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Author Topic: Genesis Mining is very poor!  (Read 157 times)
Roaid
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April 19, 2018, 07:28:48 AM
 #21

Genesis Mining can be said to be a fraud project. I invested a little money to mine the Ethereum, and at beginning everything is normal.
Later it declared that it had been stolen, and the payment was intermittent.
It seems to be said that it is no longer supported by the Ethereum payment.
Anyway, I will not invest a cent in cloud mining further.
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April 19, 2018, 09:50:26 AM
 #22

They have missed 52 days of payouts!

Is of knowledge of many people that cloud mining does not offer good profits, but this problem of lack of payments is much more serious, genenis mining has its "reputation" of being "reliable" because it made payments, but if it does not make payments it makes them scam company


at least they have some office so if you hire good lawyers it might be possible for you to get your money, I'm not familiar with the genenis mining terms of service, but I believe it's possible that you can get your money back

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April 19, 2018, 10:48:41 AM
 #23

I spent almost 4000 US dollars on genesis mining Monero contract (5000 H/s). Since Dec 2017 when my contract began, I received a total of only 1.2 XMR. They have missed 52 days of payouts! You can find so many complaints on twitter and other social media. Thinking of what I can do to protect myself and other people. Any suggestions to my situation?
Be aware! Do not fall into scam, folks!

Discussion on filing law suit and other measures in reddit:
https://www.reddit.com/r/GenesisMining/comments/8bwl8b/its_probably_time_to_start_organising_a_lawyer_to/
What makes you think that investing 4000 dollars in a mining company is worth it? didn't you made a research before deciding to put your money there? because there are lots of complaints that people didn't received payouts from them and problem with the contracts, yet you still trust them your money. Yeah they are legit because they are operating for a very long time but it doesn't mean that there is no chance that they will not turn into scam or will do an exit scam, cryptocurrency mining profitability is not consistent, the cost of maintenance is not cheap and the difficulty of mining is increasing so there might be a time that those legit mining companies might get bankrupt, and they will not be able to pay those who invested on their company.
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April 20, 2018, 10:42:20 PM
 #24

$4000 is like owning an Antminer S9 with some cash on the side, or 4 1080ti and a mining motherboard, together with the processor and mining rack. Most of the time, laziness attracts bad luck, and you clearly haven't done any research before tossing them four grand. Cloud mining, though a nice idea, clearly isn't viable for consumers and the only ones gaining something from it are the operators and owners. Idk why many people still fall for these glitzy advertisements of theirs. Tbh ponzi schemes are better than cloud mining, because on the former these dudes will keep on paying as long as someone joins whereas the latter? They'd give you bits of your investments that I think you won't even see ever again. A pricey lesson and next time, stay away from cloud mining sites.

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April 21, 2018, 01:48:23 PM
 #25

at least they have some office so if you hire good lawyers it might be possible for you to get your money, I'm not familiar with the genenis mining terms of service, but I believe it's possible that you can get your money back

I strongly hint towards the opposite. All their terms and conditions demonstrate how everything is set up like fort knox, where even in case of an actual scam attempt, they can make it look like a legal scam attempt. It's bad for all involved parties having suffered damage, but that's unfortunately what they bought themselves into. Reading terms before investing is boring, but boring saves people a lot money in the end.

Good lawyers cost a decent chunk of change, which makes things even less worthwhile to proceed. GenesisMining is well aware of that, and very likely uses that in its advantage. Also, GenesisMining can just admit its mistakes along the process and still pay out what is due, and all without any negative consequences for them. Is it worth to potentially put thousands into lawyer costs to get back, what is it, hundreds of dollars worth of due payment?

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April 21, 2018, 02:02:53 PM
 #26

You like many others unfortunately have learned the hard way. There are a lot of threads in this section of the forum which just tell everybody the truth about genesis mining with the bottom line being to not invest a dime there.

Another error you have made is that you have spent 4000 dollars in cloud mining while you could have bought 2 antminer s9 with that price or you could have built a multi graphic cards computer with 10 graphic cards with that amount.

