GENESIS-MINING Review: full disclosure, Cloud Mining (+get free Steem/BTC)

[Kryptowerk]

Day 0 (buying the contract):

I finally decided to give it a try and bought 0.7 TH/s as an open-ended bitcoin cloud-mining contract today. I don't expect much, but I will be sharing all statistics and analytics on a regular basis:
https://steemit.com/mining/@xwerk/genesis-mining-review-full-disclosure-bitcoin-cloud-mining-day-0-steem-btc-giveaway

I will give back 50% of referral earnings and 50% of Steem earnings! Make sure to check out the steemit post for details.

Best regards,
Kryptowerk

[Kryptowerk]

(Update Day 1:

It is now more than 24 hours (26:20 h) that my contract was validated but I still did not receive my mining payment. That sucks. Especially because they state the following:
Please be patient for your payout since they are only done once a day. Because you started in the middle of our 24-hour payout period your first payout is expected to be less than the following.

If this statement was correct I should have received my first payment by now, althought it would probably be less than in the upcoming days.

Let's see how this develops...)

EDIT: Just received my first payment, update on Steemit coming soon!

[lol3c]

Please do not refer more people to this website. We all know that cloud mining is not as profitable as it used to. People can never ROI in a year if they mine Bitcoin. Moreover, investing your money in cloud mining is very risky. There are many people has lost their money in those kind of services. You can never know when they will become scammers and run away with a huge amount of Bitcoin

[Kryptowerk]

Please do not refer more people to this website. We all know that cloud mining is not as profitable as it used to. People can never ROI in a year if they mine Bitcoin. Moreover, investing your money in cloud mining is very risky. There are many people has lost their money in those kind of services. You can never know when they will become scammers and run away with a huge amount of Bitcoin

Don't worry, I am not advertising their service. As you can see in my latest post I am calculating the expected time to reach ROI. If the payouts stay as small as the first one was and if difficulty in the mining network continues reaching ROI will probably be impossible. If this is the case I will point it out in all my new blogposts about GM mining.

Here is my detailed Day 1 review: https://steemit.com/mining/@xwerk/genesis-mining-review-day-1-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway

I will also be looking in NiceHash contracts as it was recently pointed out to me that these are more profitable. If I do invest there I will be comparing GM to it.

[Arcteryx]

Please do not refer more people to this website. We all know that cloud mining is not as profitable as it used to. People can never ROI in a year if they mine Bitcoin. Moreover, investing your money in cloud mining is very risky. There are many people has lost their money in those kind of services. You can never know when they will become scammers and run away with a huge amount of Bitcoin

I was actually thinking about joining one of these cloud mining sites but the first line of your opening statement makes sense. People can not roi in the first year of mining bitcoin so why would you even think these mining companies will pay you even your original investment back within the year or even after that?
How would they make any money from doing this? If they didn't then why would they have made this business in the first place.
It is pure macroeconomics to think logically about their bottom line here.

[Kryptowerk]

Please do not refer more people to this website. We all know that cloud mining is not as profitable as it used to. People can never ROI in a year if they mine Bitcoin. Moreover, investing your money in cloud mining is very risky. There are many people has lost their money in those kind of services. You can never know when they will become scammers and run away with a huge amount of Bitcoin

I was actually thinking about joining one of these cloud mining sites but the first line of your opening statement makes sense. People can not roi in the first year of mining bitcoin so why would you even think these mining companies will pay you even your original investment back within the year or even after that?
How would they make any money from doing this? If they didn't then why would they have made this business in the first place.
It is pure macroeconomics to think logically about their bottom line here.

Imo the idea of any investment is taking a risk (in this case for example the risk that bitcoin might crash) and companies look for risk reduction by sharing some profit while also sharing the risk (THIS is pure macroeconomics). At least that is how it should work. If you can't even make your ROI + a little extra back in a year then I am inclined to call it scam.
We will see. I am not here to promote, but because I am curious myself as there are all different nuances of statements about Genesis Mining. Some people claim got get more than 150% ROI back while others say it's impossible. I didn't invest much, if I see good results I might invest more. But as of right now, with the first small payout I highly doubt that... if it doesn't increase their mining contracts are indeed scam.

[Bitcoin Addict666]

can u do this with hashnest also. its actually alot cheaper over there. i dont think this is much of a experiment at gm  ,since its  way overprice.

[Kryptowerk]

can u do this with hashnest also. its actually alot cheaper over there. i dont think this is much of a experiment at gm  ,since its  way overprice.

Yes I will do this with hashnest, too. Right now they don't have their Antminer contracts available.
I guess I should have done more research - although it's not that important to me I am really disappointed right now by the low payouts of GM.

