SHA-256 Contracts - No Payouts

[I-Love-BTCD]

Hi I heard Genesis also has problems, is it true?

[Slow death]

Hi I heard Genesis also has problems, is it true?

there are a lot of people who are complaining, it seems like this is a problem that already takes a long time

https://twitter.com/GenesisMining/status/1037677051245993984

Huh? I thought everything was solved, because strangely this was the last twitter made by them:

Yes is solved but it back to 0 profit again when bitcoin drop too much. My hashflare account already have 0 profit for about 2 or 3 weeks.
So, it still not fully solved yet.

days after your post, they posted this:

HashFlare mining suspension: reasons, aftermath and answers to questions

the situation only worsened and they said this:

[shield132]

Slow death
That problem, I mean mining contracts on genesis, has started some years ago, it's not something new.

I-Love-BTCD
Just google: Bitcointalk genesis mining review or this thread is probably enough too: https://bitcointalk.org/index.php?topic=1185909.0
Get rid of them anyway, their nice words aren't so nicer in reality.

[Scarlett07]

Hi I heard Genesis also has problems, is it true?

Yeah, all cloud mining services have difficulties now since btc rate is impossibly low for profitable mining.

[handsofgod]

yup, like the whole market, I know that genesis changed contracts with no agreement w/ their customers. Liked Hashflare article on medium, it has all the answers

Hi I heard Genesis also has problems, is it true?

[Scarlett07]

yup, like the whole market, I know that genesis changed contracts with no agreement w/ their customers. Liked Hashflare article on medium, it has all the answers

Hi I heard Genesis also has problems, is it true?

We have Hashflare answers but we can't raise profitability( Patience is our answer

[Haven7]

yup, like the whole market, I know that genesis changed contracts with no agreement w/ their customers. Liked Hashflare article on medium, it has all the answers

Hi I heard Genesis also has problems, is it true?

Genesis stopped payouts already, cloud mining is tanking and we can't change it. Only btc all mighty can

[hongchao123]

Hi I heard Genesis also has problems, is it true?

Yeah, all cloud mining services have difficulties now since btc rate is impossibly low for profitable mining.

It can be profitable only with really high prices, we've seen it last year.  All other time it wasn't very profitable, let's be honest, and now it's a complete mess.

[tmfp]

Hi I heard Genesis also has problems, is it true?

Not exactly, Genesis customers have a problem, Genesis is doing fine.

I see that recently they have come up with another genius (for Genesis) scheme whereby customers can avoid their contracts being cancelled (and their investment vanishing) by paying upfront maintenance fees 

We would like to stress that maintenance fees are not something that Genesis Mining profits from. They represent the fixed costs required to keep the miners running with the primary expense being electricity.

Hmmm.
So, they charge $0.14 per Th/s maintenance fee.
@ 0.1J/gigahash (S9) and $0.06 electricity (Iceland), that leaves around $0.08 per day "costs" per Th/s outside of actually powering the miner, or around $1.20 a day for an S9.
So what they are saying is that one of their big mining barns, with e.g. 10,000 S9's in it, costs them $12,000 to run per day after allowing for electricity...
That's nearly 4.5 million dollars in "fixed costs" per year to operate.
And they "don't make any profit" out of that.
I wonder how those millions of dollars are allocated?
One thing's for sure, they'll never say...

[Zebulon Baldwin]

Agree, that's the crypto basic. Like the whole crypto market is not really profitable untill BTC is UP to about $11k for a long period of time

Hi I heard Genesis also has problems, is it true?

Yeah, all cloud mining services have difficulties now since btc rate is impossibly low for profitable mining.

It can be profitable only with really high prices, we've seen it last year.  All other time it wasn't very profitable, let's be honest, and now it's a complete mess.

[1Referee]

The thing is mining difficulty always increases as well; so by the time btc hits 11k who knows how much exactly we gonna need to gain real profit. Anyway, with current prices it's pointless to discuss it.

Even if the difficulty doesn't catch up hard enough to eat through your profitability, the cloud miners could still choose to not pay out anything.

In the end, we're dealing with a scheme here, which means that if there isn't enough money flowing into their platform, they won't be paying, it's that simple. Their word to become profitable when the price reaches x level is worthless. It's just another attempt to trap in noobs not knowing how things work here.

Even the services that are actually mining don't pay their users with their mining rewards. People get paid with funds coming from previous investors, that's how schemes work. In other words, legit cloud miners and outright scam cloud miners are the same.

[akramali]

The thing is mining difficulty always increases as well; so by the time btc hits 11k who knows how much exactly we gonna need to gain real profit. Anyway, with current prices it's pointless to discuss it.

