Genesis Mining Fees Explained Getting Started Mining Altcoin Reddit

With BTC over the last year it's almost always been better to just buy and hold the coin. We can only set up video cameras at locations that are not critical and we do so without disclosing sensitive information or critical intellectual property. After 2 years, without reinvesting, you will have harvested more than 12k dogecoin. There are no actions to be taken. Want to add to the discussion? If yes, how we can verify the daily fee cost history? Bitcoin subscribe unsubscribereaders 8, users here now Bitcoin is the currency of the Internet: When most people think of cloud mining, for better or worse they think of Genesis Mining. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Or maybe this one. If you follow any of the above links, please respect the rules of reddit and don't vote in the other threads. You buy mining equipment and pay for power up front not bitcoin. It depends on the price Investing In Bitcoin Minimum Ethereum Token Block Explorer Bitcoin and the network difficulty. You cannot get out of your contract. You are god-tier sysadmin, so the only risk of loss is if the price of BTC tanks. Disputed Chase credit card payment and I lost the dispute!? Genesis Mining facebook post by employee i. I decided to stay with BTC with my allocation, and purchase seperate Dash contracts. So, in very simplified terms:. We're offering cloud mining as an option for people who want to mine Bitcoin, but don't want to run their own hardware. GenesisMining submitted 7 months ago by XdannyboyX If you haven't received anything you should contact them or tweet at. I think bitcoin mining makes sense from an economics perspective based on the benefits of diversification. Coinbase and Payza allow. Actually, we do say that on our website. GenesisMining subscribe unsubscribe 1, readers 32 users here now Code of conduct is under preparation. Just fuck you Genesis i. If any of you are or know lawyers who specialize in international law or fraud, please send them this post and ask what types of class action rights we might have Genesis: Then by all means - go for it! This is a Good question, with the How Stop Loss Works Poloniex Crypto Charting Software of people inverting they should be their own pool. I made some calculations in a spreadsheet regarding the profitability of Genesis Mining. The scammer is still making his profit while you make pennies due to someone else's misfortune. As for 'they're never going to be profitable': To many lose money. Or you are claiming your accusations on your terrible math? It's not Can App Accept Bitcoin Litecoin Bootstrap Dat, If I buy my own Genesis Mining Fees Explained Getting Started Mining Altcoin Reddit, I have the option to sell it after I cover the cost, with your company I am stuck! Why Bitcoin Prices Keep Rising. All are scams meant to extract as much money from as many other people as possible.

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I really wish I could do more, but you were given exactly what you brought. The difficulty is part of the equation, I don't consider your business a mining gamble, it's a way of investing in Bitcoin for a long term and even protecting people from Bitcoin price fluctuation. You said your daily fees eat up most of the BTC reward. Once paid, your order should show as approved in your GM profile. If you are planning on doing a contentious hardfork to bitcoin and you own alot of mining hardware you better rent it out before the fact. But again, this isn't meant for most miners who have the capability of running their own hardware - it's meant for people who want to enjoy the gamble of mining, without any of the stress of setting up a mining rig and maintaining it. If you're planning on making back your initial investment in a few months - you're mining the wrong coin. And you won't ever sell them to 'cover your cost'. Just because you can't make an ROI with one test investment doesn't mean no one can make money. How do I "experience" mining with a cloud contract? It How To Track Cryptocurrency Healthcarecoin Crypto give me return on investment, but only because BTC went up in price. I made some calculations in a spreadsheet regarding the profitability of Genesis Mining. So congrats, your business model is to sell people Bitcoin mining contracts that will never be profitable when compared to buying Bitcoin directly. Actually, with difficulty not rising superfast the 2nd year should be mostly or all profit but ofcourse less coins than year 1. Do you have a rough estimate of when you purchased your contract? The scammer is still making his profit while you make pennies due to someone else's misfortune. At least that is how it is meant to work. Many companies, especially ones from mainland China but potentially from anywhere in the world, register shell companies in Hong Kong but do not really have offices there with people inside. That's about 4 USD a day. Can someone explain what Genesis support is trying to say? Can we simply just all Best Wallet To Buy Cryptocurrency Start Ethereum Mining Windows 10 it's over and we are scammed? I wont consider this a SCAM because it's written in the Agreement, If you have already invested please stop the bleeding and use you money for better good. I think these defenders are willfully ignorant to the situation they got themselves .

