Genesis Mining

David Rinaldi asked 10 months ago

Talk is Genesis is gradually making all contracts non-profitable so they can be terminated… Basically, Genesis is shutting down and looking at the numbers, it looks like rumors might be true. Have you heard anything??
P.S. Sorry, I accidently sent this in the contact form when it should have been posted here.

1 Answers
Steven Hay answered 10 months ago

Hi David,
I haven’t heard anything substantial but I wouldn’t be too surprised if it happened. Genesis was one of the earliest cloudminers and enjoyed a good reputation for a long time but it seems that cracks are starting to appear in their reputation. I’m very skeptical of cloud mining in general, so this is why I say I’d be unsurprised if they failed.
It’s always made more sense to me to simply buy and hold (securely!) Bitcoin, rather than take a chance on cloud mining. Crypto is risky enough as an investment so it just makes sense to cut out any further risks, like trusing some company on the other side of the world to pay you back plus profit. At best, cloud mining companies are just offloading their own risk onto clients.

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