One of My Biggest Mistakes Ever Was Buying ZCash Mining Contracts with Genesis Mining.
My average payout for my ZEC mining contract with Genesis Mining is .003 ZEC. I get one month free with Genesis Mining so that is a total of 13 months. Let's do the math 395X.003= 1.185 ZEC. So for my .89 BTC investment ($560 at the time) I get a return of just a little over $200.
Now on top of all this, people including myself have not been receiving their payouts. Below is the response by Genesis Mining.
Genesis Mining Tweet 1
Genesis Mining Tweet 2
Genesis Mining Tweet 3
I Understand That Sometimes in Business Things Happen That Are Outside Your Control.
I am just fed up with this company. Whenever I see people recommend this company I get a knot in my stomach. If you are going to mine crypto currency, do it yourself. Sure I have successful cloud mining pools with Bitclub but if I was to do it all over again I would have learned how to mine on my own. I just prefer to trade instead and leave mining to people more technically savvy than me.
Genesis Mining Give Me My Payouts I Don't Care If it is Just a Few Bucks!
UpDate by Genesis Mining 07/26
On the night of Friday July 21st, we detected an unauthorized intrusion by an attacker. This attacker gained access to a hot wallet and was able to transfer funds which we will reimburse in full. Shortly after the intrusion was detected, our team was able to shut down the attack. We immediately took steps to mitigate the issue, including enhancing our monitoring and detection capabilities, and further hardening our environment. One of those increased security measures was to delay our daily payouts.
We have found no evidence that sensitive end user information, including email addresses, were exposed by this incident. We also do not collect, store or have access to customers’ credit card details. We immediately engaged 3rd party cyber security advisory to investigate the attack, and validate that the measures we took to address this issue – and it’s those security practices that ensure that an issue like this remains isolated and resolvable.
We want to assure you that our mining operation was not affected and is running as normal. Every single one of our customers will receive their missing payouts as soon as we’re sure about the safety and integrity of our payment system. One of the advantages of the daily payout system is that it helps prevent actual losses, even in moments like these that cause delays.
The next payout is being scheduled, and all missing mining profits will be paid out to our users during the coming days. Genesis Mining will cover the full amount, and you will receive all of your payouts. The mining profits will be released gradually with the usual daily payouts, so you will receive two payouts a day instead of the usual single payout per day, until all missing payments are complete. We’re sorry for any delays in ticket responses, and I want to personally assure you that our Customer Service team will respond to each and every concern you have.
We will update you as soon as new information is available.
If someone recommends Genesis Mining, it's a great tell that they are either an idiot or a scammer.
Like Craig Grant, who is a pied-piper leading a legion of mathematically dis-inclined lemmings over the cliff with his word-vomit posts.
Thanks for getting the word out there.
Has anyone noticed the website is super fast now. It was slow as hell for a bit. People need to give them a break. They are most likely preparing for the BTC chaos next week and upgrading their website infrastructure to handle all the new demand. A few hundred thousand people a week are joining and learning about cryptocurrency and every companies resources are stretched at the moment. It's so funny to see people freaking out with only a few hundred dollars worth of contracts. I have $50,000 in mining contracts and I will patiently wait for Genesis to finish their upgrades. For the people who are freaking out over a few delayed payments maybe this whole crypto thing isn't for you.
Cloud Mining isn't for me and I think I earned my spot at the crypto table. People don't like their money messed with.
This was directed towards all the crypto noobs, not you. I know you have been around a lot longer than many of us. I agree that Genesis Mining has a problem with communicating to their customers, but they have a decent track record of delivering payments. I have only seen one other delay in the last 6 months.
Cloud mining all the way for me. These are the sites I use!
All Free Gh/s.
Eobot - https://goo.gl/FVAp7L - Daily free faucet!! Number One & Most Trusted
Fleex - https://goo.gl/hyff4J - 100Gh/s
Rapid - https://goo.gl/W1CzRr - 100 Gh/s
CryptoS - https://goo.gl/LtaaTU - 20Gh/s
MinerClub - https://goo.gl/Lfok5X - 15 Kh/s
Nano - https://goo.gl/ZgcrQe - 15 Khs
Elite - https://goo.gl/72rxWA - 5000 DogeCoin to start investing.
Demix - https://goo.gl/pcpMve - 5 Gh/s
DogeMine - https://goo.gl/syBPcZ - 20 Kh/s
I do not recommend you invest $$$ except in Eobot, more your time,
in and internally generated Gigahashes
Then cash out when you like the day returns!
Then send it over to Eobot to boost my account their.
Please use the links so i can gain a small amount of Gh/s for your referral.
Happy Mining.
I have made money with genesis-mining but at the same time I am VERY, VERY disturbed with not getting paid... I would not buy any mining contracts, instead just buy steempower.
