I Don't Like People Messing with My Money Genesis Mining!steemCreated with Sketch.

in #cryptocurrency7 years ago (edited)

genesis-mining-not-paying-mining-pool-rewards-zcash.jpg

One of My Biggest Mistakes Ever Was Buying ZCash Mining Contracts with Genesis Mining.

2017-07-25 10_13_57-Cloud Mining for Bitcoin, Scrypt and X11 – Genesis Mining.png

My average payout for my ZEC mining contract with Genesis Mining is .003 ZEC. I get one month free with Genesis Mining so that is a total of 13 months. Let's do the math 395X.003= 1.185 ZEC. So for my .89 BTC investment ($560 at the time) I get a return of just a little over $200.

Now on top of all this, people including myself have not been receiving their payouts. Below is the response by Genesis Mining.

Genesis Mining Tweet 1

2017-07-25 10_24_12-Genesis Mining on Twitter_ _1_ We're happy to announce that yesterday's website .png

Genesis Mining Tweet 2

2017-07-25 10_02_09-Genesis Mining on Twitter_ _2_ ... we couldn’t process the last days payouts. Th.png

Genesis Mining Tweet 3

2017-07-25 10_02_39-Genesis Mining on Twitter_ _3_ … will be accumulated and paid out in full within.png

I Understand That Sometimes in Business Things Happen That Are Outside Your Control.

I am just fed up with this company. Whenever I see people recommend this company I get a knot in my stomach. If you are going to mine crypto currency, do it yourself. Sure I have successful cloud mining pools with Bitclub but if I was to do it all over again I would have learned how to mine on my own. I just prefer to trade instead and leave mining to people more technically savvy than me.

Genesis Mining Give Me My Payouts I Don't Care If it is Just a Few Bucks!

UpDate by Genesis Mining 07/26

On the night of Friday July 21st, we detected an unauthorized intrusion by an attacker. This attacker gained access to a hot wallet and was able to transfer funds which we will reimburse in full. Shortly after the intrusion was detected, our team was able to shut down the attack. We immediately took steps to mitigate the issue, including enhancing our monitoring and detection capabilities, and further hardening our environment. One of those increased security measures was to delay our daily payouts.

We have found no evidence that sensitive end user information, including email addresses, were exposed by this incident. We also do not collect, store or have access to customers’ credit card details. We immediately engaged 3rd party cyber security advisory to investigate the attack, and validate that the measures we took to address this issue – and it’s those security practices that ensure that an issue like this remains isolated and resolvable.

We want to assure you that our mining operation was not affected and is running as normal. Every single one of our customers will receive their missing payouts as soon as we’re sure about the safety and integrity of our payment system. One of the advantages of the daily payout system is that it helps prevent actual losses, even in moments like these that cause delays.

The next payout is being scheduled, and all missing mining profits will be paid out to our users during the coming days. Genesis Mining will cover the full amount, and you will receive all of your payouts. The mining profits will be released gradually with the usual daily payouts, so you will receive two payouts a day instead of the usual single payout per day, until all missing payments are complete. We’re sorry for any delays in ticket responses, and I want to personally assure you that our Customer Service team will respond to each and every concern you have.

We will update you as soon as new information is available.

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If someone recommends Genesis Mining, it's a great tell that they are either an idiot or a scammer.

Like Craig Grant, who is a pied-piper leading a legion of mathematically dis-inclined lemmings over the cliff with his word-vomit posts.

Thanks for getting the word out there.

Has anyone noticed the website is super fast now. It was slow as hell for a bit. People need to give them a break. They are most likely preparing for the BTC chaos next week and upgrading their website infrastructure to handle all the new demand. A few hundred thousand people a week are joining and learning about cryptocurrency and every companies resources are stretched at the moment. It's so funny to see people freaking out with only a few hundred dollars worth of contracts. I have $50,000 in mining contracts and I will patiently wait for Genesis to finish their upgrades. For the people who are freaking out over a few delayed payments maybe this whole crypto thing isn't for you.

