So, I've been with Genesis mining for about 3 weeks, here are some of the problems I see, and some features I believe they really need:
Real-time earnings: Although, the company appears legit, their delivery model for the end-user isn't perfect. Since I bought a 30 MH/s Ethereum contract on Genesis Mining, I've only seen a steady decline in daily payments. This in particular makes me curious to know why that's the case, and in such instance real-time earnings might have helped.
30 Day Hold If Paying via Credit Card: Every time you're going to buy hashing power with them via a credit card, they're going to hold your daily earnings for 30 days! Their reasoning is that they want to prevent fraud but why can't they follow Hashflare and reduce this to 14 days?
No Mining Pool Information: There's no way to verify what's being mined and what my share is; no pool info, no block info etc. We're just supposed to believe whatever number / earnings they show us at the end of the day.
My thoughts so far: I think Genesis Mining, although they pay, are scamming people. I'm seeing steady decline in my daily payouts, and I see only one explanation for it: they're possibly using some software to pay people out which is why when the ethereum price fell, so did the payouts, I wouldn't be surprised to see a surge in daily payout once the ethereum price goes back up. I'll keep an eye out for this and post an update accordingly. All in all, they need to be more transparent and detailed about what's going on with our mining. We are, after all, supposedly renting mining power from them. As for the people who advocate for it on Youtube etc., they are making money because of referrals. They show great amounts of money they're making and how it's multiplying, making it all very tempting for everyone. But the fact is, they get 3% from the money you put in, and aren't really losing much because they're not putting in their money, but merely reaping the benefits of referrals. Pus, the amount of users genesis mining has and the amount of mining rigs they have, at some point won't add up.
If you guys think I've missed out on some thing, or didn't do my research well, please do provide the information in the comments section below. Thanks :)! And no hard feelings to anyone, just researching cloud mining with a keen interest, and posting my findings.
If you look at my other posts about Genesis Mining, you will see I've given them all benefit of the doubt so far, but I'm just not buying it after 3 weeks with them. I would love to see, what goes on for days to come.
I would also like to add the fact that HashFlare actually has all of the features I pointed out are missing from Genesis Mining, making them much more transparent and they also have slightly cheaper prices. Then why is Genesis Mining more popular? Simply because of their referral program and they've been around longer. But maybe I'll try Hashflare next and see how their services and payouts are.
You've missed just one little thing to mention: they are scammers!
did mention "I think Genesis Mining, although they pay, are scamming people."
Yes, but you've mention it in a form of opinion. It's a fact @dannnielli. If you've bought some MH for bitcoin, you will never get back your investment.
Oh, BTW, Hashflare will scam you in the looooong run.
The solution? DO NOT FALL FOR ANY OF THAT!
Yeah, I'm thinking of starting lending on Poloniex or doing short trades, it can make a decent earning too. Got any other ideas? Because buying a rig is not an option for me.
Lending on Poloniex? After everything they've done?
https://steemit.com/comic/@lighteye/b-c-stands-for-blockchain-may-07-2017-poloniex
That is called “speculation” and is very risky.
I think the best option by far, is – posting here on Steemit! No better and more fun way to earn, and it's safe.
yes but steem has problems of its own. for example, the bots here are very annoying. i've been posting about genesis mining with my affiliate code and they kept flagging my posts, even though the same kinda posts by other authors (with higher repute) didn't get flagged. quite discouraging, and creates a divide by selectively punishing a few / newbies and giving leeway to others. Plus I'm only putting a few cents into poloniex, haha
Thanks for your post. I started with Genesis Mining 2.5 weeks ago and my experience so far is indifferent. I am quite pleased with my bitcoin mining. Overall I make 0.5 % daily profit. But I am not satisfied with my Dash mining contract. It started well, making nearly the same but after three days the profit dropped daily and is now down more than 60 %. So I am definitely not investing in Dash mining anymore but going on to increase my hashpower in BTC. I do not think that this company is a scam and I agree with you that it could be more transparent. But I think they are afraid sharing their results because of their competitors.
I have been wanting to try out BTC mining but was holding back because of the upgrade on August 1. Maybe I'll get some hash power after that. And why would they be fearful of their competitors for showing their results? If anything, it's going to make their customers more loyal and establish trust.
Congratulations @dannnielli! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPOne thing you might do if you think their payments are unfair is to get an estimate. The following link:
https://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=10000&p=0.00&pc=0.00&pf=0.00&d=708659466230.33200000&r=12.50000000&er=2525.54000000&hc=1400.00
...is a mining calculator where you can see just how far off center they might be. Mining is risky even with well established companies.
Im still holding off on saying that GM is a scam. But I defiantly see a steady decline in my payouts. That is due to the difficulty level increasing everyday, but by how much? We'll have to trust in GM to give us the truth because I don't have the ability to fact check their numbers. Just a simple matter of trust. However I have invested about $10k in to GM and have mined about 2 BitCoins so far which has almost paid me back my investment. So I'm not too worried about GM being a scam. But crypto currencies in general are based on trust, but we all have to do our own due-diligence to make sure whats right for us.