Scam alert : Do NOT INVEST in Genesis Mining

[tbonetony]

As said, demixmine seems a fair option to me, lets say if they are stable thou.

I am sorry to say this, but I think you entered into another shithole that is even worse than GM. Good luck you could have your money back before they flee.

Maybe I am old and outdated, but I would doubt most "business" schemes that promise to return 3% or more per day. Such model has an infamous name. Hope this says enough.

[1713452762]

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[fistfullofbtc]

As said, demixmine seems a fair option to me, lets say if they are stable thou.

Maybe I am old and outdated, but I would doubt most "business" schemes that promise to return 3% or more per day. Such model has an infamous name. Hope this says enough.

what does this mean 3% a day??

[Zeta0S]

As said, demixmine seems a fair option to me, lets say if they are stable thou.

Maybe I am old and outdated, but I would doubt most "business" schemes that promise to return 3% or more per day. Such model has an infamous name. Hope this says enough.

what does this mean 3% a day??

Genesis Mining never claimed 3% a day.

[jexphe2k]

ok, im new here and in genesis mining. i dont really think they are scam, but ive read many forums that says so. I made then calculations (that actually show how non convenient is to invest in cloud mining those days). In genesis I purchase
1mh ether mining 2 years contract, and today i get 0,0003eth = 0,05 usd per day
this means at the end of year 2, i get 36 usd. so 6 usd profit, after TWO years.
Also, there are no really clear clues on how much i spent, and how much im gaining really (%, loss, etc). So this is very unclear report and analytics, which misleads users.
im also an affiliate marketer, and i find more convenient those other affiliations (like CPA).
also, i tried https://demixmine.com/?ref=sM19rc, and it seems MUCH more profitable than genesis mining (i get like 12usd per day with an investment of 300usd in total).
Basically, I spent more investing in genesis mining (cause of all that youtubers out there) then demixmine, but maybe it was worth to invest there all of that money.
One final thought in general about cryptocurrencies and blockchain. As said im a newby. But i see that the problem here (also for mantaining the blockchain) is that things get really expensive (software, gui, electricity etc) VERY SOON. So, my question is, why don't developers allow easier algorithms (security starts at day one, so why not keeping things easier) in order to spend less in mining, and make it more profitable once and for all?
This crazy system will not make crypto live long, in my opinion, just because of the incredible expenses it generates overtime. Just some thoughts.
Thanks Eugenio
PS If genesis mining would answer to that point of the 0,0003 eth per day (meaning 720 days to return the investment) that would be great : ) i know price of the currency can increase, but that, as said from other customers, would mean that is better to invest 30usd today in those coins, than in mining for 2 years. if the price increase, i sell and i get roi even within days or hours, not in TWO YEARS of mining. How mining is profitable, if there are such expenses and investments?
As said, demixmine seems a fair option to me, lets say if they are stable thou.

I recently bought mining contract in genesis too Dash(x11) it's back again, i bought only 10mh 2 year contract. I think i'm gonna get my first payout in 20 days, at the current rate. I think genesis mining is gathering more people thru referrals, most youtuber's are increasing their hashing rate by sharing their referrals CODEs, so we do not need to focus only on the amount invested, we need to invite others too to increase our profit.

[Miner2525]

Gensis mining is only ment for the aggressive investor's like myself any many others who still haven't stopped upgrading once whatever goal we set at first is met. You don't quite your job the first month, second, third, etc.... Wherever people are getting this ROI overnight idea is ridiculous. This is a long term investment in bitcoin. This is a dedication to the blockchain itself and a dedication to maintaining it. But if money is all you're concrned about. Then the secret sauce is clear. You remain profitable only if you properly upgrade your hash power to meet the increasing difficulty of mining. Period... Whether you do it at genesis with the worlds largest known documented super computer or at home upgrading every 3-4 months as necessary by increasing difficulty.

That's pretty hard to do when you can't reinvest it back into the same contract that is no longer available or they're stuck with outdated mining hardware that translates into overpriced contracts (e.g. ETH, XMR, Zcash).

With the D3 coming out in Sept that mines 15,000 MH/s, current "top of the line" 500 MH/s X11 contracts will soon be effectively worthless.  And with the third or fourth batch of L3+'s being released, GM has either been mining with them themselves or they haven't bought any to adjust their non-competitive LTC pricing.

The Hilton philosophy is alive and well.  Calling GM a scam is overreaching, but they are clearly not in business to specifically make miners a profit.

[Miner2525]

I recently bought mining contract in genesis too Dash(x11) it's back again, i bought only 10mh 2 year contract. I think i'm gonna get my first payout in 20 days, at the current rate. I think genesis mining is gathering more people thru referrals, most youtuber's are increasing their hashing rate by sharing their referrals CODEs, so we do not need to focus only on the amount invested, we need to invite others too to increase our profit.

When did it come back?  GM is terrible at sending out notices.

[Rogerdale]

With the D3+ coming out in Sept that mines 15,000 MH/s, current "top of the line" 500 MH/s X11 contracts will soon be effectively worthless.

What is D3+? I googled it and haven't found anything.

[Miner2525]

With the D3+ coming out in Sept that mines 15,000 MH/s, current "top of the line" 500 MH/s X11 contracts will soon be effectively worthless.