Cloud Mining isn't for me and I think I earned my spot at the crypto table. People don't like their money messed with.

This was directed towards all the crypto noobs, not you. I know you have been around a lot longer than many of us. I agree that Genesis Mining has a problem with communicating to their customers, but they have a decent track record of delivering payments. I have only seen one other delay in the last 6 months.

Cloud mining all the way for me. These are the sites I use!
All Free Gh/s.
Eobot - https://goo.gl/FVAp7L - Daily free faucet!! Number One & Most Trusted
Fleex - https://goo.gl/hyff4J - 100Gh/s
Rapid - https://goo.gl/W1CzRr - 100 Gh/s
CryptoS - https://goo.gl/LtaaTU - 20Gh/s
MinerClub - https://goo.gl/Lfok5X - 15 Kh/s
Nano - https://goo.gl/ZgcrQe - 15 Khs
Elite - https://goo.gl/72rxWA - 5000 DogeCoin to start investing.
Demix - https://goo.gl/pcpMve - 5 Gh/s
DogeMine - https://goo.gl/syBPcZ - 20 Kh/s
I do not recommend you invest $$$ except in Eobot, more your time,
in and internally generated Gigahashes
Then cash out when you like the day returns!
Then send it over to Eobot to boost my account their.
Please use the links so i can gain a small amount of Gh/s for your referral.
Happy Mining.

I have made money with genesis-mining but at the same time I am VERY, VERY disturbed with not getting paid... I would not buy any mining contracts, instead just buy steempower.

Unless genesis turns it around....UPVOTED

Wow, i was actually debating with myself to get involved with Genesis mining. Your post made me reconsider and probably literally saved me money. Thank you!

Same here. I was just talking about starting a new contract with them as a birthday gift for my dad, but now I'm thinking I'll just buy him some Eth to trade.

I was planning to invest some, guess now I won't :)

Yes, Genesis Mining does skip a few days every now and again.

Thanks for warning about the ZCash. My "forever" BTC mining contract has already generated about $180 within about 5 months off a roughly $300 investment and my $130 ETH mining contract (2 years) is on track to give me about $200 so this too is not too bad.

Hope you've accounted for the difficulty increasing like it has been. If you spent $130 in ETH, 5 months ago (February) and are only going to make $200 then you really missed out. You could have bought 13 ether back then which is now worth $2600.

The biggest issue with their ETH contract is it will never ever recoup the "volume" spent to buy it. For instance, it cost me 1 BTC (over 10 Ether) to buy 100MH/s. After 2 months, I've recouped 3 ETH. So you must be thinking 3 Ether every two months = 36 Ether in 2 years, right? Nope, the difficulty has already jumped by 6x in two months. In the next month I will make less than 1 ETH... 0.04 payout every 2 days now. Following month I wont mine enough to get a payout until a week is up. Following month I may get a payment every 2 weeks.

After two years I'll be lucky to see 5 ETH total from Genesis. Would have been much better to just sit on a chunk of 10 ETH for 2 years.

To be honest, I never understood how people make money on contracts from Genesis Mining, after the calculations from coinwarz it takes a LOT to get your initial capital back based on the cost of the Hash Power from your contract. It is not worth it for me but maybe I am missing something? I don't know....

Nope, not missing anything. You nailed it, I wish I would have known about coinwarz. I would have kept trading that 1 BTC and would have 10X profits by now.

This always seems to happen when the price of Bitcoin spikes?? I wonder??

I have said this all along, Genesis Mining is not to be trusted!!! They aren't there to make you money! They are there to make themselves money!

I learned my lesson a while back because the payouts were so low but this was adding insult to the injury.

Yeah, I like pouring salt into other people's wounds :D

I see it can get annoying when they have so many problems and don't send the funds to you. And it doesn't seem to be a worthy investment either.