Scam alert : Do NOT INVEST in Genesis Mining

[suchmoon]

IT will be interesting to watch this progression also as i have a good bit of capacity at GM.
however i am in the 4%+ affiliate range and work with a group of affiliates to always get the maximum discount.

if you buy in quantity (5Th/s+) and get a good referral you can get as low as $130 per TH/s buys.....

the S9s on the market run $150-$170 per Th/s before PSU+ Electricity and man hours.

SO the only scenario i can see losing here is if GM goes under....especially if you have a means to invest from a corporate expense situation.

So i will be following this.  (just my 2cents)

Dear Newbie, you're forgetting to mention that the "maintenance fee" is ~$0.12 per kWh and if you plug it into any Bitcoin calculator you have 400+ days to "ROI" if diff stays constant, and you would barely get half of your "investment" back if diff goes up at 2% on average. SO... you may want to visit an eye doctor if you can't see that "scenario".

Real hardware at least has a resale value.

[PWMJ]

IT will be interesting to watch this progression also as i have a good bit of capacity at GM.
however i am in the 4%+ affiliate range and work with a group of affiliates to always get the maximum discount.

if you buy in quantity (5Th/s+) and get a good referral you can get as low as $130 per TH/s buys.....

the S9s on the market run $150-$170 per Th/s before PSU+ Electricity and man hours.

SO the only scenario i can see losing here is if GM goes under....especially if you have a means to invest from a corporate expense situation.

So i will be following this.  (just my 2cents)

Dear Newbie, you're forgetting to mention that the "maintenance fee" is ~$0.12 per kWh and if you plug it into any Bitcoin calculator you have 400+ days to "ROI" if diff stays constant, and you would barely get half of your "investment" back if diff goes up at 2% on average. SO... you may want to visit an eye doctor if you can't see that "scenario".

Real hardware at least has a resale value.

Of course...I see S3's selling for $30 all over the place...so lets equal out the "maintenance fee" with electricity.  for someone new to BTC who wants to understand the working and movement etc....while not getting entangled in hardware that's a pain in the ass to use and keep mining.

I think this is a great entry level investment.  again, outside of them disappearing the risk is pretty much the same in all of crypto......people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair.  of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.

[suchmoon]

Dear Newbie, you're forgetting to mention that the "maintenance fee" is ~$0.12 per kWh and if you plug it into any Bitcoin calculator you have 400+ days to "ROI" if diff stays constant, and you would barely get half of your "investment" back if diff goes up at 2% on average. SO... you may want to visit an eye doctor if you can't see that "scenario".

Real hardware at least has a resale value.

Of course...I see S3's selling for $30 all over the place...so lets equal out the "maintenance fee" with electricity.  for someone new to BTC who wants to understand the working and movement etc....while not getting entangled in hardware that's a pain in the ass to use and keep mining.

I think this is a great entry level investment.  again, outside of them disappearing the risk is pretty much the same in all of crypto......people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair.  of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.

What are you mumbling about here?

S3? What does THAT have to do with anything?

Understand working and movement? What does GM "teach" you that you couldn't learn by using BTC elsewhere? How to lose 50% or more on a misguided "investment"?

All of crypto? You mean shitcoins and stuff?

Why don't we stick to the subject of Genesis Mining.

http://genesismining.freshdesk.com/support/solutions/articles/1000128858-maintenance-fee

The maintenance fee is deducted from your daily mining output each day and is 0.0003 USD per 1 Gh/s for SHA 256 hashpower. These are the current fees for these contracts and was updated January 24 2017.

If you take an S9, which is approximately 13 TH/s @ 1.4 kWh, this maintenance fee translates into ~0.116 USD per kWh. Or you can use the maintenance fee itself in a calculator such as this:

https://bitcoinwisdom.com/bitcoin/calculator
(use Maintain Cost instead of Electricity Price)

Let us know what you get.

[tbonetony]

Of course...I see S3's selling for $30 all over the place...so lets equal out the "maintenance fee" with electricity.  for someone new to BTC who wants to understand the working and movement etc....while not getting entangled in hardware that's a pain in the ass to use and keep mining.

