Cloud mining - my experience

[tm2k]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

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[timerland]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

Yep. When difficulty goes up and prices go down, that's when genesis mining contracts just stop paying out.

Usually, in the first 1-2 months you'll receive ok-ish payouts. If those sort of payouts continue then you think that you could get a ROI and then go into profits within 6-7 months. But then after a few months the payouts will drop to almost nothing.

At the end, you could be looking at a terminated cloud mining contract because your payouts can't even be used to pay maintenance fees anymore. This is why we here tend to shy away from cloud mining and advise others to do so as well.

[carlfebz2]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

You should have expected for this thing to happen on the first time you do decide to invest into these cloud mining. Always think off on the mining difficulty because it doesnt decrease over time but rather it do increase so fast considering that there are lots of who do mine bitcoin expected for mining difficulty to rise up and in result. Profits on cloud mining would normally decrease as the time goes by reaching out ROI would be more longer on which you do anticipated.

[tm2k]

Thanks guys for your reply. Fingers crossed that there is not another btc drop to a new low and my contract will run as long as possible. At least only 1-2 months from now and I will reach my break even. So glad I didn't put more money into it. In the end I can say I was involved into btc mining but that s pretty much it. Is it the same with those other contracts as well like ETH or ZCASH where it is from start limited to 2 years without maintenance fees? Or is that even something you wouldn't recommend as well?

[Patatas]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

Do the same math : Had you invested in some Bitcoins instead of going for mining in mid-August,you could have gotten almost 50%+ ROI on your investment but no,people fancy mining. :/ I tell you remove your coins once you hit the break-even as the difficult will keep increasing and you're losing out on other earning opportunities.

Thanks guys for your reply. Fingers crossed that there is not another btc drop to a new low and my contract will run as long as possible. At least only 1-2 months from now and I will reach my break even. So glad I didn't put more money into it. In the end I can say I was involved into btc mining but that s pretty much it. Is it the same with those other contracts as well like ETH or ZCASH where it is from start limited to 2 years without maintenance fees? Or is that even something you wouldn't recommend as well?

Why would you want to go for third party mining services for notable alt's ? If you have too much money,set up your own mining rig,you'd make much more money that way.

[h0lybyte]

In fact, cloud minings had never been obtain a financial advantage since they appeared in market but as everyone wants to be into the new earning methods, so you did same and still you believe that you will have profits on your investments. I would say no, even you are not going to get your base deposit return, that's why members do nit suggest cloud minings. You should invest in bitcoin instead of losing this money with mining contracts

[timerland]

Thanks guys for your reply. Fingers crossed that there is not another btc drop to a new low and my contract will run as long as possible. At least only 1-2 months from now and I will reach my break even. So glad I didn't put more money into it. In the end I can say I was involved into btc mining but that s pretty much it. Is it the same with those other contracts as well like ETH or ZCASH where it is from start limited to 2 years without maintenance fees? Or is that even something you wouldn't recommend as well?

Alts are in a bubble right now, especially ETH, if that bubble bursts then same thing, you could be looking at a huge loss.

Also if you have noticed - they basically have access to your funds for around 3 months without any compensation. It says on Genesis Mining's site that mining will only commence 30/04/2018. They're not paying you anything during this time period in between now and then.

Plus, for the Ethereum contract you'd be looking at mining another coin instead of ETH before contract's expiry if Ethereum switches to PoS. You'll also be getting a lower hashrate because of the no maintenance fee, it's not like you're getting the same hashrate. Difficulty increases will still apply.

Get your money out of cloud mining, if you can, and break even. Don't look back.

[buwaytress]

Thanks guys for your reply. Fingers crossed that there is not another btc drop to a new low and my contract will run as long as possible. At least only 1-2 months from now and I will reach my break even. So glad I didn't put more money into it. In the end I can say I was involved into btc mining but that s pretty much it. Is it the same with those other contracts as well like ETH or ZCASH where it is from start limited to 2 years without maintenance fees? Or is that even something you wouldn't recommend as well?

Hopefully you've learnt your lesson; next time an opportunity comes along that looks good, do a little bit of your own due diligence. This forum would have put you off it had you checked here first. There's so much wrong with cloud mining setups, I've talked about them in other posts but this thread brings up another point: cloud mining contracts terminate after a period of no earnings, usually when difficulty is up, price is down, so you get 0 profit after "maintenance fees". But I wonder if they ever "revive" if the price suddenly climbs, or difficulty suddenly drops? They don't, of course!

