Genesis mining vs hashnest

[plost24]

It has now basically been a year and I am STILL trying to figure out GM's true business model. Let's see... I give them US$1750 for 100MH in early Sept. 2014... within 60 days, they drop the payout by over 70%, which did not map out to the rest of the industry... within another 40 days, they give us scrypt customers a choice... convert to SHA mining or risk having our [LIFETIME] contracts terminated. The icing on the cake is they insult us scrypt customers by only offering us 1GH per 1MH, which everyone knows should be at the very least 20GH per 1MH (circa Sept/Oct 2014). What does this equate to? Again, after (1) year of them playing with my $$ and systematically reducing their payouts to their early adopters, they have paid me back less than $330 of the $1750 I invested with them. Specifically, their daily payouts to me are less than US$0.07 per day at this stage so it can be concluded I will never reach anything near a ROI within my lifetime.

This industry is already full of enough scammers and GM's actions do nothing to promote them as a viable and HONEST service provider. Sooner or later, their unsustainable practices will be their undoing.

=================
Looks like another major (over 40%) reduction in payouts for August 2015 is on track (see below). Coincidence or intentional? You decide...

Scott-

that really help they reduce the payout very much so i belive they will do it again next month 
i think that GM is going down :/

[IanFoxley]

It has now basically been a year and I am STILL trying to figure out GM's true business model. Let's see... I give them US$1750 for 100MH in early Sept. 2014... within 60 days, they drop the payout by over 70%, which did not map out to the rest of the industry... within another 40 days, they give us scrypt customers a choice... convert to SHA mining or risk having our [LIFETIME] contracts terminated. The icing on the cake is they insult us scrypt customers by only offering us 1GH per 1MH, which everyone knows should be at the very least 20GH per 1MH (circa Sept/Oct 2014). What does this equate to? Again, after (1) year of them playing with my $$ and systematically reducing their payouts to their early adopters, they have paid me back less than $330 of the $1750 I invested with them. Specifically, their daily payouts to me are less than US$0.07 per day at this stage so it can be concluded I will never reach anything near a ROI within my lifetime.

This industry is already full of enough scammers and GM's actions do nothing to promote them as a viable and HONEST service provider. Sooner or later, their unsustainable practices will be their undoing.

=================
Looks like another major (over 40%) reduction in payouts for August 2015 is on track (see below). Coincidence or intentional? You decide...

Scott-

that really help they reduce the payout very much so i belive they will do it again next month 
i think that GM is going down :/

Its the maintenance fee, same thing happening with Hashnest too, payouts go down because the maintenance fee eats more of your daily payout. As long as Bitcoin doesnt go way too low, payouts will still continue.

Why do you think S2 and UMISOO have negative payouts for many days now, because of the daily fee being more than the payout.

[Blawpaw]

My advice is for you to invest with Hashnest.

Both are legitimate, but Bitmain's Hashnest is far better than Genisis mining!

Hashnest has the best and cheapest mining sets. They offer contract options (pacmic) and also lets customers buy and sell GHS.

So, with Hashnest you can mine and trade at the same time, giving you a bigger chance to get your ROI mush faster.

[SebastianJu]

It has now basically been a year and I am STILL trying to figure out GM's true business model. Let's see... I give them US$1750 for 100MH in early Sept. 2014... within 60 days, they drop the payout by over 70%, which did not map out to the rest of the industry... within another 40 days, they give us scrypt customers a choice... convert to SHA mining or risk having our [LIFETIME] contracts terminated. The icing on the cake is they insult us scrypt customers by only offering us 1GH per 1MH, which everyone knows should be at the very least 20GH per 1MH (circa Sept/Oct 2014). What does this equate to? Again, after (1) year of them playing with my $$ and systematically reducing their payouts to their early adopters, they have paid me back less than $330 of the $1750 I invested with them. Specifically, their daily payouts to me are less than US$0.07 per day at this stage so it can be concluded I will never reach anything near a ROI within my lifetime.

This industry is already full of enough scammers and GM's actions do nothing to promote them as a viable and HONEST service provider. Sooner or later, their unsustainable practices will be their undoing.

=================
Looks like another major (over 40%) reduction in payouts for August 2015 is on track (see below). Coincidence or intentional? You decide...

Scott-

Hm... i only tested them with the cheapest packages of each type and, of course, i'm far away from getting my "investment" back.

But i never heard of these artificial drops. Are they legal? I mean when the drops doesn't match the difficulty and power cost and so on then this sounds not correct.

I'm only wondering if they are legally liable. Though i did not really lose something, i would not take part. Only asking.

[Coinminer11]

Hm... i only tested them with the cheapest packages of each type and, of course, i'm far away from getting my "investment" back.

But i never heard of these artificial drops. Are they legal? I mean when the drops doesn't match the difficulty and power cost and so on then this sounds not correct.

I'm only wondering if they are legally liable. Though i did not really lose something, i would not take part. Only asking.
[/quote]

I have nit used GM since 2014. Im sure there is some clause in the service agreement to cover their butts. I'm not saying there is im just saying its likely they have one... shame how this industry is nowadays sometimes.