I think this is a great entry level investment.  again, outside of them disappearing the risk is pretty much the same in all of crypto......people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair.  of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.

Sorry I just cannot agree with you on the line that "this is a great entry level investment".
- It is entry, indeed, to the point that it mostly targets only at ripping off entry players in this field.
- It is ABSOLUTELY NOT great, no even anywhere near. I understand we all have different perceptions of what is "being great" but in this case I see it as black-and-white distinctive. There are alternatives, though not great, offering way more values to users than GM. I prefer not to name them here but they all have much more reasonable maintenance fee structures and even offering exit strategy for the same kind of products GM offers.

[Glucose]

IT will be interesting to watch this progression also as i have a good bit of capacity at GM.
however i am in the 4%+ affiliate range and work with a group of affiliates to always get the maximum discount.

if you buy in quantity (5Th/s+) and get a good referral you can get as low as $130 per TH/s buys.....

the S9s on the market run $150-$170 per Th/s before PSU+ Electricity and man hours.

SO the only scenario i can see losing here is if GM goes under....especially if you have a means to invest from a corporate expense situation.

So i will be following this.  (just my 2cents)

Dear Newbie, you're forgetting to mention that the "maintenance fee" is ~$0.12 per kWh and if you plug it into any Bitcoin calculator you have 400+ days to "ROI" if diff stays constant, and you would barely get half of your "investment" back if diff goes up at 2% on average. SO... you may want to visit an eye doctor if you can't see that "scenario".

Real hardware at least has a resale value.

Of course...I see S3's selling for $30 all over the place...so lets equal out the "maintenance fee" with electricity.  for someone new to BTC who wants to understand the working and movement etc....while not getting entangled in hardware that's a pain in the ass to use and keep mining.

I think this is a great entry level investment.  again, outside of them disappearing the risk is pretty much the same in all of crypto......people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair.  of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.

Never heared so much bullshit. I don't know if you are one of the Genesis Mining "minions" trying to ruin this thread lol, but it looks like it and it's not convincing. Or you are really noob and a very bad mathematician. There is no "risk" investing with them : you are just losing your money from the start.

And btw : You're not learning anything through Genesis mining. Except the fact you will learn how to receive dust in your wallet and how to lose your initial investment ; and you will probably learn never to do it again. That's all you are learning.

[Zeta0S]

Never heared so much bullshit. I don't know if you are one of the Genesis Mining "minions" trying to ruin this thread lol,

Did you not try to ruin the official Genesis Mining Thread yourselves?

[suchmoon]

Never heared so much bullshit. I don't know if you are one of the Genesis Mining "minions" trying to ruin this thread lol,

Did you not try to ruin the official Genesis Mining Thread yourselves?

Can you enlighten us on how Genesis makes sense? Here is the basic math:

Why don't we stick to the subject of Genesis Mining.

http://genesismining.freshdesk.com/support/solutions/articles/1000128858-maintenance-fee

The maintenance fee is deducted from your daily mining output each day and is 0.0003 USD per 1 Gh/s for SHA 256 hashpower. These are the current fees for these contracts and was updated January 24 2017.

If you take an S9, which is approximately 13 TH/s @ 1.4 kWh, this maintenance fee translates into ~0.116 USD per kWh. Or you can use the maintenance fee itself in a calculator such as this:

https://bitcoinwisdom.com/bitcoin/calculator
(use Maintain Cost instead of Electricity Price)

Let us know what you get.

Feel free to contribute.

[PWMJ]

I don't see much hope of any profits from an S9 either.

[suchmoon]

I don't see much hope of any profits from an S9 either.

So you're basically saying - mining is unprofitable, donate your money to GM. Did I get that right? You're jumping all over the place, I may have misunderstood something, please explain.

[Rogerdale]

donate your money to GM.

Basically that's what BTCDream did... In my opinion any investment in mining with days to ROI > 300 is questionable, and if days to ROI > 400 it won't return. For GM the number is over 500.

