Scam alert : Do NOT INVEST in Genesis Mining

[biggbox]

My SHA256 contracts have stopped paying after the halving.

Good luck to everyone.

[nikilavi]

hi i was thinking of buying 2.5 TH/S on genesis mining and i saw that your contract got removed and stuff. BUt i also saw one more thing you bought 1Th/S for 419$ and now i am getting 2.5TH/S for 425$.
Second i checked the fees as i will have 2500GH/S and fees is 0.0004 per GH/s so the daily fees i will be getting is
2500*0.0004=1$
i checked on https://alloscomp.com/bitcoin/calculator for earning amount per day and it was 2$
So i will be earning 1$ per day and roi in 425 days. SO isn't that profitable.
Also in the coming the years bitcoin price will increase so it will be even more profitable. You are calling this a scam because the amount of power you purchased is costly. And of course because of halving you lost everthing but now halving will be after 4 years so isn't it profitable. I don't think genesis mining isn't profitable now. If you think can you give me some reason for not to invest bitcoins in it.

[Phildo]

hi i was thinking of buying 2.5 TH/S on genesis mining and i saw that your contract got removed and stuff. BUt i also saw one more thing you bought 1Th/S for 419$ and now i am getting 2.5TH/S for 425$.
Second i checked the fees as i will have 2500GH/S and fees is 0.0004 per GH/s so the daily fees i will be getting is
2500*0.0004=1$
i checked on https://alloscomp.com/bitcoin/calculator for earning amount per day and it was 2$
So i will be earning 1$ per day and roi in 425 days. SO isn't that profitable.
Also in the coming the years bitcoin price will increase so it will be even more profitable. You are calling this a scam because the amount of power you purchased is costly. And of course because of halving you lost everthing but now halving will be after 4 years so isn't it profitable. I don't think genesis mining isn't profitable now. If you think can you give me some reason for not to invest bitcoins in it.

How many bitcoins can you buy with 425 right now?

Why wait that long to get that many bitcoins from Genesis mining?

If the miners were profitable why would they rent you the hashpower?

Edit:

Also, that link assumes difficulty will stay the same. That is a very stupid assumption. When difficulty goes up your time to ROI goes up.

[shashank5119]

Never spend in any of the cloud mining sites that what i learnt after hashocean gone and also most experienced users advice here the same thing.
Genesis Mining or hashnest they look good but would scam one day for sure

[actmyname]

Never spend in any of the cloud mining sites that what i learnt after hashocean gone and also most experienced users advice here the same thing.
Genesis Mining or hashnest they look good but would scam one day for sure

Hashnest is part of Bitmain. I'm sure that if at any point they were to scam, then it would be well after Bitmain becomes irrelevant, which I doubt will happen in the near future.
Otherwise, the reputation would crash like 1929.

[Phildo]

hi i was thinking of buying 2.5 TH/S on genesis mining and i saw that your contract got removed and stuff. BUt i also saw one more thing you bought 1Th/S for 419$ and now i am getting 2.5TH/S for 425$.
Second i checked the fees as i will have 2500GH/S and fees is 0.0004 per GH/s so the daily fees i will be getting is
2500*0.0004=1$
i checked on https://alloscomp.com/bitcoin/calculator for earning amount per day and it was 2$
So i will be earning 1$ per day and roi in 425 days. SO isn't that profitable.
Also in the coming the years bitcoin price will increase so it will be even more profitable. You are calling this a scam because the amount of power you purchased is costly. And of course because of halving you lost everthing but now halving will be after 4 years so isn't it profitable. I don't think genesis mining isn't profitable now. If you think can you give me some reason for not to invest bitcoins in it.

Missed the other part of your post, but it goes to the same point. If you think this is a good idea because the price is going to go up, isn't just buying $425 worth of bitcoin today a MUCH better idea?

[tmfp]

So i will be earning 1$ per day and roi in 425 days. SO isn't that profitable.

No that's not profitable.
That's them giving you back 1/425th of the money you gave them, each day for 425 days.
It's called "back where you started".
Unless of course, it all goes to shit in those 425 days and the famous "fuck off" get-out clause gets invoked.

