Scam alert : Do NOT INVEST in Genesis Mining

[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 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.  

First of all thanks for sharing my thoughts about the rude people.

Second about the bad investment...now what is done is done and.. will prob find out on my own skin bro.
Atm trying with Eobot and GM just with small amounts of money witch i know i can afford to loose so at least if i burn myself will not burn to much !
You know how they say ! " The best lesson is the one you learn yourself ! "
But since i already made this step will keep doing updates ! After all this thread is to continuously prove how unprofitable or scam this site is ^^


Editing this with a small update since 6 Oct payouts just arrived and i said before what i only received 1 payout for 3 days.
For now seems i was wrong and the payments for previous days are send after / later .

equihash ZEC balance of 0.00021926 added to your account on 2017-10-06T12:00:00+00:00
equihash BTC balance of 0.00000449 added to your account on 2017-10-06T12:00:00+00:00
dagger-hashimoto STEEM balance of 0.01135766 added to your account on 2017-10-06T12:00:00+00:00
dagger-hashimoto ETH balance of 0.00019557 added to your account on 2017-10-06T12:00:00+00:00
dagger-hashimoto ETC balance of 0.00113086 added to your account on 2017-10-06T12:00:00+00:00
dagger-hashimoto BTC balance of 0.0000194 added to your account on 2017-10-06T12:00:00+00:00

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

So far except 4 Oct payout , the day i made the contracts all payouts were received !
I'm not sure what to say however about the very first day when i made the contract.
Maybe the day the contract is made is not included and the contract itself starts the day after ?
If it is i can't see this small detail in the 2 contracts.... however i can clearly read in  " My Orders - End date " is 2019-10-04 (not sure if this day included as well)

[mptak123]

When it comes to what you mine with Genesis Mining it is limited and not only to what kind of contract you have.

When you go to your allocation tab you can see many options but that is not what you can actually mine.
Most of the postitions have "AUTO" in the brackets and this is essential. Positions with "AUTO" in the brackets cannot be mined.
AUTO is just an option of choice you have as currency you will receive to your wallet once you reach minimum threshold or after 30 days with credit card payment.
If you choose to pay for your contract with any avaiable cryptocurrency like BTC, LTC, DASH or DOGECOIN then you will receive your payouts daily straight away.

Coins which can be mined are only the ones without AUTO.

Please see below below few exampels:

With pure Bitcoin mining contract you can mine only BTC and ZET but you can have payouts also in UNO(AUTO), BTCD(AUTO), DASH(AUTO), LTC(AUTO), DOGE(AUTO), ZEC(AUTO). Genesis Mining is just helping users out by giving them bigger choice so they don't have to exchange their coins on exchange.

With pure Zcash mining you can mine only Zcash but you can choose to receive your payout in BTC(AUTO) OR ETH(AUTO)

With pure Ether mining you can mine ETH or ETC but you cn have payouts in BTC(AUTO), ZEC(AUTO), REP(AUTO), STEEM(AUTO)

Also it is much more profitable to rent bigger hash power simply because it is cheaper per GH/S then lower amounts.

Last not least my advice is to wait once BTC contracts will be avaiable again becuase they pay out the best.

Kind regards, ptaq

[w33man]

This is why we need to choose wisely on where or what we invest in. Especially now, that bitcoins are becoming very popular world wide, and many people are discovering it’s worth. We don’t want to waste the time, effort and money.

[strobs]

Here is my review. Think what ever you want, http://matospereira.com/en/corporative-funds-partners/273-genesis-mining-scam-or-not-review-after-two-years-2015-2017

[mptak123]

Here is my review. Think what ever you want, http://matospereira.com/en/corporative-funds-partners/273-genesis-mining-scam-or-not-review-after-two-years-2015-2017

We all respect looks like your memory is tricking you ;-)

The reason behind sudden payout drop was probably bitcoin reward halving which is taking place every 4 years.
But the dates you are giving must be wrong. Halving took place 9th of July 2016.

https://www.coindesk.com/live-blog-bitcoin-halving/


Moreover difficulty is adjusted every two weeks:

https://bitcoinwisdom.com/bitcoin/difficulty

Right now upkeep fees on open ended conract not lifetime as you said are ~25% lower then 18 months ago.
Also it is not 20 days but 30 continuous days to stop your contract if upkeep is higher then your mining earnings.
This is crucial because mining diffulty take place every two weeks so in 30 days it is twice in 20 it was just once.

