Scam alert : Do NOT INVEST in Genesis Mining

[Scallywag]

Is this still going on ? People don't remember ltc shares ?
I don't understand how you can't do your research and fall for scams like this.

[legendbtc]

I don't know how people will react to my answer because I am getting paid daily from Genesis but of course they are paying very low. I have invested very little amount into Genesis mining but I am allocated my GHS to Dogecoin and they are paying to me on daily basis.

[Glucose]

I "invested" with Genesis and have started receiving payouts. It may or may not break even. But I did it with the right expectations.

It's unfair to call it a scam if you can't prove that there was any fraud. It will likely just be a poor investment. At least from what I see, this is the most transparent company out there, and is the "least worst" one in my opinion.

People buying these contracts should be aware that they are essentially gambling and not investing. Cryptos by nature are not true investments - they're not generating actual wealth or productivity, you're just relying on continued demand for the currency to outstrip supply. On top of that you are making a bet about getting paid more than par value on a unsecured loan.

I can prove it's a fraud. Read first post. You are warned. Got to their thread, go to their facebook. There are hundred of people complaining.

Give your money to them if it pleases you.

[Glucose]

I don't know how people will react to my answer because I am getting paid daily from Genesis but of course they are paying very low. I have invested very little amount into Genesis mining but I am allocated my GHS to Dogecoin and they are paying to me on daily basis.

Sure they are. Until they aren't because the fee will be higher than your payment.

[phreeksta]

I don't know how people will react to my answer because I am getting paid daily from Genesis but of course they are paying very low. I have invested very little amount into Genesis mining but I am allocated my GHS to Dogecoin and they are paying to me on daily basis.

Well, no one is saying, that he isn't. I also get paid regularly. The point is that the you never get your investment back :-) I would have been better of, just to buy the actual coin, I wanted to mine.

[Glucose]

All mining offers are scams.

I made (little) profit with Hashnest. Don't know if it's still possible right now.

But they are for sure more profitable than GM.

[BaD_AcId]

Hey buddie,you there a answer from the company?

Last month, August 15, I bought 100 TH's Bitcoin Hashpower for $13,000.  The contract time for purchase expired with only 3 conformations.  I've logged in and emailed Genesis-Mining twice since the 15th concerning the expired purchase but have not received a reply or acknowledgement of my purchase or refund in my account with them.

I did receive acknowledgement from the person I used to get a 3% discount that said:

"We received your (my) form and the information match with a recent order that went through.  However since this was an order of more than 50 TH/s we will need to get the invoice issued by Genesis Mining."

I noticed today that Genesis-Mining no longer offers Bitcoin Hashpower for sale.  It appears to me that they've pocketed my funds and left me out in the cold. 

Any suggestions on how I can get a response and refund from Genesis-Mining? 

[mptak123]

I am Genesis Mining VIP customer. Currently there are issues with tickets. It is taking forever to sort them out.
From the bright side everything works just fine for me apart 5 missed payouts in the past.

Since I am with Genesis Mining I almost triple my money so I do recommend to be patient and after all you will get your hashpower plus all missing payouts.
I doubt that they will refund the initial investment.

Recently they posted on their blog that they sorted 100k out of 130k tickets but not my one.
http://blog.genesis-mining.com/september-2017-service-update

Next BTC contracts will avaiable in November most likely. Pre order activate from 31st of October as it states in contract and it was announced before the sale was live.

In my honest opinion this is the best cloud mining company out there and i sincerely advise people to jump in.

Once again it is my personal experience but if you will make up your mind please use my AFFILIATE code which will give You 3% discount from initial investment.

3% promo code: uQtLeP

Also as a VIP client i have 5% discount code but it is not affiliate code so i will give it away once you use my 3% code first.
From my experience it takes about 6 months to ROI(return of investment) but keep in mind that difficulty and price changes all the time.

To follow difficulty changes You can use that link: https://bitcoinwisdom.com/bitcoin/difficulty
Another usefull page is: https://coinmarketcap.com/

Kind regards, ptaq

[Razor33]

I am Genesis Mining VIP customer. Currently there are issues with tickets. It is taking forever to sort them out.
From the bright side everything works just fine for me apart 5 missed payouts in the past.

Since I am with Genesis Mining I almost triple my money so I do recommend to be patient and after all you will get your hashpower plus all missing payouts.
I doubt that they will refund the initial investment.

