Genesis Cloud Mining Review – It’s Not as Profitable as You’d Think

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Last updated on April 12th, 2017 at 09:39 pm

About every other Bitcoin question I get is “should I invest in cloud mining?”

I’ve talked a lot about Bitcoin investments in the past. One of the things I always tell people who ask me about cloud mining is that I think 99.99% of the companies who offer cloud mining services are probably scams.

Meaning, they don’t actually mine Bitcoins with the money you give them, they only use it to pay out other users until the owners run out of money and vanish. However there is 0.01% of companies who actually do run mining hardware and mine Bitcoins for you. Genesis Mining is one of them.

Genesis mining was founded in 2013 an is one of the oldest Bitcoin companies around. It’s definitely one of the most well known companies when it comes to cloud mining. Genesis has a publicly known mining farm set up in Iceland as shown in this video:

The miners on the farm are able to mine Bitcoin, Ethereum, Dash, Monero, Litecoin and Zcash. However all of the information I brought in this post up until know is somewhat general knowledge. Today I want to dig in deeper into the cloud mining business model and try to answer the question – is it profitable to cloud mine Bitcoins?

Since there are six different currencies that can be mined I want to focus only on Bitcoin cloud mining for the moment since I believe it’s the most popular product on Genesis Mining. Before I begin I just want to mention that I did a previous write up on this matter almost 2 years ago.

How does Genesis Cloud Mining work?

The idea of cloud mining is very simple. Instead of spending thousands of dollars on Bitcoin mining hardware, you can pay someone to lease their hardware and keep the profits to yourself. The company that rents out the miners takes care of the maintenance and all of the hassle of setting them up.

However, you are required to pay a fee for their service but we’ll get to that in a minute. To begin with, I wanted to determine what’s the difference in the ROI (Return Over Investment) between cloud mining and “normal” Bitcoin mining.

At the moment I have 1.19 TH/s with Genesis mining which would cost a new customer around $170 (0.139BTC at today’s exchange rate). This mining capacity generates around 0.00035BTC a day after maintenances are is removed. So at the current BTC price it will take me around 400 days to break even.

In the screenshot below you will see different BTC earnings from different contracts. It took me a while and several emails to the company’s support to understand exactly how revenues are calculated and displayed. I would appreciate it though if the fees were mentioned as well so I would be able to see how big they are in relation to the actual payouts.

genesis mining payouts

each line of BTC payout refers to a different contract. Some of the lines are totals of previous payouts so there are some duplicates listed here. If you’re having a hard time understanding this table (as I had) let me know in the comment section and I’ll do my best to explain.

The Bitcoin cloud mining contract on Genesis mining is “Open Ended” meaning it will run until it stops being profitable. If you take a look at their customer service page you find the exact definition for it:

In the event of a contract becoming unprofitable (i.e. the payout can’t cover the maintenance fee), the resulting daily payout will be zero. After that, the contract will continue to mine for 60 days. This means that we will take care of the maintenance fee in the hope that your contract becomes profitable again. This may happen if the mining network difficulty decreases and/or Bitcoin price increases. If the contract does not return to profitability in this period it will be terminated because the mining machines are consuming resources (electricity, cooling, hosting, servicing, etc.) which cannot be paid with their generated payouts.

I.E. the contract will run as long as it can cover maintenance fees which include electricity, cooling, maintenance work and hosting services. And I think this is the thing most people miss.

Bitcoin’s difficulty has been more than doubling itself every year for the past 3 years or so. In fact, between 2016 and 2017 it tripled. This means that if you buy a certain package expecting a certain reward, in a year or so you’ll probably be getting anywhere between 33%-50% of that reward. In my case I’ll probably be making 0.00014BTC per day a year from now.

Bitcoin difficulty

Bitcoin difficulty rate throughout 2014-2017

So my previous calculation of how much time it will take to recover my initial investment is actually wrong. It would take a lot more than a year, and that’s just to break even. There’s a fair chance my contract will stop becoming profitable before I earn any profits, or that the profits I earn will be very minimal.

Of course you could say that there’s the chance that Bitcoin’s price will explode during the next couple of month and then you’ll be profitable way faster. If for example the price goes up to $10,000 I will be able to get my initial $170 in a few months right?

Not so sure about that..