Why this is important? If price drops significantly less people mine and it is taking longer to solve the blocks which are generated on avarage every 10 minutes.
More time let BTC code adjust and lower difficulty to the level on which mining become profitable again.

Please see below helpful sites to understand the trend:
https://blockchain.info/pl/charts/hash-rate
https://coin.dance/nodes

As you see nowdays BTC mining i far more sustainable and is backed up by huge investments into mining farms.

Do you think it is coincidence that contracts are sold out and more and more huge mining farms are growing around the world?

Kind regards, ptaq

[strobs]

Yes Marcin. You are right " Halving took place 9th of July 2016". But remember after my last buy of hashpower the bitcoin raise 10 times. I bought hashpower, how can you explain that my hashpower was reduced to 0.

In comparison at the same time I bought exatly the same on hashflare and after two years they keep paying. I could not be an expert in some issues, but I don't like sand in my eyes.

And you are saying that genesis mining is not made for small investors.

[Neurolicious]

Genesis has been a joke since day one.

[mptak123]

Yes Marcin. You are right " Halving took place 9th of July 2016". But remember after my last buy of hashpower the bitcoin raise 10 times. I bought hashpower, how can you explain that my hashpower was reduced to 0.

In comparison at the same time I bought exatly the same on hashflare and after two years they keep paying. I could not be an expert in some issues, but I don't like sand in my eyes.

And you are saying that genesis mining is not made for small investors.

Dear Mr Strobs

You need to make up your mind because your information differ a lot.
In the first message you wrote that they stopped paying at the end of 2016 when BTC was around 1000 usd tops.
In the second message you wrote that Bitcoin went up ten times.

You bought it for 250€ so it is way less then ten times to reach 1000 usd. Moreover Bitcoin was for 1000 usd just a week or so because in the middle of January 2017 it was back to 800 usd.

Another thing you did not write at all terms of your contract. We don't know cost per gh/s and upkeep per gh/s which is crucial to say anything.

You wrote that you were upgrading your hash power but each upgrade have separate contract and upkeep went down by 25% in Genesis Mining on their pre sale contracts which start on 31st of October.

My conclusion is that your information is too poor so we cannot give the right answer and you dont even stick to your own data.

Regards, Marcin

[mptak123]

Hi again

My recommendation is to save your contracts on your own drive.

Genesis Mining is not losing because they still have hardware. Investors don't lose either. I am living example.

I do not recommend to buy small amounts of hashpower because it is more expensive then bigger ones.
Best price level starts at 20 th/s. Anyway even for investors with small money it is still profitable.

Plese see below cost of new contract which will start at 31st of October based on 20 th/s open ended BTC option:

a. 0.129943 USD per GH/s upfront
b. USD 0.00028 per GH/s and day, deducted on a daily basis from the generated Coins

So for 20 th/s we pay 5,6 usd upkeep a day

https://www.cryptocompare.c...

Profit at current price and diffculty should be 21,56 - 5,6= 15,96 usd a day

Initial investment cost us: 0,129943 x 20 000= 2598,86 usd

We will ROI(return of investment) after: 2598,86 / 15,96= 163 days

Starting from 164th day we will start making profit so it is looking very good in my personal opinion.

It is not even half a year as you see. I am taking my risk and so far i am very happy with the results(already 18 months with GM).

If you have any further questions you can also contact me on mptak123@hotmail.com

Kind regards, Marcin

[Glucose]

Hi again

My recommendation is to save your contracts on your own drive.

Genesis Mining is not losing because they still have hardware. Investors don't lose either. I am living example.

