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❌SCAM Genesis Mining Reviews: SCAM or LEGIT?

3.50 star(s)
2 Rating - Raters
M

miningBTC

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Genesis-Mining Reviews.jpg


Is cloud mining for real or is it a scam?
Most people seem to believe that 99.99% of the people who offer cloud mining are scams. Are these companies just taking the Bitcoins you give them to pay out other investors until they run out of money and disappear? Do these companies really have mining, hardware setup to mine Bitcoins? What about Genesis is this a safe investment or not? Let us take a look at who they are and what they have to offer you.

About the Company:

Genesis was established in 2013 and is one of the oldest Bitcoin companies around today. This company has a well-known mining, farm that is set up in Iceland. Here you can mine Bitcoins, Ethereum, Dash, Omero, Litecoin and even Zcash.

How Does it Work?

If you wanted to mine Bitcoins you'd need to invest thousands of dollars in hardware to do this. Genesis will lease you their mining, hardware so that you can keep the profits for yourself. The company incurs all the hassle and maintenance of setting this up.

You will make an investment with Genesis. This should cost a new user around $170 or maybe a bit more at today's rates. The company generates the Bitcoins at a rate of 0.00035BTC each day. This is after the maintenances charged have been removed. At this rate, you are looking at 400 + days in order to break even on your investment.

The contract you have on the site is open-ended. It will continue to run until it stops being profitable. Then it stops and your contract is ended.

Just keep in mind that in the past 3 years Bitcoin has more than doubled and in some years tripled. Therefore, if it continues on like this you could see a 30 to 50% profit on your investment.

Is Mining At Home Profitable?

Yes, it is profitable to mine Bitcoins at home, but the profit margin isn't that much higher than using a company to mine your Bitcoins. At home, you are still paying for the hardware, cooling system and enduring all the maintenance costs yourself. Unless you rent out your system the profits aren't that much greater than if you invest in a mining company.

Take A Closer Look:

In reality, you can earn a profit. But how much? According to some people who have invested in this company they did earn a profit. But if you closely examine the rates you'll see they could have earned a higher profit if they had never invested at all.

Online Review: This person claims to have invested 1MH/s in ETH mining. He said that he paid 0.11BTC or $45 for this investment. At the end of the year when the contract ended, he received 2.38ETH or $69. So yes, he did make a profit from the company.

However, let's take a look and see what would have happened if he never invested in this company. If he had decided to keep his 0.11BTC, at the end of one year, his coins would be worth $138. What would have happened a year ago if he bought the ETH coins using his 0.11BTH? He could have had 3.66ETH coins right now. This is 1.3ETH coins more than what the company handed him back.

Conclusion:

This is a high-risk investment and you are paying out high maintenance fees on your return. From what I can see it is better to make the investments on your own and hold on to your coins? It appears that you can earn a higher ROI on your investment.

Has anyone ever mined coins with this company and actually seen a higher ROI on their investment? I'm curious to know if mining coins are actually profitable or is it better to just buy the coins and hold on to them yourself?
 
Is Genesis Mining still legit and sure that they won't close?

They're so mainstream/legit they just got featured on CNN yesterday. Google "genesis mining cnn" and see for yourself. They are the gold standard of legitimacy. If you decide to invest, the best contract they have going right now is ZCash. You have the option of auto-conversion to Bitcoin/Litecoin/whatever you prefer if you don't want ZCash.
 
They're so mainstream/legit they just got featured on CNN yesterday. Google "genesis mining cnn" and see for yourself. They are the gold standard of legitimacy. If you decide to invest, the best contract they have going right now is ZCash. You have the option of auto-conversion to Bitcoin/Litecoin/whatever you prefer if you don't want ZCash.
I'll think about it.
 
View attachment 1430
Supported Coins are BTC, DASH, Doge, ETH, LTC, XMR

With Genesis-Mining You Can:
- Mine Bitcoin for lifetime
- Mine Ether for 2 years
- Mine X11 for 2 years
- Mine Litecoin for 2 years
- New Mine MONERO ASIC for 2 years
- New Mine DASH X11 ASIC for 2 years

You can upgrade your hashpower for win more !

Genesis Mining
SHA 256 Ths 541
X 11 467
Ether 869
Scrypt 483
Zcash 2049

Payment by wire transfer, Cryptocurrency Wallet, Bitcoin, Litecoin, Dogecoin, Dash, CB.
Genesis is the most legit mining site I know. It is worth investing on them. If you are looking for a mining site to invest with then this is the one you should deal with.
 
How is this different from Auroramine and ICOUnlimited. I invested in those sites but after a few days they're gone without any notice. I'm really interested with coin mining but I only have a little knowledge regarding how it works. I would greatly appreciate any help from you all.
 
Can anyone explain me like I am five years old how mining pools work?

From my understanding, you don't need a mining rig, but rather you pay them to mine for you?
You will just need to invest money for them to buy new equipments use for mining and for some maintenance fees. Just be very careful when dealing with hyip sites. There maybe some sites that are accepting investments and promise income or commisions to you while the fact that they really do mot have mining rigs and they just want you money from investments and one day they will just run away with all your money.
 
Bitcoin is still out of stock; they have their preorder supply from last month going online tomorrow, they may open up another batch soon. It's definitely the best ROI contract they have; worth waiting for.
 
How is this different from Auroramine and ICOUnlimited. I invested in those sites but after a few days they're gone without any notice. I'm really interested with coin mining but I only have a little knowledge regarding how it works. I would greatly appreciate any help from you all.

It's different because it's not a HYIP, it's a real facility in Iceland and many reputable media has actually been there onsite. Google "Genesis Mining CNN" to see their episode featured on CNN.

It's one of the few investments I put any real money into.
 
I think it is legit and running from longtime but I don't know what ROI we get after investing. There are many other sites giving more ROI than these mining sites so people switched to other sites I think.
 
Honestly, the only contracts I would ever recommend here are the open ended bitcoin contracts, which go REALLY quickly when they do offer them (they sold out of 100,000 TH in 3 days last time). They take about 160-180 days to pay back your initial capital, and the rest is just gravy. The other altcoins they offer are around 450-500 days to pay back your initial capital, and only last 730 total days before expiring, so while that's a really good return for most investments, in the crypto world, that's glacially slow/bad.

I'll let you all know as soon as I know the next date of the open ended bitcoin contracts going live. I heard it may be as soon as the end of November.
 
Genesis has open ended lifetime contracts available for bitcoin mining. The ones available now start in feb of 2018. Genisis mining is the #1 mining company with over 1 million customers and has been around for years. Use this code for 3% off all contracts KAwaZYEH Here is my link https://www.genesis-mining.com/a/1156191
I was only able to buy 2 contracts last time they were available. But here is proof of payment.
Screenshot 2017-11-10 at 6.53.15 PM.png
 
I came across this site today and I don't know much about mining. This site seems to be trustworthy and it has even featured on CNN as stated by some above. I will wait for more reviews before trying it as this is new to me and I can't understand much.
 
I recommend watching a youtube video on it. There are no bitcoin contracts available right now. I would sign up and the company will send you an email when the contracts are available. Probably in a few months. In the meantime you can buy contracts with hadhflare
 
I just bought 1TH Contract of bitcoin on genesis mining. This is the only pool that I completely trust. One thing that I read on this thread some people are mentioning open ended lifetime. The contracts are up and continues as long as mining is profitable. If it is not profitable you will not receive any payout and after 60 days the contract remains not profitable then they will terminate the contract. It is in the FAQs section.

3pwVKa
You can use this code to get 3% discount on your purchase
 

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