If price goes up so does difficulty since more people start mining. This means that the Bitcoins you’re making will be worth more but you’ll be making less of them. That’s exactly what happened in 2016 and why the difficulty more than tripled. Here’s the change in price vs difficulty for the past 3 years:

2014-2015 Bitcoin difficulty vs. price

Bitcoin price: down 2.45x

Bitcoin difficulty: up 34x

2015-2016 Bitcoin difficulty vs. price

Bitcoin price: up 1.36x

Bitcoin difficulty: up 2.5x

2016-2017 Bitcoin difficulty vs. price

Bitcoin price: up 2.29x

Bitcoin difficulty: up 3.05x

As you can see the difficulty is always going up, no matter what’s happening with the price. And for the past 3 years it’s been going up more than what the price itself has.

So should I mine Bitcoins at home instead?

If you mine at home with the same hash rate at today’s difficulty you’d be making twice as much (according to our Bitcoin mining calculator). However, you will be paying for the hardware, cooling and maintenance for yourself. So it’s not safe to say that mining at home would be profitable as well.

In the past I’ve written a very detailed post that discusses Bitcoin mining profitability. For now let’s just say that if you don’t have any access to cheap electricity and cooling systems I suggest to avoid mining in general and just buy coins instead.

What other users are saying?

As part of my research for this review I tried to find as many user reviews as possible to get different perspectives. Most, if not all, of the positive reviews I found were accompanied by a promo code. Promo code reviews are questionable in my opinion since the user reviewing gets a commission if you sign up with his promo code, so they have an incentive to write a positive review.

One interesting review was from a guy who actually used Genesis Mining to buy Ethereum. He states as follows:

I bought a 1 year contract for 1MH/s ETH mining. I’ve paid 0.11BTC for it (equivalent of 45$ at the time). In one year, Genesis gave me back 2.38ETH (equivalent of 69$ now), so you could say that I’ve made a profit. But you would be wrong!!! That’s just because the price of ETH is high now (29$ versus 12.5$ one year ago).

If I would have kept my 0.11BTC, now it would be worth 135$.

If I would have bought ETH with the 0.11BTC back then (I would have gotten 3.66ETH, that’s 1.3ETH more than what they gave me back), now it would be worth 106$.

So even though he could have made a better deal by not investing in Genesis Mining he still made a profit. Please keep in mind that his profit was with Ethereum mining and not Bitcoin mining. In this post I concentrate mostly on Bitcoin mining. Some other altcoins may still be profitable to mine, but I will review them in a different post.

There are also several BitcoinTalk posts about the company. It seems that most people claim that you can’t make a profit with their contracts however few supply evidence of actually trying. Bittrust shows some positive reviews but I will let you judge for yourselves on their legitimacy.

Genesis Mining – The bottom line

Finishing up my review about Genesis Mining all I can say is this – The company seems legit but I doubt if it’s a good investment. Seems like I would be much better off just using my money to buy Bitcoins instead of using it for cloud mining contracts. If Bitcoin’s price goes up – I would be making more money, and if it went down, I would be losing less.

The one thing that really bothered me though is that Genesis Mining doesn’t seem to share a lot of info regarding my mining performance. I’d except a company that is serious about making money for their investors to supply additional information such as:

  • Cloud mining calculators
  • Service fee statements
  • Which blocks were mined and how much was earned on each block (including mining fees)

One might suspect that these pieces of information aren’t supplied in order to keep the questionable profitability of cloud mining obscure. If you are invested in Genesis Mining I urge you to contact their support and try to get answers for this (they answer fast from my experience).

On a final note, this review is about Genesis Mining but I think you can probably copy and paste its characteristics to most legit cloud mining companies out there. The not so legit mining companies will probably show greater profits because they usually hold stop paying at some point.

Keep in mind that this review was made especially for mining Bitcoins, other currencies may still be profitable in these cloud mining schemes.

Ofir Beigel

Owner at 99 Coins ltd.
Blogger and owner of 99Bitcoins. I've been dealing with Bitcoin since the beginning of 2013 and it taught me a lesson in finance that I couldn't get anywhere else on the planet. I'm not a techie, I don't understand "Hashes" and "Protocols", I designed this website with people like myself in mind. My expertise is online marketing and I've dedicated a large portion of 99Bitcoins to Bitcoin marketing.

Genesis Mining

Varies
Genesis Mining
66

Profitabliity

5/10

    Transparency

    6/10

      Support

      8/10

        Reputation

        8/10

          Pros

          • Fast support
          • Easy to set up
          • Reputable company

          Cons

          • Doesn't seem to be profitable in the long run
          • Doesn't supply full information to users
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          112 Comments on "Genesis Cloud Mining Review – It’s Not as Profitable as You’d Think"

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          varun anand
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          varun anand

          Yes, they stole $840 from me. No response whatsoever.

