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Re: Genesis-mining.com || World's leading hashpower provider!
I have now mined a number of coins with Genesis Mining and they have ALL gone the same way - they start off ok and then little by little they reduce until there is hardly any daily payout.
Has this happened to anyone else?
Re: Genesis-mining.com || World's leading hashpower provider!
Yea, "Lifetime Bitcoin Mining contract" 
Nice joke.
Nice joke.Genesis Mining operate under European Law (German). They are subject to strict laws. They cannot claim a lifetime contract if they are going to end it after a short time. Under European law, they cannot rely on an unfair clause in their contract. The courts strike these clauses out.
Genesis Mining should be careful how they handle their lifetime bitcoin mining contracts. They now have a substantial number of users and would likely face a class action if they try to terminate lifetime contracts after such a short time.
Re: Genesis-mining.com || World's leading hashpower provider!
Up to 2/7/2016...I knew this day would come eventually! I am 168 days into a lifetime 1.5THs contract and it's down to paying $0.02 per day. It's not dead yet but it's gasping for air. I paid 2.6310 BTC for this contract and I've collected 0.5438 in payouts from it and that's pretty much all I will ever see back. I bought this contract as a test hoping to do more later on. What a total waste of time and money. If you are thinking of buying a cloud contract from Genesis because of their slick web site, do yourself a favor and just buy and hold BTC instead.
LOL, you are such a bad investor. Everybody ROI x10 here. Ask ZetaOS, he earn 10 times what he invested
But don't worry, your BTC are not really lost, they are in the pocket of somebody.
I warned everybody here, so I suppose you didn't believe me and today I just can laught
P.S. GM, if you delete once again my post I promise to open a topic to ask people how much they lose/win with your SCAM. Of course, ZetaOS and IanFoxley, your evangelists will be forbidden to post.
Genesis are selling lifetime contracts. The contract says they have an option to terminate if no payout for 20 days. Why is everybody assumng that they will exercise this option? Termination is not automatic.
If GM deliberately terminate contracts that have only run for a few months, this will be very bad publicity for them.
Bitcoin mining profitability goes up and down. I have no problem with waiting for my mining to be proitable again, but I do have a problem with GM just choosing to terminate my contract now. I will take a big loss.
GM are selling these as lifetime contracts. They must adhere to the spirit of these contracts and suspend payouts until the price/difficulty changes to our favour - as it surely will.
Re: Genesis-mining.com || World's leading hashpower provider!
Well, this is what my Genesis contract has to say about my lifetime SHA mining.
So a lifetime contract is not necessarily forever, but as long as the mining remains profitable.
I popped in here today to see what people were saying as I've seen the payments drop drastically in the last couple of months. I've been a customer for almost a year, and have seen both drops and increases in payments, but they usually mapped to changes in BTC value or difficulty, which makes sense.
Coming up on a year, I was planning to increase my hashrate with Genesis as their overall service has been good and has instilled confidence. They dropped my maintenance fees, offered constant communication and updates and generally made me feel like a valued customer. However with the developments as of late, I believe it may just be better to buy and hold some BTC with the funds I have been setting aside.
I completely understand that there is the additional element of "finding blocks" to take into the mix. In closely monitoring my returns I have, as others mention in this thread noticed that increases in payouts come slowly and are much smaller when BTC value goes up or difficulty drops than the opposite. In addition, Genesis refuses to provide proof of hashrate or report blocks found to their investors making verifying those payouts are accurate difficult if not impossible.
I also looked at this as a long term investment and not a quick payoff. I am close to my ROI point, so the contract being terminated at this point wouldn't hurt too much, but does nothing for what I saw as one of the few "solid" cloud mining organizations.
It is concerning to see payouts drop so low, and will be sad to see what I was hoping would be a long-term relationship end, but it is looking like that is the direction this is headed in.
I appreciate that there are still payouts coming to my wallet Genesis, but it might be time to consider sharing a little more detail with your customer base about the blocks you are finding. I for one will be holding back on any further investments until such time as there is more clarity into exactly what is going on and will content myself with the dribble into my wallet as long as it keeps coming.
Quote
Term: The contract has no fixed and predetermined end date.
2. Remuneration
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of
(the "Fee"):
a. 0.XXXXXXX USD per GH/s upfront
b. USD 0.XXXXX per GH/s and day, deducted on a daily basis* from the generated Coins
4. Term
a. This Agreement is entered into for the term indicated above.
b. The Service Provider may terminate this Agreement with immediate effect if the Coins
generated in the preceding 20 days do not suffice to pay the Fee under 2.b above.
c. Otherwise, this Agreement may only be terminated by either party for good cause (aus
wichtigem Grund).
d. In the event of a termination for good cause by the Customer, and, for the avoidance of doubt
in any such event, the Customer shall be entitled to a repayment of item 2.a above in the
proportion of the time lapsed since the beginning of the Term divided by the Term.
e. In case the Service Provider voluntarily agrees to refund the Customer, a processing fee of USD
10 will be deducted.
