on the 1 years ago (maybe more i didnt remember) and give review on youtube with i put my referal on the description and doesnt update again. But a lot people do big invest(more than 500$ and more) , if im not forget, some people invest 2500$ with my discount code(referal). So i just got a lot power and give my return back faster and now im just enjoying my profit.

But if you ask me, i will say dont invest on genesis mining for now. Well, you can get a lot power from referal and make it faster but that was too risk. Better do trading or keep it.

i bought some more eth contract, 7 mhs sounds stupid but i struggle with my mining rig to get hash rate so this is like an add on.

So, you spent about 0.7 ETH. I look forward to seeing how much ETH you will earn in 6 months.

this argument just doesntb work.

i spent 10 eth on my own mining rig to mine 16 over the year, as do thousands of other people. anything can be argued in the format  you use.

Sorry, I messed up the grammar. I meant to write that I look forward to seeing how much ETH you will earn from your 0.7 ETH investment.

After upgrading (double the hashrate) there was no change in payout. After complaining, my payout was set to zero..... No more payouts at all.

Take from this whatever you want, but i have warned you.

payment sent to zero, wtf does that mean?

have you actually linked an address, when i paid it mined straight away. i could use it for x11 or btc. i also contacted cc and got answers back in minutes or a few hours. has it really changed that much in 4 months?

If you pure with your own hashrate you will get long time ROI, i join on facebook group about genesis (not offiial) and strategy about it. You will get your own hasrate with people ref, after that some people will use your code too. Some people use my code and buy a lot ghs but i dont buy ghs/hashrate again because dont have money.  ;D


This is like on their facebook official page comment , some people complain about their payout and become 0.

For OP. Dont invest on genesis. Better do something like trading, or build your own mining rig.

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!!!!

I would post screen shots if I could!!!!!!!!!!!!!!!!

I have done my own mining, set up servers, cooling, and data center space. Fixed the equipment when it failed and had to make sure it was online and secure from hackers. Genesis Mining is so much easier. I like how the chose Iceland as the Mining location with arctic air and thermal power. The interfaces are easy to use and the protection you from making dumb mistakes like too small of bitcoin deposits that eat up all your profits.
Bottom line these guys are reputable, honest, transparent (twitter, email, portal screens) and efficient. Look no further than here if you want to mine Crypto's.

got payment:

The amount of 2.87 USD has been deposited to your account. Accounts: U18493892->U1355114. Memo: API Payment. weenzee.com.. Date: 05:09 23.04.19. Batch: 257019670.

i got always payed form them since more than 5 years now.
But i have to say when i had bought btc at this time when i bought my contracts i had made more profit.,
But still Genesis mining is the last legit cloud miner !



regards

you mean the last ponzi cloud mining. Who in the right mind invests to end up getting less bitcoin in the end. Its better to hodl your bitcoin than to invest in these ponzi-schemes.