          Andre Buffett
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          Andre Buffett

          Hi Varun, I found a few interesting things about Genesis Mining, first, they have over 100 million in coin value inventory, second, they are busy merging with HIVE Blockchain Technologies Ltd. and spending 30 million

          TRS
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          TRS

          STAY AWAY! They basically stole my money. Besides the fact they skip payments from time to time (7 times in the last 30 days), they changed the contract without any notice changing the clause for contract termination! They refuse to return the money and, in fact, they new agreement says it cannot be done. But the first (the one I agreed with), says the contract can be terminated due good cause. Any better cause than money being systematically stolen?

          Kevin
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          Kevin

          Genesis mining has stopped responding to me as well. It seems as if their platform and customer service is falling apart. After five months I would also say that one would be MUCH better off with a buy and hold strategy over cloud mining. You WILL make more money buying and holding while increasing your liquidity and limiting the headache that genesis mining is now causing. They are the most trusted in the cloud mining business among countless scams but they are still not a good investment.

          Cem Sabri Pozam
          Member
          Member
          Cem Sabri Pozam

          As you all know, Genesis Mining stop replying to their customers so here is the solution: Send email to Iceland Consumer Protection Agency which is the only solution at this stage: Their email is [email protected]

          You should inform them about your missing payments and also inform them about the SCAM.

          MariusCC
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          MariusCC

          Thanks guys for helping me avoid losing money with cloud mining.

          mic
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          mic
          I’ve been trying for some time some types of contract (in this case mining of ETH and BTC) and I have to say that I find it very convenient and smart. The firm seems to be very serious and responds immediately to your every type of doubt and / or problematic. Gain is obviously guaranteed, especially if the various cryptovalutes (choices) will continue to increase their value. The big benefit for me is that once you invest, your earnings will be daily and without the least expense of other time (hypothetically you may also disappear for 2 years that your… Read more »
          rob
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          rob

          why wouldn’t Genesis just mine themselves instead of leasing equipment?

          rob
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          rob

          why wouldn’t genesis just mine themselves instead of leasing their hardware? they say they are bullish on crypto markets but they would be doing better if they just use the hardware for themselves

          Damian
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          Damian

          I guess, they can expande much faster than with always waiting for profit, to be able to buy new miners/locations. I guess they will, once they think they are big enough, stop the service and continue mining for them selfes. Now many Contracts are unavailable, maybe just because many People buy it or maybe they are stoping it, I dont know that now.

          Damian
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          Damian

          I guess it is more Profitable, when you use USD and holde your Bitcoin.
          I’m interested in the 1950.- for 15TH/s Bitcoin mining(not available right now). If i got the description right. it schould cost 1950.- + 4.20/day (0.00028$ * 15000GH/s). From a calculator I see, that I would get $17.85.- for 15TH/s (without power cost).

          So I should get $13.65.- per day, right?

          In a Year this schould be $4982.25, so it would have made $3032.25 profit.

          Or have I got something wrong here, are they adding an Power fee etc. on top of the daily fee?

          Kevin
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          Kevin

          Don’t buy genesis hype. Buy and hold bitcoin. Your liquidity is much better and the profits will be all yours. Genesis mining is not trying to make you money out of the kindness of their hearts, they are profiting on your investment. Buy and hold, trust me

          Samuel
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          Samuel

          I have not sure about the profitability of ETH on Genesis Mining. do you have any experience with that? promocode TcJu7O for 3% off. I will use your in return. Thanks

          n00bster
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          n00bster

          isnt segwit making it more easy to mine bitcoin ?

          HaberDash
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          HaberDash

          I’ve been happy (so far) with ETH mining contracts at genesis-mining. However, I agree that the structure of the contracts, and the transparency with fees, are not straightforward. That said, I can see why the company isn’t putting resources into those items – it seems like they’re growing faster than they have capacity to support already, so why put work into features like that? It will likely come with time, as the company matures. For now, everyone is happy as long as the music keeps playing.

          JDty
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          JDty

          would you mind sharing some numbers? how much you put into contracts and how much you get out? i cant find much info for how much i should expect to make mining ETH atm. greatly appreciated.