This makes you see so easily that you should have just bought Bitcoin. Cloud mining simply doesn't work.

P.S. Just let your contract expire and take all you can and hold. Also, if you're getting daily payouts, you might want to take advantage of current network conditions to consolidate all the payments. Another bad side of cloud mining is the daily payouts... if you've been getting it since August you now have over 150 inputs fattening up your wallet.

[BlackPanda]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

You can see the scheme on the genesis website. But I feel that is not the right count, because I also feel that many people never get ROI. That is the hallmark of a cloud mining and I think all the cloud mining always does a calculation that does not fit the facts, even they only give hope by calculating all the things they have. A lot of cloud mining does not even have hardware, they just try to convince us all and eventually they run away with all the money we have. So do not ever be surprised to see that cloud mining will end up scam, it's all real and I even believe that 99% of cloud mining will only hurt us all as an investor.

Do other jobs that are much more useful, there is still much we can do and never be interested in investing in cloud mining !!

[richardsNY]

Do other jobs that are much more useful, there is still much we can do and never be interested in investing in cloud mining !!

That's the main problem -- people investing in cloud mining don't have any skills to utilize, and don't have any understanding of what for a losing game cloud mining is for the majority of the people. Cloud mining, and especially how paid shills advertise it on social media and YouTube, offers people a way to generate passive income, in potential. Passive income means that you earn money that doesn't involve any direct effort, and that's what people are looking for. It's basically a way (at least the people investing in cloud mining think so) to make money even if you are plain stupid and thus can't do anything else of productive nature....

[CyberKuro]

Thanks guys for your reply. Fingers crossed that there is not another btc drop to a new low and my contract will run as long as possible. At least only 1-2 months from now and I will reach my break even. So glad I didn't put more money into it. In the end I can say I was involved into btc mining but that s pretty much it. Is it the same with those other contracts as well like ETH or ZCASH where it is from start limited to 2 years without maintenance fees? Or is that even something you wouldn't recommend as well?

Genesis is a well known 'cloud mining service', even though there are many customers complain regarding missing or reduced payout. But, since the difficulty seems constantly increase due to many people/groups/companies get into mining business, bring in a lot of ASICs and GPU.
However, I believe you will reach the break-even point in 1-2 months as you said and then welcome to an endless profit. 30 TH/s is a huge hashrate imo, the profit will always flow into your wallet. You can calculate how much 30 TH/s can generate through some website such as coinwarz or cryptocompare, check this out: https://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=30000.00&p=0&pc=0.10&pf=7&d=2874674234415.94000000&r=12.50000000&er=8688.60000000&hc=0.00 30TH/s can generate BTC0.078725/month at current difficulty.

[magneto]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

Yep, I've been in the same boat before with this. I didn't even make ROI on my investment, even though bitcoin was going up because the difficulty of mining was simply just going up even faster than the rate of BTC.

So I've not had a good experience with Genesis Mining at all, and other mining companies.

If you are just waiting on ROI now and it'll take you around 1-2 months, then firstly, expect to see a sharp drop in your profits because that's what usually happens. I don't even know, if it's related to difficulty or not. Genesis mining just seems to take away from your profits once your contract is about to be done. Hey, at least you made some money back instead of none at all.

It's not a stupid decision to make, it's just a newbie mistake to make.

[pixie85]

Why did you give them your money? THere are so many stories similar to yours and many warnings about investing in cloud mining companies. Maybe for every 20 warnings and negative experiences you'll find one that's positive. That should be telling you something. You brought this onto yourself OP by ignoring the warning signs.

[arpon11]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

I don't do cloud mining and I only do investment and lending! I think it is very difficult for one to make it in cloud mining and majority of them are scam and have scammed people with their hard earned money. A friend of mine that invest in cloud mining is seriously regretting today and since January last year he has not getting hope of getting his investment back.

[shield132]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

Yep. When difficulty goes up and prices go down, that's when genesis mining contracts just stop paying out.

Usually, in the first 1-2 months you'll receive ok-ish payouts. If those sort of payouts continue then you think that you could get a ROI and then go into profits within 6-7 months. But then after a few months the payouts will drop to almost nothing.

