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Author Topic: Genesis Mining ?  (Read 766 times)
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August 12, 2017, 09:43:55 PM
 #1

Hi all!
I have been looking into cloud mining, I know many are fake and never work however I have come across Genesis mining,

I stumbled across this video : https://www.youtube.com/watch?v=cVxi2CQcXZo and seemed convinced, the company seems open and transparent, and looking online people seem to be making a profit with a average ROI of around 200 days.

Well I opened an account and brought 1TH Bitcoin mining, costing (0.039 BTC) and should roughly generate approx 0.8USD daily, its a low start but is something.

I know that the difficulty always increases and my computing power (1TH) will produce less and less bitcoins, however bitcoins should go up in BTC/USD Value thus compensating the increased difficulty ? And if I reinvest the BTC daily payouts into more mining power then I will have essentially exponential growth.

Please let me know any thing I a missing here.

P.S If  you want to save 3% on any orders at genesis mining use my voucher code: syhVPm
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August 12, 2017, 10:25:54 PM
Merited by teramit (4), AdolfinWolf (1)
 #2

Genesis mining are very clever.  Here's how they do it:

1.  They show you graphs of people reaching ROI in USD value.  This is because those people invested before a dramatic increase in price.  The vast majority of these people do not reach ROI in the actual currency that they invested, but people only think of fiat so they invest anyway.

2.  The investor watches a certain amount of money enter their account each day.  They assumed that it would stay the same, but because the price can't rise exponentially forever, the difficulty gradually catches up to the price and their earnings decrease.

3.  Genesis' mysterious maintenance costs (which they don't explain in detail or put a percentage on) eventually outpace your earnings and they terminate your contract.  Then you have lost money and they have mining gear all to themselves.

What's so clever about it is that they offer many altcoin contracts, and they can trick newbies into it by advertising the altcoin which has surged the most in price recently.  Then they can offer the same unrealistic calculation that it will reach ROI in X number of days when in fact it doesn't.

You'd think that most people would figure out about this and stop investing, but that's why they came up with their affiliate program.  They have people like you to shill for their service for a small amount of BTC from the next sucker who wanders into their trap.
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August 12, 2017, 10:30:15 PM
 #3

I'm not here to say if Genesis Mining is worth it or not (I don't think it is), but you might want to read this thread: https://bitcointalk.org/index.php?topic=1185909.0  A good number of bitcointalk members are calling them out for being scammers, so be cautious a bit.

I think for Genesis Mining to actually be worth it, you would need to have alot of referrals or you would need to re-invest most of your earnings. That's why you see alot of semi-famous cryptocurrency YouTubers endorse their cloud mining referral links.

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August 12, 2017, 10:39:17 PM
 #4

It was surely not a good decision when genesis mining was newly introduced i had bought 10 th/s i don't exactly remember the price. Luckily i got my roi in a year and it continued to mine for the next 2 years or so finally my contract was terminated because of less revenue being received i was able to get at least 2.5 profit. I don't know if this was a good decision as difficulty has increased a lot since then



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cointabo
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August 16, 2017, 10:58:32 AM
 #5

Genesis Mining is legit, but their ROI is poor. You'll most likely end up getting your initial investment back, and thats it. Better to trade cryptocurrencies.
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August 16, 2017, 01:00:54 PM
 #6

If I were you, I would not invest my money into cloud mining sites, I would rather invest my money into trading altcoins, even if the cloud mining site are legit and real, I don't think you would get a lot of profit from them, with proper trades executed in trading, you could actually earned quite a nice profit from it, but of course there is always a risk to lose your money in trading too, trade within your own means.

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August 16, 2017, 02:22:43 PM
 #7

Genesis Mining is legit, but their ROI is poor. You'll most likely end up getting your initial investment back, and thats it. Better to trade cryptocurrencies.
Another person shilling for something that has been pointed out to be a scam years ago. If they are as legit as you say, can you explain why they never want to share their Bitcoin mining address(es)?