[Bitcoin Addict666]

at hashnest   u can buy it off the market u dont have to buy a full unit.  what people do is  they would buy it from the shop if its cheaper or the market if thats cheaper. the market mines instantly  , the shop u have to wait 3days   so u would have to factor in  3 days of mining .  they also reload at random times, but market is always for sale. u can sell at anytime as well. and if u have enough ghs for a full unit u can redeem it after it hits 90-100% maint  fees.  shipping is not cheap tho.

[Kryptowerk]

Here is my latest update:
Genesis Cloud Mining Day 6: future perspective and disappointment

[dodgrad]

Here is my latest update:
Genesis Cloud Mining Day 6: future perspective and disappointment

If now from avarage aernings you can get ROI in over year, with increasing so fast difficulty, only Bitcoin price skyrocketing will help you to get this ROI EVER!
If now it is 386 days, and price will not change, I expect that after 2-3 months it will be at least 20 - 30 days more. Not good..

[Kryptowerk]

Here is my latest update:
Genesis Cloud Mining Day 6: future perspective and disappointment

If now from avarage aernings you can get ROI in over year, with increasing so fast difficulty, only Bitcoin price skyrocketing will help you to get this ROI EVER!
If now it is 386 days, and price will not change, I expect that after 2-3 months it will be at least 20 - 30 days more. Not good..

I know. That's why I wrote: "This looks to me as if payments do not increase for the next payouts and difficulty continues going up, reaching ROI will probably be impossible!"

[Kryptowerk]

Here is my latest report on my GM mining experiment: https://steemit.com/mining/@xwerk/genesis-mining-review-day-12-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-or-roi-in-450-days-lol

The expected day until I get my investment back has jumped from 370 to 450 days. Haha, pathetic!

[LLec]

Here is my latest report on my GM mining experiment: https://steemit.com/mining/@xwerk/genesis-mining-review-day-12-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-or-roi-in-450-days-lol

The expected day until I get my investment back has jumped from 370 to 450 days. Haha, pathetic!

Did I understand that right?
450 days to get your investment back?
The steem back is a nice spiff but still. Is it worth it to wait a year and nearly 3 months to get back, if that with the bitcoin price flucuations minus your transactions and their so called 'maintenance fees', for what you spent on the site to get anything out of it?

[Kryptowerk]

Here is my latest report on my GM mining experiment: https://steemit.com/mining/@xwerk/genesis-mining-review-day-12-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-or-roi-in-450-days-lol

The expected day until I get my investment back has jumped from 370 to 450 days. Haha, pathetic!

Did I understand that right?
450 days to get your investment back?
The steem back is a nice spiff but still. Is it worth it to wait a year and nearly 3 months to get back, if that with the bitcoin price flucuations minus your transactions and their so called 'maintenance fees', for what you spent on the site to get anything out of it?

Definitly not worth it, unless GM changes their payout policy. And I doubt they will. Just buy and hold, should be a much better "strategy" ; )

[Kryptowerk]

Update on the Genesis-Mining Bitcoin contract bullshit (I feel inclined to call it SCAM):
https://steemit.com/mining/@xwerk/genesis-mining-review-day-16-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-don-t-do-it

[mrcash02]

Update on the Genesis-Mining Bitcoin contract bullshit (I feel inclined to call it SCAM):
https://steemit.com/mining/@xwerk/genesis-mining-review-day-16-bitcoin-cloud-mining-or-full-disclosure-steem-btc-giveaway-don-t-do-it

Sorry for your loss, but it was very expected if you read the feedbacks about this service before investing. Cloud minings don't give any porfit for investors, you should search for a better investment option next time.

Just holding BTCs worth much more than investing in this kind of site...

[crazyivan]

Out of cloudmining options, Genesis Mining is the biggest bullshit, a legal scam. Sorry for your loss but there ve been so many threads about them.

[BitHodler]

Out of cloudmining options, Genesis Mining is the biggest bullshit, a legal scam. Sorry for your loss but there ve been so many threads about them.

It doesn't really matter how many threads there are that clearly prove that aside from the fact that the majority of the people won't get even 75% of their initial investment back, that even 'legit operating' cloud mining services can turn into a scam. I like the term that you used ~ legal scam.

But as always, people will still pump their precious coins into these money grinding services. These services aren't doing anything other than paying people with their own money, but then very slowly. But hey, who are we? They clearly don't take any of our advice into consideration.

[BlackPanda]

Out of cloudmining options, Genesis Mining is the biggest bullshit, a legal scam. Sorry for your loss but there ve been so many threads about them.

I agree with you . this time too many things like this that give us false hope. with enticing lure to benefit, in the end we lost all the money we have. need a proposal / blue paper that is reassuring to be able to secure this business.