Hashflare vs Genesis vs Bitforx - My experience

[Ruby Anderson]

A lot of my friends have been asking me if Cloud Mining is worth it, since i’ve been mining Bitcoin this way for a long time now. Some think that it is too late to invest in Bitcoin, but it’s still here, it’s still strong and we still get profit. So.. first of all, I want to say that all the Beginners go through this problem and it is hard to choose whether you want to use cloud services or physical Mining. Let me tell you something that I’m really comfortable with…  I want to compare three main cloud mining service providers in this article: Hashflare, Genesis Mining and BitForx. Each has their own benefits but in my experience BitForx is the best - here is why!

Let me tell you why i decided to work with cloud services providers the first time. Cloud Mining for me has been a method to invest in Bitcoin, or just get a Bitcoin without knowing anything about Mining Equipment and care that it needs. Ever since the Bitcoin became a serious thread and a source of investment, I’ve been thinking in getting involved in it. However, I never had time, nor the knowledge for building up a Miner and taking care of it. Now I know this sounds cheesy but that’s where Cloud Mining came in my life. It was scary at first, because of all the scams and dishonest companies that would just collect the money and skedaddle.

I started small and I started carefully. I have been working with several cloud mining companies through these ears and came across different versions of scammers and professionals. Have been working with the company that started out as a good paying one, but after 2-3 payouts, I stopped receiving money and that’s when I knew I had to end my contract with them. I came across the companies that would constantly change their Price Policy or Contract duration, details, agreement conditions and other important information about Customer Company relationship. Hashflare for me was a good and comfortable choice, at first I would get 8.1 USD daily for a 500 USD investment but since then they’ve changed some of the agreements and it all confused me, besides this they had a lot of withdrawal confusions and fees. Genesis Mining is probably the most well-known company in Cloud mining field and of course my curious self tried to work with them as well - it didn’t went well. I has problems with payouts, they would always be late answering my questions and emails, it would frustrate me and I thought i would be more than lucky to get at least 20% of my investment back.  I was profiting from all of them of course, in a way,  but it still seemed a little sketchy and suspicious. Third and the most outstanding one is BitForx. So far they’ve served me well and i’m pretty much satisfied with everything I’ve got from them.

It gets easier to not trust anyone on Internet when you’ve encountered so many scammers and money hungry people, and it gets harder and harder to find a good fit for you. This last few months I came across a company named BitForx. At first I wanted to use their wallet to see how I would benefit from using a Cold wallet (at this moment I was also working with other cloud mining service providers), but then, after communicating with their Customer Relations representative, I wondered what it would be like to start cloud mining Bitcoin with them. It’s been 7 months and I’ve already seen this company develop in so many angles. What I like the most about them is stableness. Stable contracts make me happy and easy to let my guard down. There are absolutely no price changes with BitForx like it was with Hashflare through all these years. I did not start with a big amount of investment, just to try out I just invested 30 USD, after that I would just add some contracts from time to time.

Now, if you compare these companies:


Hashflare offers Customers a 1 year contract. The pricing is quite debatable because they tend to change it quite often, but as for today it is $120 for 1000 GH/s.
Genesis Mining offers $179 for a variable contract time and currently is out of stock of every Bitcoin mining contracts.  After some research I found that Genesis Mining mines coins with pretty old Miners, their equipment is outdated and needs updating.
BitForx, however offers a 2 year contract for $180, this price has been stable and the contracts are most suited for Customers than the company itself. They own a mining farm which contains 10 000 miners and let me tell you that they are equipped with actual modern technologies, latest models of Miners and a full transparency of their process. Their staff seems nice and overall they seem to be a strong competitors for other Cloud Mining providers.

