Scam alert : Do NOT INVEST in Genesis Mining

[POM]

Genesis-mining has been refusing to payout my DASH and XMR balances for weeks now, all of my balance went to 0 and after numerous tickets and run arounds, It looks like they are simply not going to pay up.

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[Glucose]

Thanks for making this thread. I was just about to invest in Genesis-Mining (can you believe it was recommended inside of the Bitcoin For Dummies book!), but from what I've been reading online it sounds like you're helping them pay for electricity costs as goodwill.

I think I will just exchange cash for Bitcoin for now. Or earn through affiliates.

I'm happy it saved you some money. Just buying and keeping seems like the best plan. Good luck with your investment.

Genesis-mining has been refusing to payout my DASH and XMR balances for weeks now, all of my balance went to 0 and after numerous tickets and run arounds, It looks like they are simply not going to pay up.

They will probably just tell you the fees are now higher than your payout. Sorry to say so but you shouldn't expect them to pay anything from now :-(

did I just F#$%!  my self ??

I'll up date how my money on the mining contract disappears ... .F#$%^&*&^%$

Sorry man. Keep us updated about your losses. At least it will warn others :-/

[bizzargin]

Well... and here comes an obvious hashrate increase that will lead to a difficulty increase in just a week:

18 Feb - 151 block mined
19 Feb - 134 blocks mined
20 Feb - 148 blocks mined
21 Feb - 138 blocks mined
22 Feb - 138 blocks mined
23 Feb - 150 blocks mined
24 Feb - 163 blocks mined
25 Feb - 167 blocks mined
26 Feb - 178 blocks mined

We can face another 10-20% difficulty increase in the near future (1-3 weeks).

In case of 20% difficulty increase 0.52 BTC daily profit at GM will turn into 0.38 BTC (27% drop).

Where can I find this info?

[Rogerdale]

Well... and here comes an obvious hashrate increase that will lead to a difficulty increase in just a week:

18 Feb - 151 block mined
19 Feb - 134 blocks mined
20 Feb - 148 blocks mined
21 Feb - 138 blocks mined
22 Feb - 138 blocks mined
23 Feb - 150 blocks mined
24 Feb - 163 blocks mined
25 Feb - 167 blocks mined
26 Feb - 178 blocks mined

We can face another 10-20% difficulty increase in the near future (1-3 weeks).

In case of 20% difficulty increase 0.52 BTC daily profit at GM will turn into 0.38 BTC (27% drop).

Where can I find this info?

Just count the blocks on https://blockchain.info/blocks . Actually difficulty didn't raise that much last time (it was just 3-4%). Next increase may be a bit more, expected about 5-6%. But now BTC price dropped and profits reduced because of that.

[Glucose]

Well... and here comes an obvious hashrate increase that will lead to a difficulty increase in just a week:

18 Feb - 151 block mined
19 Feb - 134 blocks mined
20 Feb - 148 blocks mined
21 Feb - 138 blocks mined
22 Feb - 138 blocks mined
23 Feb - 150 blocks mined
24 Feb - 163 blocks mined
25 Feb - 167 blocks mined
26 Feb - 178 blocks mined

We can face another 10-20% difficulty increase in the near future (1-3 weeks).

In case of 20% difficulty increase 0.52 BTC daily profit at GM will turn into 0.38 BTC (27% drop).

Where can I find this info?

You can find it here : https://bitcoinwisdom.com/bitcoin/difficulty !

[Alt.me]

Genesis-mining has been refusing to payout my DASH and XMR balances for weeks now, all of my balance went to 0 and after numerous tickets and run arounds, It looks like they are simply not going to pay up.

Hey all first post here... Interested to hear how this works out with Genesis for you. Assume you have already received payments and your past their 30 day hold on new credit card based purchased or you paid with BTC. I recently purchased a couple X11 contracts and with the current price of Dash and other Alt Coins the ROI surely looks promising.  I see the daily pay-outs accruing on my account but haven't got payouts transferred to a wallet yet as its only been two weeks.  From the first two weeks the ROI break even is like 5 months though and its a 2 Year contract.  

Looking over this thread seems it is very BTC focused and the X11 contracts at Genesis has been revamped significantly it appears from what they were a couple months ago.  Unless they are truly not paying I don't know how they wouldn't be profitable with the current run-up in altcoins.  Even if it does I'd expect it to bounce back over time. I'm more interested in mining and holding on to the coins for now, so price fluctuation is expected and not much of a concern.

[Rogerdale]

Genesis-mining has been refusing to payout my DASH and XMR balances for weeks now, all of my balance went to 0 and after numerous tickets and run arounds, It looks like they are simply not going to pay up.

Hey all first post here... Interested to hear how this works out with Genesis for you. Assume you have already received payments and your past their 30 day hold on new credit card based purchased or you paid with BTC. I recently purchased a couple X11 contracts and with the current price of Dash and other Alt Coins the ROI surely looks promising.  I see the daily pay-outs accruing on my account but haven't got payouts transferred to a wallet yet as its only been two weeks.  From the first two weeks the ROI break even is like 5 months though and its a 2 Year contract.  

Looking over this thread seems it is very BTC focused and the X11 contracts at Genesis has been revamped significantly it appears from what they were a couple months ago.  Unless they are truly not paying I don't know how they wouldn't be profitable with the current run-up in altcoins.  Even if it does I'd expect it to bounce back over time. I'm more interested in mining and holding on to the coins for now, so price fluctuation is expected and not much of a concern.