Every legitimate mining operation makes no problems out of these addresses since they are publicly visible anyway. For some miraculous reasons, GM's mining operations don't seem to exist ~ I think you can guess why......

People for once should avoid investing their hard earned cash/coins into something from which is obvious that it only fills the pockets of those running GM.

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August 16, 2017, 02:40:54 PM
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Newbie is always trying to find easy to make a profit but they don't know what their purpose why they are giving a free hashrate or why they are selling their hashrate? The fact they are just selling you hashrate but the roi in the will never be profitable . since the difficulty increase the risk also increase that you will never get your bitcoin back if you invest..
Mostly all of the cloud mining that i experience and invest before are scam never make any good profit instead regret in the end because i never get back my bitcoins that i thought i can earn a free profit just to invest a few bitcoins.. I realize that every thing in online needs to work in order to earn a good amount.. the risk in investment are too high so if you really want to try better to invest that you can afford to lose.. So that you will learn in the end that there is no free profit in the internet..

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October 27, 2017, 10:57:57 PM
 #9

If you are smart enough you would not be asking this kind of questions in this forum, you should knew from the very beggining that all the cloudmining's sites are scam, and there is nothing new with this.
Do you want to buy? well, invest your money on a real rig, there is no way that you can be scammed by this way because you are going to have control over your mining and hash power.
Dont put a penny in there, you are going to lose it.

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October 28, 2017, 11:20:27 PM
 #10

So you invested about $300 to get $0,78 everyday? let me tell you that you are so dumb mate, you can make easily 4x of that amount if you trade on Poloniex or Bittrex or if you just use that money to trade on forex.
Cloudmining is of the most easiest ways to get scammed, most of them will become scam in some months, or maybe years, but you need more than 400 days to reach your ROI, you dont even know if they are going to be online in 400 days.

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monkeydominicorobin
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October 29, 2017, 11:55:05 AM
 #11

Hi all!
I have been looking into cloud mining, I know many are fake and never work however I have come across Genesis mining,

I stumbled across this video : https://www.youtube.com/watch?v=cVxi2CQcXZo and seemed convinced, the company seems open and transparent, and looking online people seem to be making a profit with a average ROI of around 200 days.

Well I opened an account and brought 1TH Bitcoin mining, costing (0.039 BTC) and should roughly generate approx 0.8USD daily, its a low start but is something.

I know that the difficulty always increases and my computing power (1TH) will produce less and less bitcoins, however bitcoins should go up in BTC/USD Value thus compensating the increased difficulty ? And if I reinvest the BTC daily payouts into more mining power then I will have essentially exponential growth.

Please let me know any thing I a missing here.

P.S If  you want to save 3% on any orders at genesis mining use my voucher code: syhVPm

They are not transparent. If you have seen their supposed mining farm there are no routers present. Just be meticulous. You cannot mine without internet. There are no fire suppression equipment in their supposed mining farm. That is stupid. If you have seen the hangar which they are using to house the supposed mining farm. There are no high tension wires. No power substation. And industrial level transformers. No backup power facility. And look at the top comments on the video which you cited. Someone said that he still don't know how Marco built a Bitcoin Empire. Because he is a fraud. The title itself is misleading. And TED is a club of special snowflakes.

TiT Monkey
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March 19, 2018, 06:43:40 AM
 #12

To Genesis Mining...


you don't give me daily payout figures for XMR for 2 months now, you paid me 0.4 XMR 12 days ago that still hasn't arrived, 6 tickets and all you reply it IT is checking it, refund my bloody money or pay me my XMR, you could check the blockchain in 2 mins and pay me but still you don't, you are not a honest organisation!!!!

https://chainradar.com/xmr/transaction/0000000000000000000000000000000000000000000000000000000000000000 <---- the transaction joke!
cryptoguidepro
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June 02, 2018, 08:30:53 PM
 #13

Check out my review of Genesis Mining.

It's unbiased and is the best information you can find out here.

https://cryptoguidepro.com/genesis-cloud-mining-review-scam-or-legit/
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