At the end, you could be looking at a terminated cloud mining contract because your payouts can't even be used to pay maintenance fees anymore. This is why we here tend to shy away from cloud mining and advise others to do so as well.

Great answer, yeah, that's how genesis works and it's already proven scam here, just see some old threads.
For cloud mining I would choose one which has option of selling hashrates, for example hashnest and viabtc. At least you will get your money back when you sell hashrate (price of hashrate changes, depends on coin's price + difficulty, if you are lucky you can sell them highly).

[npredtorch]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

Yep. When difficulty goes up and prices go down, that's when genesis mining contracts just stop paying out.

Usually, in the first 1-2 months you'll receive ok-ish payouts. If those sort of payouts continue then you think that you could get a ROI and then go into profits within 6-7 months. But then after a few months the payouts will drop to almost nothing.

At the end, you could be looking at a terminated cloud mining contract because your payouts can't even be used to pay maintenance fees anymore. This is why we here tend to shy away from cloud mining and advise others to do so as well.

Great answer, yeah, that's how genesis works and it's already proven scam here, just see some old threads.
For cloud mining I would choose one which has option of selling hashrates, for example hashnest and viabtc. At least you will get your money back when you sell hashrate (price of hashrate changes, depends on coin's price + difficulty, if you are lucky you can sell them highly).

As for my personal experience on hashnest, there are only a rare times for hashrates to increase in price.
That scenario is due to the fact (we all know) that difficulty increases overtime.  Moreover, it can't propel high enough to be compared in coin/token trading.
Selling out commonly means "to break even or to gain back parts of your investment."

[SamsungBitcoin]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

I think you did not compute the percentage ROI for their contract that is why you invest in this cloud mining, yes genesis is still legit but their contract is not recommended to invest because you money will sleep for long period of time in their contract while if you invest that in trading you can able to get much higher and faster income. Also the risk is very high because mostly in cloud mining they are getting to be scam for long period of existence.

[stomachgrowls]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

I think you did not compute the percentage ROI for their contract that is why you invest in this cloud mining, yes genesis is still legit but their contract is not recommended to invest because you money will sleep for long period of time in their contract while if you invest that in trading you can able to get much higher and faster income. Also the risk is very high because mostly in cloud mining they are getting to be scam for long period of existence.

Nowadays, it is so hard to trust to those cloud mining website because it's so mainstream and the people who manage those websites are scamming more people. Even if you calculated your ROI on them they will find a new way to really not get something from them. It's like you are paying for their services the longer you use it the more you will be paying and that's why you will not gonna get your ROI because of their contract that will tend to expire when the mining difficult raised.

[drachman]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

Do the same math : Had you invested in some Bitcoins instead of going for mining in mid-August,you could have gotten almost 50%+ ROI on your investment but no,people fancy mining. :/ I tell you remove your coins once you hit the break-even as the difficult will keep increasing and you're losing out on other earning opportunities.

This is a classic example of opportunity cost, we make a choice and then we realize we made a mistake and we should have chosen another option, also it is an example of keeping it simple, I'm not a good trader and I'm not an expert on crypto to be able to tell the next big thing, so I just buy bitcoin and I hold and that has been enough to give me good and easy profits.

[Rahar02]

Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?

Yep. When difficulty goes up and prices go down, that's when genesis mining contracts just stop paying out.

Usually, in the first 1-2 months you'll receive ok-ish payouts. If those sort of payouts continue then you think that you could get a ROI and then go into profits within 6-7 months. But then after a few months the payouts will drop to almost nothing.

Obviously, if difficulty goes up but bitcoin price goes down genesis mining give 60 dayss before shut down the contract if your hashrate can't pay the maintenance fees or it's not profitable anymore. Usd dollar, this is the Fiat currency for Bitcoin, if usd dollar is worth Shit for 60 days straight the contract may stop. But, I don't think it's possible if you have enough hashrate to generate bitcoin.

At the end, you could be looking at a terminated cloud mining contract because your payouts can't even be used to pay maintenance fees anymore. This is why we here tend to shy away from cloud mining and advise others to do so as well.

30 Th/s is a huge hashrate imo, you need more than $4000 to purchase it and can generate $729/month or $8872/year at the current rate ($9262).