With the emergence of cryptocurrencies like Bitcoin, there has also been an increase of cloud mining companies that allow people to mine for cryptocurrencies without the need for the hardware.
Unfortunately, a lot of these cloud mining opportunities turn out to be a scam, as they don’t really mine cryptocurrencies. They operate like a Ponzi scheme, relying on new investors to pay off old ones.
Of course, not all cloud mining companies are like that, as there are also legitimate ones that really mine for cryptocurrencies. There are just a few of them, though, and they’re not easy to find.
For this review, we’ll be talking about a cloud mining company called Genesis Mining, which allows you to earn more cryptocurrencies with your investment.
The returns on your investment will be dependent on a lot of factors, so it’s really hard to gauge how much money you can really make here.
But is this company a legit cloud mining company or is it just a scam like a lot of the others?
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Genesis Mining Used to be Legit, But Recent Concerns Cause Doubts
Genesis Mining is a cloud mining company that launched in 2013. It is considered as one of the oldest mining companies out there and also one of the most well-known.
Their cryptocurrency farm is set up in Ireland and they are able to mine Bitcoin, Ethereum, Dash, Litecoin, Monero, and ZCash.
They offer several investment programs for each of the cryptocurrencies they are able to mine. Your earnings will depend on the investment program you get.
From what I’ve seen so far, it seems like Genesis Mining used to be a legit company. But the recent experience of a lot of people seems to be putting it into scam territory.
There have been some complaints from current and former members about the company providing less payout than what they advertise.
But the biggest and most frequent complaints being levied against Genesis Mining is that the company doesn’t seem to be delivering the payouts.
As we progress further in this review, I’ll discuss more about how this site works and verify if it is indeed a scam or not.
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Who Uses Genesis Mining?
Genesis Mining is designed for people like you who are looking to get their hands on some cryptocurrencies without the need to actually purchase the coin or mine it yourself.
The cloud mining company does the mining of the cryptocurrency and you can ride in for a certain amount.
You will be receiving payouts for your investment minus the fees associated with the contract you have with the company.
The value of a lot of cryptocurrencies right now, especially that of Bitcoin, is high, which is why cryptocurrency mining is one option that people want to get their hands on.
The problems are that if you do the mining on your own, it will cost you money, time, and effort, as well as paying regular maintenance fees of the hardware, to keep the cryptocurrency farm running properly.
This is why cloud mining companies are becoming a thing, and Genesis Mining is one of those companies taking advantage of the opportunity.
The company was paying its members properly in the beginning, but recent comments show that payouts are becoming an issue.
In the next section, I’ll discuss more about this and provide you with information on how this mining company works.
How Do You Earn with Genesis Mining
Genesis Mining is a cloud mining company that provides you with opportunities to earn cryptocurrency. The company has different investment programs for you to choose from that will provide daily payouts.
The company can farm several types of cryptocurrency like Bitcoin, Litecoin, Ethereum, Dash, Monero, and ZCash.
The most popular cryptocurrency is Bitcoin, so we’ll be focusing more on the investment plan that Genesis Mining has for this cryptocurrency.
The lowest investment you can have for Bitcoin is $285 for five years. This plan will earn you 1 Tera Hashes per second (TH/s).
The most expensive plan is worth $6,875 for five years. You will be earning 25 TH/s with this plan.
All the plans of Bitcoin will have a maintenance fee, which means the gross earning is not the payout you will receive, as maintenance fee will be deducted.
Genesis Mining doesn’t promise the earnings, as they said it is determined by three factors. One is the difficulty of mining cryptocurrencies and the other is the value of Bitcoin versus the U.S. dollar.
The third factor will be the cost of maintaining the equipment they use for mining. The current maintenance fee that the company has is at $0.14 per TH/s.
As to how the company arrived at this amount is not actually discussed on their website. It’s important to remember that investing is not as profitable as you might think, just because it’s in Bitcoin.
A 1 TH/s of mining will likely result in $6.57 in profit per month (as of this writing). This value will likely change a lot, depending on a lot of factors.
Let’s say that value is fixed, it will likely take you 44 months or 3 years and 8 months to earn a very small profit (about $4) on your $285 investment.
This is just an example, as this value can still increase or decrease, depending on several factors. It’s just important for you to see that it won’t be that easy and fast to make a profit.
Now, earlier comments of people showed that the company had no problem providing the payouts to its members.
This is even true for people who invested earlier this year. But by the end of the second quarter and start of third, the company has stopped sending the payouts.
What’s worse is that members are complaining that their contracts are being stopped and their money not being refunded.
Contacting Genesis Mining support is of no use, as no one is responding. Some are even worse off, as they didn’t even get any payouts from the company.
This puts serious doubts into Genesis Mining’s legitimacy and the only thing that’s keeping them from being totally a scam is the very few good comments they’re getting from the lucky members who got their payouts regularly.
What is Good about Genesis Mining
After learning more about Genesis Mining and what they’re offering, it’s time to discuss the good things about this cloud mining company.
- The only thing that I find good about Genesis Mining is that it offers you options when it comes to cryptocurrency mining. You don’t need to just stick with Bitcoin, as the company also farms other types of cryptocurrency.
What is Bad about Genesis Mining
Like any other cloud mining company, there are also a lot of bad things about Genesis Mining, which I’ll discuss here.
- My first issue with Genesis Mining is that a lot of their investors are complaining that they are not getting the payouts anymore for their investment. This is a big problem, especially in this kind of business, since a company’s legitimacy will be judged solely on its ability to deliver the payouts on time without any miss or issue. So this cloud company missing payouts is not a very good sign.
- Another issue is that a lot of the complainants weren’t getting replies from Genesis Mining’s customer support. This is another bad sign that the company is getting close to being a scam. A legitimate and well-run company won’t just ignore any inquiries or questions that their investors have, especially if that question is about money. The only reason I see why they would ignore questions is that they don’t really have any answer to it.
- My last issue with them is that there are also a lot of complaints that the company is not really transparent when it comes to calculating the revenues they are giving and the fees they are charging. It seems like you would just have to trust them on their computations. As a good investor, you will know that this should not be the case, as it’s very important that you understand how the company arrived at the fee they are charging you and at the revenue that they are giving.
Do I Recommend Genesis Mining?
Now that we know more about Genesis Mining and what they are offering, I would say that I’m not really recommending them as a way to earn some cryptocurrency.
The recent complaints about the company have already put doubts on their legitimacy, so it’s best if you just avoid investing money with them.
Another reason is that you won’t really get high returns from your investments. Yes, there are a lot of factors at play when it comes to the possible returns.
But from the looks of it, you are likely to earn more profit if you just purchase a cryptocurrency coin and rely on its market value for your profit.
If the coin goes up you earn money, if the coin goes down, you lose money. Though this is also not a sure thing, at least this method is more transparent, as you just rely on the market value of the cryptocurrency.