Genesis Mining issued a statement today that they have resumed pay-outs once again.
The company that was hacked on July 21st initially resumed pay-outs on 27th and 28th and promised to execute multiple pay-outs on a daily basis to make up for the due pay-outs.
However, payments stalled again due to 'unforeseen difficulties' in the process. Only after personal investigation with customer support, I was able to extract the following information from Genesis Mining, who sent the a general mail to people who inquired:
"We have been experiencing some technical difficulties in the past few days. As a result, user balances were not shown correctly and the functionality of the website has been reduced.
This is representing a bigger challenge than expected, but our IT Team is currently working on solving the issues. This situation has also forced us to hold payouts since the last 20th of July, but they will be released to your wallets as soon as the situation is stabilized. The payout for the mining day 21st and 22nd are already out. We expect to have everything solved (payouts included) before 31st of July."
Once again the communication was reactive rather than proactive and was therefore perceived as poor and inadequate to many unhappy and sometimes angry investors. Though problems did not stop there. Instead they became worse. After a payment was made for 31st of July, allegedly containing mining rewards for all missing payout before July 30th, all mining payouts were halted once again. Again without proper warning or even reactive communication. Just silence.
However today Genesis Mining once gave an update. Not on the blog which would have seemed the best way to do this given the fact that the previous update was provided there and of course the amount of information that could be provided. But on twitter instead. The statement said the payouts "were being disabled" and would be "paid shortly." Apart from being vague, the tweets were not providing any reasons for the hold-up, which resulted in further mocking of Genesis Mining but also more serious claims that the contracts should be cancelled due to breach of contract.
These are just a few of many examples of people wanting their money back, having lost confidence or cancelling their plans to open a cloud contract with Genesis Mining. This I understand completely of course. Would I still go into a contract with Genesis Mining if I knew this was going on? Probably not. Would you?
Trust in the company is gone and it could have been avoided by a large extent via open and upfront communication on the issues it was facing.
On a positive note though, we should be seeing a payout very soon, or even already in your wallet as some have reported to have been paid. This is largely dependent on the currency you are mining though. The positive reports have been on the Bitcoin front. I for one am (supposed to be) mining Etherium. But alas, not pay-outs yet in this currency.
Do you think the problems are solved once and for all when all payments have been resumed? Or will this embarrassing saga continue a while longer?
Let me know below and stay tuned!
UPDATE: ETH and ETC payments arriving in your wallets!
References:
http://blog.genesis-mining.com/genesis-mining-service-update
https://twitter.com/search?vertical=default&q=genesismining&src=tyah
Just edited my post: my payments are coming in for ETH and ETC now as well. Finally!
Afraid this is not over yet
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Nice Article!
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Well, I still have yet to receive me since Jul 22nd....and without any news. It is no wonder why people are pissed!
IMHO the problem with GM is the return you make... in 30 days you get -50% amount from ETH....
The no payouts problem is because of the hack, from a technology point of view the fact the rigs are running but we don't see it from the dashboard it's really not a big deal.... your money will arrive, cool.... the problem is the ROI of the investment with GM....
but that is not GM specific right. The mining rewards go down very fast in general. So do those with GM. If you would be doing mining at home, you would see the same decline in mining returns.
Totally agree with it... But mining at home would give you much more power and therefore a shorter time to get back your investment plus still having the hardware to sell when you want to quit...
Yep agree, i guess we are on the same page ;)