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Author Topic: Genesis mining just collapse?  (Read 226 times)
Paractor
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March 15, 2018, 02:28:42 AM
 #1

I heard on a gambling website when someone on their chat room from a person who has been telling of the formations of bitcoin's ups and downs announced that genesis mining went under.
Any truth to this speculation statement?

I am not with them so can not log in to an account to verify this is true.
From what they tell their customers in a news announcement usually when you log into the site.

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March 15, 2018, 04:43:29 AM
Merited by suchmoon (1)
 #2

I wouldn't call it "collapse", but they just recently received a cease-and-desist order.

More about it here: Crypto Miner Genesis Hit With Cease-and-Desist Order
or here: South Carolina Wants To Ban Genesis Mining Over Unregistered Securities

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March 15, 2018, 10:12:22 AM
 #3

It would take a lot more than that to collapse Genesis. It's literally a giant corporation with so much hardware and finances to back them up. As user above says, they were asked to stop in one US state, doesn't mean they can't just pack up their mining rigs and ship them off elsewhere. Sure, they'll lose some profits for a few weeks at most, but trust me, they are going to find a way to get back to profitability. Worse still, they will likely pass the losses on to their customers by suddenly saying "contracts now not profitable". In fact, that's the easy way out. Just see what happens with all these cloud mining scams.

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March 15, 2018, 12:36:05 PM
 #4

Cloud mining contracts and company themselves are quite unstable because of their unstable business model and lack of transparency.

Legal pressure around ICO, mining are also growing and this is one early example of legal threat to cyrpto mining. With the recent shutdown of bitconnect which is just another story, government are looking seriously at other cloud mining business which are offering profit over virtual mining like genesis mining.

Genesis mining is still running but I don't have and will never have any investment there, so even if GM goes off I will not be surprised.
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March 15, 2018, 12:44:52 PM
 #5

Genesis and every other cloud mining are businesses that are not profitable. No one has ever made ROI with them except the ones that joined in the early days. Later Genesis kept the same scheme for cheating people, they paid correctly for a few months and then because of electricity , network difficulty and maintenance cost they shut down your miner.

Genesis collapsing for real will be soon , as this kind of business is not sustainable. Here you are doomed , you cannot sell your power like in Hashnest to limit the damage.

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March 15, 2018, 01:13:17 PM
Merited by suchmoon (1), 1Referee (1)
 #6


Don't make the erroneous assumption that, because people who buy cloud mining contracts from Genesis find ROI difficult to achieve, that therefore Genesis aren't making money themselves or that pure mining is unprofitable.
That's the whole point; Genesis' business model is

1) Sell mining contracts to provide capital to buy mining equipment
2) Mine
3) Keep majority of profit
4) Throw a bit of dust to investors

...they were asked to stop in one US state, doesn't mean they can't just pack up their mining rigs and ship them off elsewhere.

They never had hardware in that State. Read what the situation actually is, why not.

I wouldn't call it "collapse", but they just recently received a cease-and-desist order.

More about it here: Crypto Miner Genesis Hit With Cease-and-Desist Order
or here: South Carolina Wants To Ban Genesis Mining Over Unregistered Securities

or this thread

https://bitcointalk.org/index.php?topic=3114931.0

Extraordinary Claims require Extraordinary Evidence
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March 15, 2018, 01:28:45 PM
 #7

For clarification it only looks like they have received the ban from South Carolina. "March 9th Genesis Mining was ordered to immediately cease and desist offering unregistered securities in South Carolina." Genesis Mining, Ltd. is permanently barred from participating in any aspect of the securities industry in or from the State of South Carolina.

However, it should be noted that the securities laws on South Carolina are hardly different than any other state in the United States. It should be interesting to see how this plays out.

As per


MANTIS CRYPTOS, CRYPTO QUILTS & PHYSIBIT - The best places to shop for physical bitcoins and more!!
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March 15, 2018, 01:42:49 PM
 #8

Genesis collapsing for real will be soon , as this kind of business is not sustainable.
It is sustainable as long as fresh capital is being pumped into GM, and GM can profitably mine with the hardware they potentially may have.

Here you are doomed , you cannot sell your power like in Hashnest to limit the damage.
GM is an obvious scheme with some potential mining activities, where HashNest is backed by one of the largest mining farms that we currently have. At the end of the day, it's people's fault to invest in something that they can't directly liquidate on that platform to take out whatever is left of the contract value. The only thing these people can hope for is that a delusional being will buy over their account, with the risk of having the original owner claiming back its account. Investing in GM is exactly like throwing your money in the dumpster, where in this case you at least don't give scammers the incentive to continue their illicit practices.

