Genesis mining becomes unprofitable and demands extra payment

in cryptocurrency •  last month

Genesis-mining is one of the major player in BTC cloud mining industry. Long-term contracts, relatively lower(cheaper) maintenance fee, low contract prices are its important different point from its competitors(Hashflare etc).

But, after increasing of BTC difficulty rate and decreasing of prices, maintenance fee can't compensated by daily pay outs.
Couple of weeks ago, Hashflare terminated all contracts.

Nowadays, Genesis mining is in same situation. They sent an e-mail to its customers to update their contracts to premium level. You can see details:

If you plan to invest in cloud mining, you should be really careful and calculate all possibilities(generally, worst scenarios).
Have nice earnings.

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Cloud Mining will return to the green in the coming Bull run.

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but the problem is grace period. if it doesn't become green in 30/60 days, it will be terminated. Also, if price become much higher, it doesn't effect payout amount because of difficulty and maintenance fee.

I like the BitClub Network model for cloud mining. They take a portion of the daily payouts for each member and use it to buy newer equipment.
https://bitclub.network/dibble1

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I am bitclub member too however, their payouts for the investment is a little low. Yes it is for 1000 days however, they have not been delivering on their promises a lot lately. I think it is a legit business and they have been around for 4 years. I respect that but payouts used to be a lot better and the decline in payout for Bitclub Network is a lot higher than Genesis which makes me question that both companies are located in Iceland, why they pay different price for the electricity? Because BCN maintenance fees are higher than Genesis

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They have a lot of hash power coming online very shortly so you can expect payouts to increase significantly.

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Yes, I have been experiencing payout increase lately. It is just that mining profitability has gone down so much due to increased mining difficulty and decreased BTC price

Cloud mining is not worth the cost. Following.

Your post is good and useful about BTC mining

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Thank you for your valuable comment

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yes thanks too

Sure. Let's dump more money into something that's not profitable!

Almost signed up last year for it.. decided in the last moment not to.

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i think it is a good decision

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This makes me glad I did not do any cloud mining. I have found a new algorithm to mine with my GPU. #dash #infowars #silvershield #freedom #unbanked #DAO

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it is better

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Did you mean to form a question? Not sure because now I found something else to beta.

Posted using Partiko Android

It's been brewing for a while, but this is the official end of cloud-mining.

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Untill the next great pop in btc!!!

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wWhile "maintenance fee" is high, it will not be profitable even if BTC price becomes higher

Mining cloud can be profitable in few month.

Posted using Partiko Android

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but the problem is grace period. if it doesn't become green in 30/60 days, it will be terminated. Remember that it is limited time contract. in 2018, after February it becomes unprofitable and contracts end a few months later.

Ouch :/ tipuvote!

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Thank you

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I was considering opening an account with them until now, thanks for the info; I will do further research.

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Yes, be careful and do detailed searches and calculations

Cloud Mining must be done by ASICs. All those GPUs now are worthless, and inefficient

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As a HashFlare customer, I think Genesis is doing its best to keep up with the difficulty, price decline and electricity cost. HashFlare has stopped paying members about 3 months ago. The only thing I can hope at this stage is BTC price to raise for us to make profit from mining again.

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The only difference of genesis is lower maintenance fee. Already, it becomes unprofitable. and, as they stated, if it continues during 60 days, it will be terminated completely

Glad I decided against a contract at Genesis mining.

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good decision

Welp. I never got into cloud mining. I really want to mine but don't have money for the hardware.

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Wish you get ;)

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I've found that minergate even with the bear market keep paying around 50% of the mined profits, so I believe it is a safer bet cloud mining with them. Do you have an account with them?

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No, i don't. Actually, idon't trust anymore. i prefer to buy coin itself instead of cloud mining.

I agree. Genesis has become another scam after hashflare by requesting update price for their current clients. I'm using another cloud mining company for some time and earn fair payouts without any withdrawal problems.
https://goo.gl/opXo8j

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Nowadays is better to keep away from cloud mining platforms. instead of investing there, directly buy coins is better.

first i am going to invest on this site but thanks to God i didn't.

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nice to hear

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