Oh Genesis-Mining... Where Art Thou' Payouts!!!
It's fairly self explanatory, I haven't received any payouts from my mining contracts since the 20th. That's 2 days missed payouts, with today marking the 3rd if that also goes missing
I hope your not planning on burning me...
I have been burned bad from mining in the past and started to believe things may have changed...
I finally gained trust in your company after removing myself from the mining scene for nearly 2 years
- Now I'm fearing the worst
Luckily, I recieved a solid 1.5 months of high payouts right as LTC and ETH were skyrocketing so I ended up with roughly 40% of my investment back.
But I still consider being in the hole $1,000 with the expectation of having 21 months left of mining!
Unfortunately, this seems to be the most common method of cloud mining scam playing out.
- 1st - They gather funds and act legit by paying out consistently to gain trust
- 2nd - Continue operations successfully as more and more users join and buy contracts
- 3rd - Spend users funds, hide mining revenues, become very rich while paying old users off with new user funds
- 4th - Once the flow of new users tapers off and more mining revenue is used for existing customers, stop paying out
- 5th - Wallet hack/ data center explosion/ terrorists? (Something catastrophic)
- 6th - Disappear with funds and close shop
I'm not saying this is absolutely going to happen, but it sure seems to be following suit to the previous cloud mining ventures I have been involved in...
In my opinion, This doesn't look good at all
Until further notice, Do Not buy contracts from Genesis-Mining
Thank you for reading my posting on Steemit
If you found this posting enjoyable or useful - feel free to upvote, comment, resteem, or follow me
Ethereum Address: 0xe8c79B21B2FC35FA3E85c6a1E80aFf686c99A777
BitcoinTalk User Link: https://bitcointalk.org/index.php?action=profile;u=803528
@generation.easy
a bitcoin fanatic and alt-coin enthusiast
I haven't gotten paid from genesis mining since the the 21st. What gives?
I'm having the same thing, no payouts since the 21st. They tweeted and steemed warning about delays in payouts so we should be fine in the next coulpe of days.
yeah, It seems I received an LTC payout to my address on the 21st, but it doesn't show up on my GM payouts tab. Everything on the site stops at the 20th for me... I should have an ETH deposit 2days ago and an XMR one yesterday.
1st error: To mine using genesis mining while you should be using hashnest.
I just found out about hashnest yesterday :(
My understanding is it's still not worth it on hashnest because the returns are like 5%.
I purchased 2 L3 miners for $1500(Each)...then after 20 days hahsnest changed the price of this device for $ 3600(That was a luck shot)...after their stock run out of L3 its price went way way way up and I sold both devices that I purchase for 7200 each ....repeating ...I purchase 2 devices for a total of $3000 and sold both for $ 14400.... some people will read this and say something like: Not true, or farming is not profitable ....I really hope that you are not one of those ..but whatever ;-p
Say what... you can buy and sell your puchased mining rigs?
Yeah fure sure, if you bought like 6months ago you would have made bank on even outdated hardware.
Thats really interesting, ill have to check it out.
The difference is: (Will use big numbers just to prove my point)
In genesis mining, you invest $ 2000 for a 2 years contract and will receive something like 0,60% every day...so you will break even after 150+ days (Hopefully) ....if the value of the coin goes up meanwhile you will break even quicker.
In hashnest, you will not purchase a contract ...instead you will purchase a device like an L3 or S9 mine ...or a share of it. So the device is yours and will not expire after 2 years....so you could mine for 30 days and then sell you miner device for the same price that you purchase it or even more.....
I dont any contract purchased today will be profitable. All major coins are exploding there difficulty, unless of course these same coins make a major jump in value and your saving your mining payouts
Hashnest is so much more profitable than genesis(And cheaper)...dont get me wrong...I use both ...but 90% at hashnest and 10% at genesis minig . The issue is that hashnest has no referral program so no youtuber is talking about it....
Talk about hashnest dropping the ball there. The refferal program is huge marketing for GM and creates some loyal followers.
I myself have referred over $1k and recieved 0.4 t/h miner. Which isnt much, but still adds up.
True, but they are already the largest mining company and the creator of the most efficient bitcoin miner I think maybe they just dont care about it .......but you are right ...they should have one referral program
Check their twitter page. They made a few announcements about having issues with their website and payment distribution. There doesn't seem to be a problem with the mining and they have the crypto payouts supposedly but will payout soon.
https://twitter.com/GenesisMining
Thanks. That actually calms my fears a bit, although not completely.
But they are active on that twitter page. Seems that scheduled maintenance on the 19th screwed up there system.
Hopefully that's the case
I think it would be hard to "walk away" with all the money. I haven't looked too deeply into all the legalese of their contracts but they have physical locations that youtubers have been to and done videos at just to prove they are a legit company and do own miners (thousands of miners). The videos explain the setups, energy costs, maintenance, etc. to further legitmize them in the cloud mining space since there have been so many scams. The miners are actually there. Whether that location is owned and operated by genesis mining, that's hard to say but the miners are there and they have been seen by the public supposedly. It would be a lot harder to vanish with everyone's money if they actually do own miners and rent/lease/own a location because then they'd have to liquidate all those miners to cash. You don't sell millions of equipment without reporting it to the government on way or another. The other fake scam cloud mining companies just provided payouts for 1-2 months for your upfront investment then disappeared. They were just a digital platform and never showed proof of incorporating, owning and operating rigs, etc. That's a lot easier when there isn't a physical asset that you're being tied to when trying to run with money.
Just my 2 cents. Not saying that I trust them 100% but now that they've shown that they have physical miners, they are probably actually tied to some type of corporate structure and have to report earnings legally. People are tied to that corporation and outright theft would result in those people on record going to jail.
Very well said.
I watched the youtube videos of people inside the mining farm, and everything you just stated is actually why i decided to make an investment with genesis and felt confident in doing so.
Hopefully, this is just a minor hiccup.
If thats the case, it could actually provide added credibility for gm... people gain trust when they panic and then are reasured everything is ok.
My last payout from Genesis was on 7/20. I did receive a response from support stating that I should see payments start showing up within the next 24 hours. Fingers crossed! I will create a post once I receive my next payout.
Please do, I haven't heard anything from support. I'm sure if they are just experiencing a problem the support will be overloaded to the max from the panic.
but yes, my fingers are crossed too!
Wow they must've made off with a lot of money.
It seems like these mining sites are always too good to be true.
I guess the warning lights should've went off when they started giving back lower returns, now they are gone. damn
Let's see if they will continue as usual or will they say there was some sort of hack and they had to close down.
Yeah we will see. After the comment above showed the twitter page full of updates, I'm not sure whats totally going on.
But otherwise, yes, they could walk away with a fortune! But they would have to disappear for sure.. Someone would come after there investment and probably more
Cloud mining sounds attractive but i have trust issue so I bought my own hardware
I just dont want to deal with the hardware... but yeah trust has been a big issue
I'm still waiting my payouts!
Still waiting here too. Last BTC payout on 20 Jul. Last Dash payout on 21 Jul.
I give them 1 more day before i go full troll on GM ;)