Genesis Mining: Long-time review

[tonygal]

Hi folks,

I decided to give Genesis Mining a try. I did my maths, and I figured out that X11 (Dash) has the
best chances to make some profit right now. In order to let you participate in my success/loss (I hope
for the former ) and to keep track of the performance of my investment, I will update this thread
regularly. But first the entry facts:
Start: 14 April 2017
Purchased: 500 MHs X11 Mining power for 1.869 BTC (2182 $ at the time of purchase)


If you want to support me, please go to https://www.genesis-mining.com and use my coupon code: wf9D3m
With this code you will get 3% instant discount, and on top of that I will share 50% of my affiliate bonus with you!
Just use the code and write me a message within 10 minutes containing
your BTC address. Be aware that it can take some days until the bonus is
credited, usually 6 days if paid with BTC and 32 days with CC.

Disclaimer, necessary because all the smart asses, trolls and attention deficit disorder victims around:
I do not endorse GM. I do not recommend joining them. Do your own calculations. It is an experiment I
am willing to conduct, and a very risky one indeed. If someone else decides - after making thorough research
on his own, in adult age and living in a free country - to try it too, I offer to share my referral bonus with
him. That's all, my offer is not to be mistaken for a recommendation to invest in GM.

[tonygal]

First impression: Everything works fine, got my first payout today:

I immediately forwarded the amount to Poloniex and transferred into BTC, so the statistics are as follows:

Income after 2 days: 0.01626098 BTC
Percentage of ROI: 0.87 %
Estimate days to breakeven (total): 230
Estimate days to breakeven (remaining): 228

The last two figures are a very naive calculation, assuming fixed difficulty and DASH/BTC conversion rate.
I know, these are not fixed at all. My goal is to break-even after one year. I will exchange into BTC
every week from now on. I'm also into Altcoin trading, but I want to keep it seperate from my mining
investment.

[shinratensei_]

Can you give an explanation about the differences of your income? My guess if it will not touch your ROI.

According to the mining calculator the result of your income less than the real revenue from the dash mining calculator.

I'll try to get the accuracy among both of the things.

In my assumption, You can generate up to 0.0162 btc in two days and 0.0081 in a day. But this condition will be applied to the stable income for your cloudmining.
The remaining time is 228 days.
If you can generate 0.0081 in a day and your ROI 1.84 btc.

[tonygal]

Can you give an explanation about the gap of your income? My guess if it will not touch your ROI.

Thanks mate for showing interest in my little experiment!
But I totally don't understand your question. What is "gap of income"?

In my assumption, You can generate up to 0.0162 btc in two days and 0.0081 in a day. But this condition will be applied to the stable income for your cloudmining.
The remaining time is 228 days.
If you can generate 0.0081 in a day and your ROI 1.84 btc.

Yes, everything you write is correct. But is there a question of yours hiding?
Again, I think I didn't get what you want to say, sorry.

[shinratensei_]

Can you give an explanation about the gap of your income? My guess if it will not touch your ROI.

Thanks mate for showing interest in my little experiment!
But I totally don't understand your question. What is "gap of income"?

Looks the result of your day income is different with the result of dash mining calculator.
https://www.cryptocompare.com/mining/calculator/dash?HashingPower=500&HashingUnit=MH%2Fs&PowerConsumption=140&CostPerkWh=0.12

In my assumption, You can generate up to 0.0162 btc in two days and 0.0081 in a day. But this condition will be applied to the stable income for your cloudmining.
The remaining time is 228 days.
If you can generate 0.0081 in a day and your ROI 1.84 btc.

Yes, everything you write is correct. But is there a question of yours hiding?
Again, I think I didn't get what you want to say, sorry.

My question, Do you think if that's really worth for you?

You have put 1.869 BTC in the cloudmining site and The result of your ROI will be 1.84 BTC as soon as the remaining time will have reached.

It less than your first capital.

