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Author Topic: Genesis Mining not paying out  (Read 1361 times)
txfxtrader
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August 31, 2017, 10:02:55 PM
 #1

I purchased a ETH 4.0000 MH/s contract on 6/28/17 and have been paid twice since then in BTC. I have contacted them 2 separate times and they have failed to respond about payouts not being sent. My understanding is that Genesis was suppose to pay out daily. Can someone please explain what the heck is going on with this company?
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August 31, 2017, 10:32:20 PM
 #2

I quoted their last post in the ANN thread below. It seems that it's not only you who is not receiving a payout these past few weeks. I've seen some posts from other investors in the thread about delayed payouts, errors in the site, and no answer from support. For the latest news, I've seen their blog about the return of the daily payouts, you should read it for a more accurate information. http://blog.genesis-mining.com/return-daily-payouts

We're investigating all missing payouts and if you opened a ticket then we will assist you as soon as we can. We are handling tickets as fast as we can, with more people then before, making more hours then before, but still it can take much longer then you are used to from us. We will pay out what was mined, even if it takes longer, and the Two-Day Bulk payouts are being processed as scheduled. Some people get a transaction error or something similar on the most recent BTC payout. Those payouts have been processed on our side, but further distribution of the transaction data into the blockchain can take considerable time nowadays, as we have seen quite a few times before, causing temporary "transaction unknown" errors and such. There is nothing we can do to speed up since we do not have any control over the blockchain. It could take several hours still, but the transaction data will pop up in a block explorer (and of course the payment in your wallet) eventually.
In the mean time we are still doing infrastructure upgrades and are working very hard to get back to our daily payout routine, and we are working very hard to handle tickets and concerns as fast as we can.

--

Your Genesis Mining Team

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August 31, 2017, 11:22:01 PM
 #3

Looks like their style the same as scrypt.cc this will be turn into scam and i think this is just the same as other cloud mining site that purpose is to let other people to trust their service but in the end turn into scam. and i don't think they can pay other people but i believe this genesis mining will be scam If you had a chance to withdraw better to don't invest again..

=Bitcoin is going to crash? base on other analysis so expect for huge drop=
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September 01, 2017, 03:43:44 AM
 #4

Looks like soon genesis mining will also turn into another scam and will be added under scam sites in bitcoin niche. No any cloud mining platform can run for lifetime because their business model is just like that of other hyips.

I will never invest in cloud mining and will also suggest other to stay away from cloud mining sites.

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September 01, 2017, 05:09:29 AM
 #5

Since i am not new to know cloud mining schems schedule,i would not recommend investing magnanimously in any mining website.
I have already kept myself avoiding from inappropriate miners,now we can analyse results clearly as most invsters have complaints.

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September 01, 2017, 05:45:17 AM
 #6

If only there was a way to find out how many new users are investing in Genesis contracts. Because if theres a fall in getting new money coming in, they would have to hold payment or they would have to pay their users from their own profit margins, which is really very small.

BTC mining has small profit margins. A small bump in difficulty could make them from being slightly profitable to a losing operation.



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September 01, 2017, 06:59:29 AM
 #7

Yes it is true that they are having issues on processing withdrawals everyday but that can also be some technical issues they are going through or their mining rigs got into maintenance mood for few hours or days.

If they are selling more hash power than they actually own like I have doubt before then within next few months they might be known as another scam cloud mining sites. Its always risky to invest into cloud mining sites.

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September 01, 2017, 07:37:26 AM
 #8

I purchased a ETH 4.0000 MH/s contract on 6/28/17 and have been paid twice since then in BTC. I have contacted them 2 separate times and they have failed to respond about payouts not being sent. My understanding is that Genesis was suppose to pay out daily. Can someone please explain what the heck is going on with this company?

This is pretty much an issue that everyone is having with genesis mining right now. As others have said, if you look onto their announcement/discussion thread, you will see many more people having the same issue.

I would definitely wait for their support to respond. They might be slow to respond(and i have used them so i know that they are slower than usual), but they will definitely respond eventually. Especially when they have recognized the problems themselves.

Just a heads up, though. Cloud mining is not a long term, profitable investment vehicle. Don't expect any sizeable returns from it, at all.

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September 01, 2017, 10:08:04 AM
 #9

This why i don't trust any cloud mining site because after the price of bitcoin increasing more there are cloud mining site will turn into scam.
And their support will be more worst and never get replied.
You should understand here in the internet there is no business that they are just let your invest and earn profit..
Its obvious if you seen an cloud mining or investment sites they purpose is to get trust by other and let bitcoin user to invest in their business and the end they will scam if they get the target..

