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Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 227632 times)
Rogerdale
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April 03, 2017, 08:35:44 PM
 #381

Thanks to the author of this topic! I was just about to buy a plan!

So, all the videos like this are crap?

https://www.youtube.com/watch?v=2qN139xtR9Q

This video is valid. Actually I posted my calculations earlier that their X11 contract is the only one which can ROI (and expected to bring up to 80% profit unless dash falls too much, difficulty rises too much or GM closes down). And that's all just because of recent dash rise.
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April 03, 2017, 08:47:07 PM
 #382

I don't want to take their side but man what a bunch of losers and shills trying to hurt their long gone reputation further more, seems as none of you really understands mining in general, you'll need to add to your hash rate constantly and never sell, mining bitcoin or any other altcoins is not a steady cash flow, it's a gamble orienting closer to a long-term investment, for bitcoin of course it's a sure thing that price will increase while alts are speculative and are more riskier but much cheaper compared to bitcoin.

With the amount required to really profit in cloud mining you'd be better off buying mining gears and start on your own and then you'll see how mining works and will understand the risks involved better.

E.g; you invest $100,000 in ASICs and will start mining then you'll keep accumulating your coins for the next 2-4 years and then if the price already increased more than 300% then you sell all your stash to earn back all your previous expenses and investments.

Unless you could mine a block of bitcoin by only spending $10,000 for hardware and electricity you can still sell 12.5+fees for roughly the amount of $15,000 and not only ROI but profit $5,000.


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atricoz
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April 04, 2017, 12:12:11 AM
 #383

well, now I am a bit confused  Huh

what makes me skeptical, beside all the people blaming for scam, is the long period of time of 2 years, it could really happen everything in that amount of time, what if they just poweroff everything and disappear?
Rogerdale
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April 04, 2017, 01:26:03 AM
 #384

well, now I am a bit confused  Huh

what makes me skeptical, beside all the people blaming for scam, is the long period of time of 2 years, it could really happen everything in that amount of time, what if they just poweroff everything and disappear?

That's possible for sure. But imagine how much they earn by selling these overpriced contracts.  Roll Eyes
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April 09, 2017, 05:42:55 PM
 #385

well, now I am a bit confused  Huh

what makes me skeptical, beside all the people blaming for scam, is the long period of time of 2 years, it could really happen everything in that amount of time, what if they just poweroff everything and disappear?

Being skeptical isn't enough. Do not invest and read more if you are not convinced yet.You will thank me later.

You won't make any profit, even in 2 years.

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April 10, 2017, 08:35:49 AM
 #386

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
49         3/15/2017      0.52695421
50         3/16/2017      0.49993947
51         3/17/2017      0.47497929
52         3/18/2017      0.42322828
53         3/19/2017      0.42017074
54         3/20/2017      0.42670095
55         3/21/2017      0.44470880
56         3/22/2017      0.42656270
57         3/23/2017      0.42609688
58         3/24/2017      0.40151162
59         3/25/2017      0.37748471
60         3/26/2017      0.39947695
61         3/27/2017      0.41572785
62         3/28/2017      0.43055203
63         3/29/2017      0.42473685
64         3/30/2017      0.41446210
65         3/31/2017      0.40953349
66         4/01/2017      0.41774981
67         4/02/2017      0.41787120
68         4/03/2017      0.43287248
69         4/04/2017      0.43373079



Total Mined BTC to date = 29.85729903


Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Any Questions please PM me or find me on twitter. Thank you

Will continue posting results

KastMining
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April 10, 2017, 03:48:53 PM
 #387

Seriously, 1520Th = 108 BITMAIN Antminer S9,
in https://www.nicehash.com/?p=calc
1 S9 = 0.00215297 BTC / Day
108 S9 = 0.23252076 BTC / Day

in your payout

Payouts Date Amount
15/03/2017 49 0.52695421 > 0.23252076 BTC / Day   Shocked Shocked
16/03/2017 50 0.49993947
17/03/2017 51 0.47497929
18/03/2017 52 0.42322828
03/19/2017 53 0.42017074
20/03/2017 54 0.42670095

wow, I'm doing a test against genesismining as well, with very little volume.

