I feel it my duty to report here I purchased 3 contracts with Genesis Mining and that I believe they are selling worthless contracts and
know exactly that these contracts will be worthless***. I would advise anyone who has paid them to cancel your credit card asap and not
to think twice.
Do the math your self:
Term Hashpower Type Price
"lifetime" 7.5 TH/s sha256 USD 1,050.00
1 year 39 H/s equihash USD 1,120.01
2 years 50 MH/s x11 USD 410.00
Anyone with an eyeball can see that the above cannot return profit and/or will cause loss of principal only. So
it is simply pay to play. Better to get some mining equipment that might give a return over 3-5 years...might!
Though it seems the mining equipment companies (different thread) are a former version of this con/scam, they
are getting a little better these days...but not much!
If you have miners in your basement you are most likely operating at a loss.
If you have a couple hundred miners in a data center you are most likely operating at a loss, unless
most of them were purchased a year or so ago, and still, after the doubling it is a fine line.
If you have a few thousand miners in various data centers that have very very low power costs and cheap
labor you MIGHT be able to make a profit!
That's it, my personal comments and opinions. Don't call me for "proof", do your own math!
***Just to spell it out I believe selling known worthless contracts is an application of the term "fraud" and should be
categorized as such. Some of you may prefer "hustle" or "scam" to use less legally defined terms, however, I believe
folk that do these things (and companies) should be heavily discouraged and called out, to protect the less informed,
which is another good reason we have forums like this!