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GEBucky
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April 23, 2018, 03:31:42 AM
 #27

I don't think this is about the merits or issues of cloud mining. That's a different topic. This is about Genesis Mining screwing their customers big time. First was the delays with ETH and XMR payments. XMR issues still ongoing. Worse yet is that they were clearly using Asics to mine XMR, probably through some deal with Bitmain before they were generally available. Now that (thankfully) XMR forked to be asic resistant, they haven't upgraded to Cryptonight V7 (because they can't on Asic). So we are all stuck with the original Cryptonight algo - basically mining Electronium. A completly useless coin, and with returns that are about 1/4 of what we were getting prior to the fork. All the evil Asic folks are going to drive the difficultly to the moon on Electronium and the other crap forks of XMR. Minergate upgraded their cloud contracts to V7 so still mining XMR. Genesis is one really bad actor and a complete scam. We are all stuck with 2 years of mining crappy coins on our XMR contracts. The contract says "XMR mining", and it says "CryptoNight". I don't believe they have honored the spirit or the language of the contract. They were and are greedy - notice the hash and diff drop on the new XMR fork. Because of assholes like this. I would never buy a contract from then again.

Online contracts can be good, or bad. I would highly recommend to never go longer than a year however. To many things can happen (ETH going POS, on and on). But Genesis is just shitty. I use Hashflare and Minergate. Not perfect. But they have honored their obligations and been transparent.
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April 23, 2018, 03:41:29 AM
 #28

Try Hashflare. It's a most profitable cloud mining platform for now.
With HashFlare you get earn 300-400% roi. But only now.
Firstly - New and surplus capacities. As reported on the official HashFlare sources, recently the company was engaged in the commissioning of another batch of new equipment in the data center in Iceland. Thanks to favorable conditions for the placement and supply of hardware, it became possible not only to continue the process of optimizing the service. Hashflare started big sale on surplus new capacities (not like discount. More like low prices). But it is very limited proposition.
So 300% ROI we already have.
Secondly - Promo discount codes. I won't start big tirade about generous actions of HashFlare. I usually get actual legit discount promocodes here, on the site: miningcrypto-online.com. Now they have a promocode on -15% discount sale, but there is a small possibility, that it isn’t working right now, because of reached limit of uses. I can't check it, because it was already in use by me, and it is disposable.
Check this screenshot:
Or recalculate by your own on Official Hashflare Calculator page


I have a lot of contracts with Hashflare. In general, I think they are a solid company. However, be very aware that with most contracts (BTC, Scrypt) your cost is denominated in USD, while your payout is in BTC. So BTC falls your cost/payout spread goes to hell. Right now (these are December contracts), at $8800 BTC over half the return is eaten up by daily fees. Now if BTC goes north of $10-$12K and its a different story. But at least they pay ontime and are very transparent with all transactions. Just be careful with Algos that may become very challenging in the next few months - ETH with Asics or POS/reduced mining payouts, etc. I think their BTC contracts are rock solid and pricing is pretty good if you believe BTC price will increase in next 12 months. Highly unlikely they will change the POW algo in next 12 months so safe there.

And please don't forget difficulty increases - that's the other side of the equation. BTC price moves up, more hash comes online, and diff increases dramatically. If you believe (as I do) that Bitmain and others are introducing next-gen SHA Asics then difficulty is going to go way way up. Need to factor that in. The current calculator results are valid for about 2 weeks.

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April 23, 2018, 10:22:15 AM
 #29

**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.

Unofficial & Uncensored SYSCOIN thread: https://bitcointalk.org/index.php?topic=4748031.0
Do not trust Yobit/HitBTC/C-cex/Poloniex/WEX/KuCoin/LiveCoin scam exchanges or shady ICO's run by known scam companies like HashCoins/Ambisafe/Bountyhive etc - they WILL scam you!
Use due diligence & do research. Buy the coins, sell the coins - don't invest in stupid shit. If your questions aren't answered - don't touch it.
solarion
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April 23, 2018, 06:18:04 PM
 #30

**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.


LOL, perfect troll mate but still that is true. I see these sites mostly share the cloud mining contracts with in the forum on various thread. If anyone wants to invest on mining why you guys don't prefer the GPU mining.
I believe if you own the mining rig you will be able to make the money around 250 US dollars for a month of the time with the 10 cards mate.
All the cloud mining are ponzi schemes worst to put your fund on this.

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