Given with the incident and drama of shutting down of exchanger and scams incidents. Many people cannot help but think that Genesis Mining is scam as well with recent incident that company encounter.
Today, they posted about it on their official Facebook page.
Genesis Mining is the most legit cloud mining company. If this one is a scam I think every cloud mining is a all scam.
Genesis Mining 3% Discount code - agiqo8
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Normally, if there is a scam going on the company does not communicate with it's clients especially during hard times. Genesis is not a scam and mining is not easy. It seems those call it a scam are simply not informed.
they really are not, genesis has been there since 2014. Since then they throwing scam accusations in this company. The CEO is pretty transparent and has done a conference in every places. How can this be a scam? He cannot run anymore if this a scam for showing himself anywhere
Such a cool article, thank you @hiroyamagishi! Genesis mining is the most open and transparent of all of them. I wish I would have invested in them earlier.
Hashocean.com was a big scam that closed. Actually invested in them, but got payed more than invested.
yeah, I investigated and see through my eyes that a company Vitabit, Aimbtc, betrobot, ecoinplus, and fastest one that went bust Metizer claiming that they are cloud mining are actually scams. Metizer last only 1 month. They shut down and run away with everybody's hard earned money, pity for people who invested in them.
Just life goes on, @yuriks2000 we found Steemit and we are early adopter of it so I can see bright future with this community
Yeah it is nice to be early adopter of Steemit, which is not a scam ))
I wouldn't call genesis-mining a scam, but it IS a clever way to make money from the mathematically challenged. The classic mining contract "scam" works as follows:
I agree, many people definitely neglect mining difficulty increases.
Genesis mining in my opinion is better than mining by yourself. Eliminate the hassle for mining, maintenance cost. Doing the math concluded me it wasn't not much difference than doing it on genesis mining to actual mining. Given in reality that diffulty grows up inevitably and that one part of the risk and that is the problem that real actual miner encounter with mining.
However, my mind is in the long run. In the long run, it is profitable for me to do the mine in their company. Speculating the crypto will go up in value. If it is not then I admit it was a loss for a meantime.
Here's the maths for Genesis Mining . It may be a couple of week old but that doesn't invalidate the point.
Basically, at 2500 USD/BTC. Genesis Mining would have cost 0.78 BTC for 15 Th/s. With a 5% difficulty increase each round, you'd only mine 0.3539 BTC before the contract became unprofitable (you would have to pay GM money to keep the contract rather than make any money from it). That's a mere 45% of the cost of the contract after about 310 days of mining.
Obviously, if you just bought BTC you would have had 0.78 BTC instead of 0.3539 BTC. At 2500 USD/BTC, 0.78 BTC = 1950 and 0.3539 BTC = 885 USD. AT 3800 BTC/USD, 0.78 BTC = 2964 USD and 0.3539 BTC = 1344.82. The fact that BTC price has increased is irrelevant, you still have twice as much BTC and it would stil lbe worth twice as much USD.
You're right that cloud mining can be less costly than mining yourself for some people but if that's the case you shouldn't be mining at all for financial rewards as you're just going to loses money. Some people do it anyway for other reason such as helping to decentralise the network. Those reasons don't apply to cloud mining though.
The only way to earn money from cloud mining is through affiliate links which means you're ripping other people off to make up for your loss. In other words by scamming other people.
Well it is a life contract not a one year..
They are doing bulk payouts but I do not actually get them to my wallet. If they where hacked then fair enough but I personally feel there is a deeper story - just being the cynic I am.
It's a business after all and they are profiting from us, otherwise what the fuck are they doing.
Where the scam line would be drawn is how much they are profiting and if the numbers they report are real.
One area that I find highly questionable is the Auto conversion aspect (you can mine another alt on a BTC contract for instance) this is never 100% transparent. The site is buggy and the balances never update.
Let's see what happens. In a years time it will either of collapsed because it is just a shitty ponzi or it will survive somewhat.
I'm on the fence, I think it's a mix of typical ponzi / MLM style business with a slight difference - crypto does pay out, it's not herbalife.. its a real thing. Based on that alone maybe it will work.
I am still in trials with it, so far the maths I did at the start during my DD are WELL off what I have actually got in my hands. So needless to say I am growing more and more dubious and will not be putting more then the few thousand I have in.
you made a point of view. I cannot recommend anything than dash mining contract in genesis mining that is why when recently they open again the X11 Dash Mining Contract I jump in because this contract easily is out of stocks in just a day. The mining difficulty is real and even if you mine by yourself in your place it wouldn't much different in genesis mining profit.
really testing time to join Genesis mate, this is crypto life for many, being like a mushroom, in the dark so much lol
i know it will work out in the end, might even get some bonus hashpower out of it too, staying positive for you
The thing is that every cloud mining will eventually turn into a ponzi scheme....
I have written an article in my mother language german, about microhash.net, a new cloud mining agency which is most likely a scam. But I wanted to document everything that happens to me, while mining there. I'm very curious about the coming days.
will be following this! +1
Thanks for your article will surely be looking into this. Just posted a new article please have a look at it.
Be blessed
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Oh... genesis mining ! They have problem several days ago but now it is okay. :)
they really seems doing better now :)
ππππ
Genisis is very good mining platform for those who wants to enter in mining with no risk and no additional expenses on maintenance with different options of investments.
I dont really believe in this so-called cloud mining stuff. Simply as I believe "Nobody will share something with you if it is making money"
Thanks for the update
I'm glad :D
I'm just like you! Not a scam, just got that problem. Why people start to panic so so so much? I think it's like masses hysteria! BTW, regarding those cloud mining haters, take a look at this article I wrote about that: https://steemit.com/bitcoin/@bitatlas/bitcoin-mining-difficulty-is-a-myth