          Daniel White
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          Daniel White
          As a person who have tried a lot of cloud minings and been in the cryptocurrency field for a while, I can see that among all cloud minings, there are only genesis-mining, hashflare, hashing24, bitcoin.com whose reputation and truthworthy is highly recognized. Hashflare is my favorite cloud minig service. They started later than Genesis-Mining but already proved their standing. The customer satisfactory is only 2nd after Hashing24, maintain regular payout and profit rate. Furthermore, the cost per TH/s is the lowest among all with average maintenance fee. With the situation where mining difficulty is rising, I would say this is… Read more »
          jack
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          jack

          i read online that the bitcoin contract is not realiy profitable vs. the eth contract which has no daily maintenance fee, so i bought a contract for $840 with 30/Mhs and so far i got $81 pending payouts in the first 29 days’ so i think its a good deal!
          the costumer service is acceptable.

          Minh
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          Minh
          *** Latest Review Update: please read all if you really consider a serious bitcoin mining contract. After my previous analysis among 4 largest, most popular cloud mining services (Genesis Mining, HashFlare, Hashing24, Bitcoin.com); I will continue to talk more in detail about my 2 recommendations and 1 another new-to-the-field cloud service: – Genesis Mining: after a recession period of delaying payout and missing payments for Monero, they seem gradually are getting their ground back to normal. The payout is getting paid daily again at a constant rate. One thing which is really important I realized from Genesis compared to HashFlare… Read more »
          Zsofia Elek
          Admin
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          Zsofia Elek

          Hi Minh, thanks for the details about your experiences, please note I have removed the referral links from your comment as we do not allow that here.

          james darko
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          james darko

          Alright so here it is, don’t ever invest in genesis , there is no way to make a profit, even have your money back, I bought a 2 years contract and 3 months in is almost not paying and will stop paying in 2 months if I’m lucky. It was an 18 000 $ investment, I will lose around 5-6 k on it. If you invest less money it’s gonna be even worse.

          Simon
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          Simon
          I’ve been using Genesis Mining since almost the beginning and have had to learn a lot along the way. One thing they aren’t very good at is making it clear to customers what is happening with their contracts. As has been said by others here, it’s difficult to know how fees are calculated, for one, and the general experience is just very confusing at first. The biggest point I would add to this discussion is that you can’t talk about lifetime and finite contracts in the same review. If you’re mining Ethereum for a year we’re talking about something completely… Read more »
          Dave
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          Dave
          Thanks for the post, there is not a lot of “fair” articles about GM. Bought 0.25TH on april 2016. I’m quite happy with the final results (although payments have been rare these days, and appear stopped since july 23rd). For 70 USD spent, 140 USD worth of BTC were returned, which is quite good. Like many of you pointed out, the lack of information about returns and how they are calculated is frustrating. I’m sure GM would benefit from going public with every details, even if the overall trust is already fair. Profitability : 7 => 200% of investment, but… Read more »
          Kendall
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          Kendall

          Have you received any payouts since July 23rd? Following review of comments here, I went to their website. There was a message stating that they were experiencing difficulties with payouts and thanked everyone for their “patience.”

          zlence
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          Member
          zlence

          Hi,

          Great article!
          The only neutral one I could find.
          All others are like “It is great use my promo code”.

          I strongly agree on statistics part.
          It should be more transparent to the customers (live stats, closed blocks…).
          Otherwise it looks like a more sophisticated scam, as you don’t have a clue what is going on in background.

          I recommend investment with a credit card, if you own coins it would be stupid to invest it back in (cloud) mining.

          Andrew Fornes
          Member
          Member
          Andrew Fornes

          There is a difference in contract rates, ex., 1 TH is $150, 20 TH is $2600 ($130/TH), so there is definitely a volume discount there (13.4% to be exact). There is no additional volume discount above that $2600/20 TH line currently. I went with the 38 TH plan (highest you can buy with a credit card), will report back in a few months on my results.

          Dipak
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          Dipak

          I guess you are also covered by your credit card company should the company stop mining.

          Paul
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          Paul

          Andrey, I think that the most you invested, the most faster you recover it and get sustancial earnings. I want to invest on 15 TH.

          FABIO ALVES BORGES RODRIGUES
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          FABIO ALVES BORGES RODRIGUES

          Genesis is a reliable company, however it is not a good business to invest in mining there. Payments always decrease day after day and it does not matter if the market is going up or down.

          Do not waste your money on mining at Genesis Mining

          james
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          james

          have been mining with genesis for 3 months , yet got back half of my money , difficulty is rising so it get less profitable but still a good investment compare to whats outside cryptos

          Tom
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          Tom

          hey

          ive had awesome results using genisis mining, have been consistently good returns for 8 months now…

          Brian K.
          Guest
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          Brian K.