What is D3+? I googled it and haven't found anything.

More of Bitmain's infamous crap.  It sold out within an hour.

Why would a hardware mining company give up making $225 a day per machine on their own cooking?  What do they know that we don't?

[tbonetony]

With the D3+ coming out in Sept that mines 15,000 MH/s, current "top of the line" 500 MH/s X11 contracts will soon be effectively worthless.

What is D3+? I googled it and haven't found anything.

https://shop.bitmain.com/productDetail.htm?pid=00020170718203947438V537cuy7067F

[Rogerdale]

With the D3+ coming out in Sept that mines 15,000 MH/s, current "top of the line" 500 MH/s X11 contracts will soon be effectively worthless.

What is D3+? I googled it and haven't found anything.

More of Bitmain's infamous crap.  It sold out within an hour.

Why would a hardware mining company give up making $225 a day per machine on their own cooking?  What do they know that we don't?

Looks like one 1000 items batch will double the difficulty and make it $120 per day. Another couple of batches will lower the reward to $50 per day.

And of course current Genesis X11 contracts will never ROI. I already achieved dollar ROI with my contract, but it looks like I hardly ever get my ROI in BTC or dashes... (even with 20 months left to mine). So sick...

[lopezi]

I invested significantly when eth price was high and now the hash rate went to the roof.
It may be the worst investment I ever made in this GM scammers. Yes, it's a risk, but it should be a shared risk.

[Rogerdale]

I invested significantly when eth price was high and now the hash rate went to the roof.
It may be the worst investment I ever made in this GM scammers. Yes, it's a risk, but it should be a shared risk.

My deepest condolences... You won't recover your investments. Never invest in something that you don't understand.

[sieemma]

I don't advice people to invest in cloud mining sites but it can be very profitable. The issue with fees will always be a way to take your hard earn money. Those you see withdrawing some Considerable amounts of money from cloud mining sites are those who have invested hugely. So don't expect to gain more if you are going to deposit 10$ rather this amout will be used to pay your fees or if not fees for some coins, there will be difficulty issues which will fetch you small amounts. Let's invest wisely.... I would choose trading over cloud mining though..

[biggbox]

GenesisMining is doing very well due to its aggressive and attractive marketing campaign, aimed at clueless investors.

[user11]

Do they have payout issues as of 14/07/2017?

[coinnoob_za]

I recently bought 2 Mining contracts on Genesis Mining totaling 6MH/s

As this was done with credit card initially i had to wait 32 days for first payout. The balance accrued as expected. I received one payout initially as expected (All the pictures i will link below of my dashboard, payouts, pending balance etc.)

I also mine Etherium with a mining rig, so i know about the difficulty. As can be seen from my pics below the payout amounts decreased considerably and then something seems to go wrong. They have stopped daily payouts completely. It is not even being logged anymore.
I only received that once off payment and then no more. I have Logged a support ticket but they just never respond. Initially i also logged a ticket to enquire about something but they never responded to that one.

For now i will monitor it, but it does not look good! Not sure if i am being ripped off, but i was fairly sure that this is not a scam, so don't really know what is going on. In my opinion, just buy your own damn cards even if it is a GTX 1050ti (13.9MH/s) and forget about cloud mining scammers.

Genesis contracts
http://imgur.com/a/TraTH
Genesis Dashboard
http://imgur.com/a/gU5NT
Genesis payouts
http://imgur.com/a/cirlv
Genesis pending balance
http://imgur.com/a/RveyK

My Pending balance shows a - (negative) symbol, and it hasn't moved for a week now. Something really fishy here? Can anybody comment on what happened here?

[flipper55]

My Pending balance shows a - (negative) symbol, and it hasn't moved for a week now. Something really fishy here? Can anybody comment on what happened here?

My payouts have also stopped recording, but have been paid out in the coins that met their payout minimum (ltc and dash).

A month ago they stopped showing my unpaid balance (not happy, and added more skepticism)
A week ago they stopped showing payouts period... but still paid out, which added so much skepticism that I have now written them off.

* Yesterday I saw an article from coindesk saying that GM ran out of ethereum cause they haven't mined a block in 6 weeks.... ahhhhh..... if it's true, that's trouble, if it's an attempt at an excuse, that's trouble.

Either way, it is what it is. I love the premise of being able to mine with only $30, and no electrical restrictions, had to give it a try. We'll just have to wait and see what happens here.

Edit : * swear is saw an article, but seeing I could not find it on a search, or looking through my history, guess it didn't happen.

[Miner2525]

Yesterday I saw an article from coindesk saying that GM ran out of ethereum cause they haven't mined a block in 6 weeks.... ahhhhh..... if it's true, that's trouble, if it's an attempt at an excuse, that's trouble.

Link?

[jacosmitza]

I only recently bought in GM at 2.7TH, got one $5 payout.

Also have not received anything on my small Dash operation in the last week. I used to get a payout every 2nd day.

Pending balances all show 0. Are they locking down the hatches for the fork?

[flipper55]

Yesterday I saw an article from coindesk saying that GM ran out of ethereum cause they haven't mined a block in 6 weeks.... ahhhhh..... if it's true, that's trouble, if it's an attempt at an excuse, that's trouble.

Link?

Disregard. I searched the web, and looked through my history and found nothing... guess I dreamed it?!??!