I do not recommend to buy small amounts of hashpower because it is more expensive then bigger ones.
Best price level starts at 20 th/s. Anyway even for investors with small money it is still profitable.

Plese see below cost of new contract which will start at 31st of October based on 20 th/s open ended BTC option:

a. 0.129943 USD per GH/s upfront
b. USD 0.00028 per GH/s and day, deducted on a daily basis from the generated Coins

So for 20 th/s we pay 5,6 usd upkeep a day

https://www.cryptocompare.c...

Profit at current price and diffculty should be 21,56 - 5,6= 15,96 usd a day

Initial investment cost us: 0,129943 x 20 000= 2598,86 usd

We will ROI(return of investment) after: 2598,86 / 15,96= 163 days

Starting from 164th day we will start making profit so it is looking very good in my personal opinion.

It is not even half a year as you see. I am taking my risk and so far i am very happy with the results(already 18 months with GM).

If you have any further questions you can also contact me on mptak123@hotmail.com

Kind regards, Marcin

You are wrong. Because difficulty will increase, so your payout will decrease.

[mptak123]

Actually i wrote if difficulty and price stay the same.

Moreover price rise faster then difficulty so my payout is higher as well.

At the moment preditcion is the difficulty will drop by over 6% in less then 2 days.

https://bitcoinwisdom.com/bitcoin/difficulty

Since my last post payout went up a lot:

Right now it stands as:

25,63 - 5,6 = 20,03 today

21,56 - 5,6 = 15,96 two days ago

So income rose 20,03 - 15,96 = 4,07 USD

Currently to ROI you need:

2598,86 / 20,03 = ~130 days

Kind regards, Marcin

[Glucose]

Actually i wrote if difficulty and price stay the same.

Moreover price rise faster then difficulty so my payout is higher as well.

At the moment preditcion is the difficulty will drop by over 6% in less then 2 days.

If you look at the last 3 years, difficulty rise usually faster than price. But you are right for the next difficulty correction.

[mptak123]

Actually i wrote if difficulty and price stay the same.

Moreover price rise faster then difficulty so my payout is higher as well.

At the moment preditcion is the difficulty will drop by over 6% in less then 2 days.

If you look at the last 3 years, difficulty rise usually faster than price. But you are right for the next difficulty correction.

I think talking about 3 years back is pointless.

Currently BTC is way more popular then 3 years ago.
Moreover main adoption started less then 3 years ago and price did skyrocket.

https://coinmarketcap.com/currencies/bitcoin/#charts

In just 1 last year alone BTC went up from around 600 USD to 5600 USD at this point.

As you see right now there is much more confidence in BTC around the world.

It is only hope for some people in countries like Venezuela, North Korea, Zimbabwe or Cuba.
Japan have BTC legalized and you can pay even for your utility bills.

Right now you have even payment cards you can use to spend your BTC which are not really great in my opinion BTW..

As you see 3 years ago and now it is completely different story and there is a lot of room for improvments which are just behind the corner.

I hope you will drop your sceptical speech because without mining there will be no BTC so you should encourage people instead of spreading the fear.

[Glucose]

Actually i wrote if difficulty and price stay the same.

Moreover price rise faster then difficulty so my payout is higher as well.

At the moment preditcion is the difficulty will drop by over 6% in less then 2 days.

If you look at the last 3 years, difficulty rise usually faster than price. But you are right for the next difficulty correction.

I think talking about 3 years back is pointless.

Currently BTC is way more popular then 3 years ago.
Moreover main adoption started less then 3 years ago and price did skyrocket.

https://coinmarketcap.com/currencies/bitcoin/#charts

In just 1 last year alone BTC went up from around 600 USD to 5600 USD at this point.

As you see right now there is much more confidence in BTC around the world.

It is only hope for some people in countries like Venezuela, North Korea, Zimbabwe or Cuba.
Japan have BTC legalized and you can pay even for your utility bills.

Right now you have even payment cards you can use to spend your BTC which are not really great in my opinion BTW..