          I wanted to just touch base after logging in to Genesis last night. I invested slightly more than I initially stated, around $90 total for ETH mining. The ETH I received for the duration of my contract is currently valued at $3200. So, yeah, you just gotta keep your ear to the ground and research. Homework is important, and if you give a little it can definitely pay off.

          Brian K.
          Guest
          Member
          Brian K.
          I bought a year long ETH mining contract for around $65-70USD, and ended up with something like 20ETH all told. I got a pretty sweet hash rate as I bought the contract less than a week after they started ETH mining. ETH I think was trading at around .004BTC at the time. Here recently. I sold 15 of those ETH for almost $400USD each. It really is all anecdotal, so my results should not be considered typical, but if you keep up with Genesis, you can almost always count on their newest offerings to be well researched and vetted for… Read more »
          Laxman
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          Laxman

          Hi Brian,

          I am new to this planning to invest in Mining, I want to get more clarification on things before i start investing.

          Zsofia Elek
          Admin
          Member
          Zsofia Elek

          Hi Laxman, I have edited your comment to be compliant with commenting rules. Here you can read more about our opinion on cloud mining: https://99bitcoins.com/cloud-mining-profitable-just-evolution-scam/

          Glenn
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          Glenn
          Here’s the math of Genesis. Lets use a contract mentioned a few times in comments. 100 MH/s. Currently $2799 or $2715 with 3% discount (which one can always get without a code by typing “REVIEW” in order). Currently (July 4th) each MH/s earns 0.000424963 coins. Over the last month coin decay has been roughly 1.5% daily, but I am going to be generous in my calculations and say just 1% decay daily. After 2 years each MH/s will collect 0.042468628 coins, or 100 MH/s will collect 4.246862783 coins. This means that in order to break even after 2 years the… Read more »
          Arlind
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          Arlind
          Hi Glenn, Firstly I’m sorry to disappoint you but you’re so wrong with the calculations. For the sake of newbies that are researching the net and are planing to invest I’m gonna give some examples of my own experience with the GM. Two months ago (06/15/17) I got the 2yr dagger-hashimoto contract in GM (that’s pure Ether mining hashpower) with 100MH/s at $2799 (minus 3%) I’m just gonna give you an example randomly from my GM 5 day balance statement: ETH balance of 0.04510636 added to your account on 2017-06-29 T12:00:00+00:00 ETH balance of 0.04451503 added to your account on… Read more »
          Anonymous
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          Anonymous
          I was ok with Genesis Mining until they missed an ether payment last week. I’ve contacted them multiple times but they always give me a different excuse for why I didn’t get payed. I assumed the Status ICO caused some technical issues with payouts but now that the ethereum network has recovered they never got around to completing those failed/missing transactions. There is a ton of complaints on social media and forums with people with missed payments and found it impossible to collect those lost funds after contacting customer support. It is unacceptable and illegal for a mining company to… Read more »
          Wayne Johnson
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          Wayne Johnson

          I keep my investment in Genesis using Google Sheet I invested 0.04BTC which is about 99$ as this posting.

          I mine ETH and so far after 10 days mining made $5.07 which equals $253 once contract end if ETH stays at this price.

          This is my exp so far can I post like to the google sheet others may find it interesting?

          Glenn
          Guest
          Member
          Glenn

          I have done the same for 30 days and I can tell you it doesn’t stay the same. I am making 55% of the coins compared to day 1. My contracts will never hit profitability unless ETH hits the $1000’s. And that’s profit from appreciation, not mining. Tell us, in your spreadsheet, how much does your coin take decay every day?

          David Brennan
          Member
          Member
          David Brennan

          “Genesis * BITCOIN * Mining – Not As Profitable As You’d Think”

          Ros
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          Ros
          I think Cloud mining is the best online investment nowadays. Remember that bitcoins will get over soon because the algorithm can generate only 21 millions bitcoins and mining becomes every day more difficult while the value grows very fast.. Maybe this is the last chance to get some bitcoins in our wallet. I invested about $400 in Genesis Mining because they are market leader worldwide and I’m willing to increase the investment. I got my ROI back and I’m still receiving bitcoins in my wallet every day, FOREVER, because the contract has lifetime duration . Genesis Mining is NOT a… Read more »
          Christian
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          Christian

          Hi Ros, what is the referral ? Ur ROI came back in which time ? 1 year ?

          Robert
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          Robert
          Its a waste of money. You are better often to buy coins. Genesis is nothing but a scam!!! I spent 4700.00 for ethur and the difficulty rate as we all know changes daily but they take what they want. I will not even have my ROI at the rate they are deducting my daily payouts. For those that think they have a forever contract lets see how you feel on that subject in a few months when they cancel the contract because they say its not profitable for them anymore, thats the loop hole to get out of screwing you!!!… Read more »
          Kram
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          Kram

          To me, It is profitable. I got ROI in 5 months. It will be different as the Coin price.