I know there are lot of you who would like to Mine Bitcoin and do not know the trustful source, are afraid of making a mistakes and so on. There can be many doubts about such serious decision, but my aim is to ease this process for you and recommend this Company. BitForx has an excellent Customer Service, their community activity is all over the social media and crypto forums, it is more than easy to contact them, and even the team member’s LinkedIn profiles are available. I don’t want this to be hard for anyone, because through some years I’ve been struggling and making mistakes trying to find a proper cloud mining services. Through some scammers and liars, I found some honest companies. The thing that makes BitForx perfect for me is that, it’s a small company and every single customer is precious for them, and believe me, I’m not just saying this, the answer ratio for them was maximum 2 hours and all the answers included detailed information on how to handle some problem, or how to start doing something, etc. And I’m not talking about pre-prepared templates or step-by-step instructions, mindless emails – I’m talking about real human communication and care for Customers. Their prices and contract durations are reasonable and they offer us a great service. So if my advice has any value, then I am more than happy to advise you this Company. Every single company needs some time to establish themselves in the market, especially when the market is hard to master, is crawling with scammers and has a lot of competitors all over the world. We just have to give them time to grow as big and strong as their long-time competitors. It is important to find an honest and trustful company like BitForx, to grow with it and profit from your investments.

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[Slow death]

humm... cloud mining companies are a very profitable business for the owners of the cloud mining company, investors do not get profits that are something considerable, most of the time is even better to buy bitcoin and hold for some time, you may think Bitforx is a different cloud mining, but they are all the same, Bitforx for being new needs to get more customers and with that will make customers feel safer and get some profits, but after many months they will do the same thing that genesis mining and hashflare. take your money and buy bitcoin and altcoins and hold, do not waste time on cloud mining

[stomachgrowls]

humm... cloud mining companies are a very profitable business for the owners of the cloud mining company, investors do not get profits that are something considerable, most of the time is even better to buy bitcoin and hold for some time, you may think Bitforx is a different cloud mining, but they are all the same, Bitforx for being new needs to get more customers and with that will make customers feel safer and get some profits, but after many months they will do the same thing that genesis mining and hashflare. take your money and buy bitcoin and altcoins and hold, do not waste time on cloud mining

Every cloudmining or company will definitely make their introduction to be interesting which they would make new things which cant be seen into older sites which as a cloud mining fan you will find this interesting but i agree that as being said sooner or later it would really still act or be the same just like old sites profitability wise on investors side it is not effecient.

[Ruby Anderson]

I can not disagree with what you're saying because from your point of view it is true, but not everyone's the same. Not everyone prefers one single type of action towards Bitcoin and let me explain you my point of view.

So as I though about obtaining a BTC, i considered 3 types of action:

1) Trading - to buy btc or altcoin and sell it when it's on it's highest and buy it when it's on its' lowest! That is not for me, I do not have that much time, i do not have that much education and I can not predict the price changes of a financial instrument, so scratch that!
2) Hodl - of course this is the easiest way to obtain and keep a btc. it's a non risky way (i mean the whole risk is on your shoulders if the price goes down) so if I buy $1000 of BTC and i hold on it for a while, I can either just gain some income if the price goes up and, or either lose some money if the price goes down. I will still have that 0.13 BTC (with today's price) but that will be all - nothing more, I will just have 0.13 btc and it won't grow or something.
3) mining - now here you will say that if I have money i should buy my own mining equipment and mine btc myself, but my arguments stay - it is way easier and better for me to mine btc via cloud mining services, than to buy equipment i have no idea how to take care of, where to buy, what kind to buy, how much to pay for, what to do if it breaks, etc. I don't have a place to place a miner and i have heard sounds that it produces, i can not bare that! So.. i preferred cloud mining! Mining is the best choice for me, because if I buy a $1000 of hashrates (instead of buying a fixed 0.13 BTC) i will have income in btc. And if you'll say that my potential 0.13 btc will grow as well with the price growth, i will say that from mining my everyday income will also grow.

I don't know if I formulated my thoughts correctly or clearly, but all this is why I chose to cloud mine btc. Even though I had a lot of bad experience with different companies, i wouldn't say they were damaging or I had a big loss, i still prefer cloud mining even after these experience. I just found a company which suits me the most and at least takes care of me.