[HarryKPeters]

Hm... i only tested them with the cheapest packages of each type and, of course, i'm far away from getting my "investment" back.

But i never heard of these artificial drops. Are they legal? I mean when the drops doesn't match the difficulty and power cost and so on then this sounds not correct.

I'm only wondering if they are legally liable. Though i did not really lose something, i would not take part. Only asking.

I have nit used GM since 2014. Im sure there is some clause in the service agreement to cover their butts. I'm not saying there is im just saying its likely they have one... shame how this industry is nowadays sometimes.
[/quote]
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Genesis hit their customers real  hard by converting 1MH to 1GH. Some guys on this forum are still promoting this mining business with useless coupons.
Quite a shame actually, since every dollar invested with GM is a dollar wasted.

[wikenpp]

Hm... i only tested them with the cheapest packages of each type and, of course, i'm far away from getting my "investment" back.

But i never heard of these artificial drops. Are they legal? I mean when the drops doesn't match the difficulty and power cost and so on then this sounds not correct.

I'm only wondering if they are legally liable. Though i did not really lose something, i would not take part. Only asking.

I have nit used GM since 2014. Im sure there is some clause in the service agreement to cover their butts. I'm not saying there is im just saying its likely they have one... shame how this industry is nowadays sometimes.

|

Genesis hit their customers real  hard by converting 1MH to 1GH. Some guys on this forum are still promoting this mining business with useless coupons.
Quite a shame actually, since every dollar invested with GM is a dollar wasted.
[/quote]

I lost 100MH bought at 1700 USD.
All they gave me back was 100GH which is worth like 10 USD.

Those bastard didn't have to stop Scrypt mining, since litecoin was still profitable.
THis marco guy (the owner) is just like your daily scam artist.

[Bitspenser]

I am going to give a try on PACMiC v3 what are you thoughts? Is it the same as the separate miners?

That is basically fixed interest investment. That is quite reliable. But the interest is around 12% or lower. It might not work after the halving.

[bitlancr]

Hm... i only tested them with the cheapest packages of each type and, of course, i'm far away from getting my "investment" back.

But i never heard of these artificial drops. Are they legal? I mean when the drops doesn't match the difficulty and power cost and so on then this sounds not correct.

I'm only wondering if they are legally liable. Though i did not really lose something, i would not take part. Only asking.

I have nit used GM since 2014. Im sure there is some clause in the service agreement to cover their butts. I'm not saying there is im just saying its likely they have one... shame how this industry is nowadays sometimes.

|

Genesis hit their customers real  hard by converting 1MH to 1GH. Some guys on this forum are still promoting this mining business with useless coupons.
Quite a shame actually, since every dollar invested with GM is a dollar wasted.

I lost 100MH bought at 1700 USD.
All they gave me back was 100GH which is worth like 10 USD.

Those bastard didn't have to stop Scrypt mining, since litecoin was still profitable.
THis marco guy (the owner) is just like your daily scam artist.
[/quote]

Yeah Genesis Mining has become a scam site now.
Their owners don't hold their customers interest at heart, but try to squeez out every little penny out of them.

Very said Marco.

[Bitspenser]

Yeah Genesis Mining has become a scam site now.
Their owners don't hold their customers interest at heart, but try to squeez out every little penny out of them.

Very said Marco.

The Genesis mining is selling 12 months mining contract for Ethereum. But Ethereum mining will finish before end of this year.

[IanFoxley]

Yeah Genesis Mining has become a scam site now.
Their owners don't hold their customers interest at heart, but try to squeez out every little penny out of them.

Very said Marco.

The Genesis mining is selling 12 months mining contract for Ethereum. But Ethereum mining will finish before end of this year.

They do not sell them no more as they sold out.

But in the contract they did explain that at some point ETH goes to POS and when this happens they will transfer the ETh hashpower to X11 at a ratio of 1MH/s ETH to 1MH/s X11 for the remainder of the contract.

[chokesir]

Yeah Genesis Mining has become a scam site now.
Their owners don't hold their customers interest at heart, but try to squeez out every little penny out of them.

Very said Marco.

The Genesis mining is selling 12 months mining contract for Ethereum. But Ethereum mining will finish before end of this year.

They do not sell them no more as they sold out.

But in the contract they did explain that it will run out at some point and become POS and when this happens they will transfer the ETh hashpower to X11 at a ratio of 1MH/s ETH to 1MH/s X11 for the remainder of the contract.

Either GM, SHA or X11 or Hashnest will not give you any profit.
Hashnest was the only company who offered some profit in the past, but with the last difficulty no cloud mining company is profitable anymore.

[quadriple7]

i m sure that genesis mining way better than hashmest .

[Bitspenser]

i m sure that genesis mining way better than hashmest .

I do not think so. The most recent Ethereum mining from Genesis Mining is too expensive. It is $4400 per 100 MH/s.

[stanlone]

Hey Guys.Well i am new to cloud mining and want to invest in bitcoin.would any of you like to suggest me some good and legit cloud mining companies.and yes i know about scrypt.cc (PONZI) so don't suggest sites like this..
TY