Genesis mining super bad payouts!

[AndreyEf]

Guys,
do you want some magic calculations?

I have an account both at HashFlare and one at GenesisMining.

Hash:
Sha-256 contract has profitability of 0.00007355 for 1 Th\s

Genesis:
Sha-256 contact has profitability of ~0.000041 for 1 Th\s

Genesis doesn't write the profitability, so I had first to calculate an average based on 20 consecutive days, and then count the profitability.

WHERE IS MY BEING STOLEN EVERYDAY PAYOUT !?

I could have mistaken a little (after the sixth number after the zero: 0.00000?), but still almost 75% as less??? Obviously this is NOT a maintenance fee!


 

I have 20Th\s with Genesis....... anyone wants to buy?

[akirafes]

The same here 750 gave genesis 1 dolar income. And 3 or 4 days not paying in a mounth general.

[Easteregg69]

Genesis mining now recommends taking payouts in ltc so you can get over the minimum requirements.

I take mostly doge for exchange. zcash pays out every day so i stand on that one.

[AndreyEf]

I repeat.
While one service gives the correct payout, the genesis steals money.

I recommend stop stealing.

[buwaytress]

Genesis mining now recommends taking payouts in ltc so you can get over the minimum requirements.

I take mostly doge for exchange. zcash pays out every day so i stand on that one.

Which makes it even more of a shady deal, in my opinion. If people really are mining crypto with their contracts, then they should be getting a share of coins mined, not being able to request in other currency or even needing a minimum payout.

Bitcoin price aside, mining coins itself is still as productive as ever. To OP, cut your losses and don't renew contracts. Learn your lesson and spend your money buying Bitcoin if you really want an investment. Prices have not been this good for a while, probably not again for long more.

[AndreyEf]

It would be great if before giving advice people would know what they are talking about.

Genesis doesn't have lease time, it's forever.

That's why:

Who wants to file a law suite? or at least write a group statement to the police where the company is located?

This needs intervention.

Or give me my money back and leave yourself the bitcoins, I didn't take the payouts because they miss 75%

[Zadicar]

Genesis mining now recommends taking payouts in ltc so you can get over the minimum requirements.

I take mostly doge for exchange. zcash pays out every day so i stand on that one.

Which makes it even more of a shady deal, in my opinion. If people really are mining crypto with their contracts, then they should be getting a share of coins mined, not being able to request in other currency or even needing a minimum payout.

Bitcoin price aside, mining coins itself is still as productive as ever. To OP, cut your losses and don't renew contracts. Learn your lesson and spend your money buying Bitcoin if you really want an investment. Prices have not been this good for a while, probably not again for long more.

This is indeed a shady thing why they would give another coins if you are supposing to invest and do like to receive a specific coin on which contract you had putted in.Giving you out another options for the sake on getting minimum withdrawal isn't really appropriate at all.If you do have money is stucked then you don't have any choice but to accept the terms or another divert way as long you can able to pull out your funds.

[Slow death]

Sorry for asking too many questions, but I need you to answer these questions:

- How much money did you invest?

- How much money do you make per day?

- Did you say that you have 20TH, did you buy it once or did you buy it and reinvest it so that you have these 20THs today?

- How long have you been in genesis mining?

I see a lot of people saying it's profitable, but I do not think it's very profitable, yet I can not prove they are not so profitable, so your experience will be very useful if you answer those questions I asked you.

I want to start mining in my country, I find it much more advantageous than cloud mining. I want to do it for hobby

[Hazir]

Cloud mining... here we go again. I don't want to be a bashful bystander, however, I just want to once more repeat that cloud mining in the ned is a zero-sum game at best.
I learned about it the hard way when most of the cloud mining companies I was interested in the past turned out to be either blatant scams or ponzi investment schemes.
Why does anyone sane is still paying for cloud mining after all these years you know that at some point they will stop paying.

[BitHodler]

Why does anyone sane is still paying for cloud mining after all these years you know that at some point they will stop paying.

Most people here know that cloud mining is a losing game, but you shouldn't forget that every day there are new people joining this market, and thus are likely going to be the next cloud mining loser.

People are fascinated with mining, where buying hardware requires a hefty investment, requires you to set it up, see your power bill increase significantly, and that's what people try to avoid.

What's left? And what offers people everything they want? Right, that's cloud mining. It's an offer people almost can't refuse. It allows you to earn passive income in Bitcoin, who doesn't want that?

They only look at the picture the service in question wants them to see. Cloud mining is a noob trap.