Recently they posted on their blog that they sorted 100k out of 130k tickets but not my one.
http://blog.genesis-mining.com/september-2017-service-update

Next BTC contracts will avaiable in November most likely. Pre order activate from 31st of October as it states in contract and it was announced before the sale was live.

In my honest opinion this is the best cloud mining company out there and i sincerely advise people to jump in.

Once again it is my personal experience but if you will make up your mind please use my AFFILIATE code which will give You 3% discount from initial investment.

3% promo code: uQtLeP

Also as a VIP client i have 5% discount code but it is not affiliate code so i will give it away once you use my 3% code first.
From my experience it takes about 6 months to ROI(return of investment) but keep in mind that difficulty and price changes all the time.

To follow difficulty changes You can use that link: https://bitcoinwisdom.com/bitcoin/difficulty
Another usefull page is: https://coinmarketcap.com/

Kind regards, ptaq

Activity 1 , and your only post on these forums are with your promo code . And people at this point should trust your " advise to jump in and the 6 months ROI ?!

Anyways i just invested 24 h ago 104 USD in some ETH and ZCASH 2 years mining contracts 1 x 25 H/s equihash for USD 46.55 + 2 MH/s   dagger-hashimoto USD 58.20
Knowing this is a total gamble and without following none advice and i know may not see the money back !
Atm at payouts i can't see anything mined yet not even at " MY PENDING BALANCE OF PAYOUTS (PAID WITH CREDIT CARD) "
I hope after these two years i will get back at least half from what i invested to not loose all, and with some luck (since lets admit is a gamble) get 10-20 % more.

I will try to update you guys every month and tell you how is going so you can make an idea if is worth or not
Best of luck with your cloud mining sites as well !
Raz

[matey1111]

If Mining were profitable then they would mine for their own benefit. That's why they don't.

Since new hardware is consistently making older hardware obsolete at a faster and faster rate and everyone is jumping on the mining band wagon increasing the coin's net hashrate thus increasing the difficulty thus decreasing the payout proffitability. This is why mining contracts are born.

Equihash is now the new victim of genesis mining. Zcash's net hash for instance used to average around 275-330 mh/s for the past 3 months or so, now in the last week it is closer to 475-550mh/s, almost doubling the nethash rate and effectively halving the profitability through increased difficulty, thanks to Nvidia pumping out sub par 1060 3gb mining cards to genesis mining.

Genesis mining would not be profitable mining at these hashrates as their ROI will probably be 1+ year with the current hardware/ hash rate/ and price of the coin, and as more people jump into mining that will most likely get worse if the price doesn't jump up, and the hype is dying down so it most likely will not. so what to do? Sell contracts. Make profit at someone else's risk.

Morons buy contracts. The world is full of morons.

Its far more profitable to just buy what coins you want when you want them with real cash. Even High Risk HYIP, pyramid scams are better than mining contracts. Especially when you start a Youtube channel promoting them with a link to your "team affiliate link".

proof of stake really looks like the future of coin feasibility and profitability.

Enter hate response below 

[Razor33]

If Mining were profitable then they would mine for their own benefit. That's why they don't.

Since new hardware is consistently making older hardware obsolete at a faster and faster rate and everyone is jumping on the mining band wagon increasing the coin's net hashrate thus increasing the difficulty thus decreasing the payout proffitability. This is why mining contracts are born.

Equihash is now the new victim of genesis mining. Zcash's net hash for instance used to average around 275-330 mh/s for the past 3 months or so, now in the last week it is closer to 475-550mh/s, almost doubling the nethash rate and effectively halving the profitability through increased difficulty, thanks to Nvidia pumping out sub par 1060 3gb mining cards to genesis mining.

Genesis mining would not be profitable mining at these hashrates as their ROI will probably be 1+ year with the current hardware/ hash rate/ and price of the coin, and as more people jump into mining that will most likely get worse if the price doesn't jump up, and the hype is dying down so it most likely will not. so what to do? Sell contracts. Make profit at someone else's risk.

Morons buy contracts. The world is full of morons.

Its far more profitable to just buy what coins you want when you want them with real cash. Even High Risk HYIP, pyramid scams are better than mining contracts. Especially when you start a Youtube channel promoting them with a link to your "team affiliate link".

proof of stake really looks like the future of coin feasibility and profitability.

Enter hate response below  

I don't think is fair or polite to call people who invest in such contracts " morons " especially if they admit they know the risk they take same as i did.
I mostly did this as an experiment not only for me but also for the forum and for my friends and report the looses / winnings every month or so.