The crypto market offers too much freedom currently, and that will drastically change in the forthcoming years. I am fairly sure that within 5 years, all these shitty services will be outlawed if they aren't willing to register themselves properly, and obviously, they won't, and that I am very happy with. Less scum services means less victims, even if they on purposely invest in obvious schemes.

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March 15, 2018, 06:35:39 PM
 #9

I heard on a gambling website when someone on their chat room from a person who has been telling of the formations of bitcoin's ups and downs announced that genesis mining went under.
Any truth to this speculation statement?

I am not with them so can not log in to an account to verify this is true.
From what they tell their customers in a news announcement usually when you log into the site.

First if you want to invest on mining there is nothing worthy mining site is available. You may get the information like genesis and hashflare seems but I have friends who lost contract account genesis mining itself.
If you want mine some coins first you need to find the best GPU miner and get the details and start with it. Mining with graphic cards would be more profitable. Now the best time to mine all the coins.


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March 15, 2018, 07:35:40 PM
 #10

It would take a lot more than that to collapse Genesis. It's literally a giant corporation with so much hardware and finances to back them up. As user above says, they were asked to stop in one US state, doesn't mean they can't just pack up their mining rigs and ship them off elsewhere. Sure, they'll lose some profits for a few weeks at most, but trust me, they are going to find a way to get back to profitability. Worse still, they will likely pass the losses on to their customers by suddenly saying "contracts now not profitable". In fact, that's the easy way out. Just see what happens with all these cloud mining scams.
This would be the common word or alibi which "contracts now not profitable" same as you said which would result into pending investment into your account because they can anytime manipulate or adjust that maintenance fee or whatsoever attachments which would really be used into their alibis. Sudden prohibition of US state towards them and other cloud mining sites was just right.


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March 15, 2018, 08:45:20 PM
 #11

I wouldn't call it "collapse", but they just recently received a cease-and-desist order.

More about it here: Crypto Miner Genesis Hit With Cease-and-Desist Order
or here: South Carolina Wants To Ban Genesis Mining Over Unregistered Securities
Same thing was done against a well known company called bitconnect in North Carolina stating it was a  ponzi scheme.

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March 15, 2018, 09:13:20 PM
 #12

I wouldn't call it "collapse", but they just recently received a cease-and-desist order.

More about it here: Crypto Miner Genesis Hit With Cease-and-Desist Order
or here: South Carolina Wants To Ban Genesis Mining Over Unregistered Securities
Same thing was done against a well known company called bitconnect in North Carolina stating it was a  ponzi scheme.

yeah but difference is that bitconnect is a pure ponzi with no proof of income at all while genesis mining is a shady company but they do actually have a source of income
in general I strongly support the cease and desist cause many fall into the lies of cloud mining , even genesis mining do mine but their rates are a rip off

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March 15, 2018, 10:17:46 PM
 #13

yeah but difference is that bitconnect is a pure ponzi with no proof of income at all while genesis mining is a shady company but they do actually have a source of income
in general I strongly support the cease and desist cause many fall into the lies of cloud mining , even genesis mining do mine but their rates are a rip off

How do you know they have an 'actual' source of income? Aside from people's assumptions about them actually operating a mining farm or not, there is nothing that actually proves them to have that source of income. I have been looking for 'their' mining addresses for quite a while now, but thus far I haven't been able to find even one address where their block rewards are being sent to. I may even be of believe that they use people's money to rent mining gear from actual mining farms, but there is nothing that allows me to prove it, just like people can't prove that genesis mining is actually mining with their own gear. It has been subject to discussion for years now....
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March 16, 2018, 01:31:10 AM
 #14

yeah but difference is that bitconnect is a pure ponzi with no proof of income at all while genesis mining is a shady company but they do actually have a source of income
in general I strongly support the cease and desist cause many fall into the lies of cloud mining , even genesis mining do mine but their rates are a rip off

How do you know they have an 'actual' source of income? Aside from people's assumptions about them actually operating a mining farm or not, there is nothing that actually proves them to have that source of income. I have been looking for 'their' mining addresses for quite a while now, but thus far I haven't been able to find even one address where their block rewards are being sent to. I may even be of believe that they use people's money to rent mining gear from actual mining farms, but there is nothing that allows me to prove it, just like people can't prove that genesis mining is actually mining with their own gear. It has been subject to discussion for years now....

https://www.youtube.com/watch?v=qDNt9epVIRM
there is no enough info but the video above is kinda a good proof
but the whole concept is shady , like personally if I had mining equipment that making me good money why do I want it to offer them for other customers ??
the only reason that makes sense is that if it's more profitable for me if I let people rent my devices 

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March 16, 2018, 01:57:49 AM
 #15

https://www.youtube.com/watch?v=qDNt9epVIRM
there is no enough info but the video above is kinda a good proof  