[tonygal]

Looks the result of your day income is different with the result of dash mining calculator.
https://www.cryptocompare.com/mining/calculator/dash?HashingPower=500&HashingUnit=MH%2Fs&PowerConsumption=140&CostPerkWh=0.12

This is because there just was a huge drop in difficulty. Tomorrow's payout will be bigger than today's.
Be also sure to put 0 watts into the calculator. There is no maintenance fee at Genesis.

You have put 1.869 BTC in the cloudmining site and The result of your ROI will be 1.84 BTC as soon as the remaining time will have reached.

I have no idea where you got that from. That's totally wrong. The contract time is 2 years.
Cryptocompare (your link!) says that the one year profit is 5890 $.
In my world, 11780 $ > 1.869 BTC.

(I know that that's an oversimplified estimate and probably much too optimistic. If I reach 1/4th
of that, I'll be happy as I get out more than I invested. And that is realistic, I'd say.)

[crazyivan]

Oh cmmon dude, GM s a shit service, nobody has ever reached ROI with them. You know they re shit and yet you ve purchased their shitty hash.

Not only that, you try to convince other people to waste their money and join as your referrals.

Your calculation you have presented lacks one very important piece of data, Dash MINING difficulty. Let me explain this to you since you have omitted this.
Dash mining difficulty in April 2017 has more then doubled compared to December 2016, that s less then 5 months time. This means it ll almost triple during a period of one year and trust me, it ll only speed up even more. The same trend is going to continue during the second year of Dash contract. All in all you have NO CHANCE, NO WAY, EVER, to reach ROI within these 2 years of your contract and not to mention 200+ days you mention. Effectively, you have already LOST your BTC and you ll get back maybe 40%, at best.

So, knowing all this I have 1 question for you.

WHY do you promote them? What kind of person are you? Do you intentionally want for people to lose money since you were ignorant enough to do the same?

ONCE MORE, THERE IS NO A SINGLE PERSON ONLY WHO CAN PROVIDE VERIFIABLE PROOF ABOUT REACED RETURN ON THEIR INVESTMENT IN ANY KIND OF GENESIS MINING HASH!!!

Please stop throwing your hard earned coins, there re so many other profitable options in crypto economy and yet you people always choose the one which does not work!

[tonygal]

Common, crazy ivan, don't present your feelings as facts.

Your calculation you have presented lacks one very important piece of data, Dash MINING difficulty. 

Bullshit! Read what I wrote! I said this calculation is oversimplified! I said that diff and exchange
rate are not fixed! I wrote that I don't expect the returns as presented by the mining calculators.
I wrote it twice, so that even people with attention deficit disorder get it (the forum seems full of them).
Still, you didn't get it or ignore it. People like you make me mad. Do you even fully read a topic
before answering??

Not only that, you try to convince other people to waste their money and join as your referrals.

Nice, crazyivan, really nice. This possibly works for people who don't remember you spreading
your ref-code for LTCGear. I suggest that you remain silent about ref-codes

[favdesu]

1 second review: you invest you lose.

[terrate]

I remember when i research bitcoin 6 month ago, i looking for cloud mining.
One is hashflare, one is GM.

Then i do many research on GM as they do advertisement in google and fb, so popular search.
I look for review. They got contract ( don't care u profit or lose) , many people still in lose anyway.

They are a company, so u feed them to let them do mining .
but u need to know they also need to pay their investor, so how about u?
got very small share of their earning, and your contract will be expired.
Your profit depends on btc price more, not depends on how effective their mining. difficuties rise, your pay out double drop.

So about genesis mining u still can use,  i think is legit but not big investment, just a small try to get your bitcoin then is ok.
Don't put GM in your investment portfolio.
Even they active in taking photo but the money ...only a little for u.

Direct buy bitcoin got fees but u can hold your bitcoin. bitcoin work for u, not u work for bitcoin.

above only my personal opinion, not scold anyone.

[crazyivan]

Common, crazy ivan, don't present your feelings as facts.

Your calculation you have presented lacks one very important piece of data, Dash MINING difficulty. 