          Steven Davis
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          Steven Davis

          I’ve had contracts with GM for quite a while. Finally tired of not making the ROI on my Bitcoin or Ether contracts. Now having a problem getting the final payout of my ETH contract, less than $12 and it is now going on over two months. Customer Service is a joke, I don’t recommend them to anyone.

          Anonymous
          Guest
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          Anonymous

          .

          Wilbo
          Guest
          Member
          Wilbo
          Genesis Mining is a very clever business model but you do need to be careful how you use it and you need to understand the underlying maths behind mining difficulty, YouTube is littered with people buying and upgrading contracts with the very coins they have mined, this is a mistake, great for genersis though as they get to keep the very coins you paid them to mine for you. The underlying value of mining comes from the asset you mine, the coins, not its equiverlent dollar value, as mining by it’s very nature is designed to get harder, then the… Read more »
          My Name
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          My Name
          hey there, Ive been mining for awhile now. All went well until 6 months later i decided to spend some of the Btc I mined and found out that my transaction fees gone up double the amount i wanted to spend !!! its ridiculous ! to send 0.12 btc, my fees are 0.21 – total= 0.33 while im only wanting to use 0.12 if you know a way around this, please share. otherwise its so not worth it. Was really excited until i tried to use the coins that Genesis have been paying me daily. Watch out for this guys,… Read more »
          Zsofia Elek
          Admin
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          Zsofia Elek

          Thanks for the review and the feedback on Genesis. You can read more about transaction fees in this article https://99bitcoins.com/why-bitcoin-transaction-pending-bitcoin-fees/ Please note I have removed your affiliate link from your comment as that is not allowed on this site.

          Alex Wong
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          Alex Wong
          Recently I came across cloud mining and Genesis mining appeared, happy to be able to read this article before I consider to sign up with them. To my surprise, when I tried to explore more with them, I found that Bitcoin cloud mining was not available, then I read all the negative comments from various sources that cloud mining Bitcoin with them is not profitable and they even terminated their contract (probably they have a lifetime account with them, I’m not sure about this). One thing came to my mind is that they provide the service they promised with the… Read more »
          Zsofia Elek
          Admin
          Member
          Zsofia Elek

          Thanks for the review and feedback Alex. I have removed your affiliate from the comment as we do not allow referral links.

          Jody Cartier
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          Jody Cartier
          I am not an expert, but I believe the level of difficulty for bitcoin is too high for mining to be that profitable. I did buy a 2-year contract with Genesis-mining, but I selected Ether Mining as it is easier to mine. At first I bought only 1MH/s for 30$. I wanted to try it before investing more. I calculated I would break even after 6 months, so I decided to invest more. I got 100 MH/s for $2800. I actually paid $2716, because I had a 3% discount code. Right now, I get a little more than one Ethereum… Read more »
          Lanza
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          Lanza

          Sorry to burst your bubble..
          I have the exact same contract, which I bought thinking in the same way as you, but the hash rate on Ether is growing exponentially. If the rate continues to grow at this rate we will only mine 4.3 coins, at $330 that gives you about half of the invested money. The only way this would be profitable if ETH reaches to $700 ~$800

          To confirm this. Your first month you will make 2.2 ~2.3 Your second month you will make 1 ~1.1 at most…

          twistsmyth
          Guest
          Member
          twistsmyth

          Im on the same contract. A loop hole .. POS goes live in November , when this happens genesis will switch you to the most profitable coin at the time. 2 contracts for the price of one :) im banking on that the move to POS will trigger the third crypto bubble allowing us to sell our ether at close to $1000 a pop. bOwVvp , this is my la la land.

          Anonymous
          Guest
          Member
          Anonymous

          Hi Jody

          I too bought the 1MH/s for 30$ for Ethereum only

          How do I know that it is activated? there’s no data analytics to gauge if it activated or not?

          I only bought it last night and need some advise?

          Thanks

          Anonymous
          Guest
          Member
          Anonymous

          Look at your payout, they will make a deposit every day, but the first deposit takes 48 hours to show on your account.

          Zsofia Elek
          Admin
          Member
          Zsofia Elek

          Hi Jody, thanks for the feedback, I have edited your comment as we do not allow referral links.

