Genesis-Mining Review

[HostSurf]

We will ROI in the day that bitcoin returns into the 500 dollars or above ,with the current value we wont get nothing ,the question is will genesis mining still alive on that time ,it can take years to we get the small payments we were getting.

if bitcoin cloud silver (which they are members bitcoin foundation) can scam
I believe genesis of mining also has great possibilities for scam

That foundation's "silver" status is a boughten one. Scrypt.Cc could have been a "silver member of the BTC foundation" if they paid the fee.
GM is REAL, but the BISNESS MODEL is set to suit only them most definitally. Sneaky sneaky sirs they are

scrypt.cc is a damn scam

Selling no ROi contracts to your clients is also called scamming.
In what way is Genesis Mining different?

Why are they sending millions of bogus mails now.. exactly because after they fuck*d us with the Scrypt Hashing.. everbody left them.
In no way will I ever re-invest with them or recommend them.

[miakama]

Has anybody experience with their ethereum mining operation?

[gollumist]

Selling no ROi contracts to your clients is also called scamming.
In what way is Genesis Mining different?

Why are they sending millions of bogus mails now.. exactly because after they fuck*d us with the Scrypt Hashing.. everbody left them.
In no way will I ever re-invest with them or recommend them.

+111
I am fully agreed with the above!
Since nearly 20 days there are no any payout from genesis, after a nearly 1 year regular payments receiving - small amounts, but every day. Since December last year they payments start to decrease dramatically every day and last one was on 13th of January this year.
Yesterday, after a week waiting for reply to my ticket to genesis help-desk, I got the following reply:
-----------------------
BTC / USD rate: 380 Hashpower (GHs): 22
Maintenancefee USD: 0,044 0,002 per GHs
Maintenancefee BTC: 0,00011579
Coinwarz.com result BTC: 0,00009218
Maintenancefee BTC: 0,00011579
Result minus fee BTC: -0,00002361

so you had an negative payout since then, because the maintenance fee was higher than the mining result.
As it is stated in the terms of contract, your contract will be terminated in case there are more than consecutive 20 days no payouts.
-----------------------
I am fare away from ROI and wander if somebody will reach this ever???!!!
So - the choice is yours! For myself - I will never think about to invest in genesis mining again or recommend to somebody!!!

 

[Glucose]

Has anybody experience with their ethereum mining operation?

You definitely shouldn't invest with them.

You can't ROI with GM. So I would suggest you one thing : buy Ether directly if you are interested in Ether but don't give GM your money for half of what you could buy directly.

We have a review at http://cryptocoinzone.com/genesis-mining/. We also have a 5 % promo code for Genesis Mining´s lifetime contracts

I just read a few lines of your review and - sorry to say so - it's a non-sense :

"Genesis mining is a big and transparent actor"

Really ? 1) They don't tell their customers which pool they use 2) You can't verify what blocks they find 3) They also don't tell their customers their total hash power.

+ ROI isn't just "difficulte to predicte" : it is mathematicaly impossible to ROI. Just check the difficulty rising these day and do some mathematic :

Your payout will decrease every 2 week (next difficulty +17%) but the fee they are taking doesn't ==> Which means your payout will be lower and lower until you are unable to pay the fee and they will cancel your contract. You need a miracle to ROI.


I highly suggest to everybody who feel they have been scammed by GM to put a negative trust on them, as I did. We are the one who can warn others.

[Zeta0S]

For now only Ethereum mining is goining like crazy 

[robelneo]

I really want to invest here but the current price is quite high for me,this is the only cloud mining site that's worthy to invest your money.they are very transparent and many good testimonials coming from their investors for me they are the number cloud mining today..

[Zeta0S]

I really want to invest here but the current price is quite high for me,this is the only cloud mining site that's worthy to invest your money.they are very transparent and many good testimonials coming from their investors for me they are the number cloud mining today..

What are you gonna mine? X11 Dash or Ethereum?

[Monnt]

Great review however the payouts recently have significantly lowered without any reason... From 0.00015 to 0.00008 each day for me.

It's going to be half of that when the blocks half

[crazyivan]

I really want to invest here but the current price is quite high for me,this is the only cloud mining site that's worthy to invest your money.they are very transparent and many good testimonials coming from their investors for me they are the number cloud mining today..

What are you gonna mine? X11 Dash or Ethereum?

The problem with those contracts is they are 1 year only. Maybe smarter idea would be the buy desired coin in the first place.

[Zeta0S]

I really want to invest here but the current price is quite high for me,this is the only cloud mining site that's worthy to invest your money.they are very transparent and many good testimonials coming from their investors for me they are the number cloud mining today..

What are you gonna mine? X11 Dash or Ethereum?

The problem with those contracts is they are 1 year only. Maybe smarter idea would be the buy desired coin in the first place.

I think you get more Ethereum for example for the same 100 bucks true mining.

Remember All Bosses mine!

[kingaltcoins]

The concept of cloud mining in general is going down day by day.
As soon as the reward goes down to 12.5 btc the miners will have negative profitability and all cloud mining services might go down.

So investing in Genesis mining is not an exception.

[Tavos]

Well written review, though things seem to have changed slightly as I have read some stories about them randomly suspending hash rate, e.t.c
Cloud mining is basically not profitable any more.