As you see 3 years ago and now it is completely different story and there is a lot of room for improvments which are just behind the corner.

I hope you will drop your sceptical speech because without mining there will be no BTC so you should encourage people instead of spreading the fear.

Ok. Show us what you paid and show us your returns then if you are so confident.

[mptak123]

Actually i wrote if difficulty and price stay the same.

Moreover price rise faster then difficulty so my payout is higher as well.

At the moment preditcion is the difficulty will drop by over 6% in less then 2 days.

If you look at the last 3 years, difficulty rise usually faster than price. But you are right for the next difficulty correction.

I think talking about 3 years back is pointless.

Currently BTC is way more popular then 3 years ago.
Moreover main adoption started less then 3 years ago and price did skyrocket.

https://coinmarketcap.com/currencies/bitcoin/#charts

In just 1 last year alone BTC went up from around 600 USD to 5600 USD at this point.

As you see right now there is much more confidence in BTC around the world.

It is only hope for some people in countries like Venezuela, North Korea, Zimbabwe or Cuba.
Japan have BTC legalized and you can pay even for your utility bills.

Right now you have even payment cards you can use to spend your BTC which are not really great in my opinion BTW..

As you see 3 years ago and now it is completely different story and there is a lot of room for improvments which are just behind the corner.

I hope you will drop your sceptical speech because without mining there will be no BTC so you should encourage people instead of spreading the fear.

Ok. Show us what you paid and show us your returns then if you are so confident.

As you wish, please see below 5 pictures uploaded as a proof:

https://ibb.co/kpznmG
https://ibb.co/en6p0b
https://ibb.co/n2hjYw
https://ibb.co/kbsjYw
https://ibb.co/j7c7mG

Hope this will be enough because i showed a lot of decent infomation.

Regards, Marcin

[mptak123]

Actually i wrote if difficulty and price stay the same.

Moreover price rise faster then difficulty so my payout is higher as well.

At the moment preditcion is the difficulty will drop by over 6% in less then 2 days.

If you look at the last 3 years, difficulty rise usually faster than price. But you are right for the next difficulty correction.

I think talking about 3 years back is pointless.

Currently BTC is way more popular then 3 years ago.
Moreover main adoption started less then 3 years ago and price did skyrocket.

https://coinmarketcap.com/currencies/bitcoin/#charts

In just 1 last year alone BTC went up from around 600 USD to 5600 USD at this point.

As you see right now there is much more confidence in BTC around the world.

It is only hope for some people in countries like Venezuela, North Korea, Zimbabwe or Cuba.
Japan have BTC legalized and you can pay even for your utility bills.

Right now you have even payment cards you can use to spend your BTC which are not really great in my opinion BTW..

As you see 3 years ago and now it is completely different story and there is a lot of room for improvments which are just behind the corner.

I hope you will drop your sceptical speech because without mining there will be no BTC so you should encourage people instead of spreading the fear.

Ok. Show us what you paid and show us your returns then if you are so confident.

As you wish, please see below 5 pictures uploaded as a proof:

https://ibb.co/kpznmG
https://ibb.co/en6p0b
https://ibb.co/n2hjYw
https://ibb.co/kbsjYw
https://ibb.co/j7c7mG

Hope this will be enough because i showed a lot of decent infomation.

Regards, Marcin

I forgot to mention that current payouts are out of 62,75 th/s.

The rest will be started on 31.10 2017 because they were bought on pre order.

Regards, Marcin

[mptak123]

Actually i wrote if difficulty and price stay the same.

Moreover price rise faster then difficulty so my payout is higher as well.

At the moment preditcion is the difficulty will drop by over 6% in less then 2 days.

If you look at the last 3 years, difficulty rise usually faster than price. But you are right for the next difficulty correction.

I think talking about 3 years back is pointless.

Currently BTC is way more popular then 3 years ago.
Moreover main adoption started less then 3 years ago and price did skyrocket.

https://coinmarketcap.com/currencies/bitcoin/#charts

In just 1 last year alone BTC went up from around 600 USD to 5600 USD at this point.