By the way , small update more than 36 hours passed now after i brought the 2 contracts and no payout yet !

[matey1111]

its not impolite to call it as it is, if you take offense that's your fault.

Enter hate response below

[LongwayUp]

I've been with Genesis starting January, the missing payouts have been made up and paid, from what I can tell they are up to date, my strategy has been to invest and take only a little payout and reinvest the rest.  I think some people on this site that complain invest just a little and then don't get payout everyday and i think that is a mistake Genesis makes when making contracts available for just a few hundred $, it takes tens of thousands to get started and then one must reinvest perhaps 80% to keep the income coming.

[phreeksta]

I've been with Genesis starting January, the missing payouts have been made up and paid, from what I can tell they are up to date, my strategy has been to invest and take only a little payout and reinvest the rest.  I think some people on this site that complain invest just a little and then don't get payout everyday and i think that is a mistake Genesis makes when making contracts available for just a few hundred $, it takes tens of thousands to get started and then one must reinvest perhaps 80% to keep the income coming.

It is just a terrible investment, because you never get your money back, not even in 3 years. The better way is just to buy the coins you want to mine. If someone is serious about mining, he should build / buy an own mining rig. Like I said, I don't trust Genesis sending me ALL mined coins. The amount of coins I got, looked a little bit small for the mining power I own.

[matey1111]

I've been with Genesis starting January, the missing payouts have been made up and paid, from what I can tell they are up to date, my strategy has been to invest and take only a little payout and reinvest the rest.  I think some people on this site that complain invest just a little and then don't get payout everyday and i think that is a mistake Genesis makes when making contracts available for just a few hundred $, it takes tens of thousands to get started and then one must reinvest perhaps 80% to keep the income coming.

It is just a terrible investment, because you never get your money back, not even in 3 years. The better way is just to buy the coins you want to mine. If someone is serious about mining, he should build / buy an own mining rig. Like I said, I don't trust Genesis sending me ALL mined coins. The amount of coins I got, looked a little bit small for the mining power I own.

If you do build a mining rig, make sure you use gaming gpu's as they will have resale value after home mining becomes unprofitable.
Those mining cards may be a little cheaper but have a 30 day warranty vs gaming cards 2-3 years, it helps the resale.

Another good way to profit from coins are POS coins. Mining was fine for peer to peer decentralization, but now that its become a corporate centralized mining operation pushing out the at home mining peers that started it all, mining is going to die eventually.

[legendbtc]

I've been with Genesis starting January, the missing payouts have been made up and paid, from what I can tell they are up to date, my strategy has been to invest and take only a little payout and reinvest the rest.  I think some people on this site that complain invest just a little and then don't get payout everyday and i think that is a mistake Genesis makes when making contracts available for just a few hundred $, it takes tens of thousands to get started and then one must reinvest perhaps 80% to keep the income coming.

It is just a terrible investment, because you never get your money back, not even in 3 years. The better way is just to buy the coins you want to mine. If someone is serious about mining, he should build / buy an own mining rig. Like I said, I don't trust Genesis sending me ALL mined coins. The amount of coins I got, looked a little bit small for the mining power I own.

I think many people don't have any good opinion about Genesis mining but people who have hope are getting paid from Genesis Mining. I think it depends on them because they need to plan the investment wisely. It will take a lot of time to get returns on the investment.

[phreeksta]

I've been with Genesis starting January, the missing payouts have been made up and paid, from what I can tell they are up to date, my strategy has been to invest and take only a little payout and reinvest the rest.  I think some people on this site that complain invest just a little and then don't get payout everyday and i think that is a mistake Genesis makes when making contracts available for just a few hundred $, it takes tens of thousands to get started and then one must reinvest perhaps 80% to keep the income coming.

It is just a terrible investment, because you never get your money back, not even in 3 years. The better way is just to buy the coins you want to mine. If someone is serious about mining, he should build / buy an own mining rig. Like I said, I don't trust Genesis sending me ALL mined coins. The amount of coins I got, looked a little bit small for the mining power I own.

I think many people don't have any good opinion about Genesis mining but people who have hope are getting paid from Genesis Mining. I think it depends on them because they need to plan the investment wisely. It will take a lot of time to get returns on the investment.

Like I said, I get paid. That is not the problem. But I feel I don't get ALL mined coins ... + I would be better off, when I would just buy the actual coins I wanted to mine. The point is ... people that want to be "part" of that ... should just buy the coins, instead of using cloud mining. People that are actually serious about mining, will buy the hardware anyways.

