Genesis Mining Review - Is It A Scam?
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Connect with me on:
Steemit: https://steemit.com/@mrwalt
Facebook: https://www.facebook.com/meetseanwalters
Use this software to start generating income from home: http://www.softwarexchange.net/yt
Hi @mrwalt, again great video. I have a a couple of contract with Genesis Mining as an option to "increase" the number of my bitcoins. I didn't buy BTC because they are getting very expensive and I will be buying less BTC for more money, granted that the price is going up. But I wanted to "diversify" and increase the number of bitcoins I own as well as see the price go up.
I am aware of the maintenance fee but one thing you didn't point at was that the bitcoin contracts are purchased in TH/s whilst the maintenance fees is priced in GH/s. ;-)
@marcusxman you are correct that I did not go into great detail about the fees. However, my purpose in making this video was to point out that this is a commonly overlooked thing. A lot of people I have communicated make it seem as if the maintenance fee is hidden when it is not, but that maintenance fee can indeed make a difference in if you get a return on your investment or not.
Great video! I got 1TH of BTC contract and so far after 8 days i made 4,6% back from the investment but as the difficulty of bitcoin becomes harder and harder it will take a while to get back the investment.
@robi glad you are seeing a healthy return and that things are working out.
As with any contract, always read the fine print and do the calculations before you sign the dotted line. Great job on the video! Thanks for sharing. Even with the maintenance fees, the profit looks quite good right now, but you also need to consider the volatility of the currency you're mining and be prepared to take a hit if the value drop significantly.
@bmj true statement and it could not be more true if you look at the price drop in BTC over the last 2 days.
I purchased my bitcoin mining contract 1 year ago and since iv made back my money x 5 . This was mainly due to bitcoins value increasing but regardless i can say its not a scam.
Solo/pool mining on your own is more profitable compared to cloud mining
@raja15 I would agree that because BTC has increased in price significantly has helped to keep these BTC contracts profitable over the last year.
yeah if the price goes up its profitable
Thank you for the video, I also got a few contracts with Genesis I started just under 2 months, shame you don't talk much about the other contracts besides BTC, are they profitable?
So far with my calculations Ether & Dash doing well but that all depends on the value of the coin.
@vcm11 I may cover those other coins in a different video as I have heard arguments on both sides as to they are netting a return or not as a lot of these contracts are new and do not have a track record like the BTC contracts yet. I have not looked too much into the other coins so I did not want to speak too much on the other coins.
No worries. following you so i'll keep an eye out. cheers
All managed mining pools are a scam. Because the actual owner of the hardware makes he makes money first.
I did the calculations.
Wit a 10k investment you would get 0.8 ETH per months.
With a 2 year contract that leaves you with 19.2 Ethereum after 2 years.
At the current price for 10k USD you can buy 30.12 Ethereum.
@bestcoin84 there are indeed a lot of people that agree with you and although I do not think that it is a scam I will not be putting my money into in mining contracts as there are far better ways to grow my money.
Share this high returns for us all
@newmarket65 I'm all for people making profits and if a person has all other bases covered and wants to invest I'm all for it.
To be honest, the word scam has been used far too much nowadays, people calling bitcoin a scam, bitcoin lovers calling altcoins a scam, the list goes on and on. As long as you don't put more money then what you are willing to lose you should be alright.
There is a few people out there which I been following who already broke even and are now in profit so if that is the case you can't really call it a scam.
@mrwalt - great watch TED talk - CEO/founder of Genesis Mining
@thejohalfiles thank you for sharing and for being a supporter of my content and I will gladly listen to this TED talk to get a much better understanding of there process.
no worries @Mrwalt dont mention it. Enjoy the video