X11 contracts look promising, I already have one and they are indeed paying. My mining revenue is 7% of contract after 9 days, but don't overestimate it. Dash difficulty can rise very quickly and its price can unexpectedly drop. In the best case (10% difficulty increase each month and $100 price all the time, both are very optimistic) the contract will pay 180% of investments in two years (140% in the first year and 40% in the second). ROI breaks even after 7 months, not 5. But if difficulty rises faster and/or Dash price drops too much, it won't even get to ROI at all.

And remember, 500 MHs contract costs $2182.5 (with 3% discount). If you buy X11 asic miner and pay for electricity youself ($0.07-$0.1 per kWh) your expenses in 2 years would be about $1600-1700 and you would still keep the miner - so you can see how "cheap" this contract is. It is just an exception among all GM's overpriced contracts.

[pixelpowered]

As we said, his issue has our attention. This thread is not an official support channel, we have our own support platform where people can ask for our help. POM did and his issue is being looked into, but obviously we will not share private information outside our official channels and certainly not with just anybody.
@Zeta0S, yes, we will come with some exciting updates, and we will have information on the possible forks. All very soon.
--
Your Genesis Mining Team

The GMteam is not interested in discussing it further.

Genesis-mining has been refusing to payout my DASH and XMR balances for weeks now, all of my balance went to 0 and after numerous tickets and run arounds, It looks like they are simply not going to pay up.

POM have they paid you?
If anyone else is having similar problems, please post them.

[Glucose]

Glucose
Hero Member

FU...K THEY DID SAME TO ME WHAT THIS MEMBER ABOVE ...SAD AFTER FEW MONTHS MY O.OOOOXXX COINS STOPED TO COME AND ACOOUT WAS EMPTY OF LIFETIME CONTRACTS AND DIDNT GET BACK NOTHING FROM FEW HOUNDRED EURO INVESTMENT.

Damn i knowed in my soul that this how they transwered payments so fast and not natural lower and lower .... it was suspicious.

AGREE LETS DESTROYED THEM ..CREATE  UTOUBE MOVIE AND EXPLAIN ..NO MATTER WHAT LIES THAEY SAY THIS WILL DESTROY HEM.
GRETTINGS GREG

Grettings, and sorry for your losses. I guess there are already a few youtube videos about them. But If you want to make more you're more than welcome to do so.
Don't forget to put them a negative trust. It's the most efficient way to hurt their reputation.

[eGuy]

Not sure why you are all bashing Genesis-Mining. It's been working well for me. I invested $30 into open-end Bitcoin mining back in Oct.18 2016. Payout was .0002 BTC
https://image.ibb.co/g0EGdv/genesisacc4.jpg

Now you can see here they have been very loyal to me and paying everyday. I'm not sure if you all are looking at your payouts correctly? If you put your mouse on the i info icon you can see the minimum cash out. In my case it's now march 28, 2017 and its now .0006 btc ( BTC fluctuates). My payouts accumulate in my account until it reaches payout .0006 btc and send to my address.

https://image.ibb.co/ethxka/genesisacclastpaid.jpg


Here you can see its clearly paying me on time automatically.
https://image.ibb.co/h5Obdv/genesisminingpaid.jpg

Now I know its only $30 invested and will take a while to see a return, but I'm almost over half way there now. You all need to look better at your accounts and understand them better! Genesis mining is far from being a scam. It all just depends on how you use and understand it. Have a great time.

 

[tbonetony]

Not sure why you are all bashing Genesis-Mining. It's been working well for me. I invested $30 into open-end Bitcoin mining back in Oct.18 2016. Payout was .0002 BTC
<<image removed>>

Now you can see here they have been very loyal to me and paying everyday. I'm not sure if you all are looking at your payouts correctly? If you put your mouse on the i info icon you can see the minimum cash out. In my case it's now march 28, 2017 and its now .0006 btc ( BTC fluctuates). My payouts accumulate in my account until it reaches payout .0006 btc and send to my address.

<<image removed>>


Here you can see its clearly paying me on time automatically.
<<image removed>>

Now I know its only $30 invested and will take a while to see a return, but I'm almost over half way there now. You all need to look better at your accounts and understand them better! Genesis mining is far from being a scam. It all just depends on how you use and understand it. Have a great time.

 

Dear eGuy,

Thanks for your feedback. If you believe you are the only smart guy in the room, think again. I will stop here.

[elrippo]

GM is now offering XMR Mining --> https://www.genesis-mining.com/pricing#cryptonight-mining

[Rogerdale]

GM is now offering XMR Mining --> https://www.genesis-mining.com/pricing#cryptonight-mining

At the current price you'd better buy and hold XMR than GM's mining contract.

[elrippo]

GM is now offering XMR Mining --> https://www.genesis-mining.com/pricing#cryptonight-mining

At the current price you'd better buy and hold XMR than GM's mining contract.

Jope, nothing to add here 

[chineseprancing]

GM is now offering XMR Mining --> https://www.genesis-mining.com/pricing#cryptonight-mining

At the current price you'd better buy and hold XMR than GM's mining contract.

Correct genesis mining are not good and Mate think and compute if your investment will generate income because me i try to compute my total investment and the percentage of return of investment for the contract of genesis for a year i will earn only is the amount of my total investment by putting money in genesis for a year you will get nothing much better to trade than mining in that site.

[atricoz]

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

[Rogerdale]

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.

[ImHash]

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.

[atricoz]

well, now I am a bit confused  

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]

well, now I am a bit confused  

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.