Genesis Mining?

[ScottBTC1]

Hello!

I'm thinking of getting into Bitcoin but I don't feel like buying the hardware of an S5 to get started. Has anyone had any luck with a cloud service like Genesis Mining?

What are your thoughts?

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[gbBit]

Most people will tell you Genesis and all cloud mining are scams. 

I don't personally believe they are, but they're for people who don't understand all the factors that go into mining payout.  I recommend you first use a mining calculator which takes into account difficulty increase.  You'll find the only way to profit is if the cost of bitcoin increase.  Then consider the difference between just purchasing the bitcoin and realizing the increase and you'll understand why people think it's a scam.

But again I wouldn't call it a scam, just a poor investment if you run the numbers.

[steampunkz]

 i have Mining Contracts there for 2 years for x11 Miner. Seems so far They pay me every 10 days..

[joae1975]

Don't ever mine Bitcoin.  The days of instant profitability are long dead.  Just buy Bitcoin.  You'll be way ahead even if mining is profitable for you.  I spent $15k on mining rigs in 2013.  Yeah, I made lots of money.  But if I would have just bought 150 BTC at $100 each instead, I would have made a lot more because I never came close to mining that many.  I'm speaking from experience.  Just buy BTC.

[amacar2]

Cloud mining contracts are not profitable and even hardware mining is not profitable at current difficulty if you don't have free or very cheap electricity.

If you don't have cheap electricity better buy some bitcoin when it is cheap and trade them according to market rather than trying to buy mining hardware/contract and mine bitcoin. You may have to wait decades to get back what you have invested on buying it.

[Cereberus]

Hello!

I'm thinking of getting into Bitcoin but I don't feel like buying the hardware of an S5 to get started. Has anyone had any luck with a cloud service like Genesis Mining?

What are your thoughts?

It will be the same as you buy a S5 antminer to get started which means both are unprofitable, unless you have free electricity in your country and in this case the S5 is profitable.

If you are willing to spend money for mining why don't you build a PC with 6 GPU-s like RX 480 and mine Zcash. It will be profitable but don't know for how long since Zcash price is going down day by day now. One such PC costs not more than 2000 USD and it will give you a bit more than 3000 Sol/s per second or the picture below. Remove your electricity cost from it and you know what is your net profit monthly.



1 GPU RX 480 with stock settings gives you 575 Sol/s so in total the 6 GPU should give you a bit more than 3000 but I just took the 3000 to give you an example. This is the only way to mine profitably now , from a PC(mining rig) with lots of GPU-s.

[eckmar]

Genesis is scam. yeah they are paying to users but what they don't tell you is that they have rights to terminate your contract if it's no longer profitable for them. So all that "forever" and x years contracts with small hash will eventually be terminated. And even if you purchase x amounts of hash (larger) it will take years to hit ROI

[pinkflower]

Most people will tell you Genesis and all cloud mining are scams. 

I don't personally believe they are, but they're for people who don't understand all the factors that go into mining payout.  I recommend you first use a mining calculator which takes into account difficulty increase.  You'll find the only way to profit is if the cost of bitcoin increase.  Then consider the difference between just purchasing the bitcoin and realizing the increase and you'll understand why people think it's a scam.

But again I wouldn't call it a scam, just a poor investment if you run the numbers.

You dont get it. There are a lot of cloud mining services that are set up to try and take everyone's money and then run away. The owners behind it know there are enough gullible people in the forum for them to bank a profit. Sure some are not scams. I think Genesis is one of the good ones for now.

Since you know a lot about cloud mining. Can you give the services that you think that are not scams?

[ipanks]

Genesis is scam. yeah they are paying to users but what they don't tell you is that they have rights to terminate your contract if it's no longer profitable for them. So all that "forever" and x years contracts with small hash will eventually be terminated. And even if you purchase x amounts of hash (larger) it will take years to hit ROI

i think they are not scam, i am with them since 2015 until now and i am getting ROI for almost one year and now i still got paying from them but i don't have much of hashrate. if the OP wants to select cloud mining, make sure that you have the info about cloud mining itself and read about the reviews from many people so you can select one with best recommended from people.

[crairezx20]

There is no cloud mining right now are profitable and most of them are scam like other said better to don't invest and much better to stay buying bitcoins and hold it for a long time or buy bitcoins and sell them if the price is high it can make you profit in that way..
The other thing is investing in gambling casino some of the site like crypto-games are legit to invest but its risky because they are relaying in winning of gamblers and loses..

[BitHodler]

Genesis is scam. yeah they are paying to users but what they don't tell you is that they have rights to terminate your contract if it's no longer profitable for them. So all that "forever" and x years contracts with small hash will eventually be terminated. And even if you purchase x amounts of hash (larger) it will take years to hit ROI

i think they are not scam, i am with them since 2015 until now and i am getting ROI for almost one year and now i still got paying from them but i don't have much of hashrate. if the OP wants to select cloud mining, make sure that you have the info about cloud mining itself and read about the reviews from many people so you can select one with best recommended from people.

Every cloud mining service will at some point make its customers lose money as they either close the doors due to their service not being profitable anymore, or they simply run with the money.

You getting paid is only the result of them having enough people joining their service and "invest" money in their platform. You are getting paid with money coming from these people.

As long as new people keep pumping money into genesis, you will continue to get paid. If at some point there is barely any new money flowing into their service, then you can bet on it that they will run and leave a trail of destruction behind.

[coolcoinz]

Genesis is scam. yeah they are paying to users but what they don't tell you is that they have rights to terminate your contract if it's no longer profitable for them. So all that "forever" and x years contracts with small hash will eventually be terminated. And even if you purchase x amounts of hash (larger) it will take years to hit ROI

i think they are not scam, i am with them since 2015 until now and i am getting ROI for almost one year and now i still got paying from them but i don't have much of hashrate. if the OP wants to select cloud mining, make sure that you have the info about cloud mining itself and read about the reviews from many people so you can select one with best recommended from people.

