GENESIS-MINING Review: Day 16 - Bitcoin Cloud Mining | full disclosure + Steem/BTC giveaway - DON'T DO IT!
I have to say: I am VERY disappointed with Genesis-Mining.
If you wonder why I started a mining-contract in the first place, read my Day 0 Genesis-Mining article here.
To understand why I am not happy, let us just take a look at this graph:
It is obvious that reaching ROI, even now that over half a month has passed, is still ages away.
Here are all stats I collected so far:
Click here for full (readable) size: http://www.steemimg.com/images/2017/03/27/Day16_full4ef0c.png
I received 0.00020639 BTC on average every day since I bought my 0.7 TH/s contract
The total earned per day is decreasing very fast. Obviously this is in correlation to the BTC price, but at this rate we will NEVER earn the BTC back we invested. So I strongly recommend buying and holding, instead of buying a BTC mining contract from Genesis-Mining.
Waste of money. Also, you are not free to use the BTC you invested into the contract.
- expected time to ROI (constant mining difficulty): 479 days
Haha, funny.
Now, unless payments do not increase for the next payouts and if difficulty continues going up, reaching ROI will be impossible!
You may get back the equivalent of USD you invested (if the value of Bitcoin continues to rise), but not what you paid in BTC.
Note: I'll be giving away 50% of my STEEM earnings and 50% of the referral BTC for these posts.
To join the giveaway for STEEM, simply follow me. Estimated day of Giveaway will be next full moon! Parallel to the Byteball Airdrop.
To join the giveaways for referral BTC, leave a comment on how much you spend and on which contract. Spams/guesses will be permanently banned.
WARNING: I advise NOT to buy BTC contracts. Dash may be profitable right now but don't take my word on it.
This is the 3% coupon you should use on checkout: ZRUYAk
And here is a link to Genesis-Mining.
- STEEM in follower lottery pool: 4.70
- BTC in referral lottery pool: 0.00
Cloud mining is probably the worst way to get Bitcoin. The companies that are legit only make money for themselves. The companies that promise a fast ROI are probably scams.
Yeah I agree. I have to admit I was just very curious. I read a bunch of negative reports and a bunch of positive ones. The latter probably are just shills.
Anyway I decided to find out myself.
Will probably update these posts to spread some evidence that Genesis Mining (well at least BTC contracts) are (close) to scam.
Not sure if I should even put my ref link in the posts, but Dash mining with the current prices and hashrates seems profitable.
Anyway, now I am looking forward to building that mining rig. ; )
Don't go into Genesis mining for bitcoin, not worth it. Buy Dash and maybe ethereum, if prices hold you will Get an ROI on dash in about 4-5 months,and I think with ethereum its about 10-12 months, and if prices tank, well they are two year contracts... Check my blog I use peoples affiliate codes because I upgrade at least 4 times a week.and that will give you a free hash boost so little for you to invest, basically open a genesis mining account and everysaturday be one of the first four to reply to me with your affiliate code. and I give away bitcoin every 4 weeks, no one follows me so your chances are high.
Thanks for posting this.
I am having a similar experience so far. Plus for part of my contract I paid by credit card so they are holding the coin mined for me for 30 days.
On the positive note what I discovered is that at poloniex.com you can lend your coin and some of the deals are quite sweet. Like I am lending some of my BTC at 0.3% daily. They collect 15% of it from what I understand but even, say, 0.1% daily with a 15% deduction is an equivalent of a 37% annual ROI.
Ya Genesis mining with credit card is no good, use btc, dash or whatever crypto currency they use. They always hold of 30 days.
Following! Also, I have not purchased a genesis mining contract myself yet, but I did calculate an ROI in around 209 days when mining dash.
Yeah I came to the same conclusion. Right now Dash is dropping, though. Also, if the price continues to be this high, mining difficulty might go up and thus the rewards of your contracts will be reduced.
I keep plugging away my page but if you open a genesis mining account and be one of the first four to respond to my weekly Saturday blog with your affiliate code i'll use your code on my next purchase which will give you a small increase in hashrate. I upgrade 4 times a week, and no one follows my blog so your chances are high. Anyway just something to think about
Save your money friends, you can check out my experience as well.
Mining your own can be even more profitable than these cloud mining services, that's even with a crap PC.