[mptak123]

If Mining were profitable then they would mine for their own benefit. That's why they don't.

Since new hardware is consistently making older hardware obsolete at a faster and faster rate and everyone is jumping on the mining band wagon increasing the coin's net hashrate thus increasing the difficulty thus decreasing the payout proffitability. This is why mining contracts are born.

Equihash is now the new victim of genesis mining. Zcash's net hash for instance used to average around 275-330 mh/s for the past 3 months or so, now in the last week it is closer to 475-550mh/s, almost doubling the nethash rate and effectively halving the profitability through increased difficulty, thanks to Nvidia pumping out sub par 1060 3gb mining cards to genesis mining.

Genesis mining would not be profitable mining at these hashrates as their ROI will probably be 1+ year with the current hardware/ hash rate/ and price of the coin, and as more people jump into mining that will most likely get worse if the price doesn't jump up, and the hype is dying down so it most likely will not. so what to do? Sell contracts. Make profit at someone else's risk.

Morons buy contracts. The world is full of morons.

Its far more profitable to just buy what coins you want when you want them with real cash. Even High Risk HYIP, pyramid scams are better than mining contracts. Especially when you start a Youtube channel promoting them with a link to your "team affiliate link".

proof of stake really looks like the future of coin feasibility and profitability.

Enter hate response below  

I don't think is fair or polite to call people who invest in such contracts " morons " especially if they admit they know the risk they take same as i did.
I mostly did this as an experiment not only for me but also for the forum and for my friends and report the looses / winnings every month or so.

By the way , small update more than 36 hours passed now after i brought the 2 contracts and no payout yet !

First of all without Bitcoin altcoins would struggle to survive. Recently if BTC goes down altcoins follow.

If you decided to pay with credit card you will wait about 30 days for the first payout which will be accumulated on your account. Also you need to reach minmum threshold(please see it below) and that is because of network fees to make your investment more profitable.

BTC 0.0015; DASH 0.001; ETH 0.05; LTC 0.001; XMR 0.4; ZEC 0.00005;

Another very important fact is that without mining(without proof of work) transcations cannot be confirmed so without mining your Bitcoin is useless.
So called "morons" are the ones responsible for sustaining the whole network.

Of course you can mine on your own but to do so you need knowledge, space, time and a lot of luck.

When it comes to ROI it is about 6 months on open ended BTC contracts which are the best option. That is why they are sold out.
They are sold out not only in Genesis Mining but different platforms like Hasflare or Hashing24 don't even offer open ended option anymore.

Last thing i want add to the topic is a little bit of inside info from Genesis Mining VIP assistance service.

"About BTC contracts...
BTC contracts are the hottest topic at the moment. The machines will start mining on the 31st of October, but only the ones purchased through the pre-sale at the beginning of September.
I expect the next BTC contracts to be sold around the end of November. This can very likely be another pre-sale. The demand is much higher than the capacities. The best I can offer you at the moment, is to inform you as soon as I have a confirmed date for another pre-sale. But from my last talks with the heads everything indicates some date in November - very likely the end of November.
Even that this might be another pre-sale we plan and will bring back the BTC contracts sometime and offer them on a daily basis, just like you are used to. But as I said, the demand is huge at the moment and we are still setting up (even building) new mining farms.

Best regards,

Raoul"

I almost forgot specially for the haters my affilitate link again: uQtLeP

Kind regards, ptaq

[Razor33]

Ok guys coming back with a small update as i promised so you can make an idea about Genesis Mining offers.

So my contracts so far witch i brought with my Credit Card using ofc a 3 % reduction code and so what i will mine will be in " pending for next 32 days " are :

1) 2017-10-04 02:07:16   2017-10-04   2019-10-04   25 H/s   equihash   USD 46.55    Approved
2) 2017-10-04 02:07:16   2017-10-04   2019-10-04   2 MH/s   dagger-hashimoto   USD 58.20   Approved

So far in these two days and half i only received these payments in only one PayOut , and they are in pending visible at " My Orders " only :

equihash ZEC balance of 0.00021313 added to your account on 2017-10-05T12:00:00+00:00
equihash BTC balance of 0.00000535 added to your account on 2017-10-05T12:00:00+00:00
dagger-hashimoto STEEM balance of 0.01592125 added to your account on 2017-10-05T12:00:00+00:00
dagger-hashimoto ETH balance of 0.00016484 added to your account on 2017-10-05T12:00:00+00:00
dagger-hashimoto ETC balance of 0.00151673 added to your account on 2017-10-05T12:00:00+00:00

As you can see i mainly tried to mine ZCASH and ETH but also little of BTC / STEEM / ECT
In my opinion at this right moment seeing i only received 1 very small payout in last 3 days the ROI at the end of these 2 years will not happen unless the cryptocurrency i'm trying to mine will not raise a LOT and i'm saying this also considering the  increase of the difficulty.

