Genesis Mining has NEVER EVER been profitable. I have not been able to find a SINGLE person EVER reaching ROI with them.
So pls, do your calculations the right way and stay away from financing their farms.
Never every huh? Well consider me the first single person to tell you that I have been able to reach ROI and have looked at about a 120% yearly return at the highest with them. My ETH year contract has been a pretty nice success for me.
Most of my Genesis contracts became worthless after mining (in fiat) about 20-35% of their cost. In BTC the return was even worse. I'd like to know what period you purchased them. Mine were in early 2014.
This is pretty accurate.
The reason is due to not being able to produce asics themself so they act more of a bigger re-seller and cant manage the pricing on their own so they have to adjust the price of cost of machines.
I mean that alone is a indicator the business model wouldnt really work unless they had the partners willing to selling it for dirt cheap prices and which direction they took for gensis mining in general.