Bitcoin Forum

Is genesis mining is good to min bitcoin

for me its best the offered open end mining ! And this is true for me since allmost 4 years now !
my very old contracts still mining  ;D
but currently all bitcoin power is sold out but i think he is buing more graphic cards soon.

here is s promo code for a 5% discont on your order: c1jFgO

regards

I have there account and working well with 25,000 GH/s purchased few months ago also use Hashflare which is for me one of the best and there I have around 18 TH/s purchased and around 5 TH/s from referral program.

If you are going on Hashflare i would like to you sign up with my referral: https://hashflare.io/r/BBB9C75F

Last months I found also EKEN which have really crazy prices and working very well for me there I have around 100 TH/s there and some extra with referral also you can there sign up with my referral if you want :)

https://eken.io/register/kokoko

Could you say the ROI in percentage you have gotten so far (in BTCs) with this contract?

It works, sure. But you'd have to deposit good amounts of bitcoin for your mining plans to actually make a bit of money. Is it good in terms of profitability? Definitely not in my opinion. If you'd want to make profit it's still best to purchase good GPUs and mine certain coins with somewhat low difficulty.

Investing more money in cloud mining doesn't mean that you'll be making more money percentage wise. In other words, whether you invest $100 or $1000, it won't make any difference.

They are mining (I don't believe they really are, but just for example purposes) anyway, which doesn't change even if people don't actually invest one single penny to buy their cloud mining contracts.

This basically means that every person, regardless of his investment amount, ends up making the same profits in percentages. It's actually a great thing, but the rotten nature of this industry makes everything look bad instantly.

For me the best option would be is to buy a mining rig and mine coins myself than to put my money on something I don't have control with. I think there has been some history of scams about these types of investment. Don't know about Genesis though if they would last.

you have to look at the profits, how much profit someone who invests in genesis mining does in a year vs how much profit you can make if only you buy and hold bitcoin.

for example:

you invested $1000 in bitcoin in the genesis mining and in a year you get $2000.

But another person takes $1000 and buys bitcoin and the price of bitcoin in a year increases 500%. What is more advantageous? buy and hold.

Of course. This is the type of people that are making money on cloud mining.
You have to get in early, do some advertising for them, post a referral code here and there and you're all set.

People! Cloud mining is not there to make you money! It's built like a pyramid with the owners on top, promoters in the middle, and you suckers at the bottom.

If you compare it to another cloud mining, yes its good and probably the best, sadly their sha256 contract is out of stock now.
But, it still not too profitable because bitcoin difficulty is too high now and probably will go higher in future.

Yes too much competition for Bitcoin Mining is not that profitable if you don't have enough supply to sustain your rigs and the more the better. Keeping a 5-7 rigs i think won't be enough to have a good run and profit won't be attained for just months probably mire than 6-7 months to achieve all the bills and have the right profit.

For Cloud mining platform earning this site is one of the maximum invested platform by the various people. I have heard that genesis mining is the only one cloud option gives the ROI returned in some months. Even the mining contract also very cheap.
Still this is not good for mining bitcoin, if you want to mine on genesis go with the cheap altcoins. I believe the GPU mining is the best option to go with as the investment.

For me it is not recommended to invest in cloud mining the first reason is it is very risky because most of the cloud mining are turning to be scam in a couple of years, second is the duration of contract which can only gives small amount of income which is much better to invest in trading.

Here is simple calculation of their mining contract for ETH;

1. With genesis mining 40 MH/s which cost you $1520 and it will run for 2 years. With current difficulty and price you will mine around 2.16 ETH in 24 months which is equal to $1830 so you made $310 after waiting for 2 years and you can't get your money back in middle.

2. If you simply buy ETH worth of $1520 you will get 1.8 ETH at current price so basically you will gete almost same amount of ETH with cloud mining waiting for 2 years and just buying it right now. Also you can make an exit and take out profit/loss whenever you want.

So mining with genesis mining is not profitable and it is also quite risky.

Why do people still bother with Bitcoin mining? It's better to find some alt-coin mining service (not SHA-256) or wait for a service like that to pop up.. or even better, save up your money and invest into your own mining rig to mine some alt-coins.

Genesis mining offers various altcoin cloud mining contracts as well, so it's not that people are tied to Bitcoin mining only. Aside from me considering genesis mining to be a scheme, even altcoin related cloud mining contracts aren't profitable, especially with how the difficulty keeps going up. In order to keep up with the difficulty increases, one would need to keep reinvesting his earning into more contracts, but that's where people go wrong. From the moment you reinvest your earnings, it basically means that you have given the cloud mining service back the money it paid you with, which means that you start from zero again when it comes to earning money....

This is spot on and it's what I've been trying to preach for ages.

If you're investing into Genesis Mining/Hashflare/etc. you sure are looking at the prices of these coins going up. However, historically these cloud mining businesses have not been generating good returns for investors and there are only cases of ROI when the prices of cryptos rise.

So even if you make a profit(unlikely in the first place due to various changes that could occur to your contract or difficulty/price of crypto you're mining), it's not going to be more profit than buying and holding a certain coin you're mining with your contract.

Genesis is probably mining, but it's just not profitable unless you can bring in referrals.

Genesis Mining has stop responding to trouble tickets. I bought a Monero contract over 2 months ago. I have not received a payout as of this post.
  I submitted a trouble ticket 2 months ago and numerous trouble tickets since. They are all just consolidated into the original ticket and ignored.

So, to answer your question... NO. I do not trust them for Bitcoin mining.

I don't know what their deal is. Maybe preparing for an exit scam. They have pre-sold a lot of mining power, yet to be delivered.

They are trustedable company, they has been run more than 4 year and they are transaparent too. I have bought for mine btc and now are closed to get my money back.

These guys are the most reputable IMO but you will do well to get a contract.

I bought an LTC mining contract for $150 about 8 months ago, just to test out the service, will have well over $400 back in a year of LTC. I still have another year left of the contract so LTC constantly dropping in each day.

People will argue I would have made back more if I had just purchased LTC, in this case no, unless I had cashed out when everything was bullish a few months back, otherwise I'm definitely in profit, a small one at that...

I wouldn't invest into Genesis. When buying contracts we agree, that they can shut down "lifetime" contracts at any time, when mining results do not cover certain costs.
When you google, you will find many complaints against Genesis mining like this one:
https://amp-reddit-com.cdn.ampproject.org/v/s/amp.reddit.com/r/Bitcoin/comments/5tz011/guys_please_read_this_before_investing_your_money/?amp_js_v=0.1&usqp=mq331AQECAEYAQ%3D%3D#

That's basically how all cloud mining services work nowadays. It's yet another sign of how greedy they have become throughout the years. If your contracts don't become unprofitable out of themselves due to difficulty increases and such, the service in question will just increase the maintenance fees to make your contracts less profitable. In other words, your contracts will get terminated at some point for sure, and people indeed agree to these 'legal' forms of scams when signing up and proceed with an investment. There is literally no one other than yourself to blame for investing and losing money with these schemes. Even with everything we are talking about here, people don't care and will invest in cloud mining anyway, fools that they are....

After more than 155 days with Genesis Mining I can say it is hard to reach your ROI - check my latest yt vid https://www.youtube.com/watch?v=6nPlNkdO_Hc&t=8s - so the current pricing and increasing difficulty is the reason why I would recommend not to invest