*if, on any day, Coins generated on one day do not suffice to pay item 2 of the Fee above, the Service Provider may
use Coins generated on any day thereafter for such payment.
2. Remuneration
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of
(the "Fee"):
a. 0.XXXXXXX USD per GH/s upfront
b. USD 0.XXXXX per GH/s and day, deducted on a daily basis* from the generated Coins
4. Term
a. This Agreement is entered into for the term indicated above.
b. The Service Provider may terminate this Agreement with immediate effect if the Coins
generated in the preceding 20 days do not suffice to pay the Fee under 2.b above.
c. Otherwise, this Agreement may only be terminated by either party for good cause (aus
wichtigem Grund).
d. In the event of a termination for good cause by the Customer, and, for the avoidance of doubt
in any such event, the Customer shall be entitled to a repayment of item 2.a above in the
proportion of the time lapsed since the beginning of the Term divided by the Term.
e. In case the Service Provider voluntarily agrees to refund the Customer, a processing fee of USD
10 will be deducted.
*if, on any day, Coins generated on one day do not suffice to pay item 2 of the Fee above, the Service Provider may
use Coins generated on any day thereafter for such payment.
So a lifetime contract is not necessarily forever, but as long as the mining remains profitable.
I popped in here today to see what people were saying as I've seen the payments drop drastically in the last couple of months. I've been a customer for almost a year, and have seen both drops and increases in payments, but they usually mapped to changes in BTC value or difficulty, which makes sense.
Coming up on a year, I was planning to increase my hashrate with Genesis as their overall service has been good and has instilled confidence. They dropped my maintenance fees, offered constant communication and updates and generally made me feel like a valued customer. However with the developments as of late, I believe it may just be better to buy and hold some BTC with the funds I have been setting aside.
I completely understand that there is the additional element of "finding blocks" to take into the mix. In closely monitoring my returns I have, as others mention in this thread noticed that increases in payouts come slowly and are much smaller when BTC value goes up or difficulty drops than the opposite. In addition, Genesis refuses to provide proof of hashrate or report blocks found to their investors making verifying those payouts are accurate difficult if not impossible.
I also looked at this as a long term investment and not a quick payoff. I am close to my ROI point, so the contract being terminated at this point wouldn't hurt too much, but does nothing for what I saw as one of the few "solid" cloud mining organizations.
It is concerning to see payouts drop so low, and will be sad to see what I was hoping would be a long-term relationship end, but it is looking like that is the direction this is headed in.
I appreciate that there are still payouts coming to my wallet Genesis, but it might be time to consider sharing a little more detail with your customer base about the blocks you are finding. I for one will be holding back on any further investments until such time as there is more clarity into exactly what is going on and will content myself with the dribble into my wallet as long as it keeps coming.
You sum up with your comments in bold, EXACTLY what many investors feel.
My experience in general with Genesis has been positive, but the lack on detailed info is concerning.
I could not agree with your statement more, regarding NOT purchasing additional contracts with Genesis in the future.
Difficulty rise or BTC price drop, your payments instantly reflect that.
Price spikes, your payouts take days to reflect and who knows if they ever really equal what they should...
I also share the position about letting my purchased contracts just sit there. Out of site, out of mind i suppose.
I have lost all faith in Genesis Mining. You buy your hashpower through them and then they wont give any figures as to how that hashpower is performing. It's impossible to work this out from the payouts. They benefit from lowering your payouts to zero as they can then keep the hash power you have bought, and sell it to someone else. A genuine company would not operate like this.
Constantly cancelling long-term contracts after a few months, leads to the conclusion that they are constantly reselling the same amount of hashpower and not expanding.
Genesis Mining must do everything they can to keep contracts going for a reasonable amount of time and not just cancel them. Only then can confidence in this company be regained.
Re: Genesis-mining.com || World's leading hashpower provider!
about 36% drop for today PO. argh...
aye, was thinking the same. it's evident my contracts will be null soon, thank god they were super small.
strangely i am more at peace as they end, kinda happy to be away from this company i guess
Why are you so complacent about the prospect of Genesis Mining just terminating your mining contracts? They sell most of the contracts as a "lifetime" contract. These are therefore long-term contracts. Many of the Bitcoin mining contracts that are now paying a few cents per day have only been running for a few months. Buyers have not even received their purchase money back, let alone any return on investment.
If Genesis Mining want people to purchase mining power, then they should NOT exercise the termination clause. In the contract it says they "may" end the contract if there are no payouts for 20 days. They should not exercise this option if they want people to continue to buy contracts with them.
I have bought hashing power with Genesis Mining rather than my own equipment. It is not good business practice for them to terminate my contract and resell this hashing power to someone else. Bitcoin mining profitability goes up and down. I understand that there may be periods when it is not profitable to mine, but these come and go.
Genesis Mining should just suspend the contract until the bitcoin price/difficulty changes and produces a return again. They should not take away the hashing power I have paid for and resell it to someone else. The resulting bad publicity on social media would greatly affect their business and they would be foolish to do this.