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[miningBTC]

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?

 

[Lucky Bastard]

They say that just to cover their butts. They have always been profitable, even when bitcoin was under $400 . With bitcoin worth around $8000 there should be no issues with profitability.

 

[Nocturnal Writer]

This sounds new to me. I have already subscribed to some mining BTC. This is worth trying. However, I haven't read its review especially the testimony of its subscribers/members. I try to check this out. Thanks for sharing.

 

[Medowriter]

They say that just to cover their butts. They have always been profitable, even when bitcoin was under $400 . With bitcoin worth around $8000 there should be no issues with profitability.

This mining is very reliable though the profit margin is not high but I kept reading positive reviews about genesis mining on daily basis, it been around for a while without issues

 

[Nocturnal Writer]

This mining is very reliable though the profit margin is not high but I kept reading positive reviews about genesis mining on daily basis, it been around for a while without issues

That's a good news, a come-on news to those who have a member yet just like me. I still on process of reading more its review and testimony of its members.

 

[Lucky Bastard]

The profit margin is incredible. The stock market is good for 8% a YEAR. Mining is good for 10%-12% a MONTH.

 

[vfvbfvv]

I use both HashFlare and Genesis Mining. After 2 months, what I think of them:

HashFlare:

Pros:

• Ability to choose up to 3 mining pools and change them anytime (limited to 1 change per day).
• Low prices and lots of sales.
• Responsive customer support (at least with me).
• "Reinvest" function; pretty cool if you want to add more hashpower without reaching for your wallet.

Cons:

• Changed their contracts from lifetime to 1 year after they became popular.
• Minimum amount for withdrawal is 0.0106 BTC for Bitcoin mining.
• No direct payouts to your wallet, you have to click on "withdraw".

Genesis Mining:

Use my code to get 3% off: 62y0wf
Or use this link if you're not registered yet.

Pros:

• Lifetime contracts, cheapest ones out there.
• Most trustworthy cloud mining ever. Has recently been featured on CNN and has pictures, videos and even live streams of everything.
• Very transparent. Sends newsletters just like Coinbase and other trustworthy cryptocurrency leaders.
• Some people complain about their customer support, saying that they take forever to reply, but so far, they've been very responsive and helpful to me. They are very responsive on their Facebook page (and probably their Twitter).
• Cheapest lifetime contract.
• Direct, daily automatic payouts.

Cons:

• Bitcoin contracts often sold out quickly, depending on hardware availability.
• Pre-sales only way to get Bitcoin contracts; starts 3 months after purchase.

 

[SUPER SINGH]

That's a good news, a come-on news to those who have a member yet just like me. I still on process of reading more its review and testimony of its members.

I heard a lot about Genesis mining from my friends but i feel its very risky and can affect the device we are using for mining as well. I am still trying to learn more about it.

 

[mmmbeefy]

Right now they're selling only Monero contracts... the ROI is actually pretty decent (258% ROI over the course of a 2 year contract).

 

[Myunghwan Hong]

sure thing .Mr B

Genesis Mining is really few of mining services that actually mine. They have a huge physical storage in Iceland where all their staffs work mining bitcoin and other crypto coins. I'm sure they are 10000% legit and at least operating their business according to legality.

 

[Myunghwan Hong]

I use both HashFlare and Genesis Mining. After 2 months, what I think of them:

HashFlare:

Pros:

• Ability to choose up to 3 mining pools and change them anytime (limited to 1 change per day).
• Low prices and lots of sales.
• Responsive customer support (at least with me).
• "Reinvest" function; pretty cool if you want to add more hashpower without reaching for your wallet.

Cons:

• Changed their contracts from lifetime to 1 year after they became popular.
• Minimum amount for withdrawal is 0.0106 BTC for Bitcoin mining.
• No direct payouts to your wallet, you have to click on "withdraw".

Genesis Mining:

Use my code to get 3% off: 62y0wf
Or use this link if you're not registered yet.

Pros:

• Lifetime contracts, cheapest ones out there.
• Most trustworthy cloud mining ever. Has recently been featured on CNN and has pictures, videos and even live streams of everything.
• Very transparent. Sends newsletters just like Coinbase and other trustworthy cryptocurrency leaders.
• Some people complain about their customer support, saying that they take forever to reply, but so far, they've been very responsive and helpful to me. They are very responsive on their Facebook page (and probably their Twitter).
• Cheapest lifetime contract.
• Direct, daily automatic payouts.

Cons:

• Bitcoin contracts often sold out quickly, depending on hardware availability.
• Pre-sales only way to get Bitcoin contracts; starts 3 months after purchase.

