Scam alert : Do NOT INVEST in Genesis Mining

[Rogerdale]

i invested 2k euros. got one payout ether 8 weeks ago!! after that my tickets are with their ict team. i emailed them 20 times and never got any payment again after the first 20$. i highly advise everybody to not invest here.

I'm sorry, but I'm afraid this is a real scam. I got my last Dash payment from them a week ago.

Funny thing that everyone reads this thread and then goes to invest there, including me. I can truly say that Genesis Mining is a scam. Even if you get some payouts, you won't get your ROI. Even if you are lucky to beat the difficulty and the market, Genesis Mining will just stop payouts as they did this month.

[ZaoXhou]

They are numbers just on screen...empty numbers...sorry for the scam.

[tbonetony]

history repeats itself. so do people. never listen

[CryptosapienZA]

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

Fools rush in.. I agree with you 100%. Unfortunately some people dont know how to do basic math. They hear others bragging about their cloud mining earnings and assume they will do the same. I am pretty sure most people complaining here are those who bought 20THs or less.

[Glucose]

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

Fools rush in.. I agree with you 100%. Unfortunately some people dont know how to do basic math. They hear others bragging about their cloud mining earnings and assume they will do the same. I am pretty sure most people complaining here are those who bought 20THs or less.

Prove me wrong with your 430 th and I'll believe you.

[LongwayUp]

Here you go sir.

https://imageshack.com/i/poXzEu8jp

[prine]

I notice some people claim GM is a scam if you invest only a little while investing more can make a ROI. How is this possible?
Is it better to just buy your own rig then to try and cloud mine?

Just assume you do NOT upgrade your rig as difficulty increases, the same as buying 1 contract and riding out the term of the contract. All things being equal would you still come out ahead on both your own rig, or cloud mining? Also assume price of coins stays the same for easy calculations.

[Glucose]

Here you go sir.

https://imageshack.com/i/poXzEu8jp

Prove me you made profit. Having a lot of hash doesn't mean it's profitable.

[LongwayUp]

If you think I'm loosing money thats ok with me, I've only been doing this since January and am up 20 bitcoins, get back to me in 5 years as I look at this as a long term plan, not a get quick rich scheme.

[kissmarx]

Vloggers Trevon, Nick, et al keep promoting this Genesis mining. It must be somewhat trustworthy, right? How come this be scam?

[Glucose]

Vloggers Trevon, Nick, et al keep promoting this Genesis mining. It must be somewhat trustworthy, right? How come this be scam?

It just isn't profitable. They are probably mining (even if there's no proof of it - they have no mining pool) but there's just too much fees in their contracts to make any profit.

If you think I'm loosing money thats ok with me, I've only been doing this since January and am up 20 bitcoins, get back to me in 5 years as I look at this as a long term plan, not a get quick rich scheme.

Yeah yeah. Up 20 BTC lol. Show me your coins then and your transactions coming from GM.

[Antnoob]

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

From purely mathematical point the profit ration (income per TH) on each of their BTC contracts (for example) is the same, because the fees are constant. Only the ROI slightly varies, due to the difference in price per TH.

From 0.2 TH (30$) till 2.25Th (375$) - 187 days (theoretically with 0 difficulty increase, which is not happening)
2.5 - 10 TH (349$ / 1400) - 174 days
15 - 200 Th (1950$ - 26000$) - 162 days

Since the fee per TH is constant, if a contract for 30$ gets closed due to lack of profitability, same would happen on the same day with a 26 000 $ opened at the same time.

I should probably show that to their support and tell them that I'm putting my 2000$ for a test period of 2-3 years, and if everything is ok I will trust them with my 400 000 $. I guess scamming them is the only way not to get scammed - they will probably give me cash hoping to steal the bigger bite afterwards ...

[LongwayUp]

Glucose, what is in it for me to lie to you?  If GM lost me money I would be pissed as I have about $32000 invested in cash.

[pixie85]

Glucose, what is in it for me to lie to you?  If GM lost me money I would be pissed as I have about $32000 invested in cash.

Allow me to explain

He thinks you're lying because you're a newbie defending a company in a scam accusations thread. All of your 4 posts on the forum are in this thread!
Suspicious, isn't it?

If you really want to defend them do it with a solid proof. A statement from a newbie doesn't mean much here.

[LongwayUp]

I may be a newbie to posting here, but I have been reading this log since I started with GM in January and finally posted about my experience.  as for proof I did post a pic of my hash with GM which now pays .18 BC every two days.

[pivix]

504 Bad Gateway since 5 hours....
Let's hope they don't play hashocean with us :/

[Vashek]

genesis-mining.com is offline.
Blank screen...
Only this page is available -- http://blog.genesis-mining.com/

[star citizen]

I may be a newbie to posting here, but I have been reading this log since I started with GM in January and finally posted about my experience.  as for proof I did post a pic of my hash with GM which now pays .18 BC every two days.

Maybe now it's easier for you because the Bitcoin price has gone up a lot in recent days... but be aware that mining diff will rise too.
I personally don't recommend any cloud mining website.

[kissmarx]

Yes I also see genesis website displays blank. No content. Another hacking happened? We better check their twitter updates.

[Vashek]

Nothing on Twitter or on Facebook