Genesis mining is definitely a legit company, it's been around for years now. But it takes awhile to get a ROI on your initial investment.
So you got any proof to back that statement up?I've seen a lot of people advertising genesis mining, just because of their sexy referal bonus. This referal bonus basically gives them so much, that they would pray to Genesis mining, like it's a god.
It's getting a problem in my opinion, because Genesis mining is obviously not profitable for anyone who isn't refering people to it.
Then an enthusiast noob says:
"I made money from it! I bought contract for $18.70 in August 2016 and I got like $30 from it now!"Yeah, because the bitcoin price quintupled... If you bought $18.70 worth of BTC back then, it would've been worth $93.50, which is way more!
Genesis mining is rarely anything near profitable... I'm personally very much against the advertisement of such cloud mining schemes, as those advertisers who want to make some money off their referals, are basically misleading people into losing their money at genesis..Anyone who I have seen "Proving" that genesis-mining is profitable, was always easy to counter. The fast rise in Bitcoin's price also caused a lot of people to think genesis-mining is profitable, whilst it's really not.
I'm not advocating cloud mining by any means. I don't invest any money into them. There's much better investments that you can make with your BTC, hence why I said it takes a very long time to see an ROI.
I was simply saying that they have been and are still paying out for at least 3 years that I know of.
But all it takes is for them to disappear and your money is gone.
