Genesis-mining.com || World's leading hashpower provider!

[tmfp]

What is genisis total hashrate? why are they not solo mining?

.. I do thing they uses pools.

We do not publish a list of pools we are using. Our main criteria for a good pool are: reliability, fee structure and reject rate. Going forward we will solo-mine a few coins (and pass the fee savings to our users!).

Why not?
If they are so big (see claim below) why aren't they solo mining now? Users could do with some fee saving.
For a company that makes a big deal of "transparency" "good citizen" blahblahblah, they are actually pretty opaque.

Join over 200.000 people with the world’s leading hashpower provider

How do they know that? Read my sig.

[biggbox]

Genesis mining has been great for me, i just see the coins coming in
use this special code for a discount
jw0sNI

I believe you didn't read through the whole discussion. Enjoy your contract while it last.

[Zeta0S]

What is genisis total hashrate? why are they not solo mining?

Join over 200.000 people with the world’s leading hashpower provider

How do they know that?

a certain degree of exaggeration is permitted whit advertisement.  
Look ad detergents they say always they are the best and the worst smudge will go away.

I totally do not bother me Genesis Mining say they are the biggest, and in cloudmining they really could be the biggest provider.

[tmfp]

What is genisis total hashrate? why are they not solo mining?

Join over 200.000 people with the world’s leading hashpower provider

How do they know that?

a certain degree of exaggeration is permitted whit advertisement.  
Look ad detergents they say always they are the best and the worst smudge will go away.

I totally do not bother me Genesis Mining say they are the biggest, and in cloudmining they really could be the biggest provider.

Yeah, we're all aware that you're their No1 fan, but what you call "exaggeration" some people might call "lies", unless proof is offered.
They "really could be" a lot of things....transparent, no.

We are heavily investing in the best available hardware to stay at the edge of technology.

Like what? Semi obsolete product from a bankrupt company?

[Zeta0S]

What is genisis total hashrate? why are they not solo mining?

Join over 200.000 people with the world’s leading hashpower provider

How do they know that?

a certain degree of exaggeration is permitted whit advertisement.  
Look ad detergents they say always they are the best and the worst smudge will go away.

I totally do not bother me Genesis Mining say they are the biggest, and in cloudmining they really could be the biggest provider.

Yeah, we're all aware that you're their No1 fan, but what you call "exaggeration" some people might call "lies", unless proof is offered.
They "really could be" a lot of things....transparent, no.

We are heavily investing in the best available hardware to stay at the edge of technology.

Like what? Semi obsolete product from a bankrupt company?

Aaah, Spondoolies, they sold state of the art equipment of good quality compared to most others.
To bad this startup did not made it.  RIP Spondoolies-Tech.

tmfp you got a lot of anger inside of you, i wish i could help you.
I hope you got some one that can talk to you.

[tmfp]

Lol, WOW, dare to ask a few mild, relevant questions and get Ad Hominemed as a psycho by their Number One Shill!
Way to go Zeta   
By the way, you never thanked me for pointing out, last time you were raving about your ETH contract, how much MORE money you would have made if you just had bought the fucking coin, not given your money to Mr. Streng to mine it for you rip you off...

Edit: Thank you for your message


I repeat my reasonable questions, and a couple more besides, addressed to Genesis Mining on their self moderated thread, on the largest Bitcoin forum there is (which they visited today), expecting a reasonable response from the self proclaimed, fully transparent, cloud mining industry leader

1) What is your total hashrate?
2) What pools do you mine with?
3) Do you also solo mine?
4) Why can't we see the address to which the new coins go?
5) What equipment do you use to mine Bitcoin?
6) How have your mining plans been affected by the failure of Spondoolies?
7) How do you propose moving forward with the conjunction of the halving and 14nm competition staring you in the face?

[CjMapope]

1) What is your total hashrate?
2) What pools do you mine with?
3) Do you also solo mine?
4) Why can't we see the address to which the new coins go?
5) What equipment do you use to mine Bitcoin?
6) How have your mining plans been affected by the failure of Spondoolies?
7) How do you propose moving forward with the conjunction of the halving and 14nm competition staring you in the face?

i have literally been asking them some of these questions for a year. they give generic "well we can't tell you because" excuses.
"largest hashpower provider" they CALL themselves, don't even have their own pool even?
a joke, and a bad one.  my only hope is they will just come on after mass silence and just announce their closure, save us all the calling them on their shit.

it's done Marco, close up before you end up like your friends Josh and Guy, game over.

[matt4054]

Besides the speculation going on here, do you have any clue about the basis used for the mining maintenance fees?

It's quite obscure to know if there is any chance of ROI after the halving...

Thanks!

[BITDV]

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

[eestimees]

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

I have about 67TH gone.. welcome to the club, also no answer from support... so far.. all contracts that had 0.0015usd / GH maintenance fee were gone from the day they should have started to earn again (thanks to btc / usd rise)

I mean they are gone.. no history in account orders, as expired (as they were not expired) they just do not exist anymore...

[Dumbasef]

i want to invest in genesis, what is the future for new lifetime contracts?,

[matt4054]

i want to invest in genesis, what is the future for new lifetime contracts?,

Which contracts are you talking about, and what kind of answer do you expect, seriously?

