Genesis-mining is one of the major player in BTC cloud mining industry. Long-term contracts, relatively lower(cheaper) maintenance fee, low contract prices are its important different point from its competitors(Hashflare etc).
But, after increasing of BTC difficulty rate and decreasing of prices, maintenance fee can't compensated by daily pay outs.
Couple of weeks ago, Hashflare terminated all contracts.
Nowadays, Genesis mining is in same situation. They sent an e-mail to its customers to update their contracts to premium level. You can see details:
If you plan to invest in cloud mining, you should be really careful and calculate all possibilities(generally, worst scenarios).
Have nice earnings.
Cloud Mining will return to the green in the coming Bull run.
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but the problem is grace period. if it doesn't become green in 30/60 days, it will be terminated. Also, if price become much higher, it doesn't effect payout amount because of difficulty and maintenance fee.
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I like the BitClub Network model for cloud mining. They take a portion of the daily payouts for each member and use it to buy newer equipment.
https://bitclub.network/dibble1
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I am bitclub member too however, their payouts for the investment is a little low. Yes it is for 1000 days however, they have not been delivering on their promises a lot lately. I think it is a legit business and they have been around for 4 years. I respect that but payouts used to be a lot better and the decline in payout for Bitclub Network is a lot higher than Genesis which makes me question that both companies are located in Iceland, why they pay different price for the electricity? Because BCN maintenance fees are higher than Genesis
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They have a lot of hash power coming online very shortly so you can expect payouts to increase significantly.
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Yes, I have been experiencing payout increase lately. It is just that mining profitability has gone down so much due to increased mining difficulty and decreased BTC price
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I agree. Genesis has become another scam after hashflare by requesting update price for their current clients. I'm using another cloud mining company for some time and earn fair payouts without any withdrawal problems.
https://goo.gl/opXo8j
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Nowadays is better to keep away from cloud mining platforms. instead of investing there, directly buy coins is better.
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Cloud mining is not worth the cost. Following.
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sure
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Sure. Let's dump more money into something that's not profitable!
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:)
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These are your recent posts:
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Almost signed up last year for it.. decided in the last moment not to.
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i think it is a good decision
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You got a 14.92% upvote from @upme thanks to @mahsumakbas! Send at least 3 SBD or 3 STEEM to get upvote for next round. Delegate STEEM POWER and start earning 100% daily payouts ( no commission ).
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This makes me glad I did not do any cloud mining. I have found a new algorithm to mine with my GPU. #dash #infowars #silvershield #freedom #unbanked #DAO
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it is better
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Did you mean to form a question? Not sure because now I found something else to beta.
Posted using Partiko Android
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It's been brewing for a while, but this is the official end of cloud-mining.
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Untill the next great pop in btc!!!
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wWhile "maintenance fee" is high, it will not be profitable even if BTC price becomes higher
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Mining cloud can be profitable in few month.
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but the problem is grace period. if it doesn't become green in 30/60 days, it will be terminated. Remember that it is limited time contract. in 2018, after February it becomes unprofitable and contracts end a few months later.
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Ouch :/ tipuvote!
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This post is supported by $0.25 @tipU upvote funded by @cardboard :)
@tipU voting service guide | STEEM Monsters Lottery | For investors.
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Thank you
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You have recieved a free upvote from minnowpond, Send 0.1 -> 10 SBD with your post url as the memo to recieve an upvote from up to 100 accounts!
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I was considering opening an account with them until now, thanks for the info; I will do further research.
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Yes, be careful and do detailed searches and calculations
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Cloud Mining must be done by ASICs. All those GPUs now are worthless, and inefficient
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by MA from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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As a HashFlare customer, I think Genesis is doing its best to keep up with the difficulty, price decline and electricity cost. HashFlare has stopped paying members about 3 months ago. The only thing I can hope at this stage is BTC price to raise for us to make profit from mining again.
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The only difference of genesis is lower maintenance fee. Already, it becomes unprofitable. and, as they stated, if it continues during 60 days, it will be terminated completely
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Glad I decided against a contract at Genesis mining.
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good decision
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Welp. I never got into cloud mining. I really want to mine but don't have money for the hardware.
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Wish you get ;)
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You got a 11.63% upvote from @upmewhale courtesy of @mahsumakbas!
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I've found that minergate even with the bear market keep paying around 50% of the mined profits, so I believe it is a safer bet cloud mining with them. Do you have an account with them?
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No, i don't. Actually, idon't trust anymore. i prefer to buy coin itself instead of cloud mining.
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Your post is good and useful about BTC mining
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Thank you for your valuable comment
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yes thanks too
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first i am going to invest on this site but thanks to God i didn't.
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nice to hear
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