          Anonymous
          Guest
          Member
          Anonymous

          I’m wondering whether the miner fee aka transaction fee for Blockchain is borne by GM or User?
          Ex: If GM sends me daily payout of 0.001, Will I receive 0.001 in my wallet or 0.000844 like something after deducting miner fee (GM-Genisis Mining)?

          Markus Reinisch
          Guest
          Member
          Markus Reinisch

          when genesis sends you 0.1 you recieve 0.1
          Don’t have to pay fees

          Juvleeq
          Guest
          Member
          Juvleeq

          I do not know whether Genesis Mining is scam or not, profitable or not. But I know it is Good company. It has a good service, full of offerings from bitcoin to zcash.

          While the price is rising up because I “watch” it via CoinMarketCap, I need to determine what cause to rise the price of cryptocurrencies, maybe it’s a people who buy the cryptocurrencies a lot, the expansion of market activities related to cryptocurrencies in different dimensions both in real world and virtual world, the maximum supply of cryptocurrencies or both.

          sandy
          Guest
          Member
          sandy

          thanks

          Steve Miller
          Guest
          Member
          Steve Miller

          NEVER HAD ANY PROBLEMS WITH GENESIS – in fact, now that the BTC
          prices are skyrocketing – my investment in lifetime mining is paying back much quicker!

          BTC is going to break $2500 soon! $5000 end of the year.
          Get involved in MINING BITCOIN with cloud mining contracts.
          Genesis-Mining com has been around for 10 years and has
          LIFETIME mining contracts! CHECK THEM OUT!

          Mining Contracts bring DAILY PAYMENTS to your account.
          Calculate your daily payments when BTC is $5000!

          Zsofia Elek
          Admin
          Member
          Zsofia Elek

          Hi Steve, I have remove the referral links from your comment, thanks for the feedback.

          John
          Guest
          Member
          John

          Genesis Mining is a BIG SCAM company!!!! I have lost 32 BTC on that service with Bitcoin Mining Lifetime Contract
          (start on 02/04/2015) the last daly payout for 32 BTC investment was 0.001627 BTC…. WTF! Now my account is closed from genesis (Because the payout is lower than the electricity costs) and my money is gone.
          Fu…. this BAD Company and buy your own equipment this is better than you have the control!!!!!!

          Dipak
          Guest
          Member
          Dipak

          32BTC?? I doubt it.. How did you loose it, do you have a screen shot of your payouts?

          brad
          Guest
          Member
          brad

          lost 32 BTC??? mmmh this comment sounds me a scam

          azzcore
          Guest
          Member
          azzcore

          32 btc?..haha..its a joke

          Jody Cartier
          Guest
          Member
          Jody Cartier
          What kind of contract did you get (hash power) ? How much money did you pay for your contract (USD)? You wrote that you lost 32 BTC, but do you mean you were hoping to make 32 BTC out of your investment, but you did not get them (I do not believe anyone would be crazy enough to invest 32 BTC in mining). Or, maybe you just figured out that you would have made 32 BTC if you have invested somewhere else instead… (all the investments you never do are always the ones that had made you rich!)
          Boris
          Guest
          Member
          Boris

          John,

          You are saying Genesis was not profitable for you ? I am searching for a profitable company to mine Ether. What occurred for you to loose your investment with them ?

          Joshua Butler
          Guest
          Member
          Joshua Butler
          I feel like the problem with the profitability argument is those who are complaining are buying 100 dollar contracts. buy a 13,000 dollar contact getting 100TH/s and see the difference… that’s a current payout of 2400 a month roughly. now the maintenance fee for that H/s is about 28 bucks a day… but that’s still 1600/mo in your pocket. That’ would take 8 months to break even and for the remaining 17 months of the 24 month contract you COULD pull in about 27K… or round down to 25K in case of increased challenge. OR… you could mine ETH… and… Read more »
          Anonymous
          Guest
          Member
          Anonymous

          Thanks for the article. Just signed up a few weeks ago and going great so far.

          Marc
          Guest
          Member
          Marc

          To a new person who wants to try mining, Genesis has exceeded my expectation.
          The customer service is phenomenal. Always next day reply and not a bot.
          They try to answer the questions and resolve issues.
          Profitablity depends upon your outlook.
          if you expect the price to rise (as we all do and hope), you really can’t lose.
          A vanilla 256 contract will pay what it will pay and the graph looks good overnight.
          Basic 7.5 TH/S about $3/day.