[Dumbasef]

i want to invest in genesis, what is the future for new lifetime contracts?,

Which contracts are you talking about, and what kind of answer do you expect, seriously?

the lifetime btc

[alienesb]

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

I have about 67TH gone.. welcome to the club, also no answer from support... so far.. all contracts that had 0.0015usd / GH maintenance fee were gone from the day they should have started to earn again (thanks to btc / usd rise)

I mean they are gone.. no history in account orders, as expired (as they were not expired) they just do not exist anymore...

Wow they fuct you good

[eestimees]

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

I have about 67TH gone.. welcome to the club, also no answer from support... so far.. all contracts that had 0.0015usd / GH maintenance fee were gone from the day they should have started to earn again (thanks to btc / usd rise)

I mean they are gone.. no history in account orders, as expired (as they were not expired) they just do not exist anymore...

Wow they fuct you good

got reply from support, that they were deleted as they were not producing within last 20 days.. well.. If I remember correctly they stopped in the middle of Feb - that is more than 20 days ago. I also addressed support then.. Funny is that they were listed under my account orders until the day BTC price went up enough to start earning profit.. also I must say that I did not copy terms of 1y contract.. did it included that 20day term or  not... go figure...

[biggbox]

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

I have about 67TH gone.. welcome to the club, also no answer from support... so far.. all contracts that had 0.0015usd / GH maintenance fee were gone from the day they should have started to earn again (thanks to btc / usd rise)

I mean they are gone.. no history in account orders, as expired (as they were not expired) they just do not exist anymore...

You bought 67 TH/S worth of contract and it is gone from your account? Do you have proof of it? When you bought the contract, they should have sent an invoice.

Are you able to show us that email or invoice?

[Dumbasef]

can  make a profit on btc mining now that the btc price has gone up?

[biggbox]

can  make a profit on btc mining now that the btc price has gone up?

I can tell u, no. It's very unlikely. Unless you have many referrals. One of my GM contract has been terminated.

[biggbox]

Can GM answer this?

https://bitcointalk.org/index.php?topic=1185909.msg15220479#msg15220479

Also, I find it strange that GM could sustain by mining with older hardware. Those old hardware should be inefficient and cost tons of electricity. Shouldn't they be using more efficient miners, 14nm tech, such as S9s?

And what happened to scrypt power they took away from their customers? I understand that scrypt has better longevity than other algos..

[lechatelier]

They are actually allowed to delete your contract if it has been unprofitable from a maintenance perspective for more than 20 days straight.

From their contracts, 4.b Terms:

"The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above."

This is a huge deal! A lot of people don't realize that with exponentially rising mining difficulty and a constant maintenance fee, your contract will sooner or later expire provided the BTC price doesn't go to the moon (lifetime contracts... yeah, right). And if it did, most of these cloud mining companies would probably go bust.

Think about it, all it takes is a 20 day exchange rate dive and your whole investment is gone. Doesn't matter if the price goes up again shortly after. *Poof*. Gone. Buh-bye. As it is right now, a dive below 300 EUR/BTC for 20 days would suffice for a lot of contracts to disappear. And that cut-off is rising every day due to the rising difficulty. It could be 600 EUR/BTC in a couple of months. Are you certain the bitcoin price will stay above 600 EUR consistently for the next few years? I'm not.



And Genesis Mining isn't the only company practicing this method. Here's a gem from Hashflare's ToS:

"5.5. The Mining process continues until said mining is profitable. This means the Mining process will stop if the Maintenance and Electricity Fees will become larger than the Payout. Permanent Service termination (Hashrate type specific) if mining remains unprofitable for 21 days."

Which begs the question: Why are those contracts terminated (so quickly)? The hardware is still there (provided it ever existed) - so why not give it at least a couple of months before throwing it out? Since that is the only explanation as to why those contracts are being terminated: The hardware is getting replaced because it's not profitable anymore. In such a case, why not offer customers a switch to newer hardware for a small fee?

These contract terminations are extremely suspicious to say the least. To me, it appears to be a built in "fail-safe" in favor of the companies selling the contracts - a fail-safe that makes the ponzi scheme obsolete because the customers never really have a chance of getting their money back. I don't want to say it's a scam because they're literally holding up their end of the contract - a contract you have to agree to before buying hashrate there. Is it a good business practice that invokes trust in them actually mining (all of the) coins they claim to mine? Certainly not.

Personally, I have come to the conclusion that services like GM or HF are nothing else but a gamble. You literally have to bet on the exchange rate going up enough (and due to the exponentially rising mining difficulty, those levels would have to be ridiculously high, almost impossible to achieve) until you can hit ROI - and it still could take years for you to get there. Why would you do that, though? Why would you bet on something if the best outcome is getting your money back after a year or so? You could literally invest in bitcoin instead, keep them for a year and you'll have so much more than just your initial investment back.



I am desperately looking for a legit cloud mining service, but neither HF nor GM are those - and those clauses in their contracts should make that abundantly clear to anyone still wondering about their profitability.

Please think twice before investing in those companies. No, GM and HF are (most likely) no ponzi-schemes - but that's because they don't have to be. They will do exactly what the contract you sign with them says - but it's a shitty contract and chances you will ever see ROI are minuscule. You literally have better odds in any given casino - and you know something isn't a good investment opportunity when "betting on black" isn't only a safer but also way more lucrative move.