[nikilavi]

hi i was thinking of buying 2.5 TH/S on genesis mining and i saw that your contract got removed and stuff. BUt i also saw one more thing you bought 1Th/S for 419$ and now i am getting 2.5TH/S for 425$.
Second i checked the fees as i will have 2500GH/S and fees is 0.0004 per GH/s so the daily fees i will be getting is
2500*0.0004=1$
i checked on https://alloscomp.com/bitcoin/calculator for earning amount per day and it was 2$
So i will be earning 1$ per day and roi in 425 days. SO isn't that profitable.
Also in the coming the years bitcoin price will increase so it will be even more profitable. You are calling this a scam because the amount of power you purchased is costly. And of course because of halving you lost everthing but now halving will be after 4 years so isn't it profitable. I don't think genesis mining isn't profitable now. If you think can you give me some reason for not to invest bitcoins in it.

Missed the other part of your post, but it goes to the same point. If you think this is a good idea because the price is going to go up, isn't just buying $425 worth of bitcoin today a MUCH better idea?

i think you got a point so if the price goes up won't the profit from mining also increase???

[Phildo]

hi i was thinking of buying 2.5 TH/S on genesis mining and i saw that your contract got removed and stuff. BUt i also saw one more thing you bought 1Th/S for 419$ and now i am getting 2.5TH/S for 425$.
Second i checked the fees as i will have 2500GH/S and fees is 0.0004 per GH/s so the daily fees i will be getting is
2500*0.0004=1$
i checked on https://alloscomp.com/bitcoin/calculator for earning amount per day and it was 2$
So i will be earning 1$ per day and roi in 425 days. SO isn't that profitable.
Also in the coming the years bitcoin price will increase so it will be even more profitable. You are calling this a scam because the amount of power you purchased is costly. And of course because of halving you lost everthing but now halving will be after 4 years so isn't it profitable. I don't think genesis mining isn't profitable now. If you think can you give me some reason for not to invest bitcoins in it.

Missed the other part of your post, but it goes to the same point. If you think this is a good idea because the price is going to go up, isn't just buying $425 worth of bitcoin today a MUCH better idea?

i think you got a point so if the price goes up won't the profit from mining also increase???

You are doing the wrong math.

Will they give you back more or less than  0.64407602 BTC?

That is the only relevant question. You can turn your $425 into that many BTC right now at an exchange. No matter what the price of bitcoin is in 425 days or whatever, i they give you back less than that many BTC, you made a bad choice because you would be better off with 0.64407602 BTC.

If the miner is going to generate more than 0.64407602 BTC, why would they rent it to you for that price? Wouldn't it make more sense to just plug the miner in and collect the 0.64407602 BTC over the next 425 days? Why would they cap their earnings from their magical money making machine at 0.64407602 BTC if it can do more?

[PhilPrime]

hahaha. all cloud mining site seems to be running man. i think they just wait to bitcoing halving before running. clever scammer. they are all seems very legit last year, posting their video of mining rig.. and looks whats happen now. i think theres no trusted cloud mining.

[Phildo]

hahaha. all cloud mining site seems to be running man. i think they just wait to bitcoing halving before running. clever scammer. they are all seems very legit last year, posting their video of mining rig.. and looks whats happen now. i think theres no trusted cloud mining.

Videos are pointless. anyone can record some computers. The whole point of bitcoin is that the blockchain tells everything, if you believe anything about bitcoin without seeing it on the blockchain you are a fool

[nikilavi]

hi i was thinking of buying 2.5 TH/S on genesis mining and i saw that your contract got removed and stuff. BUt i also saw one more thing you bought 1Th/S for 419$ and now i am getting 2.5TH/S for 425$.
Second i checked the fees as i will have 2500GH/S and fees is 0.0004 per GH/s so the daily fees i will be getting is
2500*0.0004=1$
i checked on https://alloscomp.com/bitcoin/calculator for earning amount per day and it was 2$
So i will be earning 1$ per day and roi in 425 days. SO isn't that profitable.
Also in the coming the years bitcoin price will increase so it will be even more profitable. You are calling this a scam because the amount of power you purchased is costly. And of course because of halving you lost everthing but now halving will be after 4 years so isn't it profitable. I don't think genesis mining isn't profitable now. If you think can you give me some reason for not to invest bitcoins in it.

Missed the other part of your post, but it goes to the same point. If you think this is a good idea because the price is going to go up, isn't just buying $425 worth of bitcoin today a MUCH better idea?

i think you got a point so if the price goes up won't the profit from mining also increase???

You are doing the wrong math.

Will they give you back more or less than  0.64407602 BTC?

That is the only relevant question. You can turn your $425 into that many BTC right now at an exchange. No matter what the price of bitcoin is in 425 days or whatever, i they give you back less than that many BTC, you made a bad choice because you would be better off with 0.64407602 BTC.