As you see right now there is much more confidence in BTC around the world.

It is only hope for some people in countries like Venezuela, North Korea, Zimbabwe or Cuba.
Japan have BTC legalized and you can pay even for your utility bills.

Right now you have even payment cards you can use to spend your BTC which are not really great in my opinion BTW..

As you see 3 years ago and now it is completely different story and there is a lot of room for improvments which are just behind the corner.

I hope you will drop your sceptical speech because without mining there will be no BTC so you should encourage people instead of spreading the fear.

Ok. Show us what you paid and show us your returns then if you are so confident.

As you wish, please see below 5 pictures uploaded as a proof:

https://ibb.co/kpznmG
https://ibb.co/en6p0b
https://ibb.co/n2hjYw
https://ibb.co/kbsjYw
https://ibb.co/j7c7mG

Hope this will be enough because i showed a lot of decent infomation.

Regards, Marcin

I forgot to mention that current payouts are out of 62,75 th/s.

The rest will be started on 31.10 2017 because they were bought on pre order.

Regards, Marcin

Please see below 2 more pictures of old and new contract prices:

https://ibb.co/kMZsLb
https://ibb.co/hc2e0b

Regards, Marcin

[shid000]

When is Genesis coming back with more BTC contracts?

[mptak123]

When is Genesis coming back with more BTC contracts?

Please see below my conversation with VIP assistance serive from today:


Hi Again Raoul

Please see below link to the video on youtube and take notice of 13:45 time of the video.
https://www.youtube.com/watch?v=_UwAgQPE_ZI

My Top 5 Bitcoin Investments - Thanks to 3K Subscribers!
www.youtube.com
My Top 5: Bitconnect: https://bitconnect.co/?ref=CrypTown USI TECH: https://cryptown.usi-tech.info/ Bitpetite: https://bitpetite.com/?aff=cryptown Regal Coin...

Also please inform me upfront as soon you will know confirmed date of new BTC, BCC contracts.

By the way why you don't answer questions about delayed tickets?
Are you not allowed to do so?

Kind regards, Marcin

Od: Genesis Mining VIP Assistance Service <raoul.andersson@genesis-mining.com>
Wysłane: 17 października 2017 10:45
Do: Marcin Ptak
Temat: Re: BTC and BCC contracts
 
Hi Marcin!

I can‘t confirm that at all. Mining which was sold during the pre-sale will come back in October. But no new contracts will be available in October. I expect thencontracts come back in 2017. But I don‘t have any confirmed date yet.
It can be November or December. If it would be October, I would know by now.

I can offer you to inform you upfront as soon as I have the date confirmed.

If you don‘t mind, please let me know the name (maybe) link of the YouTuber so I can talk to him and set that straight.

Best regards,

Raoul

Marcin Ptak <mptak123@hotmail.com> schrieb am Di. 17. Okt. 2017 um 12:02:
Hi Raoul

I am writing to you because one of the Youtubers who have VIP assistance service in Genesis Mining said that contracts are coming back by the end of October.

Do you actually have any news about BTC and BCC contracts?

If you will start BCC mining would it possible to mine BCC out of BTC SHA256 contracts?
At the end of the day BCC and BTC are both SHA256.

Also it is well over 2 months now and my ticket is still open without answer. IT is still processing it.
Do you know how much longer it can possibly take to sort it out?

Thank you in advance for fast response.

Kind regards, Marcin

[mptak123]

When is Genesis coming back with more BTC contracts?

Are all scam accusations fixed and everyone is happy that he has invested in Genesis Mining?

In this case the thread should leave the scam accusations section, shouldn't it?

Maybe someone who is still invested can tell me where their mining hardware is located?

Hi

Some of the mining farms are located in Iceland, Sweden and China but there are more just not sure where they are because Genesis Mining is not really sharing this info.

Please see below link to one of the farms in Iceland:

https://www.youtube.com/watch?time_continue=1&v=Eqxu_fwrDZM


Regards, Marcin