Should i Trust Genesis Mining

[savioroshan]

Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.

[arwin100]

as much as I've researched on legit mining services, genesis mining is the legit one as hashnest I believe. IMO you're safe to invest into genesis.

Well you can not trust anything permanently, especially cloud mining. They are all scammers you know. They may be legit, but I don't think that they will last forever. Cloud mining is just another form of Ponzi scheme so I suggest you should stay away from them unless you want to throw away your money.

Actually your right, but we cannot call all as a scammers since there are still few of them running good but not ideal to invest on, they are not profitable as we do some mathematical calculation, it takes so long before we can get our capital back and thats totally insane if we choose to invest at them eventhough we see some bad feedbacks against them, we should remember that cloudmining is dying industry wich is needed to avoid for our safety.

[mrcash02]

Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.

Nobody knows... Impossible to calculate because each new day the payrate changes, lower income each new day, considering this you will never hit ROI. The only chance you have to make profit is if the BTC price increases a lot, example:

You invested 1 BTC ($650), after 3 years you earned 0.7 BTC ($1000), so you made $50 dollars profit... Received less Bitcoins, but in fiat you had profit. Very bad investment anyway, if you had just holded your coins the profit would be higher in this example.

[JANGKRIK BOSS]

Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.

Nobody knows... Impossible to calculate because each new day the payrate changes, lower income each new day, considering this you will never hit ROI. The only chance you have to make profit is if the BTC price increases a lot, example:

You invested 1 BTC ($650), after 3 years you earned 0.7 BTC ($1000), so you made $50 dollars profit... Received less Bitcoins, but in fiat you had profit. Very bad investment anyway, if you had just holded your coins the profit would be higher in this example.

This happen same like me, 2 years ago I invest 1.5 BTC buy SHA256, but until now recently turning 0.95 BTC. Luckily due to the assistive bitcoin price increase so USD my money was back but if calculated with bitcoin still need 1 more years. The best mining in genesis is Etherium package, only 8 months I was RoI.

[iamTom123]

Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.

I think this is quite true as of now with Genesis Mining. Well, they can be legit because they will only pay what they earned...and that is a consolation fact rather then they are paying high and then they will be gone before the year ends. Cloud Mining is becoming like a revshare industry.

[butcherboss]

To be honest I wouldn't trust any cloud mining company right now that promises a profit because cloud mining is not profitable right now. As for Genesis Mining there have been many scam accusations against it so I would be careful with my investment.  A simple search here would reveal the scam accusations.

[crazyivan]

I repeat this over and over again. Find me a SINGLE person which has made any ROI with them and then we can talk. If there s no person like that on the planet, these guys sell shit and re not better then ordinary scammers.

[coolcoinz]

Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.

I think this is quite true as of now with Genesis Mining. Well, they can be legit because they will only pay what they earned...and that is a consolation fact rather then they are paying high and then they will be gone before the year ends. Cloud Mining is becoming like a revshare industry.

Wrong, they will pay you if and when they earn. You are funding the operation and you are taking the risk. If they keep earning you will keep getting paid. When the operation becomes unprofitable they will disappear and your money with them. I read somewhere that owners of Genesis are mathematicians, so they know their projected profits, do you?

[michkima]

I think crazyivan is correct here. There is no one that gets rich in any of these contracts anymore but genesis mining and all those other cloud mining. You have to pay so much money for the contracts then you don't even get to earn that much. Then they have some fine print that they will continue to operate until it is profitable. So when it is no longer profitable for them, say good by to your contracts.

[Babayega31]

Till now they are paying me regularly. But payout very low. Dont know when I am going to reach my ROI.

I think this is quite true as of now with Genesis Mining. Well, they can be legit because they will only pay what they earned...and that is a consolation fact rather then they are paying high and then they will be gone before the year ends. Cloud Mining is becoming like a revshare industry.

Wrong, they will pay you if and when they earn. You are funding the operation and you are taking the risk. If they keep earning you will keep getting paid. When the operation becomes unprofitable they will disappear and your money with them. I read somewhere that owners of Genesis are mathematicians, so they know their projected profits, do you?

No you shouldn't trust any mining actually because nowadays its not profitable due to some circumstances on electricity consumption. Some offering this kind of mining sites investments which turns to scam you and no profits will be returned back to you. When the time comes with the failure of mining operations and your investments contracts will be neglected and communicatiins between you and mining holdings is terminated without any advice from them all you've invested turns to nothing.

[Pursuer]

I repeat this over and over again. Find me a SINGLE person which has made any ROI with them and then we can talk. If there s no person like that on the planet, these guys sell shit and re not better then ordinary scammers.

if by them you mean cloudmining in general I have reached ROI and made some profit but that is for a long time ago on a very legit and popular cloud mining site called GHASH.IO which had majority of the hash rate once.
but if you are talking about in general but these days, then yeah there is nothing but losses in cloudmining these days since 99% of them are scam and that tiny 1% is also doing something shady in the background and do everything they can to pay their users less than they should to maximize their own profit.

[CustomDesigned]

I don't expect to make a profit on cloudmining.  But I would like to use it as a slow way to convert fiat money to BTC.  As long as the conversion rate is competitive with BTM machines, I am happy.  Unfortunately, most cloudmining requires you to pay in BTC - and that is just silly.  It's like giving them a negative interest loan (as you correctly point out).

The other thing I want is to choose the mining pool my rented mining hardware is contributing to.  Then I can monitor the contribution of my rented rig (and whether and how long it is down).

Naturally there needs to be some sort of waiting period with escrow when paying by CC - until the transaction is final.

[Wusolini]

The general answer is YES, you can trust them because they are legit registered company.

BUT

Will you make a profit? NO.

It is well calculated to be profitable for them ( not for you ) ....  I guess only in case huge profits they will share small part for you (probably).
Sadly I have purchased one contract in past and can say the payouts appeared too fishy to me.

Why?
Because I think they calculate it purely in fiat.
e.g you buy $200 contract and get paid $220 .. so far it looks like profit ... but when the BTC price goes up, you are getting smaller amount of BTC (just to get the right amount BTC equal to $220 according current price).
and this is the catch. How come the miner mines less BTC when the price goes up? No way. This is not how it works, miner do not cares about BTC price. 

The only profit I made is through my referrals. But have to say I'm not proud of it ... actually I feel ashamed for promoting them ( that time I believed it's a good investment ).

Final conclusion: Stay away from them.   

[Glucose]

The answer is NO (check that thread : https://bitcointalk.org/index.php?topic=1185909.0 )

If you trust them, you will lose your money.

Genesis mining is now an organised fraud system.