If the miner is going to generate more than 0.64407602 BTC, why would they rent it to you for that price? Wouldn't it make more sense to just plug the miner in and collect the 0.64407602 BTC over the next 425 days? Why would they cap their earnings from their magical money making machine at 0.64407602 BTC if it can do more?

ok lets say you are right then can you tell me place where i can invest bitcoins and get some return.

[Phildo]

hi i was thinking of buying 2.5 TH/S on genesis mining and i saw that your contract got removed and stuff. BUt i also saw one more thing you bought 1Th/S for 419$ and now i am getting 2.5TH/S for 425$.
Second i checked the fees as i will have 2500GH/S and fees is 0.0004 per GH/s so the daily fees i will be getting is
2500*0.0004=1$
i checked on https://alloscomp.com/bitcoin/calculator for earning amount per day and it was 2$
So i will be earning 1$ per day and roi in 425 days. SO isn't that profitable.
Also in the coming the years bitcoin price will increase so it will be even more profitable. You are calling this a scam because the amount of power you purchased is costly. And of course because of halving you lost everthing but now halving will be after 4 years so isn't it profitable. I don't think genesis mining isn't profitable now. If you think can you give me some reason for not to invest bitcoins in it.

Missed the other part of your post, but it goes to the same point. If you think this is a good idea because the price is going to go up, isn't just buying $425 worth of bitcoin today a MUCH better idea?

i think you got a point so if the price goes up won't the profit from mining also increase???

You are doing the wrong math.

Will they give you back more or less than  0.64407602 BTC?

That is the only relevant question. You can turn your $425 into that many BTC right now at an exchange. No matter what the price of bitcoin is in 425 days or whatever, i they give you back less than that many BTC, you made a bad choice because you would be better off with 0.64407602 BTC.

If the miner is going to generate more than 0.64407602 BTC, why would they rent it to you for that price? Wouldn't it make more sense to just plug the miner in and collect the 0.64407602 BTC over the next 425 days? Why would they cap their earnings from their magical money making machine at 0.64407602 BTC if it can do more?

ok lets say you are right then can you tell me place where i can invest bitcoins and get some return.

I don't know any, but that doesn't make making a bad investment a good idea.

For something to be a good investment on this board it needs to be a better "investment" then holding your coins. I haven't found one yet, I haven't thought I've found one yet, and I also haven't lost any money on one yet.

[srcs76]

me too, my contrats dead  1TH/s

Genesis give 0.8BTC.

[Glucose]

So i will be earning 1$ per day and roi in 425 days. SO isn't that profitable.

No that's not profitable.
That's them giving you back 1/425th of the money you gave them, each day for 425 days.
It's called "back where you started".
Unless of course, it all goes to shit in those 425 days and the famous "fuck off" get-out clause gets invoked.

You are wrong : It's not profitable because difficulty of the network will go up too. So your 1$ revenue will be less and less with time, until the fees cancel your contract. And I'm ready to bet with you it will be before you ROI.

[tmfp]

So i will be earning 1$ per day and roi in 425 days. SO isn't that profitable.

No that's not profitable.
That's them giving you back 1/425th of the money you gave them, each day for 425 days.
It's called "back where you started".
Unless of course, it all goes to shit in those 425 days and the famous "fuck off" get-out clause gets invoked.

You are wrong : It's not profitable because difficulty of the network will go up too. So your 1$ revenue will be less and less with time, until the fees cancel your contract. And I'm ready to bet with you it will be before you ROI.

I understand what you're saying, my comment was based on the impossible "things will stay as they are today" scenario.
But yours is based on the assumption that network difficulty will continue to increase. I agree that this is highly likely, but not absolutely certain.
One thing we do agree on is: it's not worth doing.

[Phildo]

Genesis Mining get discount of 3 %, promo code: 0O19Ly

Weird how these guys with bitcoin printing machines are so desperate to get bitcoins from ohter people.

[Skatter]

If i spend $425 on a miner and its not profitable is who i bought it off a scammer or am i dickhead?

[Phildo]

If i spend $425 on a miner and its not profitable is who i bought it off a scammer or am i dickhead?

Depends on lots of factors.

did they lie to get you to make that purchase?

Did they actually mine coins or did they just move coins around and tell you they were mining?

[suchmoon]

If i spend $425 on a miner and its not profitable is who i bought it off a scammer or am i dickhead?

Did you actually buy a miner or a PNG? With Genesis you'll never know. Their business model is not selling miners, it's taking money and giving some of it back over time. You can't redeem your "investment" for hardware or trade it or use it for heat in the winter.