Bullshit! Read what I wrote! I said this calculation is oversimplified! I said that diff and exchange
rate are not fixed! I wrote that I don't expect the returns as presented by the mining calculators.
I wrote it twice, so that even people with attention deficit disorder get it (the forum seems full of them).
Still, you didn't get it or ignore it. People like you make me mad. Do you even fully read a topic
before answering??

Not only that, you try to convince other people to waste their money and join as your referrals.

Nice, crazyivan, really nice. This possibly works for people who don't remember you spreading
your ref-code for LTCGear. I suggest that you remain silent about ref-codes

I reached ROI with LTCGear, bunch of other people reached ROI with LTCgear. Show me ONE SINGLE person who s reached ROI with Genesis Mining and I ll apologize for my inaccurate words. The difference between LTCgear and this is that there was a chance to make some money with LTCgear and most of us did so. With Genesis Mining, there s NO CHANCE to make money and you intentionally play dumb and post "oversimplified" calculations when you know very well how it works. Since you re around since LTCgear time, I m sure you understand the concept of mining difficulty.

All in all, that calculator s SHIT, cause it does not take into account difficulty change which is huge and will continue increasing. Why did you invest into GM when you already know this is beyond my understanding.

[tonygal]

At least some more modest wording, that's the right direction for discussing ivan

I reached ROI with LTCGear, bunch of other people reached ROI with LTCgear. Show me ONE SINGLE person who s reached ROI with Genesis Mining and I ll apologize for my inaccurate words.

Please, read what I wrote. Not skim over and just get the key word "LTCgear", but read it completely.
I didn't want to make a point about ROI or not ROI with respect to LTCgear. Fact is, I can show you TENS and TENS of persons who were ruined by
LTCgear. Fact is, LTCgear was a scam. Fact is, you spread a ref-link for a scam website (plz correct me if I'm wrong).
To rephrase what you just admitted: Fact is, you made profit from using and advertising a scam website which ruined many people (plz correct me if I'm wrong).
LTCgear was already super-fishy when they introduced referrals. Don't tell me you acted in good faith until the end.

In contrast, very few people accuse GM of scamming. There is a saying with glass houses and stones, you know. Just rethink if you're
the right one to accuse me of tricking other people into risky investments. Hope you got it now

Show me ONE SINGLE person who s reached ROI with Genesis Mining and I ll apologize for my inaccurate words. [..] Why did you invest into GM when you already know this is beyond my understanding.

I suggest we talk about this in one year from now. I'll give you the chance for apologizing

(However, in contrast to all the ignorant people here - I exclude terrate and shinratensei_ - I admit that I might be wrong. I don't claim
I know the absolute truth. It's an experiment. Just try a little humbleness. We're all bound to mistakes, there is no harm in admitting that.  )

[crazyivan]

Well, it s obvious you ll keep to your idea of having chance to reach ROI with Genesis. Fine, I ll be closely following this thread and your results. I know it s impossible by I hope you do find a way to get your money back.

About LTCgear, why would I invest my own money into something I was aware it was a scam? Even people who went to visit him found lots of FPGA miners deployed. So yes, he was mining something. Yes, he also turned into scam at some point. No, I was not aware he was a scam from the beginning and I would certainly not invest my own money and promote it if I were aware of this fact.

Differently from you, I m ready to admit my mistakes, if there were any.

[tonygal]

Fine, I ll be closely following this thread and your results. I know it s impossible by I hope you do find a way to get your money back.

Thanks, mate! I plan on posting a regular update every sunday.

I also want to add that I also ROIed on LTCgear. In fact, I made some good money.
Then, I also made good profits on a BTC cloud miner. I also lost, e.g. with PBMining.
But overall, cloudmining has been a success story for me so far.
Maybe this is the reason why I have faith that it will work out again.

[tonygal]

Hi guys, sorry I had no time to give an update last weekend. Was very busy...