[hlourenco]

I have account at Genesis Mining for bitcoin and ethereum. The first one (Bitcoin) will be practically impossible to at least receive what I paid. In Ethereum, it will still be worse, because with the payments I am currently receiving, I think I will never be paid. In my opinion, do not invest in Genesis Mining.

[Ruby Anderson]

I have account at Genesis Mining for bitcoin and ethereum. The first one (Bitcoin) will be practically impossible to at least receive what I paid. In Ethereum, it will still be worse, because with the payments I am currently receiving, I think I will never be paid. In my opinion, do not invest in Genesis Mining.

That is the exact issue I had with Genesis. it seemed impossible to get back at least 30% of what i invested

[Koro-Sensei]

humm... cloud mining companies are a very profitable business for the owners of the cloud mining company, investors do not get profits that are something considerable, most of the time is even better to buy bitcoin and hold for some time, you may think Bitforx is a different cloud mining, but they are all the same, Bitforx for being new needs to get more customers and with that will make customers feel safer and get some profits, but after many months they will do the same thing that genesis mining and hashflare. take your money and buy bitcoin and altcoins and hold, do not waste time on cloud mining

Hmm yeah most of the time the creator or owners of the cloud mining are the ones who profit the most joining a cloud mining company won't get you anywhere since they don't reward you properly for the wage you've been working on and they only give you so little regarding the fact that you deserve better than that.

[BitForx]

Our team wants to thank you for such an honest and kind review. We are trying our best to deliver promised high standard services to our loyal Customers. As a reward, we want to grant you free 100 GH/s with your existing contract, please contact us on support@bitforx.com or text us on our Social media page to discuss this subject more.

Thank you again and wish you Good Luck!

[timerland]

Hashflare is a confirmed scam, first of all. They reduced the length of customer contracts from lifetime (which wasn't really lifetime in the first place, as when profits didn't cover maintenance fees, they would terminate) to 1 year, without consulting any of their customers.

Genesis is probably legit, but nobody says they can't be doing fractional reserve mining. Even though they probably are mining there is no guarantee that they are paying out the right amount, or have the promised amount of miners working. The contracts based on most reviews are definitely not profitable by any means.

Bitforx is new, and unfortunately with no history I just wouldn't trust them with that much money. Plus, there is no reason that they will perform any better than their predecessors.

Just avoid cloud mining. History have proven that it is unprofitable and that's not even mentioning the risks of them running a ponzi or just scamming you.

[Roaid]

I don't think cloud mining has any meaning.
why? According to my observation, cloud mining companies often pay a small percentage of customers. In the bull market last year, your investment in cloud mining was only a slight surplus. When the market turns into a bear market, the cloud mining is almost a loss.
So, if you are interested in mining, then you can buy your own mining machine to mine. If you think mining is a hard task, you might as well buy the crypto currency directly from the money you plan to invest in the cloud. Direct buying is always higher than buying a cloud mining contract.

[Ruby Anderson]

Our team wants to thank you for such an honest and kind review. We are trying our best to deliver promised high standard services to our loyal Customers. As a reward, we want to grant you free 100 GH/s with your existing contract, please contact us on support@bitforx.com or text us on our Social media page to discuss this subject more.

Thank you again and wish you Good Luck!

Thank you so much! I already sent you an email and contacted your community manager and we are currently discussing the details so, yeah.. I'm happy 

[Ruby Anderson]

Hashflare is a confirmed scam, first of all. They reduced the length of customer contracts from lifetime (which wasn't really lifetime in the first place, as when profits didn't cover maintenance fees, they would terminate) to 1 year, without consulting any of their customers.

Genesis is probably legit, but nobody says they can't be doing fractional reserve mining. Even though they probably are mining there is no guarantee that they are paying out the right amount, or have the promised amount of miners working. The contracts based on most reviews are definitely not profitable by any means.

Bitforx is new, and unfortunately with no history I just wouldn't trust them with that much money. Plus, there is no reason that they will perform any better than their predecessors.

Just avoid cloud mining. History have proven that it is unprofitable and that's not even mentioning the risks of them running a ponzi or just scamming you.