Even if the difficulty doesn't catch up hard enough to eat through your profitability, the cloud miners could still choose to not pay out anything.

In the end, we're dealing with a scheme here, which means that if there isn't enough money flowing into their platform, they won't be paying, it's that simple. Their word to become profitable when the price reaches x level is worthless. It's just another attempt to trap in noobs not knowing how things work here.

Even the services that are actually mining don't pay their users with their mining rewards. People get paid with funds coming from previous investors, that's how schemes work. In other words, legit cloud miners and outright scam cloud miners are the same.

You are talking about Ponzi scheme here, but how can you prove it? I mean why do you think that all services work this way?

[1Referee]

You are talking about Ponzi scheme here, but how can you prove it? I mean why do you think that all services work this way?

It's actually very simple.

The largest cloud miner that's actually mining is Bitmain's HashNest. Everyone can see what they generate because their mining addresses are public. Based on the coins they actually mint, there is zero indication of distribution amongst the tens of thousands of individual cloud contract holders. In other words, users are getting paid with money coming from a different source, namely, previous investors, which means that it is a scheme.

The sea full of other cloud miners don't have the balls to release their mining addresses, because they very likely aren't mining at all, or only on a very small scale.

Everything above is very easy to fact check by people having active cloud mining contracts; withdraw your coins and you'll be able to see that it doesn't come from mining addresses.

[ioang]

All cloud mining services have recently collapsed. I think that the only solution to this problem is related with green crypto mining. It will be able to solve the diminishing returns issue related to more costs and less rewards.

Going green looks like a proper next step for modern technologies; cheap and profitable mining plus no harm for environment...sounds amazing)

[Abbie Hoffman]

Agree, that's the crypto basic. Like the whole crypto market is not really profitable untill BTC is UP to about $11k for a long period of time

Hi I heard Genesis also has problems, is it true?

Yeah, all cloud mining services have difficulties now since btc rate is impossibly low for profitable mining.

It can be profitable only with really high prices, we've seen it last year.  All other time it wasn't very profitable, let's be honest, and now it's a complete mess.

The thing is mining difficulty always increases as well; so by the time btc hits 11k who knows how much exactly we gonna need to gain real profit. Anyway, with current prices it's pointless to discuss it.

So many details 10/11 k seems like heaven in comparison with current rate no matter what

[hongchao123]

All cloud mining services have recently collapsed. I think that the only solution to this problem is related with green crypto mining. It will be able to solve the diminishing returns issue related to more costs and less rewards.

Going green looks like a proper next step for modern technologies; cheap and profitable mining plus no harm for environment...sounds amazing)

Green energy is our only future If we speak about any industry) Sustainability matters.

[Haven7]

All cloud mining services have recently collapsed. I think that the only solution to this problem is related with green crypto mining. It will be able to solve the diminishing returns issue related to more costs and less rewards.

Going green looks like a proper next step for modern technologies; cheap and profitable mining plus no harm for environment...sounds amazing)

Green energy is our only future If we speak about any industry) Sustainability matters.

Absolutely) and reduce costs as well; I think almost all services use it already anyway) HF as well as far as I know.

[ioang]

All cloud mining services have recently collapsed. I think that the only solution to this problem is related with green crypto mining. It will be able to solve the diminishing returns issue related to more costs and less rewards.

Going green looks like a proper next step for modern technologies; cheap and profitable mining plus no harm for environment...sounds amazing)

Green energy is our only future If we speak about any industry) Sustainability matters.

If all the energy is sourced in a clean way, tokens can benefit from the proof of work model. Many experts agree that proof of work is more decentralized and secure consensus mechanism, calling upon the roots of what cryptocurrency was meant to be (as defined by Satoshi Nakomoto).

[Scarlett07]

All cloud mining services have recently collapsed. I think that the only solution to this problem is related with green crypto mining. It will be able to solve the diminishing returns issue related to more costs and less rewards.

Going green looks like a proper next step for modern technologies; cheap and profitable mining plus no harm for environment...sounds amazing)

Green energy is our only future If we speak about any industry) Sustainability matters.

If all the energy is sourced in a clean way, tokens can benefit from the proof of work model. Many experts agree that proof of work is more decentralized and secure consensus mechanism, calling upon the roots of what cryptocurrency was meant to be (as defined by Satoshi Nakomoto).

Many advantages, I agree) currently services try to use clean energy anyway, it reduces costs and everything but as we can see can't save situation dramatically. We are still waiting for the higher btc rate no matter what.

Many offered positive forecasts of the bitcoin exchange rate for 2018, assuring the future increase in the price of BTC. But I think 2019 should be the year!

[Zebulon Baldwin]

yes, I saw a lot of positive videos on youtube as well as some positive reviews from economists