Here is a screenshot of my dashboard. However, I don't rely on the accumulated earnings there.
Here is my recent calculation, based on the actual exchange rates I used at each time:

Income after 17 days: 0.1353639 BTC
Percentage of ROI: 7.24 %
Estimate days to breakeven (total): 234
Estimate days to breakeven (remaining): 217

Again, last two figures are an oversimplified calculation and I do not expect them to be accurate. Not
accurate at all. Please please with sugar on top (I know your fingers are itching hard to hit the keyboard),
please refrain from telling me that I forgot rising diff, changing exchange rate etc. No, I did not forget about that!

[coolcoinz]

There's only one question that I have for you. You had this account for quite some time and there were so many threads about this company. Why did you decide to give them money despite all the negative reviews? There was a dozen similar topics where people wanted to give them a try. Last one I read featured a guy whose lifetime contract was terminated after a year or something like that

[tonygal]

There's only one question that I have for you. You had this account for quite some time and there were so many threads about this company. Why did you decide to give them money despite all the negative reviews? There was a dozen similar topics where people wanted to give them a try. Last one I read featured a guy whose lifetime contract was terminated after a year or something like that

I have the impression most negative reviews are based on wrong investment decisions. If you buy an overpriced package and are therefore unable
to make a profit, that's not a basis for a complaint. So my first impression was that the company is legit and delivers what it promises. Just ppl cant calculate beforehand.
Maybe, and sadly I cant exclude that possibility, so maybe I did not make a thorough enough research and there are indeed scam accusations
against genesis. Would be great if you could provide links to the appob. threads so I can have a look.

Anyway, assuming legitimacy of GM for the moment, I am still quite confident that I will ROI.

[coolcoinz]

There's only one question that I have for you. You had this account for quite some time and there were so many threads about this company. Why did you decide to give them money despite all the negative reviews? There was a dozen similar topics where people wanted to give them a try. Last one I read featured a guy whose lifetime contract was terminated after a year or something like that

I have the impression most negative reviews are based on wrong investment decisions. If you buy an overpriced package and are therefore unable
to make a profit, that's not a basis for a complaint. So my first impression was that the company is legit and delivers what it promises. Just ppl cant calculate beforehand.
Maybe, and sadly I cant exclude that possibility, so maybe I did not make a thorough enough research and there are indeed scam accusations
against genesis. Would be great if you could provide links to the appob. threads so I can have a look.

Anyway, assuming legitimacy of GM for the moment, I am still quite confident that I will ROI.

I was talking about this particular post https://bitcointalk.org/index.php?topic=1803898.msg17978386#msg17978386
"We shut down your miner because with increasing difficulty is not profitable anymore to keep it on. You would have done the same if you had the miner in your home"
So I had a 1 year contract with them and the contract did finish right after 2.5 months passed for the above reason.

And here's the most recent thread about them https://bitcointalk.org/index.php?topic=1898552.0

[mrcash02]

You invested $2182, about 21 DASH coins. I just want to see if you will be able to recover at least 20 DASH coins from this investment...

I doubt about it, you could have more profit by holding your coins in your wallet, that is a fact. But looks you want to make an experiment, let's see. 

[tonygal]

I was talking about this particular post https://bitcointalk.org/index.php?topic=1803898.msg17978386#msg17978386
"We shut down your miner because with increasing difficulty is not profitable anymore to keep it on. You would have done the same if you had the miner in your home"
So I had a 1 year contract with them and the contract did finish right after 2.5 months passed for the above reason.

And here's the most recent thread about them https://bitcointalk.org/index.php?topic=1898552.0

Thanks, I'll have a look at it!

I doubt about it, you could have more profit by holding your coins in your wallet, that is a fact. But looks you want to make an experiment, let's see. 

Bullshit! Big bullshit!! That is your personal, subjective opinion. Might be the outcome, might not. This is what drives me crazy
about this forum. Many people state their opinion as facts. Why can't you just say "I think you could have made more profit by.."?
I don't say "I will make big profit, period. fact. shut up.", I'm honest in that I can't look into the future. Is it asked too much of
you guys to behave in a similarly reasonable way?