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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?

 

[mmmbeefy]

Google "CCG Mining Profit Calculator" and it should take you directly to the page where they list their profit estimates for each currency. Right now the best one from a quick ROI standpoint is Zcash at 343 days, followed by Eth at 369 days, but I think their best contract is still the open ended bitcoin contract, even though it's 469 days, because it doesn't have a contract endpoint (could theoretically last several years or more).

That said, I don't generally like cloud mining right now as much as owning a rig directly (which CCG does also sell) or simply buying and holding (or earning) coins.

 

[Myunghwan Hong]

Google "CCG Mining Profit Calculator" and it should take you directly to the page where they list their profit estimates for each currency. Right now the best one from a quick ROI standpoint is Zcash at 343 days, followed by Eth at 369 days, but I think their best contract is still the open ended bitcoin contract, even though it's 469 days, because it doesn't have a contract endpoint (could theoretically last several years or more).

That said, I don't generally like cloud mining right now as much as owning a rig directly (which CCG does also sell) or simply buying and holding (or earning) coins.

Awesome! Thanks brother! Yeah they sound little tedious for ROI though, I still like their Bitcoin contract! Lasting for several years is not a bad deal at all! I feel like I have to look into the site further! That's nice info and all thanks to you bro!

Speaking of mining rig, which coin are you mining? and which rig?

 

[mmmbeefy]

I built a rig with 4x Nvidia 1080TI, but Titan Computers has pretty good deals on theirs (I'm sure there are others more local to you that also sell multi-GPU rigs). I mine through NiceHash, which I'm really happy with because they dynamically switch the algorithm to automatically mine whatever is most profitable, and they pay you in BTC, which is more stable and widely used than any of the altcoins (even though nothing feels super stable right at the moment; that will change soon).

 

[junrose123]

I saw a lot of reviews regarding this site but I really don't know if it is worth to have since it entails a lot of investment.

 

[shahdkingsdk]

any one have payment proof he still paid ? i have some money and i want to invest this site but not to be sure it

 

[Holdings]

This wonderful site cos the reviews here are most positive, I am encouraged to invest in this site. what is the minimum amount to invest and what percentage of interest will I get daily?

 

[bob4o]

This wonderful site cos the reviews here are most positive, I am encouraged to invest in this site. what is the minimum amount to invest and what percentage of interest will I get daily?

you should read some recent reviews on bitcointalk - all of them are negative. Currently you can't invest anything because all of their 'contracts' are sold out..

 

[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.

Genesis Mining is currently out of stock. So my only referral left is for Hashflare: https://hashflare.io/r/DB6A6603

Here are some screencaps of my most recent payouts:

 

[Enteng]

Still crypto cloud mining still profitable even value drops 50%? Im Still looking for passive income. After having a long vacation without work for 7months, i want to consider invest my remaining savings since i will going back to work for 7 months contract with less communication and internet..

 

[SCAMEXPOSER]

@moneymaker as at six months ago that I invested last in Genesis mining they weren't giving promo code don't know, they are very reliable though the profit is not much.@enteng do you intend to invest and live it there till next seven months or withdrawal and re-investment?

 

[Enteng]

@enteng do you intend to invest and live it there till next seven months or withdrawal and re-investment?

I have signed up just now but not yet invested. I am little bit confused i read some comments here that bitcoin contract is lifetime but in their website it says 5years. Do i receive monthly cashout in their contract? And can i also reinvest monthly earnings? Im not very sure yet but if i can reinvest my monthly earnings i think thst would be the best option and withdraw if i needed money.

 

[SCAMEXPOSER]

I have signed up just now but not yet invested. I am little bit confused i read some comments here that bitcoin contract is lifetime but in their website it says 5years. Do i receive monthly cashout in their contract? And can i also reinvest monthly earnings? Im not very sure yet but if i can reinvest my monthly earnings i think thst would be the best option and withdraw if i needed money.