Unless genesis turns it around....UPVOTED
Wow, i was actually debating with myself to get involved with Genesis mining. Your post made me reconsider and probably literally saved me money. Thank you!
Same here. I was just talking about starting a new contract with them as a birthday gift for my dad, but now I'm thinking I'll just buy him some Eth to trade.
I was planning to invest some, guess now I won't :)
Yes, Genesis Mining does skip a few days every now and again.
Thanks for warning about the ZCash. My "forever" BTC mining contract has already generated about $180 within about 5 months off a roughly $300 investment and my $130 ETH mining contract (2 years) is on track to give me about $200 so this too is not too bad.
Hope you've accounted for the difficulty increasing like it has been. If you spent $130 in ETH, 5 months ago (February) and are only going to make $200 then you really missed out. You could have bought 13 ether back then which is now worth $2600.
The biggest issue with their ETH contract is it will never ever recoup the "volume" spent to buy it. For instance, it cost me 1 BTC (over 10 Ether) to buy 100MH/s. After 2 months, I've recouped 3 ETH. So you must be thinking 3 Ether every two months = 36 Ether in 2 years, right? Nope, the difficulty has already jumped by 6x in two months. In the next month I will make less than 1 ETH... 0.04 payout every 2 days now. Following month I wont mine enough to get a payout until a week is up. Following month I may get a payment every 2 weeks.
After two years I'll be lucky to see 5 ETH total from Genesis. Would have been much better to just sit on a chunk of 10 ETH for 2 years.
To be honest, I never understood how people make money on contracts from Genesis Mining, after the calculations from coinwarz it takes a LOT to get your initial capital back based on the cost of the Hash Power from your contract. It is not worth it for me but maybe I am missing something? I don't know....
Nope, not missing anything. You nailed it, I wish I would have known about coinwarz. I would have kept trading that 1 BTC and would have 10X profits by now.
This always seems to happen when the price of Bitcoin spikes?? I wonder??
I have said this all along, Genesis Mining is not to be trusted!!! They aren't there to make you money! They are there to make themselves money!
I learned my lesson a while back because the payouts were so low but this was adding insult to the injury.
Yeah, I like pouring salt into other people's wounds :D
I see it can get annoying when they have so many problems and don't send the funds to you. And it doesn't seem to be a worthy investment either.
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hilarski, Thank you for the post!
This post deserves some attention I think. Upvoted and resteemed...
Sorry, man...
I'm really starting to think that the DIY approach, while it takes some time to learn, might be the best thing for me.
I've had a couple similar experiences with other sites - though it's less about the waiting for the payout and more about...well, just the general waiting.
POSWallet is one of them - I have a tiny amount over there and I'm not planning on seeing any sort of results there.
Bitconnect is the other - locking my coins up for almost a year is rather annoying, but, maybe in a year, those coins will be worth what they're worth now, and the interest payments, compounding like mad, will make it worthwhile.
Hang in there, my good man. You keep adding a ton of value to the community with these posts - so maybe you can soothe your wounds with that a little.
(And maybe a coin you hold will do a moonshot in the next week or so, too.)
That sounds like a scam to me! Upvoted and resteeming...
The same with DASH, my friend told me that his payouts decrease every month.
The thing about cloud mining was that it makes us feel insecure about our investments. Whenever something happens, we don't know what will these miners do according to the changing. Since we dont have no control over it, I'd advise everyone to learn how to mine, or the concept of mining. If not, it'd be much better to just learn how to buy on a exchange, hold it for awhile, selling for profit or cut loss.
Sorry to hear about that mate but we learn from our mistakes.
It appears to me that the only way to learn is to make mistakes. :/
Mine are behind too. I kind of got sucked into the hype too.
The only way mining is profitable is over many years. That said I am not happy to be going on 4 days without a payout myself. Earning some zec and steem currently.
I hope you get your money back ...
That ship sailed a long time ago. I bought my contracts with BTC so I am down 0ver 80% currently.
What is the price of electricity in Panama? You should build your own rack of miners. In Canada, where our electricity is quite expensive, I saw a return on investment in under 6 months.
Currently mining about $500/mo of ZEC or ETH after expenses. (Approx $3K to build the miner)
It is cheap here outside of the city but the heat created would make it difficult. Wow, you are killing it! I am not even getting that in a whole year.
That's one of the benefits of being in Canada (Iceland is better). For 8 months of the year, the heat generated from the miners is actually subsidizing the heating costs of the house. :-)
For 4 months, the Air Conditioner has to work a little harder to keep the temp of the miners and the house under control.
I hope something bad is not happening. Have you gotten back your initial investment?