[pixie85]

GM is a scam like all other cloud mining companies. You didn't read the threads where people were repeating it over and over and gave them your money. Now you're paying the price.

I recommend stop stealing.

They won't answer you on the forum. I recommend you stop whining and report them to the authorities if you feel scammed.

[Koro-Sensei]

Cloud mining... here we go again. I don't want to be a bashful bystander, however, I just want to once more repeat that cloud mining in the ned is a zero-sum game at best.
I learned about it the hard way when most of the cloud mining companies I was interested in the past turned out to be either blatant scams or ponzi investment schemes.
Why does anyone sane is still paying for cloud mining after all these years you know that at some point they will stop paying.

True I've been speculating in these parts but people don't understand what cloud mining can do and the thing is little. So many questions about cloud mining and how to do it. Many have been bashing me also in these parts for being stingy but it's undoubtedly true.

[1Referee]

I recommend you stop whining and report them to the authorities if you feel scammed.

That's futile. GenesisMining has its terms set up in a way that they can't be held responsible under any circumstances. It's not that they are falsely promising people certain rewards, so there is not even a slight bit that you can report them for. In mining you are subject to plenty of variables that may or may not work against you, and that alone is a very powerful defence mechanism they can fall back on. People for once should take responsibility for their own actions, and acknowledge how stupid buying these empty products is. Another thing that you have to take into consideration is the fact that GenesisMining doesn't allow you to liquidate your contracts, so you are forced to wait it out, or find a noob to sell your contracts to.

[npredtorch]

--- GenesisMining has its terms set up in a way that they can't be held responsible under any circumstances. --

Agreed. This is by far the most used tactics by companies to evade liabilities to their customers.
Also, some of them uses confusing words on the terms to make it difficult to understand.

______________________________________

Just for fun, maybe GM is based on a location which have a higher power cost than hashflare that makes that astounding payout difference.

[Commie]

Warnings like "Cloud mining discussions don't belong here" are posted in various sectoins of bitcointalk for a reason. They're all border-scam-like which is obvious to anyone who's willing to spend 5 minutes with calculator.

[wantjokull]

Hm, thats a bad shit really. Never understand how these but hurts really make up the layout for the whole projects?

Is this because of the location difference. I mean an suspecting that it could be the difference between electricity cost according to the country where the both rigs are sited really. If one is having more costing as compared to the other one then it could get it covered and may cost more. However thats still huge difference.

Well, I am just guessing that but let me tell you , I really dont like cloud mining concept and for such reason of spams and suspicious looks of the sites the disliking gets even stronger over the time.

[AndreyEf]

Sorry for asking too many questions, but I need you to answer these questions:

- How much money did you invest?

- How much money do you make per day?

- Did you say that you have 20TH, did you buy it once or did you buy it and reinvest it so that you have these 20THs today?

- How long have you been in genesis mining?

I see a lot of people saying it's profitable, but I do not think it's very profitable, yet I can not prove they are not so profitable, so your experience will be very useful if you answer those questions I asked you.

I want to start mining in my country, I find it much more advantageous than cloud mining. I want to do it for hobby

3k
twice as less as at HashFlare: 1500 a year!!! With 3k contract.
at once
less than a month, they just started, but I bought the contract maybe in December

[AndreyEf]

I filed to HongKong police.

Should I do the same for Iceland?

[stomachgrowls]

--- GenesisMining has its terms set up in a way that they can't be held responsible under any circumstances. --

Agreed. This is by far the most used tactics by companies to evade liabilities to their customers.
Also, some of them uses confusing words on the terms to make it difficult to understand.

______________________________________

Just for fun, maybe GM is based on a location which have a higher power cost than hashflare that makes that astounding payout difference.

But basing on the difference between payouts of those two cloud mining sites thats way too far to consider even we do talk about energy cost it should not show those numbers.It not justifiable to have that kind of deduction which will really put questions in my mind as an investor of the company,you will surely have such question on mind. I do agree that companies would really do things to evade liabilities when it comes to possible problems to their customer later on.

[shield132]

--- GenesisMining has its terms set up in a way that they can't be held responsible under any circumstances. --

Agreed. This is by far the most used tactics by companies to evade liabilities to their customers.
Also, some of them uses confusing words on the terms to make it difficult to understand.

______________________________________

Just for fun, maybe GM is based on a location which have a higher power cost than hashflare that makes that astounding payout difference.

Genesis Mining is just a legal scam cloud mining company and it's proven here many times with 100% right arguments and real facts.
Thanks for sharing this OP but your words were said many times, people will still buy their contracts, these people never learn on their mistakes.