Genesis Mining: Long-time review

[andyblocks]

Thanks for sharing your experience. I myself would not invest, not only because of all the risks surrounding cloud mining, but also because I suspect that the only people getting good ROI are those involved in large referral campaigns.

[fistfullofbtc]

as per other thread my btc would have made more money, but i like to spread the risk. the service i get though is good though.

[tonygal]

New data guys!!

Income after 64 days: 0.44844309 BTC
Percentage of ROI: 23,99 %
Estimate days to breakeven (total): 266
Estimate days to breakeven (remaining): 202

[darthmaul]

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!

Its not new to hear such review about genesis mining. Obvious thing is there are many more such neg trust reviews in the forum itself. Some of them claim having good returns some of them say negative things, genesis has ended up with dilemma kinda situation. With my point of view no mining site can provide you returns with zero or infinity hash rate. Its really not doable, when they are out of investments they tend to scam everyone on their network leading complete dishonest behaviour towards their customers or shareholders. Its better to stay away from any kind of cloud mining.

[fistfullofbtc]

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!

this is what pisses me off about bitcointalk, so many people who shout the loudest think their points are always right. Empty vessels make the most noise springs to mind.

 Well i am about 1 month off roi, taken about 3-4 months, i paid 475 dollars for a 100 m/h x11  contract.

im not a GM shill maybe i bought at the right time or wrong time but lets face facts you are wrong, 1 single person will get there roi back and still 1.5 years left lol

|https://thumbsnap.com/ZTyrvA6W[/img]

[tonygal]

@fistfullofbtc: People will (partially understandably) complain that you ROIed only in $.
That's considered easy.
The more difficult part is to ROI in BTC, as otherwise buying BTC would have been
better.
$-wise I'm also at > 50%, but I will wait until I'm at ROI BTC-wise before I report
a successful investment.

[Panda Trump]

@fistfullofbtc: People will (partially understandably) complain that you ROIed only in $.
That's considered easy.
The more difficult part is to ROI in BTC, as otherwise buying BTC would have been
better.
$-wise I'm also at > 50%, but I will wait until I'm at ROI BTC-wise before I report
a successful investment.

He only advertises Genesis Mining because of his referal link. I tried discussing with him, but it won't help. He doesn't even listen to your arguments. He knows it's a scam, but he's just too much in for the money to stop advertising his referal link. Please help me give Negative Feedback on all these people advertising scams.

Thanks in advance!

Regards,
Trump

[fistfullofbtc]

@fistfullofbtc: People will (partially understandably) complain that you ROIed only in $.
That's considered easy.
The more difficult part is to ROI in BTC, as otherwise buying BTC would have been
better.
$-wise I'm also at > 50%, but I will wait until I'm at ROI BTC-wise before I report
a successful investment.

He only advertises Genesis Mining because of his referal link. I tried discussing with him, but it won't help. He doesn't even listen to your arguments. He knows it's a scam, but he's just too much in for the money to stop advertising his referal link. Please help me give Negative Feedback on all these people advertising scams.

Thanks in advance!

Regards,
Trump

you don't discuss you are entrenched in your own viewpoint and won't even consider anything else. a trait found in people with autism, something you repeat in multiple threads for a unknown cause. i work out my earnings in usd, because when i cash out that is the real world figure. i bought in btc because at the time btc was unstable and dash seemed a better bet, but x11 miners were sold out world wide so bought a contract. yes if i bought dash maybe i make more money or even kept btc, but hindsight is a great tool to argue with as it never proves you wrong. like i said people want to mine but don't want a rig so but cloud mining. btc has gone up .

your arguments seem to be a mix of hindsight, hearsay and the most obtuse statements made to man. i stopped commenting on the other thread because it was embarrassing trying to get any viewpoint across to you but you still try and try and try. i am starting to think you are either a gm competitor or have some sort of vendetta against them.

[tonygal]

Weekend is accounting day!! 