It been a while i checked but from what I know it is a 5years contract, your monthly withdrawals will depend on what you invest. if it is much you can always re invest but if it is little you may have may to allow it accumulates then invest for better profit margin

 

[Enteng]

It been a while i checked but from what I know it is a 5years contract, your monthly withdrawals will depend on what you invest. if it is much you can always re invest but if it is little you may have may to allow it accumulates then invest for better profit margin

Have you earned for past couple of months? I plan to buy 1ts plan cost around 254usd. I dont know how to calculate earnings. Any suggestion crypto/altcoin to be mine or should i stick to btc.

 

[tommy7]

Hello Miners,


Exciting times ahead!




As our Radiant Bitcoin Mining contracts were on sale last month, the new batch of hardware was already being deployed in our newest facilities. We are happy to announce that the buildout has finished and Radiant SHA256 hashpower is available again! Have a look here!






Ever wanted to know what's behind all that GM Radiant buzz? Here you go! Discover spectacular footage of our Sweden farm packed with self-designed mining rigs, exciting insights from our CTO Philip Salter and much more - all gathered at our website https://www.genesis-mining.com/radiant.

Check it out, we are really proud!




After five long months of working closely with South Carolina officials to provide a practitioner's perspective on mining, we are happy to announce that
Genesis Mining is vacated and dismissed from its Cease and Desist order.

We have always been convinced that for the industry to reach its true potential, companies and regulators need to collaborate. If you haven't followed the story, read more here about what happened initially and here about the solution.




As some of you may know, we are aiming to become an EOS Block Producer . We have good chances, but voting has not ended and we need your help!

We would love to support EOS and believe that Genesis Mining can become a reliable and safe node for the EOS mainnet. We have extensive expertise in datacenter management and our vision and history in the cryptocurrency industry speaks for itself. It is crazy, but we are one of the oldest companies in this business!

If you agree that the EOS network can benefit from our participation, please vote for us now! If you are not familiar with the voting process, we have explained it in this blog post. Your support is greatly appreciated!


….


Happy Mining!

The Genesis Mining Team

 

[biztree]

At the end of July, we reported that the cloud mining platform Hashflare was no longer gaining profit on Bitcoin contracts, and had therefore stopped all its contracts depending on the algorithm of the BTC (the SHA-256). Now, Genesis Mining will stop its unprofitable mining contracts.
Cloud Mining: higher maintenance costs than mining profits

Paradoxically, although the price of bitcoin has been falling since the beginning of the year, the difficulty of mining (correlated with the global network hashrate) remains high, even increasing, a sign of the trust of the miners who continue their activity despite the very low immediate profitability. .

But for professional structures, such as cloud mining companies (which offer pay mining contracts depending on the desired hashrate), profitability can even become negative, when infrastructure maintenance costs become higher than the resale price gains of the companies. cryptos mined.

That's what happens to Genesis Mining, whose long-term contracts are in the lead, as can be read on their official blog:

"(...) some user usage contracts are now lower than the daily maintenance costs that must be covered, so they have entered the 60-day grace period, after which the open-ended contracts will be terminated."

Genesis Mining therefore invites its customers with this type of contract to improve them, and to upgrade them to Radiant contracts.

 

[DGMG1]

Guys am about to purchase this gold plan on Genesis mining what do you people think

 

[Realarnab]

I recently started with Genesis Mining and earning around 5000 satoshi daily. So far my experience is very good with them and they reply to my queries promptly. I am planning to join couple more later this month to increase my Bitcoins.

Have you joined any cloud mining sites and what is your experience so far with them?

 

[SCAMEXPOSER]

I have very good reviews about genesis mining and it has been the longest legitimate mining site so far. I am yet to join but i wish to know the amount you invested to earn 5000 Satoshi daily?

 

[Mike One]

Guys am about to purchase this gold plan on Genesis mining what do you people think

Hey.. just bought it so can't comment much, will update once have more information ✌

 

[DGMG1]

Hey.. just bought it so can't comment much, will update once have more information ✌

Alright I will be waiting