Genesis Mining experience!?

[Allgemeinetuts]

Hello,

honestly im a totally new to the whole topic with cryptocurrency mining and stuff. Recently i started to think about the oppurtinity as we all did, when we started.
I researched a lot of stuff like YouTube Videos, Blogs, Forums and so on and found at the end "Genesis Mining" which looks pretty legit to me.
I watched a few documentaries about them and everything seems really good to me, but on the other hand i really often read that they are scammers and stuff.

Now is my question: Who is acutally using Genesis Mining and who already was able to ROI?

Recently i found another thread here but it seems pretty outdated, thats the reason why i created this topic now
Since i started i do receive payouts but to reach ROI it would cost me around 280 days from now on, which is a really heavy number if i think about the FAQ on the website.

Hopefully i can activate a really nice dicussion about the topic itself and to earn more experience or another point of view about the whole stuff!

Thanks in advance

best regards

[1714630079]

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[1714630079]

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[1714630079]

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[1714630079]

1714630079

[Nagadota]

Alost no one reaches ROI with Genesis Mining, and if they did they were very, very lucky.

Genesis Mining is not a scam at all - I believe that they're mining - but they're a very shady and manipulative company which lays out their plans in such a way that they never see how much profit they make and how they're taking it from you.

Furthermore, they have these two-year plans which don't reach ROI, because they add new altcoins when they surge in price, making the plans look like they will reach ROI much quicker than they actually do once the difficulty catches up with the price.
Cloud mining is never reliable, safe nor particularly profitable.  You're always better off going for mining yourself, mining the most profitable altcoin with a GPU or mining Bitcoin with an ASIC if you have low electricity costs.

[fistfullofbtc]

ive posted a few times on here with my experience, i have done well just over 2 dash in 3 months so for 475 dollars not bad. customer service is good, but unfortunately the dash contracts have sold out. i think there are btc, xmr and eth. eth is not a bad deal i think at the moment, mining is risky, but if you buy a contract set it up and leave it, it is nice feeling checking your balance every month.

only you can make the descion whether to hodl a coin or coins, build your own brig or buy cloud mining, which i do recommended GM, they have been helpful to me. i mine myself, cloud mining and hold some coins so hopefully cover all bases, any other questions just ask.

[odolvlobo]

ive posted a few times on here with my experience, i have done well just over 2 dash in 3 months so for 475 dollars not bad.

But how many dash did the $475 contract cost? I bet it was more than 2. Three months ago dash was $50-$100, so did your 2 dash cost you 4.75 -9.5 dash?

[Immakillya]

Genesis is a legit cloudmining. But you'll lose your patience to this because it takes a lot of time to return your ROI. Also in my experience on cloudmining. They are not as stable as you think. They can just ran away with your money and never look back. Maybe if you are an early adopter. You can earn huge from them. But now, i don't think this is worth the money you invest.

[fistfullofbtc]

ive posted a few times on here with my experience, i have done well just over 2 dash in 3 months so for 475 dollars not bad.

But how many dash did the $475 contract cost? I bet it was more than 2. Three months ago dash was $50-$100, so did your 2 dash cost you 4.75 -9.5 dash?

it cost 0.39 btc, but there was so much volatility at the time i wanted a hedge. it is not GMs fault that profitability drops or btc went up. like i said they payout on time, respond to my email and fulfilled so far the service i wanted, and because i am not the at best trading i prefer mining.

[Allgemeinetuts]

Mhhh thanks a lot for the reply´s!
acutally im still really optimistic about the whole stuff and hopefully it will work well.
I mean i only invested around 50 bucks which is not that much and its a great way to earn some experience.
Honestly after i saw the Ethereum charts and the growth since 2015 i invested there aswell. Really looking forward for the upcoming month.

Any experience there?

[pixie85]

ive posted a few times on here with my experience, i have done well just over 2 dash in 3 months so for 475 dollars not bad.

But how many dash did the $475 contract cost? I bet it was more than 2. Three months ago dash was $50-$100, so did your 2 dash cost you 4.75 -9.5 dash?

it cost 0.39 btc, but there was so much volatility at the time i wanted a hedge. it is not GMs fault that profitability drops or btc went up. like i said they payout on time, respond to my email and fulfilled so far the service i wanted, and because i am not the at best trading i prefer mining.

But it's their fault that they choose to mislead customers offering them lifetime contracts that are not meant to last a lifetime. If your contract starts making very little profit they'll terminate it. Their system is based on borrowing money from customers and paying them back over a period of 1-2 years and then terminating the contract.

[xFiber]

It's definitely a legit cloud mining company if you really want to mess with cloud mining you should do it with genesis not hash flare or something. I think it can be profit already if you invest a significant investment to get started but I personally don't use it.

[fistfullofbtc]

ive posted a few times on here with my experience, i have done well just over 2 dash in 3 months so for 475 dollars not bad.

But how many dash did the $475 contract cost? I bet it was more than 2. Three months ago dash was $50-$100, so did your 2 dash cost you 4.75 -9.5 dash?

it cost 0.39 btc, but there was so much volatility at the time i wanted a hedge. it is not GMs fault that profitability drops or btc went up. like i said they payout on time, respond to my email and fulfilled so far the service i wanted, and because i am not the at best trading i prefer mining.

But it's their fault that they choose to mislead customers offering them lifetime contracts that are not meant to last a lifetime. If your contract starts making very little profit they'll terminate it. Their system is based on borrowing money from customers and paying them back over a period of 1-2 years and then terminating the contract.

i can't comment on lifetime contracts as i didn't have one, i don't want to mine btc, i prefer alts. i can only comment on my experience which has been good. i don't know if it is a ponzi etc, you could say that about loads of stuff really, coins etc. they seem to get a hard time, but zcash, dash, ltc contracts are all sold out. i looked at the eth one and for me to get 100 m/h rate cost me over 3k usd plus electricity. they offer a 2 year one for 2799 (plus discount) so on paper that is better than my rig.  some people don't want the hassle GM fills the gap.