Now since i saw some rude replies saying " morons , stupid , ect ect " , i will ask you politely to keep in mind that i did this more for experimental purposes than for making profit.
And thx to people like me (and by burning / gaining yourself) who tried and try to cloud mine on such sites you can actually know if is worth or not , if is a scam or not.
An experiment with can help the community to make a better idea if they should invest or not , and the final idea people can make will be probably at the end of these two years.
As you can see i'm posting here without linking my f****** promo code like some do numerous times so is obvious i do this 1) to introduce myself to this forum and cryptocurrency 2) to help the community sharing my experiences ! (and not tell you how good a site or another is then link my freaking codes / links / referals and make it obvious i only want personal gain and will tell you how good the sites are)
I don't mind if you think this site is a scam or absolutely unprofitable , i respect everyone opinion but by making rude comments and going above that you will only make people think how toxic some users are on bitcointalk and discourage people like me to contribute here on these forums in some way.


Thx for reading and will update you more as soon i have more time

Raz

[phreeksta]

Ok guys coming back with a small update as i promised so you can make an idea about Genesis Mining offers.

So my contracts so far witch i brought with my Credit Card using ofc a 3 % reduction code and so what i will mine will be in " pending for next 32 days " are :

1) 2017-10-04 02:07:16   2017-10-04   2019-10-04   25 H/s   equihash   USD 46.55    Approved
2) 2017-10-04 02:07:16   2017-10-04   2019-10-04   2 MH/s   dagger-hashimoto   USD 58.20   Approved

So far in these two days and half i only received these payments in only one PayOut , and they are in pending visible at " My Orders " only :

equihash ZEC balance of 0.00021313 added to your account on 2017-10-05T12:00:00+00:00
equihash BTC balance of 0.00000535 added to your account on 2017-10-05T12:00:00+00:00
dagger-hashimoto STEEM balance of 0.01592125 added to your account on 2017-10-05T12:00:00+00:00
dagger-hashimoto ETH balance of 0.00016484 added to your account on 2017-10-05T12:00:00+00:00
dagger-hashimoto ETC balance of 0.00151673 added to your account on 2017-10-05T12:00:00+00:00

As you can see i mainly tried to mine ZCASH and ETH but also little of BTC / STEEM / ECT
In my opinion at this right moment seeing i only received 1 very small payout in last 3 days the ROI at the end of these 2 years will not happen unless the cryptocurrency i'm trying to mine will not raise a LOT and i'm saying this also considering the  increase of the difficulty.

Now since i saw some rude replies saying " morons , stupid , ect ect " , i will ask you politely to keep in mind that i did this more for experimental purposes than for making profit.
And thx to people like me (and by burning / gaining yourself) who tried and try to cloud mine on such sites you can actually know if is worth or not , if is a scam or not.
An experiment with can help the community to make a better idea if they should invest or not , and the final idea people can make will be probably at the end of these two years.
As you can see i'm posting here without linking my f****** promo code like some do numerous times so is obvious i do this 1) to introduce myself to this forum and cryptocurrency 2) to help the community sharing my experiences ! (and not tell you how good a site or another is then link my freaking code and make it obvious i only want personal gain and will tell you how freaking good the site is)
I don't mind if you think this site is a scam or absolutely unprofitable , i respect everyone opinion but by making rude comments and going above that you will only discourage people like me to contribute here on these forums in some way.


Thx for reading and will update you more as soon i have more time

Raz

First of all, I agree with you, that there is no need to use rude language :-)

But I think you shouldn't have done this experiment, because I think it was enough discussed here, that Genesis mining is just a bad investment (like you already said yourself basically). You won't get your money back, you invested. And IF the price of the coins you mine explode, you will make money ... but in the end also "loose" money in comparison if you just bought the coin directly. It doesn't matter from what angle you look at it ... it is just not a good investment.