Should i buy genesis mining?

mining

#41

man. the ethos of bitcoin is to control YOUR OWN VALUE.
do not allow others to control.
i don’t do mining contracts. too many variables and too many unknowns.


#42

I have not read all replies (sorry no time atm)
But the short answer is NO

Just what Peter said :slight_smile:


#43

I would rather take that money and build my own mining rig.
Investing in cloud mining is the same as investing in bitconenct.
I just don’t trust them.


#44

True, there are to many variables so its a gamble on some level.
I do my own mining as well but for BTC its not doable without tons of ASICs.

Any how i did a 50/50 gamble with a friend, we went it with half the risk each so 0.55 BTC :slight_smile:
I still have my ticket to the Moon :smiley:


#45

I have already a 7x1070 rig for ETH, might do another 7x1070 later next month. Just testing the water hehe


#46

To me the bottom line is this:
If you spend $1,000 to just buy BTC/ETH right now, you’ll get more BTC/ETH and you’ll get it right now.
If you spend $1,000 on a Genesis Mining contract, you’ll get less BTC/ETH and you’ll get it much more slowly.

I made this mistake when I was brand new and I thought I would get more bang for my buck through cloud mining. I did not realize how exponentially the difficulty increases now on an almost daily basis.

Oh, and not to mention the fact that I’m still missing a month of payouts from Genesis :sob:


#47

Think about Radeon 58/64 you already have Nvidia.


#49

I actually looked at the AMD RX 64 but the power draw is like 300W and not that much more hash power.
Nvidia 1070 gives me little less hashpower (30MH/s against 37-40 or so) but with only 150W. So no brainer really, unless you dont have to pay for electricity.


#50

Good to know. It will be interesting if nothing else to gather the data in an excel and share it like after 6 months. I’m also into data science so data means allot for me. I dont have any really hard fact beside what is available on coinwarz.com and some guesstimate from me.
I already got this with some of my profit so i see this as a experiment-investment :smiley:


#51

I don’t recommend people buying cloud mining contracts. Negative reviews have mostly been shrouded in the piles of self-promotion/affiliate codes; hence, cloud mining is perceived to be more profitable than it actually is. I’ll share my personal experience here.

I first heard of Genesis Mining (GM) from Youtuber boxmining. I became more and more convinced with his continual compliments, and that GM was the few remaining that was actually legit. Even when I scrolled the comment section, everyone was extremely optimistic about it. Looking up online didn’t deter me from my eventual decision either; everyone was busy promoting how profitable GM was.

So, I purchased the mid-tier Ethereum contract (30MH/s), and instantly calculated that the $869 I invested could have bought me 3ETH coins, but the contract itself would yield 10ETH a year! With the 2-year contract, I would receive 20ETH, holding everything constant. Even if the rate should deviate BIG-TIME, getting 5ETH at the end of 2-year would still be a +2ETH profit, right? (!!!)

Boy was I wrong! The initial rate of 0.0265ETH/day quickly plummeted to under 0.011ETH/day within just the first month, and soon enough, even the thought of “breaking even” was rosy enough for me. To make matters worse, GM payout was consistently (but unpredictably) lower than Etherscan calculation. Unlike Bitcoin mining contract, ETH contract was advertised to have no maintenance fees, so I expected the payout to closely reflect the Etherscan’s numbers. That deviation led me to suspect that GM may have profited from the daily payout.

Literally several days later, the rate reached another “valley” - the 3-decimal place territory. As of today (3 months since my initial contract), today’s payout rate is sitting at 0.00576ETH/day. Let’s briefly recap:-
Start of contract: 0.0265ETH/day
1 month later: 0.011ETH/day
3 months later: 0.00576ETH/day
Given the track history above, do you really think that I would regain my 3ETH? I think NOT!

After seeing how unprofitable this was (within the first month), I was determined NOT to: 1) put any more money into GM; or 2) promote GM to anyone. Unlike most people, I actually never promoted or shared my affiliate code. In fact, I never even inserted my affiliate code for boxmining’s daily lucky draws. That’s how much I dislike GM and its core concepts. In my humble opinion, GM’s a scam. Harsh and over-the-board you may say, but more thoughts on that later.

However, I was one of the fortunate ones that got my full refund after persistently pursuing GM customer support. I caught incidents of delayed payouts (no, this was before the payout debacle), and a >40% reduced payout, both of which were mistakes on their end. After continual assertion about their lack of payout transparency and payout mistakes, as well as threats to exercise legal course of actions, they reluctantly but eventually provided me a full refund.

This begs the question: Is GM profitable? The short answer is “it depends”. For the vast majority of users, ABSOLUTELY NOT! You may make a profit if you: 1) got in on a contract when GM was still at its infancy, or 2) have a large network of audience constantly using your affiliate code.