I completely agree with you about BitForx being new on the market and it being risky from me to get involved with them, but they seem to be stable and profitable, at least for me now! They are very customer friendly and attentive to all the details and remarks from me, so as far as I know I'm comfortable working with them, I get profit and my 2 year plan looks pretty stable to me. I invested when BTC was 6,8K and I can clearly see the profit now.

I repeat, cloud mining is not for everyone and as for cloud mining service providers being scammers, I have checked their mining farm, contacted their head office and even spoke to their CS representative and everything seems legit. so far so good!

[Ruby Anderson]

I don't think cloud mining has any meaning.
why? According to my observation, cloud mining companies often pay a small percentage of customers. In the bull market last year, your investment in cloud mining was only a slight surplus. When the market turns into a bear market, the cloud mining is almost a loss.
So, if you are interested in mining, then you can buy your own mining machine to mine. If you think mining is a hard task, you might as well buy the crypto currency directly from the money you plan to invest in the cloud. Direct buying is always higher than buying a cloud mining contract.

Thank you for your remarks. I really appreciate guys here helping out and giving advices, but I have been making profit from cloud mining since I started working with Genesis mining, the thing is that they are just worsening their job and services and I had to turn to another cloud mining service provider. Maybe the history will repeat itself with this company as well, but I have some time to find out. Now, I'm really satisfied and can see profit in Cloud mining.

btw, I already explained why i chose cloud mining in the previous replies, you can check them out. and as always, cloud mining is not for everyone

[Slow death]

3) mining - now here you will say that if I have money i should buy my own mining equipment and mine btc myself, but my arguments stay - it is way easier and better for me to mine btc via cloud mining services, than to buy equipment i have no idea how to take care of, where to buy, what kind to buy, how much to pay for, what to do if it breaks, etc. I don't have a place to place a miner and i have heard sounds that it produces, i can not bare that! So.. i preferred cloud mining! Mining is the best choice for me, because if I buy a $1000 of hashrates (instead of buying a fixed 0.13 BTC) i will have income in btc. And if you'll say that my potential 0.13 btc will grow as well with the price growth, i will say that from mining my everyday income will also grow.

This is a very interesting point of view, but what is questioned in the investments made in cloud mining is whether or not they are profitable, you can invest 0.13btc for a 2 year contract and at the end of the contract you receive 0.15btc or receive 0.08btc with losses. If you buy an altcoin that has potential, for example buy ETH now and hold for 2 years that you will have many more bitcoins in 2 years.

[magneto]

My personal experience with Genesis Mining has been anything but positive. I put in around 0.05 BTC to mine in 2016, and I only made around 50% of my initial investment back. After that, my contract was terminated straightaway. There are plenty of other cases like this.

Trust is a big issue with cloud mining. You don't know if a company is actually mining, even if they show clips of their mining farm, it really means nothing. You don't have control over the hardware that is supposedly working for you. Even big names like Hashflare can completely screw you over, as they did.

There's a lot of people on Youtube and crypto related blogs saying that cloud mining is profitable, but inevitably they put in their own affiliate links at the end to prompt people to sign up and invest. The only way to make money off cloud mining in the long term, imho, is to get affiliates. Your profits in cloud mining really depend on whether the coin your contract is supposedly mining goes up or not. You could most likely hold that coin and make the same amount of profits, if not more profits in a bull market.

I don't see Bitforx as being different to Genesis or Hashflare. They all operate under the same business model, and the previous two have proven to be quite unsuccessful in making profits for the investor.

[IconFirm]

**cut the spammy blah**

So, HashFlare/Hashcoins create this shill account yesterday & post the same thing 16 times on every cloud mining thread in an effort to fool noobs into their cloud mining ponzi scam:

https://bitcointalk.org/index.php?action=profile;u=2053312;sa=showPosts

Proof enough to stay away from this scam. Neg'd & reported for fake account spamming.

[Ruby Anderson]

My personal experience with Genesis Mining has been anything but positive. I put in around 0.05 BTC to mine in 2016, and I only made around 50% of my initial investment back. After that, my contract was terminated straightaway. There are plenty of other cases like this.