..Decision from segwit2x is not Final..
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September 01, 2017, 10:46:35 AM
 #10

Hmmmm...Hmmmmm...Hmmmm.. this is why I keep on saying that don't ever invest into a cloud mining though others are saying that it is a "legit" one. After hashocean ran away with so big amount of investments and made their investors trusted them for years and just dropped that trust and worked for their own shady purpose.

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September 01, 2017, 11:48:24 AM
 #11

I quoted their last post in the ANN thread below. It seems that it's not only you who is not receiving a payout these past few weeks. I've seen some posts from other investors in the thread about delayed payouts, errors in the site, and no answer from support. For the latest news, I've seen their blog about the return of the daily payouts, you should read it for a more accurate information. http://blog.genesis-mining.com/return-daily-payouts

We're investigating all missing payouts and if you opened a ticket then we will assist you as soon as we can. We are handling tickets as fast as we can, with more people then before, making more hours then before, but still it can take much longer then you are used to from us. We will pay out what was mined, even if it takes longer, and the Two-Day Bulk payouts are being processed as scheduled. Some people get a transaction error or something similar on the most recent BTC payout. Those payouts have been processed on our side, but further distribution of the transaction data into the blockchain can take considerable time nowadays, as we have seen quite a few times before, causing temporary "transaction unknown" errors and such. There is nothing we can do to speed up since we do not have any control over the blockchain. It could take several hours still, but the transaction data will pop up in a block explorer (and of course the payment in your wallet) eventually.
In the mean time we are still doing infrastructure upgrades and are working very hard to get back to our daily payout routine, and we are working very hard to handle tickets and concerns as fast as we can.

--

Your Genesis Mining Team
this is the thing that will make many people fear. there has been no confirmation of what will happen next. so I think cloud mining is indeed a high-risk investment, it's been predicted from far-away days. here maybe we can only wait until there is a statement that is encouraging and also not harmful. there are many users who join this investment and they are the ones who deserve their rights.

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September 01, 2017, 12:05:20 PM
 #12

If you have only bought 4 Megahash it is too little to get payout everyday from them. They will come up with the rising difficulty of Ethereum which is going up every 2 weeks now so that must be why you are not getting a payout.


If the number 4.0000 means 4k Megahash then it might be something wrong here but I doubt you have purchased 4 Gigahash of Ethereum so must be the reason I said above.




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September 01, 2017, 12:14:26 PM
 #13

At the start, Genesis mining has a good reputation for its cloud mining platform and that is the time where BTC are at a low value and the Ethereum had a low rate of hash difficulty and they are a good payer to their investor with up to date payments.
But now the BTC and ETH are inflated i guess they now got in trouble because i believe they seems have a very little margin of profit and cloudmining operation was just a fraud maybe they are into some HYIP scheme or lending service. Sooner or later they will just say "our site was hacked" and that would be the beginning of Genesis's end.

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September 01, 2017, 07:15:21 PM
 #14

Since i am not new to know cloud mining schems schedule,i would not recommend investing magnanimously in any mining website.
I have already kept myself avoiding from inappropriate miners,now we can analyse results clearly as most invsters have complaints.

I if you analyze it clearly regarding the complaints, that really revealed how this mining was really a type of ponzi scheme. They haven't replying to those complains from people who made serious investments to them, so no one could ever think that their sincere with their service to the investors who trusted them several times. How crap are these host of the cloud mining schems, and that unacceptable act should be reported so that scam accusations will be charged to site owner. Genesis mining previously considered as scam in every forum discussions here since last year's talk, but other people is really hard headed and wanted to explore investments in mining which actually brought them to ponzi scheme situations.

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September 01, 2017, 09:59:35 PM
 #15

I purchased a ETH 4.0000 MH/s contract on 6/28/17 and have been paid twice since then in BTC. I have contacted them 2 separate times and they have failed to respond about payouts not being sent. My understanding is that Genesis was suppose to pay out daily. Can someone please explain what the heck is going on with this company?

" Payout Schedule Update
Category / Press releases / Mining
Published on 07.08.2017.
We are sorry for the delayed payouts that you experienced in the last two weeks. The reason is that we were required to rebuild our server infrastructure after a security breach that happened two weeks ago. The mining operation itself is not (and never was) affected by this. That said, we are conducting another bulk payment today (7th of August), covering all three previous mining days (4th, 5th & 6th of August). They should pop up in your wallet shortly.