Income after 71 days: 0.48914451 BTC
Percentage of ROI: 26,17 %
Estimate days to breakeven (total): 271
Estimate days to breakeven (remaining): 200

[Panda Trump]

@fistfullofbtc: People will (partially understandably) complain that you ROIed only in $.
That's considered easy.
The more difficult part is to ROI in BTC, as otherwise buying BTC would have been
better.
$-wise I'm also at > 50%, but I will wait until I'm at ROI BTC-wise before I report
a successful investment.

He only advertises Genesis Mining because of his referal link. I tried discussing with him, but it won't help. He doesn't even listen to your arguments. He knows it's a scam, but he's just too much in for the money to stop advertising his referal link. Please help me give Negative Feedback on all these people advertising scams.

Thanks in advance!

Regards,
Trump

you don't discuss you are entrenched in your own viewpoint and won't even consider anything else. a trait found in people with autism, something you repeat in multiple threads for a unknown cause. i work out my earnings in usd, because when i cash out that is the real world figure. i bought in btc because at the time btc was unstable and dash seemed a better bet, but x11 miners were sold out world wide so bought a contract. yes if i bought dash maybe i make more money or even kept btc, but hindsight is a great tool to argue with as it never proves you wrong. like i said people want to mine but don't want a rig so but cloud mining. btc has gone up .

your arguments seem to be a mix of hindsight, hearsay and the most obtuse statements made to man. i stopped commenting on the other thread because it was embarrassing trying to get any viewpoint across to you but you still try and try and try. i am starting to think you are either a gm competitor or have some sort of vendetta against them.

I'm not discussing and I'm just entrenched in my own viewpoint? I don't think so. I would love to accept other viewpoints and I listen to what you say. If you actually game with a good argument for why GM isn't a scam, I would accept that and I would no longer see GM as a scam.
But you aren't bringing any decent arguments! I've given you any argument needed to prove GM has never actually given ROI on someone's mined cryptocurrency, which is essentially how Genesis Mining makes profit.

You buy a contract for 10 BTC at $1000/BTC. You get 5 BTC at $4000/BTC, making you a fiat ROI of 100%, but a real ROI of -50%. Obviously, Genesis Mining is holding these 5 BTC outof your sight and they just profited on you...
This is what they do and it is a scam. Pure scam.

This guy is proving that it is a scam, although it takes months ofcourse, before the final result is shown. I can guarantee you this: He won't make ROI on his BTC!


Also, I know that people want to cloudmine, but it's stupid to trust scams like GM with your money. It would be better to invest it in real cloudmining companies, like NiceHash.com

Regards,
Trump

[npredtorch]

IMO being ROI'd in $ is not really the ROI that we are wanting for to determine whether the platform you've invested on is a legit and successful one. People will still have profits even just keeping their bitcoins on their wallets. The increase in bitcoin price is the reason  and that is it.

[brobbel]

IMO being ROI'd in $ is not really the ROI that we are wanting for to determine whether the platform you've invested on is a legit and successful one. People will still have profits even just keeping their bitcoins on their wallets. The increase in bitcoin price is the reason  and that is it.

That's why OP stated everything in BTC. The other guy in the thread mentioned his earning in $ and was corrected about this, but OP is always referring at the BTC earnings.

So, when his BTC earnings are above his initial payment, then it was a better deal then just holding. If not, it was not. Only it will take a long time before we see the final results.

[npredtorch]

IMO being ROI'd in $ is not really the ROI that we are wanting for to determine whether the platform you've invested on is a legit and successful one. People will still have profits even just keeping their bitcoins on their wallets. The increase in bitcoin price is the reason  and that is it.

That's why OP stated everything in BTC. The other guy in the thread mentioned his earning in $ and was corrected about this, but OP is always referring at the BTC earnings.

So, when his BTC earnings are above his initial payment, then it was a better deal then just holding. If not, it was not. Only it will take a long time before we see the final results.

