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

[Dumbasef]

OK thanks for your insights, I'm saddened, I thought mining in legit companies is OK.

[lechatelier]

OK thanks for your insights, I'm saddened, I thought mining in legit companies is OK.

I think mining in legit cloud mining services can still be profitable, especially considering that those will not simply terminate your contract but offer to send you the hardware you've practically bought instead. So you can at least sell that hardware on ebay later on and have a shot at making a profit in total. An example of a 99.9% legit cloud mining service would be Hashnest, I'm currently looking into investing there. I'm not certain as to whether it is profitable or not, though. I am still looking for more first hand experience by users that have been invested there for a longer period of time.

It's a shame about all those lost contracts though. I imagine 90%+ of their customers were not aware this clause existed in their contracts prior to their hashrate suddenly disappearing. I feel bad for those people, they have been tricked by shady referral programs and terms like "lifelong contract".

[Dumbasef]

Miner rigs in Hashnest easily gets obsolete. I mean, if you don't trade then you won't ROI.

[AleScamHole]

Miner rigs in Hashnest easily gets obsolete. I mean, if you don't trade then you won't ROI.

ya sure would be great to just buy hash and let it sit for months with no love into it, as a magic money machine hey? (sic)
only fucking idiots would "let their machine go obselete" at hashnest, straight up

[eestimees]

support now wrote, that there was a glitch and I should get my contract back...

[eestimees]

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.

Apparently those 1y contracts didn't had that condition.. I got my hash back now waiting for payment that should include last few days also.

I must say that GM trust rating has gone up a bit in my eyes now after all...

[AleScamHole]

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.

Apparently those 1y contracts didn't had that condition.. I got my hash back now waiting for payment that should include last few days also.

I must say that GM trust rating has gone up a bit in my eyes now after all...

lol.  why because they have a broken system that tried to scam you then ONLY fixed it once YOU let them know?
o ya, awesome guys there. im sure it will work out great, might even get 50% of your money back!

[eestimees]

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.

Apparently those 1y contracts didn't had that condition.. I got my hash back now waiting for payment that should include last few days also.

I must say that GM trust rating has gone up a bit in my eyes now after all...

lol.  why because they have a broken system that tried to scam you then ONLY fixed it once YOU let them know?
o ya, awesome guys there. im sure it will work out great, might even get 50% of your money back!

let me explain:
trustlevel on 100% scale:
was: 10%
went: -100%
is now: 0% - meaning I have what I have there and wont buy more

[sbtctalk]

Let's see how many comments here will be deleted. Perhaps G M is not interested in promotions here any longer.

They should be targetting new comers in the mainstream consumer market.

[Bravo_Zulu]

support now wrote, that there was a glitch and I should get my contract back...

Can you tell me what support has said to you. I am in the same situation (missing 15th) and all they are saying is that my account has became unprofitable.

[Raja_MBZ]

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?

Those are the questions most of which I've been asking on their website. All I receive mostly are lame answers. We do have the right to get answers to those questions as we're purchasing contacts there.

[biggbox]

Let's see how many comments here will be deleted. Perhaps G M is not interested in promotions here any longer.

They should be targetting new comers in the mainstream consumer market.

You are spot on. I won't promote my products here if I were them, knowing the target customers in this forum is seasoned and well aware of their tactics.

[UNsTephenk]

Started mining at the beginning of 2015 and am now up to 2.8 th/s. With BTC increasing, adding more hash requires relativity less coin. Hence, I am able to upgrade sooner and more often. Hope the price stays up for a while so I can keep building my mine.

[AleScamHole]

Started mining at the beginning of 2015 and am now up to 2.8 th/s. With BTC increasing, adding more hash requires relativity less coin. Hence, I am able to upgrade sooner and more often. Hope the price stays up for a while so I can keep building my mine.

you are on crack. you could have made 100x your money in that much time in other ways wow ;\
but i guess for kids its cool to play with, fun hey?  
o and your sig referral is only good for 2.5% wut u trying to pull? that's not very honorable sir

[biggbox]

Started mining at the beginning of 2015 and am now up to 2.8 th/s. With BTC increasing, adding more hash requires relativity less coin. Hence, I am able to upgrade sooner and more often. Hope the price stays up for a while so I can keep building my mine.

You are not thinking logically. Please. It is more worthwhole to buy coins and hold. Alternatively, invest in other form of algorithm cloud mining, get alt coins and trade for btc

[sbtctalk]

Started mining at the beginning of 2015 and am now up to 2.8 th/s. With BTC increasing, adding more hash requires relativity less coin. Hence, I am able to upgrade sooner and more often. Hope the price stays up for a while so I can keep building my mine.

You are high on weed. Have you ROI? You claimed to start from early 2015

[Zeta0S]

Started mining at the beginning of 2015 and am now up to 2.8 th/s. With BTC increasing, adding more hash requires relativity less coin. Hence, I am able to upgrade sooner and more often. Hope the price stays up for a while so I can keep building my mine.

I have a lot of fun building my rig power in the genesis mining environment. The last 9 months i have building my X11 and Ethereum mining power.
Specially Dash en Ethereum are doing well. To bad X11 is not for sale at this moment.

[biggbox]

Let's see how many comments here will be deleted. Perhaps G M is not interested in promotions here any longer.

They should be targetting new comers in the mainstream consumer market.

I think they have given up on this forum and like what you said - shift focus on consumer market, non-technology  sector and attract more fresh investors.

[pixelpowered]

Let's see how many comments here will be deleted. Perhaps G M is not interested in promotions here any longer.

They should be targetting new comers in the mainstream consumer market.

I think they have given up on this forum and like what you said - shift focus on consumer market, non-technology  sector and attract more fresh investors.

Correct.
They utilize social media where they can easily edit or delete that don't fit the narrative. They can easily just push you off with, 'open a support ticket', as well.
The FB feed is always the same. They pump and pimp out new stories involving them and the comments are followed by artificial promoters. Then the support questions usually follow because a lot of customers still have problems with GM's products.

GM will keep getting away with it because they exploit international contract terms and law.
People on social media won't be doing do any due diligence before they signup and buy something new and shiny from them.

[AleScamHole]

Let's see how many comments here will be deleted. Perhaps G M is not interested in promotions here any longer.

They should be targetting new comers in the mainstream consumer market.

I think they have given up on this forum and like what you said - shift focus on consumer market, non-technology  sector and attract more fresh investors.

Correct.
They utilize social media where they can easily edit or delete that don't fit the narrative. They can easily just push you off with, 'open a support ticket', as well.
The FB feed is always the same. They pump and pimp out new stories involving them and the comments are followed by artificial promoters. Then the support questions usually follow because a lot of customers still have problems with GM's products.

GM will keep getting away with it because they exploit international contract terms and law.
People on social media won't be doing do any due diligence before they signup and buy something new and shiny from them.

yupp. wow im so happy im not the only one who sees it. they silence me everywhere, and i fear noobs being sucked in alot ;(

btw their site now boasts "200'000" customers