[Roquene]

GM is simply explained using this picture:


In short:
Stay the fuck away from Genesis!

[Glucose]

Never heared so much bullshit. I don't know if you are one of the Genesis Mining "minions" trying to ruin this thread lol,

Did you not try to ruin the official Genesis Mining Thread yourselves?

Oh yeah I tried to say the truth on their thread and warn other cutomers. No regrets about that. In my opinion everybody should ruin their thread because they are liars and thieves.
The only question is why you are still supporting them (and my answer is you are probably being paid by them..)

[Rogerdale]

Actually this is what awaits BTCDream's "investments":

[coolcoinz]

I think this is a great entry level investment.

How can you say that with all the facts presented in this thread. This is not an investment, it's a donation to GM, that you will never get back!
It's not about them being real or not or disappearing or not, it's about their ridiculous rates that need years to give a return.

people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair.  of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.

Not all people can think, because you obviously can't do the math if you're calling GM contracts "a great entry level investment."
You also can't do the math if you think that multiplying the invested sum will increase your chances to get something out of it.
If you think that only $30 investors are losing money there read this:

I think it is time that I write about my investment failure here as well. Everything was in front of my eyes and I couldn't see the negative outcome.

I have spent close to 12,5 BTC into the service and it cost around 6400 USD at the time. I have spent the majority of my BTC into the service around August 2016. Before that I have made smaller investments to see the service in action. It has been 5 months and I think it is safe to say I won't make it back.

Payments have started from 0,025 and now have fallen to 0,01 BTC per day. The amount I have gotten back in terms of BTC is 3.4 as of today. It is displayed in USD in Dashboard so it says if I have converted everything into USD I'd have made back 3.000 USD. From here onwards until the end of time I'm expecting to make another 1.000 USD so there is a net loss of at least 2.5K USD. In terms of BTC I have lost close to 8 BTC including the remaining payment I will get.

Is Genesis-Mining a scam?
- They don't reveal much of anything about their daily operations, you get payments out everyday.
- They are saying they will give out according to your share in the ever increasing Hash rate world which was aroun 1.5M TH when I invested and it is now around 3.4 M. Obviously you are gonna get less everyday.
- They state how much per GH they will charge for electricity.

So if everything is in front of you and they are saying they will do the job under these terms and you cannot see the future clearly is this a scam? That is an ethical dilemma I'll leave you to ponder about. I can think about that I have supported the BTC community but that's not how I see it.

My lessons learned:
- Don't make an investment decision late Friday night.
- Do not go all in.
- FFS read the fucking forum (I've found this forum AFTER the investment.)

I can provide screenshots and more info if needed.

Edit: If anyone wants to buy 47.5 TH I'm selling it for 3.000 USD, much cheaper then they are selling on their web site

Would you call him a "paid troll" too? Who is he paid by? There's no competition in cloud mining anymore, so there's nobody who would benefit from this.

[antdee]

Well, you got Viabtc and Hashnest.
I doubt they make much profit, maybe Hashnest makes from their market, where users trade hashpower with one another.
Viabtc also has the insentive to increase their mining power to support Bitcoin Unlimited.

[BTCDream]

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]http://[/img]
https://imageshack.com/i/pnefEXcmj

[Gendange Cak Mat]

i recomended to build my own mining rig than invest at genesis mining, i think Genesis mining is the next bitcoincloudservice (now scam)

[Zeta0S]

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!

[Glucose]

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!

He is throwing his money away. Let's wait 3 months : His investment will be dust.

Btw Zeta, you're full of shit. Supporting this scam here. You should be ashamed of yourself. If you think you are convincing anybody you are living in a dreamworld. It's over. The company you are supporting will be over too. It may takes a few years but it's over for them.

[Scooter192]

If I may ask, did you report this to your attorney general. Have you reported this scam to any regulatory agency. I have invested in this company and in order to get the word out and create awareness, the best and most effective thing to do is contact your state's attorney general and regulatory authorities.

Have you come across any mining operations where a person can make a return?