I can only believe that you're seeing a similarly scaling decrease in revenue. I approached this totally differently. All links there have proven to be reliable and pay. How it works with a SHA contract is as follows. I can't find a way out in their agreement. Is it slower on your end? SO we will go with 4k or 36 TH. I How To Get Involved In Cryptocurrencies Where Else Can I Buy Cryptocurrency Besides Coinbase your mind's made up, so there's probably nothing I can do to convince you otherwise - all I can say is this: The daily fee of running the equipment is your variable cost. Their contracts for other algorithms such as X11, Scrypt, and Ether, are sold Turn Gift Cards Into Bitcoin 1 Gh S Ethereum Miner 2-year increments, but again are unclear as to what happens if they too become unprofitable. Until then, be at your best behavior and surely it'll be fine. Log in or sign up in seconds. You lead people on to think they are going to make a return on their investment, when they are not. Join us at our Discord: Now, lets clarify this situation using yours numbers. I had assumed your 'call to community' action was linked to the 'CAL' argument. BTC Mining, not so profitable. This is something I have no experience with but are there others interested in pursuing this? Am not scamming any one, I spent few hours doing my calculation and checking if I am wrong, for the only sake to saving people money. The transaction cost is part of the fees they charge you I'll try for another hour then I need to sleep. This is only the part of your invest not recovered yet. That's about USD. Just that I'm afraid that he might start wondering why wasn't he receiving daily payouts immediately into his wallet after payment. You one of thoose that say buy and hold insteed? Shakespeare wouldn't be very happy if he saw you butchering the English language like that! It's a hell of a lot faster than if you were running your own hardware at home. Of course people should always do these calculations before investing. The company may appear a little odd in terms of how they behave, but what about the company registration? Take a look at my own personal experience. I assume the Upfront fee cover the cost of upgrading new equipment, and the daily fees cover the ongoing expenses. Let's round it up to about USD. But in reality, mining equipment depreciate quickly, and sold right after making their costs, thus reducing considerably their ongoing expenses and risk of failure. Have you tried it yourself? Related communities Sorted roughly by decreasing popularity. We previously collected donations to fund Bitcoin advertising efforts, but we no longer accept donations. It's really not that difficult, people This is with hardware I already owned for gaming, so ROI was a non-issue. But would it not be a better deal to just buy those coins directly on a market rather than paying for mining them? Maybe I'll take a bath. Let's do the math. With all due respect, I didn't propose a lawsuit, whomever I replied to proposed one. I will look into it.

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Genesis Mining offers it. A lot of Youtubers advertise their affiliate link like hell, I will try to figure out If MG is Ponzi scheme with more proof, but for now I have this. They would be, in a few years. But again, this isn't meant for most miners who have the capability of running their own hardware - it's meant for people who want to enjoy the gamble of mining, without any of the stress of setting up a mining rig and maintaining it. As a representative of Genesis are you actually declaring that what you are offering is gambling? In the second year, you wont pay the Upfront fee , but if the daily fee stay the same, you wont make any profit form the Bitcoin mined, because of the difficulty increase over time, in the end your daily fees will overcome the Bitcoin mined, the following will happen, and your account will be terminated in 20 days. You're correct, it's safer to just buy BTC. I know I've had big drop offs with increased difficulty. You register an account and then you choose the plan you want. Your purchased hashing power will mine X Bitcoin per day. We're doing everything in our power to ensure customers understand what the Bitcoin mining fee is for, and that they may not ROI. No Monero payouts since a month. Of course it is speculation whether First of all you have an "upfront fee" if you read the contract you would understand that the "cost of the equipment" and the "upfront fee" is the same thing. What would you suggest? Become a Redditor and subscribe to one of thousands of communities. Dude, what are you ties to GM? Or maybe this one. I mean, do you really think companies who hold their journalistic integrity to the highest standard would interview or host articles supporting a scam company? Thus far the company's performance, customer service, and overall reliability has been impressive, far exceeding contract terms. Remember, this is meant to compete against mining with your own hardware - not buying Bitcoin outright. I just haven't figured out how to go about asking. When you have your won hardware you have the option to sell it after covering the cost. If you held on to them and sold at a higher price you might get more, but timing the market isn't a guarantee - so we average it for our calculations. I had assumed your 'call to community' action was linked to the 'CAL' argument. Rx 580 Cryptocurrency Profit Margin Cryptocurrency Investment Guide is true for 99 percent of your customers. So why not How To Build A Cryptocurrency With 500 Understanding The Ethereum Architecture that this statement to your site? D Here's hoping you will ROI! Maybe I'll take a bath. They have a referral program.