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
49         3/15/2017      0.52695421
50         3/16/2017      0.49993947
51         3/17/2017      0.47497929
52         3/18/2017      0.42322828
53         3/19/2017      0.42017074
54         3/20/2017      0.42670095
55         3/21/2017      0.44470880
56         3/22/2017      0.42656270
57         3/23/2017      0.42609688
58         3/24/2017      0.40151162
59         3/25/2017      0.37748471
60         3/26/2017      0.39947695
61         3/27/2017      0.41572785
62         3/28/2017      0.43055203
63         3/29/2017      0.42473685
64         3/30/2017      0.41446210
65         3/31/2017      0.40953349
66         4/01/2017      0.41774981
67         4/02/2017      0.41787120
68         4/03/2017      0.43287248
69         4/04/2017      0.43373079



Total Mined BTC to date = 29.85729903


Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Any Questions please PM me or find me on twitter. Thank you

Will continue posting results


Rogerdale
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April 10, 2017, 05:17:43 PM
 #388

Seriously, 1520Th = 108 BITMAIN Antminer S9,
in https://www.nicehash.com/?p=calc
1 S9 = 0.00215297 BTC / Day
108 S9 = 0.23252076 BTC / Day

in your payout

Payouts Date Amount
15/03/2017 49 0.52695421 > 0.23252076 BTC / Day   Shocked Shocked
16/03/2017 50 0.49993947
17/03/2017 51 0.47497929
18/03/2017 52 0.42322828
03/19/2017 53 0.42017074
20/03/2017 54 0.42670095

wow, I'm doing a test against genesismining as well, with very little volume.

Don't use Nicehash unless you host a mining rig and sell your hashpower. Nicehash is widely used for money laundering in crypto world. Some bad guys buy hashpower for dirty coins and mine clean fresh coins then. Of course, these bad guys can afford paying more for such a service and you cannot find cheap prices there...
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April 21, 2017, 06:46:53 AM
 #389

Ltc ones look good? Whats the downside one those ones?
Rogerdale
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April 21, 2017, 09:56:08 AM
 #390

Ltc ones look good? Whats the downside one those ones?

If you are looking for LTC mining contracts, I can suggest Hashflare contracts that I'm selling here: https://bitcointalk.org/index.php?topic=1876754.0

They have maintenance fee of 0.01 USD per MH/s per day, but they are also cheaper per MH/s and are advertised as lifetime (until profitable though). At Genesis you would get only 2 year contact with maintenance price prepaid and fixed. Hashflare lowered maintenance price for existing SHA-256 contracts once this year and they may do this in the future for SHA-256 or scrypt contracts.
pivix
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April 22, 2017, 02:12:58 PM
 #391

I did buy my first 10m/h x11mining on the 20th then I upgraded to 30mh/s on the 2nd april. In total i paid 174$
Yesterday after 31days (credit card hold) i got my first payout of 0.08564958 dash. I still got 0.42856259 Ltc and 5765.87 Doge in my balance that should get paid out today or tommorow.

I'm happy so far with them Smiley
BTCnoob321
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May 06, 2017, 02:17:31 AM
 #392

Luckily I googled Genesis before going too far.

I have no knowledge of BTC mining and have a couple of questions.

I see this Antminer S9 13,5TH/s@1350w is $1499+PSU @ Eastshore
Before diving into more info about BTC does anyone have a rough estimate what BTC one S9 will mine per day?
I've seen from 0,002 to 0,005.

Edit: I found this link saying 0,36 BTC per month, does that seem correct?
https://www.bitcoinmining.com/bitmain-antminer-s9-review-bitcoin-mining/
Edit2: Further down in the review it says 0,285 per month...wtf?

Is there any point in starting off with only one S9 and start mining from home since cloud mining seems so sketchy?

Anyone got some useful links for a beginner?
Bitcollector
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May 06, 2017, 05:04:16 AM
 #393

Review and Update.

Latest payouts.  

Payouts   Date               Amount  
13         2/7/2017       0.39619655
14         2/8/2017       0.39102786

At this point I realized that this was all a mistake and I'd like to apologize to  ....Just kidding.  I upgraded another 200 TH/s.

Total hashrate is at 1320 TH/s

15        2/9/2017        0.4592695
16        2/10/2017      0.43685938
17        2/11/2017      0.45184163
18        2/12/2017      0.44973625
19        2/13/2017      0.44659067
20        2/14/2017      0.44675886

Total Mined BTC to date = 6.395966719



Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1320Th  Total $$$ = $166,452.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,250.00                  200
6   $25,250.00                  200
7   $25,250.00                  200
8   $25,250.00                  200

Will continue posting results

[imghttps://imageshack.com/i/pnOR5aCaj[/img]http://

That are some great Payouts! Love it!
Please keep the post gowning!

mmm... interesting so its going to take over 500 days just to get your money back and then if the miners are still PROFITABLE then you can start making money, subtracting the fact that the price of BTC goes up.

Am I missing something here?
6.396 BTC X $1000 = $6396 in 20 days
$6396/20 days = $320 per day
$166,000 / $320 / day = 518 to get your money back

Genesis Mining - BAD

BTC average growth 100% per year

buy BTC and hold $166,000 after 518 days = 142% Simple buy and hold - GOOD

Sorry i don't see it any other way.

Genesis looks the same today as it did 2 years ago.