Yes, that is right. That's just my opinion I stated and not really for the OP or for fistfullofbtc  . Thanks

[tonygal]

I'm not going into the repeating and ever repeeaaaating arguments about impossibility of ROI without
much reference to my review project.
I'd prefer if this would happen in another thread and not mine, but well yeah, many people see the
necessity of telling their convictions to the world. So, sure, go on guys..

Here new data, but already some days old:
Income after 84 days: 0.52038233 BTC
Percentage of ROI: 27,84 %
Estimate days to breakeven (total): 301
Estimate days to breakeven (remaining): 217

[tonygal]

Hey guys, I want to make you aware that the last payout I received was from July 20.
This concerns my Dash payouts as well as my BTC payouts (I have another BTC mining contract,
but of course I keep any payouts from this contract totally seperate from the Dash payouts
this thread is about!)
I'm a little bit worried as this is the first time something like this happens...

[Xavofat]

Hey guys, I want to make you aware that the last payout I received was from July 20.
This concerns my Dash payouts as well as my BTC payouts (I have another BTC mining contract,
but of course I keep any payouts from this contract totally seperate from the Dash payouts
this thread is about!)
I'm a little bit worried as this is the first time something like this happens...

That was around the same time that BIP 91 locked in.

It could be causing blockchain disruption, so initially the forum issued a warning to require more confirmations than usual before trusting transactions.  Now it says that "BIP 91 seems stable", but there are still exchanges which require additional confirmations before trusting your deposits.

It's possible that Genesis Mining is withholding payouts from now until after August 1st as passed and there is a clear "winning" chain.

To be professional they should really have notified you about this and made an official statement, but I wouldn't worry too much until about a few days after August 1st.

[brobbel]

Hello miners,
 
We have been experiencing some technical difficulties in the past few days. As a result user balances were not shown correctly and the functionality of the website has been reduced, including the login option.

This is representing a bigger challenge than expected, but our IT Team is currently working on solving the issues. This situation has also forced us to hold payouts since the last 20th of July, but they will be released to your wallets (or balance) as soon as the situation is stabilized. We expect to have everything solved (payouts included) during this week.

Also, we are getting lots of tickets due to this, so our response time may not be as quick as you are used to from us. We will handle all tickets of course.

We apologize for all this inconvenience, and thank you for your patience and understanding.



--

Your Genesis Mining Team

[brobbel]

Congratulations on your activity, it makes me really happy to see this kind of examples that you are making.
We need more people like you in the comunity and less people who just say...NO ITS A SCAM to everything.
Congratulations on putting your words in action!

 Sorry to break it to you, buddy, but it's turned into yet another scam.

Sorry to break it to you, buddy, but you're completely wrong.

http://blog.genesis-mining.com/genesis-mining-service-update

I'm happy the way they communicated this and they already started to pay again, the same way they mention in their blog.

[Friladon]

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!

this is what pisses me off about bitcointalk, so many people who shout the loudest think their points are always right. Empty vessels make the most noise springs to mind.

 Well i am about 1 month off roi, taken about 3-4 months, i paid 475 dollars for a 100 m/h x11  contract.

im not a GM shill maybe i bought at the right time or wrong time but lets face facts you are wrong, 1 single person will get there roi back and still 1.5 years left lol

|https://thumbsnap.com/ZTyrvA6W[/img]

I can tell I invested in Genesis a few years ago. And no it's was not profitable then, nor is it profitable now. If you held/hold your bitcoin you will end up getting more income then investing in ANY kind cloud mining.
And believe me I've tried them ALL LTCgear, GAW, Hashie.co, Hashnest, Genesis and EObot.

[savioroshan]

I don't know why people think genesis mining is a scam. For me I reached my roi within one year. If anybody wants proof , I can show that. I invested nearly 600 dollars last year april and received nearly 1200 dollars. But Instead of investing in this , if I had bought a bitcoin with that money definitely I would have got more profit because when I invested the rate of one bitcoin was nearly 320 dollars. My profit was less from genesis mining , but the point is I got profit .