Trust is a big issue with cloud mining. You don't know if a company is actually mining, even if they show clips of their mining farm, it really means nothing. You don't have control over the hardware that is supposedly working for you. Even big names like Hashflare can completely screw you over, as they did.

There's a lot of people on Youtube and crypto related blogs saying that cloud mining is profitable, but inevitably they put in their own affiliate links at the end to prompt people to sign up and invest. The only way to make money off cloud mining in the long term, imho, is to get affiliates. Your profits in cloud mining really depend on whether the coin your contract is supposedly mining goes up or not. You could most likely hold that coin and make the same amount of profits, if not more profits in a bull market.

I don't see Bitforx as being different to Genesis or Hashflare. They all operate under the same business model, and the previous two have proven to be quite unsuccessful in making profits for the investor.

Trust me I read all these comments in every detail and it is important for me to know your opinion as well, because I am expressing my opinion and my experience. Before I started working with cloud mining companies I researched them, every single customer review and remarks are known for me and I know what people think of Cloud mining itself.

I don't know if you have read the previous comments or my answers to them, but anyway.. I will repeat. Yes - trust is a great issue and you can not just trust someone on internet. Because of this I spent days with Bitforx community team, they showed me their live video from their mining farm, I spoke with their community manager and customer service reps via skype, I met those people and they seemed legit! everything they do is legit! now i don't mean to say that other similar companies don't have mining farms or are lying about them, etc. I just want to say that Bitforx has shown utmost care for its' clients and in the end, that's one of the most important things that matters for me, because I understand the risks when getting involved in Cloud mining, but when the risks are getting actual and bad things start to happen - I need customer service and community management to be with me.

Once again, I'm saying! It is more comfortable for me to Cloud mine cryptocurrencies for so many reasons!!! I stated these reasons above. Now I don't mean to say that you are wrong, of course your advice is a form of care, but I will continue doing this and see how this company will develop.

[shield132]

humm... cloud mining companies are a very profitable business for the owners of the cloud mining company, investors do not get profits that are something considerable, most of the time is even better to buy bitcoin and hold for some time, you may think Bitforx is a different cloud mining, but they are all the same, Bitforx for being new needs to get more customers and with that will make customers feel safer and get some profits, but after many months they will do the same thing that genesis mining and hashflare. take your money and buy bitcoin and altcoins and hold, do not waste time on cloud mining

Your post like mine has no idea, not because it's bad, people will do the same. How silly you can be to believe someone so blindly. Imagine I have equipment, take care of things and then offer you to just give me some money and I'll work those equipments for you to get profit. Ah, seems people can't learn anything after hashocean.
Cmon man, this world and especially economics isn't fairy tail.

[RDNX]

I have account at Genesis Mining for bitcoin and ethereum. The first one (Bitcoin) will be practically impossible to at least receive what I paid. In Ethereum, it will still be worse, because with the payments I am currently receiving, I think I will never be paid. In my opinion, do not invest in Genesis Mining.

All right, thanks to the warning. I just planned to invest in cloud mining. Some YouTubers suggest to Genesis Mining.
I also see a lot of Genesis mining ads, that makes me curious about cloud mining. But fortunately, I found this topic and learn a lot. So I can decide my investment now.

[shield132]

I think cloud mining here are so long before you can earn and for me better to not use it in crypto then more better to risk in trading or spend your time in sure profit like faucets than cloud mining actually i don't believe in many users here post that they earn in that and i think they earn because they got many referrals to their own links that's why they earn so it's like pyramidying only,i use a lot of cloud mining before when i'm newbie but they back only what i invest then they turn to scam and i got scam in some of it so think twice because they legit first like a month or more then turn to scam their investors but some are still legit

Wait, what's main idea od your post?
Firstly, currently no legit cloud mining offers refferal system. It's not pyramid because somehow now one geta fully paid and business runs for years. Well, they try to catch moments when mining difficulty increases and price increases, then they just apology and close your contract. Also faucet has to do nothing with any kind of investment, are you kidding man?