I hold you get your money back but what are you going to do if it become unprofitable to mine and they stop paying because the difficulty goes too high?
BTCnoob321
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May 06, 2017, 11:58:35 AM
 #394

Today I was recommended Swiss Gold Global and part of their business is bitcoin mining. Guess who they use for mining??? Genesis mining...
bt109
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May 09, 2017, 06:03:43 PM
 #395

Okay, I made an account on these forums just for this.  Because I was investing in Genesis for a while, and looking to reinvest the profits, when I read this.  I've been dabbling in cryptocurrencies for a couple of years, looking to get much more serious, so I'm aware that I may know just enough to be dangerous to myself.  But I thought I'd made a profit using Genesis.  What am I missing?

I really need someone to do me the favor of explaining this to me.  I'm a dabbler, as I said above, so you may need to break it down, but I'm not an idiot, so don't treat me like one.  I will see about providing whatever evidence you need of my profits.  Most of it was in Ethereum mining, BTW, where I put in less than $100 and got $200+ in under a year.  What am I missing?
tbonetony
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May 09, 2017, 06:20:36 PM
 #396

Okay, I made an account on these forums just for this.  Because I was investing in Genesis for a while, and looking to reinvest the profits, when I read this.  I've been dabbling in cryptocurrencies for a couple of years, looking to get much more serious, so I'm aware that I may know just enough to be dangerous to myself.  But I thought I'd made a profit using Genesis.  What am I missing?

I really need someone to do me the favor of explaining this to me.  I'm a dabbler, as I said above, so you may need to break it down, but I'm not an idiot, so don't treat me like one.  I will see about providing whatever evidence you need of my profits.  Most of it was in Ethereum mining, BTW, where I put in less than $100 and got $200+ in under a year.  What am I missing?

There you go.... ETH has been up maybe 600%+ over the year while you make 100%.

K&T Crypto Hosting, hosting as low as $45/kW per month ($0.06/kWh): https://bitcointalk.org/index.php?topic=1794057.0








I offer private S9 rental for various length: https://bitcointalk.org/index.php?topic=1708351.0
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May 11, 2017, 06:56:08 AM
 #397

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
70         4/5/2017        0.42885551
71         4/6/2017        0.44184485
72         4/7/2017        0.44760152
73         4/8/2017        0.44586506
74         4/9/2017        0.4486273
75         4/10/2017      0.45160695
76         4/11/2017      0.4530062
77         4/12/2017      0.45382166
78         4/13/2017      0.41957132
79         4/14/2017      0.41560285
80         4/15/2017      0.41806306
81         4/16/2017      0.41285586
82         4/17/2017      0.41573978
83         4/18/2017      0.41896408
84         4/18/2017      0.41759347
85         4/19/2017      0.43284344
86         4/21/2017      0.43279131
87         4/22/2017      0.43110726
88         4/23/2017      0.43151517
89         4/24/2017      0.43204929
90         4/25/2017      0.43604858


Total Mined BTC to date = 38.943273


Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Any Questions please PM me or find me on twitter. Thank you

Will continue posting results
suchmoon
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May 11, 2017, 03:52:58 PM
 #398

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

How much BTC did you invest?

GAWSOME class action
(Homero Garza throws Stuart Fraser under the bus)
ION: XPY successor
                 Make sure to read

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May 14, 2017, 02:36:25 AM
 #399

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
70         4/5/2017        0.42885551
71         4/6/2017        0.44184485
72         4/7/2017        0.44760152
73         4/8/2017        0.44586506
74         4/9/2017        0.4486273
75         4/10/2017      0.45160695
76         4/11/2017      0.4530062
77         4/12/2017      0.45382166
78         4/13/2017      0.41957132
79         4/14/2017      0.41560285
80         4/15/2017      0.41806306
81         4/16/2017      0.41285586
82         4/17/2017      0.41573978
83         4/18/2017      0.41896408
84         4/18/2017      0.41759347
85         4/19/2017      0.43284344
86         4/21/2017      0.43279131
87         4/22/2017      0.43110726
88         4/23/2017      0.43151517
89         4/24/2017      0.43204929
90         4/25/2017      0.43604858


Total Mined BTC to date = 38.943273


Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Any Questions please PM me or find me on twitter. Thank you

Will continue posting results


they are no longer paying on a regular basis. They must need money for the party.

here is the shame wall of fame (I bet they post here as legenday)

Marco Streng
CEO Genesis Group / Co-founder

Jakov Dolic
Head of Sales / Co-founder

Dr. Marco Krohn
CFO Genesis Group / Co-founder

Stefan Schindler
CTO

.SPECTRE.                ▄▄███▄▄
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Rogerdale
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May 14, 2017, 11:57:56 AM
 #400

Yes, I believe they indeed run fractional mining and now they have cash flow problems (or even out of money), because alts are going up and up, and they need to pay more and more.

BTCDream did a real mistake investing such a huge amount in Genesis. He bought quite unprofitable contracts and now risks of GM insolvency add up.
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