Look at Youtuber boxming for instance. If GM is so profitable for him, why doesn’t he just invest his money there? Instead, he only made a tiny upgrade on his daily videos. In fact, if you watch his earlier videos, you would be able to see his GM contract portfolio. You would see that he actually has a tiny contract portfolio. He must have gotten wiser over time because now, he doesn’t even show a glimpse of his minuscule cloud mining portfolio. I’m sure he is very much aware of how unprofitable GM contract is, but continues his due diligence of making a small upgrade using someone’s affiliate code to keep his audience happy (after all, everyone loves lucky draws!).

Why did I say GM is a scam? Didn’t I watch boxmining’s video on his recent trip to a GM facility in Iceland? Yes I sure did! While I don’t doubt the company’s large procurement of graphics cards, I am hesitant to believe that EACH and EVERY NEW CONTRACT results in a NEW INSTALLATION of mining system. I think this is a key connection that many people fail to see. What you see on the surface may not reflect actuality (i.e., execution).

I’ll now propose to you “How I can be your preferred cloud mining provider”.

  1. I use whatever rate that’s promoted on GM website. (E.g., you buy 30MH/s ETH contract for $869)
  2. I take your money and instantly buy ETH myself.
  3. Every day, I will send you a daily payout based on Etherscan website. No payout delay, no payout errors. Everything will be faithfully taken care of every single day!

As you can see, I would be willing to do that because I have done the math. I know that there is no way you can recoup your investment. We see a lot of noobs in the web boasting how much ROI they have gained, but all of them spoke from the perspective of fiat currency. If the value of a coin goes up exponentially since the start of one’s contract, of course it is conceivable that one would regain ROI, but that’s NOT the TRUE/ADJUSTED ROI. True/adjusted ROI is only achieved if you are regaining the same amount of coin had you invested the money in the coin at the very start of your contract.

My advice:

  1. If you haven’t tried GM or any cloud mining contract, avoid at all cost! Buy your preferred coins and HODL!
  2. If you just bought a contract, try your best to get a refund (credit chargeback, email assertion, threats of legal action).
  3. If you have been in a contract for some time now, fingers crossed that you would get close to your true/adjusted ROI. Learn from your mistakes. And don’t spread misinformation (i.e., affiliate code) in the hope that you may gain from people using your code. Don’t use one’s loss for your own gain.

Sorry for the lengthy post, and I hope you have learned a thing or two.
Cheers folks!


#52

Good read, i like to get all the facts and opinions.
One thing though, when you talk about ROI, GM gives you BTC and i’m also calculating what i get back in BTC by year 1 or 2.
First year if i increase the difficulty by some amount (roughly what has been increased monthly) i can see that i could get about 3.37379943 (Annually). Say 25% is fee. That leaved 2.52 BTC. Even say 2 BTC first year alone it should be profit.
I know reality might be different but without some facts and figures i can only go for what i can calculate.
And did try Monero and it delivers pretty much as expected. For that i can agree that it would have been better of if i had bought it before the price jumped off to the roof. Then again it was relatively a cheap contract…
Anyway i have already gone into this so all i can do is to learn from it and share the result with you guys.
I can collect data for others if they get into the same spot as me. It seems no one has real data anywhere.

ps. Now with BCH it actually make the difficulty grow slower i believe, miners keep swapping back and forth so that plays to our advantage :smiley:


#53

Ill be following your updates! Hopefully your experience will be a lot better than cryptowine’s.

Venlige skandinaviske hilsner fra Danmark :grinning:


#54

Hi @vampyren, since you have already bought a contract, I hope my earlier post didn’t offend you (wasn’t my intention anyway). I hope you would have a favorable experience and a profitable return down the road. My only suggestion is to check the payout amount and make sure the discrepancy isn’t too big of an amount.


#55

When you look closely on Youtube, you’ll realize why there is so many videos about Genesis Mining… they give big commissions as incentive to bring people in.


#56

Maybe that’s the real money maker…?


#57

Not everybody is transparent, but yeah i some case a lot more.


#58

Full disclosure (Radical Transparency) I hold 2TH open - ended contract with Genesis Mining.

I have made my $$ back from doing this December last year. Honestly I did it from a ‘novice’ approach at the time - and was not Solid in my decision.

For myself (personally) I would consider other avenues with less overhead fees. I enjoy the fact that I have payments without cost, though had I done a direct investment in the 3 coins I worked with the first 5 months after the 2TH investment - I would hold 77% more Crypto investments with that same amount.

Note: I still made more than the 401K (I use to hold). That said - do a solid review and ask questions to yourself: What, How, Why and how will it impact my investment strategy.

I love drip investments - but there is 0 liquidity with this type of decision. I like freedom of choice. :cowboy_hat_face:


#59

I admit, I made a small investment not so long ago. I can’t really talk about my experience, but I should have done more research. Thanks for sharing the info.


#60

I bought 2 th for bitcoin mining on genesis mining just to try and see result. I know it exist better solution to make money but for me it’s more like a crashtest ^^. And we have to wail for 31 october for the opening of the btc contract. It’s a fact I knew before taking it. I don’t know for now what I will do with GM…counpound or not. If the case I will surely use the code of member of the Pub. For those who are in genesis mining we can made exchange our code to have mutual benefit when we upgrade… if we upgrade lol.


#61

Of course code in pm