Sometimes business such @hilarski indeed, sometimes up and sometimes down, I hope you can be more successful than ever. Thanks for sharing this post tonight @hilarski.
I steer clear of cloud mining! Especially genesis.
I steer clear of ALL cloud mining been there and bit before the "company" had been running for a couple of years had rave reviews the lot and one day the site closed and went offline along with 1000s of peoples bitcoins.
Basically was just a ponzi scam using the received bitcoin to make weekly payouts to the users giving the impression they was mining but really no mining was going on just re distributing received funds got to the point where payments were "delayed" while trying to recruit more users and eventually shut shop.
The users that joined early got there money back but the late comers will have lost everything.
@hilarski,
Thanks for this review friend. I was thinking about Genesis and I heard + and - comments, so I was waiting and then go with Minergate, and do hardware mining also.
What do you think about BitMain? I think they have mining contracts too. Actually I am not an expert in this domain. So I really like knowledge sharing and thank you very much for this great review as well.
Cheers~
I am always saying this is not profitable..but big ''leaders'' promoting for some comissions
I hear it's been like 5 days now, not cool.
Thanks for this important information. Sorry for your frustration.
Still waiting for reply from genesis, but ..
my ticket support now are closed, and ...
my payments has not appeared yet ..
I believe that the big amount of new users they got combined with the Segwit sent them into overwork! At one point they probably decided to rally up and fix things before it was too late, this is causing some panic and anger, only wish that Genesis get over this and they will be able to pay us again!
Genesis Mining is Bullshit, someone get rich with this platform ?
Its disapointing that this didnt work out as you hoped . Its always possible another can gain by your experiences .
I haven't been paid out on my ETH contract in months. My support ticket is 51 days old and no resolution.
I also have some money invested on Genesis, and also did not received payments since 7-21.
I don't think they are scammers, the probably just have some issues there( maybe something related to the upcoming hard fork? who knows?)
We're probably getting paid in the next few days,don't sweat to much!
I've always said all cloud mining is scams in my opinion anyway, you make deposit then cannot withdraw it back and no profits for months usually. I am happy to stay clear of them
I support your words!
Genesis got me a while back with their new x11 mining bullshit. Was mining DOGE, but never even got close to an ROI on it in the year or two it ran. They also cancelled my btc contract SHA cuz they claimed it was no longer profitable.. Even though BTC price had just shot up.. Shady company or poorly run/managed company. One or the other..
I agree, best way to mine would've been to learn on your own.. I wish that had been the route I'd taken.. I would've gotten in on the jump from 200 to 3k..
It's been hard recovering from the hashie and oremine scams.. along with the exchange scams like cryptsy.. Some lessons are hard learned and my trusting mining sites and exchanges has lost me more than it should've. :(
You live, you learn. Trust no one and nothing fully.
saw many people asking them for their payout but they don't listen at all.
I would avoid all cloud mining based on this logic:
If you had the hashrate to make lots of money mining, why on earth would you rent it out for less than you could make yourself?
The ones that are profitable for the user initially are ponzis. Just my opinion.
I agree....Where is logic to rent hardware?Only to share your winnings...and that is not sane:)
I stopped considering Genesis mining when I did the math and I realized that for less money I could actually buy myself the mining equipment and have a higher hashrate! In theory cloud mining makes economical sense, but in reality they are ripping people off.
I totally agree with your opinion. Thanks for the extraordinary and meaningful postings. Let me follow you so I can get good information from you @hilarski
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I am hoping payouts for all contracts resume soon. I have a very small btc mining contract with them, so my layouts are small, but every little bit helps.
I don't know if this is supposed to be one great scam or something but I've since stopped using genesis mining. It just seems like they have built up a client base and now they are planning to run off with the money and close shop.
Let's see what will happen but let's hope they get their heads together.
hmm, I looked into it once but now I sure I will not close such a contract, I will just buy some crypto if i want some. Thanks for the info man
I'm in with X11 dash and it looks good if it continues the way it is so far
wtf are you talking about. DASH mining contracs are dead https://steemit.com/cryptocurrency/@ziegler/unprofitable-2-year-dash-genesis-mining-contracts
well now they are I agree
Always look for new opportunities.. try hashflare with little investment....
Nope
LMAO Hashflare is the same crap as Genesis Mining
Sorry my brother, it is well. Have my upvote
Im in the same boat.. no payouts in the last few days.. I've checked the website and they are still having issues but I'm seeing alot of issues with GM that is start to piss me off.. They don't show you the balance of each currency you have mined.. and the payout times are not Like clock work like other sites... Hashflare at 9PM I know I will get paid.. GM I have no clue when it will happen.... It's a legit business and despite the nah sayers.. Profitable... but some of their ways of doing business seems faulty... I NEEDS MY MONEY ON TIME
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