 
Furthermore, until all website issues and the payout backlog problems are solved, we will temporarily switch to a new payout schedule: Instead of paying out daily, we will payout all funds every two days – so the next payout is scheduled for the 9th of August, covering the payouts of 7th and 8th of August. This is only a measure to take pressure off the daily routine until we are sure that our infrastructure is again capable of performing without problems; we will then return to daily payouts as soon as possible. "

"
Return to daily payouts
Category / Press releases
Published on 31.08.2017.
Hey miners! We’re glad to announce that we’ve returned to our daily payout schedule! Thank you for your patience in the last weeks — We strive to be the best hashpower provider in the world and as any business in this new industry we’re hit with unexpected challenges and downtimes.

 

Some of you are still missing past Monero, Ethereum and balanced credit card payouts and we want to assure you that our IT and Customer Service team is working hard to get them to you.
 
Genesis Mining provides payouts for over a dozen different and independent cryptocurrencies and we want to assure you that not a single payout gets lost on the way. We’re carefully tracking all user balances and cryptocurrency blockchains and a missing transaction does not imply that funds are lost or won’t be paid out eventually.
 
As all of these blockchain protocols and networks are in constant development we not only need to keep every single software daemon updated, but also carefully stress test its capabilities as no software is ever bug free or immune to overload. Additionally, each protocol network can suffer enormous pressure and transaction congestions at certain times as happened in the past. Some of these challenges are easily fixed in bulk, others need to be carefully reviewed one by one.
 
Please also note that there’s always a certain delay until transactions are propagated to their networks and finally confirmed, which leads some Block Explorers to show errors or completely missing transactions if searched for via a transaction hash.
 
As usual, the mining operation itself continues to work and is not affected by any payout delays. If you think you’re missing a payout and opened a ticket, our customer service team will assist you as soon as they can.
 
In the meantime we’re improving the overall service user experience and our mining team is busy ramping up new hashpower for Bitcoin, Litecoin & Dash. We’re also looking into enabling Bitcoin Cash mining and will update you on the overall progress in the coming days.
 
Thank you for your support!
– Your Genesis Mining Team "


http://blog.genesis-mining.com/return-daily-payouts


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This is an investment that is very difficult to make a profit.

maeusi
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September 01, 2017, 11:22:09 PM
 #16

Are the payout issues only on ETH and Monero or also other cryptos like Dash and BTC? Saw also issues on exchangers with ETH the last weeks. Hope for you, that you recieve your Coins.
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September 01, 2017, 11:57:57 PM
 #17

Are the payout issues only on ETH and Monero or also other cryptos like Dash and BTC? Saw also issues on exchangers with ETH the last weeks. Hope for you, that you recieve your Coins.
I think this cloud mining will be turn into scam. that honestly never trust them before because what is the purposes giving hash to other people..
Its obvious that they are just want other people to invest and scam in the end and never trust them because already experience it many times and never made any profit. .


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tippytoes
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September 02, 2017, 12:05:20 AM
 #18

Just one piece of advice - don't invest in cloud mining ever again. Even if they are legit, authentic or well-known website, you can't get your ROI in your expected time and worst, your investments will not be returned. I've had my fair share in cloud mining investments in different websites including Genesis, and I didn't get back my investments. That's hard lesson for me.
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September 02, 2017, 12:47:38 AM
 #19

Are the payout issues only on ETH and Monero or also other cryptos like Dash and BTC? Saw also issues on exchangers with ETH the last weeks. Hope for you, that you recieve your Coins.
I think this cloud mining will be turn into scam. that honestly never trust them before because what is the purposes giving hash to other people..
Its obvious that they are just want other people to invest and scam in the end and never trust them because already experience it many times and never made any profit. .

These contracts are long term one and no one knows what will happen to these businesses in next one or two years. So it is better you buy your mining hardware to mine instead wasting money in these online mining sites. Soon or later they will stop this business and all investors are going to lose money.

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Weawant
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September 02, 2017, 04:01:23 AM
 #20

Are the payout issues only on ETH and Monero or also other cryptos like Dash and BTC? Saw also issues on exchangers with ETH the last weeks. Hope for you, that you recieve your Coins.
I think this cloud mining will be turn into scam. that honestly never trust them before because what is the purposes giving hash to other people..
Its obvious that they are just want other people to invest and scam in the end and never trust them because already experience it many times and never made any profit. .

These contracts are long term one and no one knows what will happen to these businesses in next one or two years. So it is better you buy your mining hardware to mine instead wasting money in these online mining sites. Soon or later they will stop this business and all investors are going to lose money.

That is one of the best idea they should do and they must try for thereself to grab some latest mining hardwares if they want to earn from mining, since investing our money on genisis and or any other long time cloudmining site is so risky since we doesn't know on when would they last and how could they stand for this continue rising of dificulty on each alt that they have been mined.



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