[LiberOptions]

Why do they have such high prices? there are a dozen other cloud mining services that have much lower prices.

[crazyivan]

I really want to invest here but the current price is quite high for me,this is the only cloud mining site that's worthy to invest your money.they are very transparent and many good testimonials coming from their investors for me they are the number cloud mining today..

What are you gonna mine? X11 Dash or Ethereum?

The problem with those contracts is they are 1 year only. Maybe smarter idea would be the buy desired coin in the first place.

I think you get more Ethereum for example for the same 100 bucks true mining.

Remember All Bosses mine!

You do know Ether mining diff goes up big time, day by day? So current calculations mean nothing, it s all one big gamble. Also, if u get Ether immediately, you can trade it, loan it, do lots of stuff. With cloud mining, you re stuck.

[Glucose]

The concept of cloud mining in general is going down day by day.
As soon as the reward goes down to 12.5 btc the miners will have negative profitability and all cloud mining services might go down.

So investing in Genesis mining is not an exception.

I fully agree with you. All cloudmining service will go bankrupt with the halving.

Follow my advice : Do not invest here. Just buy your coins.

[Invulner]

Well today I logged into my genesis mining account all my hashpower is gone... Also there is no record of any payouts I've received, etc. I think it's gone scam guys 

[Zeta0S]

For now only Ethereum mining is goining like crazy  

If that because of the rise of Ethereum price.If you buy Ethereum directly, can you make more profits?

For now i thing mining Ether is the better deal. However Difficulty is going up.

Why not do both in your portfolio?

[Glucose]

For now only Ethereum mining is goining like crazy  

If that because of the rise of Ethereum price.If you buy Ethereum directly, can you make more profits?

Yes you will. Don't listen to Ianfoxley and Zeta0S, they are either blind or paid by GM (or hoping for referal money?)


This is the link to my scam accusation thread against Genesis Mining. They have been selling non-ROI contracts for too long. Enough is enough.

Let's attack them where it hurts : their new potential customers and their reputation

https://bitcointalk.org/index.php?topic=1185909.msg12482453#msg12482453

[manutdfan]

I bought a Genesis Mining 1THs contract somewhere in August 2015 for 1.96 BTC. It's been 6 months now and till date I've recovered hardly ~0.4 BTC. And for the past 3 days they are paying 2000 satoshis only. WTF! Free faucets pay more. Seriously I earned 50,000 satoshis only for clicking captchas every hour in the last 4 days which I have even transferred to my wallet. And on the other hand I'm stuck with a so-called lifetime contract which pays me only 2000 satoshis a day and might be suspended any day now.

What really bothers me is the stipulation that if costs exceed payouts then they will suspend our contract and the way things are going recently I'm quite sure they would seize our hashpower too without any reason way before any of the other cloud miners do.

In my opinion Genesis Mining isn't worth your money or time. I won't go so far as to say that it's a scam but I've comparable hashpower on Hashnest s5 (which I sold day before yesterday for a loss in exchange for s7) & Gigaghash sHash2 and their payouts are still 20 times better than Genesis as on date.

Funny thing is miningsweden was the first cloud miner where I had invested in August 2015 too and initially I hated it but turns out I have made BTC 0.16 from only 100GHs hashpower. Compared to Geneis that's easily 4 to 5 times better payouts for the same duration and hashpower.

I had recently posted a foul mouthed rant on Genesis-mining's official thread which got deleted but that doesn't hide the fact that it's payouts are utter garbage.
And if Genesis with all it's 'transparency' and 'polite talk' does end up suspending mining contracts then I guess it would be one of the best heists ever pulled of in history.

A word of caution to newbies from India or other 3rd world countries- be mentally prepared to lose money in the short term and forget about RoI on cloud mining. It's never gonna happen. And those who say they have earned good returns on so or so are either the scammer themselves or had entered the BTC scene before 2012 thereby having the first mover advantage.

When I bought my first BTC in Aug 2015 to invest in Genesis mining's rubbish contract BTC was trading for $230. Today it's ~$380 after having risen to $420 in Dec 2015. So long term investment is definitely one of the best alternatives if you have the patience and if BTC still continues to exist. Day trading isn't my forte besides there are too many bots on the scene.

Practically cloud mining contracts are good only for 10 months from date of first release till the next gen mining hardware pops up or block difficulty increases.
Through cloud mining you would at best recover 70% of your invested principal in US$ terms. Forget about profit. If BTC price does break through the $1k mark by end 2017 or even $600 mark by end 2016 then you would have made a good investment (it's a very realistic possibility with the upcoming block halving in July 2016). Even real estate in a decent neighborhood needs min. 5 years to double in value here.

[Visbay]

For now only Ethereum mining is goining like crazy  

If that because of the rise of Ethereum price.If you buy Ethereum directly, can you make more profits?

Yes you will. Don't listen to Ianfoxley and Zeta0S, they are either blind or paid by GM (or hoping for referal money?)


This is the link to my scam accusation thread against Genesis Mining. They have been selling non-ROI contracts for too long. Enough is enough.

Let's attack them where it hurts : their new potential customers and their reputation

https://bitcointalk.org/index.php?topic=1185909.msg12482453#msg12482453

They are selling 12 months mining contract for Ethereum. But Ethereum mining will not last another 10 months.