          Reyen
          Guest
          Member
          Reyen
          Hi All, I recently took 2 contracts from Genesis Mining. For around 1900USD each. I did open because some workmate talked to me about them. Payments are actually coming daily. But the payments are ridiculously low. I receive around 5USD per day per contract. no matter the price and fluctuation of the coins which is strange. (it will take more than a year only to see my money back if the incomes are stable) It seems the rate of payments are fixed and there is nowhere we can get the calculation details about the payment we receive in coins. Then… Read more »
          William Teh
          Guest
          Member
          William Teh

          Genesis is genuine, and I actually support investing in Genesis. I’ve been doing research and calculation on genesis payouts for few months already and after investing in it myself, I’ve calculated a prediction of annual return of investment is more than 75%. To me is a good long term investment.

          Aljoša
          Guest
          Member
          Aljoša

          They pay out according to the contract, but the contract itself in not profitable for BTC … If you don’t want to lose money do not invest in BTC mining. It can be profitable if you abuse the affiliate system and bring other people in the shi…

          May be profitable for DASH at the moment though.

          Zsofia Elek
          Admin
          Member
          Zsofia Elek

          Hi Aljosa, thanks for sharing your view. If you want to share, why do you rate the reputation and transparency so low for Genesis? I understand the profitability part.

          Zsofia Elek
          Admin
          Member
          Zsofia Elek

          Hi William, thanks for sharing your experience, please note we do not allow affiliate links, so I have removed that from your comment. If you can, could you please share how did you calculate the 75% annual return?

          BJ Mabetha
          Guest
          Member
          BJ Mabetha
          I’ve been looking at Genesis Mining for a while, one guy I follow a lot who’s been with Genesis Mining for some time said he had stopped promoting it because is not profitable enough for him, it took him 18 months for him to break even. Another guy said he broke even because he got a lot of people to use he’s Code, but if you look at it is not profitable if it would require you to promote your code. Another concern is that Genesis Mining does not tell us how many blocks they have mined, for a company… Read more »
          Zsofia Elek
          Admin
          Member
          Zsofia Elek

          Hey, thanks for sharing your view, we agree that it just takes too much time to get to the breakeven point, if you even manage to reach that because of the continuous difficulty increase,.

          Sunny
          Guest
          Member
          Sunny

          I use genesis mining for ETH and find it is profitable

          Zsofia Elek
          Admin
          Member
          Zsofia Elek

          Thanks for the feedback Sunny. If you can, could you please share with us what type of contract are you in that is profitable for you?

          M.
          Guest
          Member
          M.
          One rather important point is how much it costs to actually spend the bitcoins you get. Genesis Mining pays out daily to _a lot_ of customers in each transaction. This drives up the transaction fee because your transactions need to refer to _many_ input transactions, and those transactions are huge since they go to so many customers. And who benefits from this? The miners, of course! It is actually in Genesis Mining’s best interest to pay out as often as possible, because their mining will get some of the bitcoins they gave you back. Your money is much better spent… Read more »
          Jaap Bantje
          Member
          Member
          Jaap Bantje

          Thanks Ofir. I have more or less the same results. Here are my numbers
          Genesis mining
          start 25/12/2016 0.7 TH/s for $ 100 invested
          12/04/2017 0,026 earned
          so i might be BE after 1 year

          fortunately I have a far better system making almost 150% p.a. , that runs risk free on profits only.

          Christian
          Guest
          Member
          Christian

          Ji Japp, Understand . What are ur alternative systems to invest ?

          Ray
          Guest
          Member
          Ray

          Hi
          Your 0.026 BTC earned in 4 months worths $76 at today’s rate of $2870/BTC.
          You still have 20 months to go. If you see it as an investment (which is more so better than that sticks shares), and the program didn’t close down, then it worths the contracts on the long run.
          Let’s in 18 months you earn 0.11 BTC, even at today’s rate, you’re in profit and you’re still earning

          ZBAT
          Guest
          Member
          ZBAT
          I view this as a buy versus mine decision. You can only engage in this analysis after deciding to invest a certain amount of USD in Bitcoins. As I write this BTC stands around $1,180. If you decide to invest: – $105 in BTC you can buy 0,088983 BTC or a 0,7 THs mining contract (cost per THs: $150) – $1050 in BTC you can buy 0,88983 BTC or a 7,5 THs mining contract (cost per Ths: $140) – $5200 in BTC you can buy 4,40678 BTC or a 40 THs mining contract (cost per Ths: $130 which is the… Read more »
          chike chukwuma
          Guest
          Member
          chike chukwuma

          Thanks for your review my question still is how can those of us in Africa succeed in these bitcoin investment and i will like you to use your expertise look into this product

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