Great review! it helps me a lot! Thanks for it! By the way how do you pre purchase bitcoin mining plan from genesis mining? and bitcoin mining on hashflare is profitable? and what's the ROI on there??

 

[Lucky Bastard]

Great review! it helps me a lot! Thanks for it! By the way how do you pre purchase bitcoin mining plan from genesis mining? and bitcoin mining on hashflare is profitable? and what's the ROI on there??

You have to wait for genisis to put out an announcement on pre-sale contracts. It might be a month or maybe even a few months before the lifetime contracts are available again. I recommend signing up so you can get the notices. I am making 5 times on my money with my hashflare contracts. Go look at my last post on the hashflare thread. I have proof of payment over there. Here is my referral link for genisis-mining and proof of payment and use this coupon for a 3% discount. KAwaZYEH
Here is my referral link https://www.genesis-mining.com/a/1156194

 

[Lucky Bastard]

I have 13.5 Ths between hashflare, genisi-mining and hashing24 . Thats good for about $800 a month with 1/3 being lifetime contracts.

 

[mmmbeefy]

Hashflare's bitcoin contracts are generating about 550%. The rest of their contracts are pretty bad, but I'm personally going in big ($10K+) on their bitcoin contracts.

 

[vfvbfvv]

Great review! it helps me a lot! Thanks for it! By the way how do you pre purchase bitcoin mining plan from genesis mining? and bitcoin mining on hashflare is profitable? and what's the ROI on there??

Oh you're welcome! :) I was pretty lost when I started investing in cryptocurrencies this summer. After lots of reading, researching and trying, I decided to focus on Genesis Mining. I have a total of 16.51 TH/s (only 6.51 TH/s available right now, because I bought the rest in a pre-sale, which starts 3 months after purchase).

Both Genesis Mining and HashFlare are very profitable. I have a total of 4.01 TH/s with HashFlare (cost: $481.2 USD), which generates between 7 and $8.8 USD per day. The currently active 2.5 TH/s (cost: $338.53 USD) with Genesis Mining generate about $5 USD per day. When the remaining hashrate will be activated (first batch in February 2018, and second in March 2018), then I should be generating about $1000 to $1100 per month.

 

[sunga]

Guys, to those who did not know this site genisis mining is a legit they are running since 2014 i think. And one of the best clound mining company If there is someone want to invest online. I highly recommend genisis mining.

 

[Myunghwan Hong]

Both Genesis Mining and HashFlare are very profitable. I have a total of 4.01 TH/s with HashFlare (cost: $481.2 USD), which generates between 7 and $8.8 USD per day. The currently active 2.5 TH/s (cost: $338.53 USD) with Genesis Mining generate about $5 USD per day. When the remaining hashrate will be activated (first batch in February 2018, and second in March 2018), then I should be generating about $1000 to $1100 per month.[/QUOTE]

That sounds really wonderful! so they roughly have 1.5 to 2% of daily profit rate for each! I am happy for you and you actually motivate me to get in to them as well haha!
So it sounds far safe to get all your invested money back within the contract expiry and plus profit :) that would be like big damn huge profit if it's like $1000 to 1100 a month!!

 

[vfvbfvv]

Yes, and Genesis Mining is lifetime, so as long as Bitcoin mining is profitable, it's a great plan.

 

[J0rdan]

I check that site but they don't have nothing in stock :) all is out of stock, so.. what we need to do now ? How we can invest some cash ? :)

 

[Medowriter]

Oh you're welcome! :) I was pretty lost when I started investing in cryptocurrencies this summer. After lots of reading, researching and trying, I decided to focus on Genesis Mining. I have a total of 16.51 TH/s (only 6.51 TH/s available right now, because I bought the rest in a pre-sale, which starts 3 months after purchase).

Both Genesis Mining and HashFlare are very profitable. I have a total of 4.01 TH/s with HashFlare (cost: $481.2 USD), which generates between 7 and $8.8 USD per day. The currently active 2.5 TH/s (cost: $338.53 USD) with Genesis Mining generate about $5 USD per day. When the remaining hashrate will be activated (first batch in February 2018, and second in March 2018), then I should be generating about $1000 to $1100 per month.

I have only more of Genesis mining to be very legitimate though the profit is not much. I will make more research about hashflare.

 

[Phally]

Genesis Mining was the first cloud mining contract I was looking into. I signed up (2iMX38 for 3%) but there were no contracts I would like, only monero was available. I went researching into Hashflare and the experience has been very positive