What does it mean "i am getting roi for almost one year?" Have you got the return or not, because everyone, who claims to have bought their contracts, are saying the same thing.
They aren't a scam because they are paying me, and I will roi in a year or 2 or 3 or whatever... and all of them are yet to reach the point, when GM starts sending them money. 

Until you have reached the ROI point GM are paying you with your own money, so you're getting ahead of yourselves by saying they are not a scam.

[pinkflower]

There is no cloud mining right now are profitable and most of them are scam like other said better to don't invest and much better to stay buying bitcoins and hold it for a long time or buy bitcoins and sell them if the price is high it can make you profit in that way..
The other thing is investing in gambling casino some of the site like crypto-games are legit to invest but its risky because they are relaying in winning of gamblers and loses..

The act that the cloud mining sites advertise and market themselves as profitable is already an act of scamming. Every cloud mining site out there who obviously will not bring you ROI will tell you that they will. All they do is suck money from everyone they can scam and then after some time close down and hide. They will then set up another cloud mining site and scam a new set of people.

[eckmar]

Genesis is scam. yeah they are paying to users but what they don't tell you is that they have rights to terminate your contract if it's no longer profitable for them. So all that "forever" and x years contracts with small hash will eventually be terminated. And even if you purchase x amounts of hash (larger) it will take years to hit ROI

i think they are not scam, i am with them since 2015 until now and i am getting ROI for almost one year and now i still got paying from them but i don't have much of hashrate. if the OP wants to select cloud mining, make sure that you have the info about cloud mining itself and read about the reviews from many people so you can select one with best recommended from people.

What does it mean "i am getting roi for almost one year?" Have you got the return or not, because everyone, who claims to have bought their contracts, are saying the same thing.
They aren't a scam because they are paying me, and I will roi in a year or 2 or 3 or whatever... and all of them are yet to reach the point, when GM starts sending them money. 

Until you have reached the ROI point GM are paying you with your own money, so you're getting ahead of yourselves by saying they are not a scam.

Exactly. They will pay you as long as they have enough new users. If (when) new users stop appearing and investing on their website you think they will still pay you ? It's same with every cloud mining and genesis is not really different then any of them

[Catmony]

Genesis is scam.

May be we can't call them scam right now, but it is true that mining contract with them may get terminated if it doesn't earn enough to cover maintenance expenses. Also they don't have transparency about total mining power they actually own and amount of contracts they have already sold. May be they are selling more than what they actually have.

[bravehearth0319]

Genesis is scam. yeah they are paying to users but what they don't tell you is that they have rights to terminate your contract if it's no longer profitable for them. So all that "forever" and x years contracts with small hash will eventually be terminated. And even if you purchase x amounts of hash (larger) it will take years to hit ROI

Nowadays in bitcoin world there are lots of cloud mining that has been scattered in online that are connected into bitcoin. it hard to distinguish on which of them are legit bitcoin mining site. And the worst is like what you said they can terminate you anytime they want unless if you invest more into their site again that bigger than the first one you did to them.

[fitty]

Genesis is scam. yeah they are paying to users but what they don't tell you is that they have rights to terminate your contract if it's no longer profitable for them. So all that "forever" and x years contracts with small hash will eventually be terminated. And even if you purchase x amounts of hash (larger) it will take years to hit ROI

Nowadays in bitcoin world there are lots of cloud mining that has been scattered in online that are connected into bitcoin. it hard to distinguish on which of them are legit bitcoin mining site. And the worst is like what you said they can terminate you anytime they want unless if you invest more into their site again that bigger than the first one you did to them.

Yeah. I don't recommend investing in a cloud mining site. Because, almost all of those are Scams. They are Ponzi's who are just circulating the money of the people and provides fake pictures or videos about the mining rigs they are organizing. Of course not all cloud mining are scam but it is very difficult to distinguish which one is legit or not. So, I just recommend investing in trading rather than in cloud mining website.

[eckmar]

Genesis is scam.

May be we can't call them scam right now, but it is true that mining contract with them may get terminated if it doesn't earn enough to cover maintenance expenses. Also they don't have transparency about total mining power they actually own and amount of contracts they have already sold. May be they are selling more than what they actually have.

What is most untrustworthy is that they don't show address they use for mining. I mean it's not like they have anything to lose, when you go to any pool you can see all the big miners and how much are they earning but you are no threat to them

[BitHodler]

Genesis is scam.

May be we can't call them scam right now, but it is true that mining contract with them may get terminated if it doesn't earn enough to cover maintenance expenses. Also they don't have transparency about total mining power they actually own and amount of contracts they have already sold. May be they are selling more than what they actually have.

What is most untrustworthy is that they don't show address they use for mining. I mean it's not like they have anything to lose, when you go to any pool you can see all the big miners and how much are they earning but you are no threat to them

They don't show anything because there is nothing to show since they are not mining anything. That's why they will do everything to avoid answering such questions.

Legit operating pools/farms have indeed nothing to lose, and thus show how transparent they are where they supply the public with all important information/addresses.

All people with common sense would do everything to avoid investing in such a service. But that unfortunately doesn't go up for newbies as they simply don't know how to spot potential scams.

[JeffBrad12]

Hello!

I'm thinking of getting into Bitcoin but I don't feel like buying the hardware of an S5 to get started. Has anyone had any luck with a cloud service like Genesis Mining?

What are your thoughts?

This will help you a lot and read with carefully.

http://themerkle.com/genesis-mining-review/

A lot of the clear point about the genesis mining.