 

[odolvlobo]

ive posted a few times on here with my experience, i have done well just over 2 dash in 3 months so for 475 dollars not bad.

But how many dash did the $475 contract cost? I bet it was more than 2. Three months ago dash was $50-$100, so did your 2 dash cost you 4.75 -9.5 dash?

it cost 0.39 btc, but there was so much volatility at the time i wanted a hedge. it is not GMs fault that profitability drops or btc went up. like i said they payout on time, respond to my email and fulfilled so far the service i wanted, and because i am not the at best trading i prefer mining.

So you paid 7 DASH in order to mine 2 DASH. That is typical with cloud mining, unfortunately.

[odolvlobo]

i looked at the eth one and for me to get 100 m/h rate cost me over 3k usd plus electricity. they offer a 2 year one for 2799 (plus discount) so on paper that is better than my rig.  some people don't want the hassle GM fills the gap.

A 100 MH/s contract costs $2799, or about 7.5 ETH. 100 MH/s currently mines 1.73 ETH per month, but the ETH difficulty is doubling every month, and at that rate of increase the most that 100 MH/s can ever mine is about 3.75 ETC.

You are paying 7.5 ETH to mine at most 3.75 ETH.

[Sadlife]

As far as i know and my experience with cloud mining is not very profitable the numbers that their displaying in their sites about the ROI is very wrong cause i wasn't able to take even back the total bitcoin that ive invested even more less from original amount of bitcoin that ive invested. Cloud mining and faucets s where i first started earning bitcoin and after a couple of months or i guess 1 and a half years i finally realize that this is not profitable. I suggest not investing in this ponzi scheme program to only steal your money, if you want to really earn bitcoin you join a sig campaign here, 15-30$ isn't so bad is it?

[mk4]

I'm 80% sure they aren't scammers. They actually do pay out.

The question is, is it worth it? Honestly you are better off just buying and holding bitcoins. Due to bitcoins volatility you can get profits in months, or even weeks. Whereas in genesis mining you'd have to wait like more than half a year to achieve ROI.

[xFiber]

I'm 80% sure they aren't scammers. They actually do pay out.

The question is, is it worth it? Honestly you are better off just buying and holding bitcoins. Due to bitcoins volatility you can get profits in months, or even weeks. Whereas in genesis mining you'd have to wait like more than half a year to achieve ROI.

Yea I see that reason all over the internet. Reaching ROI can be very much possible if you invest with a credit card and not with a crypto currency because at the time you end your contract bitcoin might be 2 times what it was back when you initially bought the contract.

[odolvlobo]

... Reaching ROI can be very much possible if you invest with a credit card and not with a crypto currency because at the time you end your contract bitcoin might be 2 times what it was back when you initially bought the contract.

The problem is that you will get more if you just buy the crypto instead of cloud mining, and you will have it immediately.

[italianMiner72]

Hello,

honestly im a totally new to the whole topic with cryptocurrency mining and stuff. Recently i started to think about the oppurtinity as we all did, when we started.
I researched a lot of stuff like YouTube Videos, Blogs, Forums and so on and found at the end "Genesis Mining" which looks pretty legit to me.
I watched a few documentaries about them and everything seems really good to me, but on the other hand i really often read that they are scammers and stuff.

Now is my question: Who is acutally using Genesis Mining and who already was able to ROI?

Recently i found another thread here but it seems pretty outdated, thats the reason why i created this topic now
Since i started i do receive payouts but to reach ROI it would cost me around 280 days from now on, which is a really heavy number if i think about the FAQ on the website.

Hopefully i can activate a really nice dicussion about the topic itself and to earn more experience or another point of view about the whole stuff!

Thanks in advance

best regards

i think cloud mining still a waste of time.
about using Genesis Mining i give you a really long thread where you can find more info about this service
https://bitcointalk.org/index.php?topic=1185909.0
Judge yourself...
and then decice what to do.

[rockem5]

It may be legit, but it is far from worth it. It's good maybe if you have like a Youtube channel whereas you can share your affiliate link. But definitely very not worth buying.

[carlisle1]

It may be legit, but it is far from worth it. It's good maybe if you have like a Youtube channel whereas you can share your affiliate link. But definitely very not worth buying.

for those who already using this service its really rising your money out from your pocket and let those scammers
to enjoy while newcomers are trying to find out if they will get some benefits using this mining investment.

[Panda Trump]

The problem with Genesis Mining is that it's basically nothing more than a scam, but a lot of people still made ROI with it, because bitcoin's price rose...

Take this example:

Person A buys a contract at Genesis Mining. As bitcoin price is $300, he pays BTC0.1 for a contract ($30 contract).
Person A then makes money with the contract. He got a whopping BTC0.07 with the contract! The price of BTC is now $3000.
Person A is happy, as he now got 0.07*3000 = $210 worth of bitcoins from an initial investment of $30!
Investment: $30
ROI: $180

But what if he just held BTC instead of buying a Genesis Mining contract? He would've had BTC0.1 instead of BTC0.07!
That means he would then have:
Investment: $30
ROI: $270

People make money from buying its contracts, ONLY because of the rising Bitcoin Price!

An awful thing about Genesis Mining too, is that it has a referal system... This referal system makes the people who refer people to the site earn money, which means that people love to advertise the site and create nonsense stories which attract newbies to the site.
Because of this opportunity to make money through refering you to Genesis Mining, they don't mind lying about it or creating bullshit stories. The only thing they want is making money!

Conclusion: Do not invest in Genesis Mining! It's COMPLETE CRAP!