It's a pretty old video showing nothing but a mining farm, where nothing even remotely hints at them actually owning all that, or even a small part. It might very well be that they just host a few miners there, and that's really it. They refuse to publicly show their mining addresses, and that alone is a sign that something shady is going on. If they were really a major party in the mining industry, they would be visible as such, and also have some sort of saying over the process, but nothing of that to see.


but the whole concept is shady , like personally if I had mining equipment that making me good money why do I want it to offer them for other customers ??
the only reason that makes sense is that if it's more profitable for me if I let people rent my devices 

The thing with cloud mining is that mining farms who are mining anyway, don't actually pay people out with mining rewards, but they pay people out with their own invested money. For example, if you buy 1 BTC worth of contracts, they will slowly give you back small chunks of that 1 BTC, but not enough in order to be able to walk away with profits. Their terms are set up in such a way, that probably +90% of the people will have their contracts terminated far before they reach their break-even point. In other words, actual mining farms earn their mining rewards + people's investments in cloud mining contracts. It's a win win situation for them.
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March 17, 2018, 07:06:37 PM
 #16

I wouldn't call it "collapse", but they just recently received a cease-and-desist order.

More about it here: Crypto Miner Genesis Hit With Cease-and-Desist Order
or here: South Carolina Wants To Ban Genesis Mining Over Unregistered Securities
Same thing was done against a well known company called bitconnect in North Carolina stating it was a  ponzi scheme.

I had a few bitconnect coins myself and it was stress-fully waking up to all the scam alerts, too bad i was tied up in their coins locking strategy, just $300 - how i wish i had participated in a crypto start-up.

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March 18, 2018, 06:38:39 AM
 #17

I wouldn't call it "collapse", but they just recently received a cease-and-desist order.

More about it here: Crypto Miner Genesis Hit With Cease-and-Desist Order
or here: South Carolina Wants To Ban Genesis Mining Over Unregistered Securities

Hmm wonder why exactly. They gamble big on crypto always going up and it didn't happen? Seems like the big miners, of all the miners, should be able to turn a profit.

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March 18, 2018, 07:25:23 AM
 #18


the only reason that makes sense is that if it's more profitable for me if I let people rent my devices 

The thing with cloud mining is that mining farms who are mining anyway, don't actually pay people out with mining rewards, but they pay people out with their own invested money. For example, if you buy 1 BTC worth of contracts, they will slowly give you back small chunks of that 1 BTC, but not enough in order to be able to walk away with profits. Their terms are set up in such a way, that probably +90% of the people will have their contracts terminated far before they reach their break-even point. In other words, actual mining farms earn their mining rewards + people's investments in cloud mining contracts. It's a win win situation for them.

If you're talking about genesis mining will terminate 90% contracts before investors reach the break-even point, it's purely unrealistic speculation. You may say 10-30%, but 90%? I don't think so.
Genesis mining has running for around 5 years since 2013, it is the most transparent cloud mining company compared to others, doesn't mean it's the most profitable but many people gaining profits till today, at least they still provide the services it offers.

How about, they pay customers with their own invested money? There is no way we can prove it, but maybe it ever happen if mining business doesn't go so well and bitcoin price falls down but the difficulty keeps increasing.

Since too many companies and ICOs going on the market these days, want to enter the mining business, the difficulty will increase even higher and it may not so profitable if you want to buy a little but hashrate on cloud mining.

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March 18, 2018, 11:01:55 AM
 #19

Even though they are still operating at this time, I wouldn't be surprised if they'll just stop their "mining" operations because of the cease and desist order handed down to them. If you think about it, this is pretty much the same as what happened to Bitconnect. They also received that kind of order and tried to be business as usual for a couple of days. After that, they just announced out of nowhere that they'll be closing their company. I'm expecting this to happen also to Genesis Mining.

Oh boy, I will be expecting many people to lose their money on this one because of the court order. This will be a bloody one.



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March 18, 2018, 06:31:27 PM
 #20

Oh boy, I will be expecting many people to lose their money on this one because of the court order. This will be a bloody one.

Stupidity will only be acknowledged if people end up losing money. If they gain money from doing stupid things, they'll think it's good, and as result will continue with it. Bitconnect just didn't care anymore, because they were quite near the date a lot of the early birds would be able to withdraw their initial investment, and that's obviously something Bitconnect wouldn't allow to happen, which would then confirm people's thoughts, that it is a scam indeed. Genesis Mining doesn't have any of that exposure, and thus are likely to remain 'mining' for plenty of more years. Cloud mining in general is a very strong product. It's almost impossible for services offering cloud contracts to lose, where they legally have made sure they are well protected as well.

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