Genesis Mining Is Simply Not Worth It!
Genesis Mining has the worst support ever. First their site got screwed up, and among other issues, it didn't allow me to change my wallet address. Still, I managed to change it before the payout was made to me, but it went to an old wallet address. When I complained about it, they refused to own the problem and refused to offer me a mere ZEC 0.00100 compensation that I requested to move my money from the old wallet to the one that was actually in their system at the time the payout was made. This is ridiculous. And secondly, their payouts are kind of screwed at the moment. First they made a weeks' worth of payouts in a single go on 29th July without offering any breakdown of what they payout per day was for the entire week their site was down, and now my Ethereum payout is missing for 23, 30 and 31st July, and 1st August. I've emailed them regarding this, but I'm not very optimistic about what I'll hear.
The reason I'm sharing this with everyone here is because:
- Despite seeing numerous criticisms and people calling Genesis Mining a scam all across the web, I chose to try it out for myself and form my own opinion about the service;
- I want people to know how this company is operating and how they're treating their customers.
So, my opinion after being with them since mid June is that you should try and stay away from them. You can actually make more money from trading or doing other things with your crypto than invest with them. The only people who're making some real money with Genesis Mining are the youtubers and evangelists who feed off of their referrals' money, and for that they make videos advocating for the service as if it's a gold mine. It really isn't. Invest in something better!
True. It was good until July. Then everything got screwed up.
I also invested some money in them. I've received only one payment which was like 2 mBTC. Then as of 29 July I haven't received any balances. I didn't invest too much in them knowing that they could just disappear or so... I also wanted to try them out but from my experience I also wouldn't recommend it, It would make more sense to do trading or building your own mining rig if possible.
Sorry to hear. The payout is more if you just invest your money into coins.
have you seeked legal help in this matter ?
I have thought about it but it seems they have had it all well-thought out, because 1) their mining hub is in iceland, and 2) their registered address / base of operations seem to be in Hong Kong as per their website. Not sure, how effective any lawsuit would be in those places. Plus, cryptocurrencies are a new realm, not sure how the law of the land would interpret it, and if the lawyers would even consider a case based off of small losses.
jeez.. awkward to resolve... unless theres a lawyer that is multibased, if theres such a thing.. only thing is to keep at them, until its fixed.. dislike using tech support with most things.. it's never straight forward.
Hi Dannnielli, think again. They use German law. Don't get distracted by Iceland and Hong Kong. It's Geman law that counts. It's expressed in every Genesis Mining contract. Check it out.
i don't get why they just don't do the mining themselves. doesn't really make sense to me
Well for me, it wasn't an option, because 1) electricity is expensive; 2) storage of the equipment is hard for me because it can be noisy and dissipate heat; 3) buying and setting the rig up would be a hassle for a person with no or little technical knowledge.
I'm sure that they do, they can buy more equipment selling mining contracts and of course charge the fees for btc mining
They aren't worth it. Especially with some real good cloudmining options coming out like hashnest and bitfury.
I am considering trying hashflare for a small btc contract just because they're quite transparent with their pricing, and offer real time mining data and their customer support has been quite prompt so far. Never tried hashnest and bitfury though, do you have any experience with them?
No, I believe both are very new and are just in the beginning of offering their services to the public.