Genesis Mining is Another Scam!

in cloudmining •  3 months ago

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Some followers of mine have seen my posts calling out cloud mining as scams. I for one fell for it too as I invested in Hashflare right when I learned about crypto a year ago. Consequently, I was only able to receive 30% of what I put in. About eight months ago when crypto prices were at a peak if I had sold my BTC mined then I would had broke-even. Instead I held and now at a significant lost. Hindsight 20/20.

Today BTC price have fallen close to breakeven in cost for mining the coin so a lot of cloud mining services are declining payouts to its investors. Genesis Mining, which has open contracts, in the past few weeks have also stopped payouts due to maintenance costs exceeding the cost of the mined BTC. To make matter’s worse Genesis’s contracts expire automatically if investors do not receive a payout out after 60 days of when payout stopped. Investors are stuck with the short end as long as BTC prices remain near $6,000.

This has created a lot of angry Genesis Mining investors and I cannot blame them. Genesis Mining goes further by selling existing investors more expensive contracts. Genesis is advertising that the additional contracts can potentially extend the existing open contracts once BTC price rises again before the 60 days grace period.

This is likely not going to end well for many as those who have invested or seen the news regarding Hashflare. I sympathize with all those who have cloud mining contracts and are on the short end of it.

There is no chance I will ever invest in a cloud mining contract ever again and I recommend all to avoid them at all cost.

One could say it was investors poor oversight on not expecting btc price to drop significantly. However all those cloud mining companies were paid in full at the beginning from investors on for cost of mining rigs. To somehow for the investors out now while keeping the rigs themselves it is plan obvious this is a scam. The sale of contracts was to lure investors into giving capital. Once the companies got the cash they would be figuring out ways to get out of their promises to investors. Total a scam.

What do you guys think?

If you wish to watch me try to grow my crypto wealth please follow me: @mawit07

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Date of post: 8/24/2018

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The only thing that I see that could be good about buying contracts with with coins being at this low price level is that we could stock pile or get a more hashing power for when/if the prices return to the levels we all think they are going to achieve.

well my friend. i can agree with hashflair not paying btc payments cause of maintenance electricity fees blah blah. but all their other contracts like ether dash zec are paying daily. and for genisis is the same. the best thing about genesis mining incase you have not noticed or invested. you are allocate your hash power to mine other coins and they have got alot of alt coins you can mine on the hash rate you invested in. i am getting paid daily on hashflair and genesis for alt coins. do your own research first then to write a false statements. Both the companies have made me more profit then i invested, thanks to the rising of bitcoin. i got no complaints. besides all the free money (cryptocurrencies) i invested in cloud mining came from digging free bitcoin faucets sites and staking pos coin .i am very happy crypto customer and a crypto lover. wish you done same then you would have known

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Thanks for the insight. What I did not emphasize in my post was I started investing only a year ago where mining difficulty was a lot higher. I would like to know when you started your contracts? Early adopters definitely are profiting because they earned more at the early stages.

Also as a newcomer I fail to realize one needs to have a lot of hash rate in order to profit. it is likely you have a ton of hash rate hence earning well.

A link that I read regarding genesis mining.
https://www.reddit.com/r/GenesisMining/comments/983vew/my_recent_experience_with_genesis_mining_read/

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true said. since everyone knows when the price of btc gone up last year is not to invest in bitcoin mining. like i said in my earlier post , you are investing in cloudmining to mine other coins. for this reason i said genesis and hashflair has done well. i started three years ago and still invest in getting more hash rate. for example in x11 Ether Zcash and Monero contracts. on genesis you can buy such cheaper contracts and mine any other currency of your choice e.g btc bch btg dodge ltc dash etn etc nmc rep xmr xmc zec . so far so good. i dont see any other cloud mining company offers this. i am happy so far so good. my opinion

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Happy for your success. although alt coins had a bloodbath in prices you still manage to profit would mean to me you have a ton of hash rate.

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its all about hodl for the right moment and sell. i am holding my mined coins and use some to buy pos coins and staking them.

For myself as a private investor as also a sales admin @elevategroup it´s pretty clear that those cloud miners have there good reputations but with this "update" at Genesis it´s getting harder to accumulate btc. and I for myself see it as a good chance of the past - if you went in a few years ago maybe, but today?
To mine more lucrative I guess it´s all about a good environment, a place where you have low energy costs for example and in the end a good company 👋

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