Cloud Mining A Scam? $5,000 & $40,000 Invested In 2017 | Genesis Mining Review

Is cloud mining a scam? Last year my buddy and I bought $40,000 and $5,000 worth of Genesis Mining BTC & XMR mining contracts.
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What are the profits like with cloud mining, and how does cloud mining differ from traditional mining. I have had cloud mining contracts with Genesis Mining for over a year now mining Bitcoin BTC w/ sha-256 asic miners as well as mining Monero XMR w/ GPU miners. I will also review how my buddy gambled $40,000 with Bitcoin cloud mining contract pre-order and is still working to pay off the credit debt.

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100 Replies to “Cloud Mining A Scam? $5,000 & $40,000 Invested In 2017 | Genesis Mining Review”

  1. Genesis have given people what they said they would! I wouldn't say it's a scam, the market turned! That risk should have been accounted for before investing! Did people really think you can get risk free return! Rather than shout scam people should acknowledge their poor investing ability! That said it's quite apparent now Genesis won't be getting much more investment, at least I hope people don't with latest prices! Certainly won't be getting more of my money!

  2. Best way to learn, "THE HARD WAY".
    or research, research, research and always question whether you should make that purchase.
    What does your gut tell you???

  3. LOL " if you're going to ignore what I saying this video, please use my affiliate code" lol it's like a win-win for you

  4. great video keep it up – I spent about $150 on BTC contract over at minergate, so lucky it was not more, I'm not buying any more contracts .

  5. Yep they get you to pay for 2 miners and you only get 1 miner worth of hash. That was crazy to me never was going to get in on that.

  6. WE CANT WAIT FOR OUR VOSKCOIN SWAG SHIRTS TO GET IN!!!! HOPE TO KEEP MY HEAD OUTTA THESE CLOUDS!! THANKS FOR ANOTHER GOOD VIDEO!!!!!

  7. Screw Gen-e-piss mining I like nicehashs "cloud mining system " it's what 24 rental so your not locked in . Granted right now it isn't profitable.

  8. Yes, Cloud mining is a scam….Even Genesis is becoming a SCAM…..Only my rigs are making me money at this moment…Genesis shut down my BTC mining and said : Here is an upgrade you can pay $2700….I invested $2200 back in December and returned $500….Now they want $2700 to let my TH mine again….Extortion at its best!

  9. It is ABSOLUTELY TRUE that anybody BUYING CLOUD mining is supporting centralization and killing the IDEA OF BITCOIN of being decentralized……I THINK BITCOIN NEEDS to change its ALGO and throw away those CHINESE ASIC centralizing TRASH CANS….I understood that too late…..My contract with Genesis was already in place…

  10. I REALLY wanted in on this back in the day but (fortunately in hindsight) I chose to spend all my disposable income on GPU's instead. Now at least I have something I can sell…

  11. Genesis mining is not a scam! I hear what your saying but dont ruin their good name in Cloud mining…when evryother cloud miner is completely scammish

    1. Jason Asher – riiiiggggghhhhht. So what you say is like there is a Transformer robot ships in the moon that you see but in reality it all a movie. Good one man. It is a scam period.

    1. Is that with or without a gas mask, another note they charge a fee even if the miners are turned off, so we pay a storage fee for a product we don't own

  12. Cloud mining isnt for everyone, especially in this NASTY bear market. When BTC was $20,000 no one was complaining about thier cloud mining contrat

  13. I agree, if your serious you should buy your own hardware and seriously invest in the process. when BTC goes to $40K in next 3 months, then what. well, it will be good all the way around. if you buy your own ASIC miners, you;ll be profitable, if you have a 5 yr Genesis contract, you'll be profitable

  14. Mining is going to be so much better when BTC start spiking again. Weve been in a shit market since Jan 2018 during the same time difficulty doesnt stop, more industrial miners keep adding to hashrate, but the price will catch up. soon the S9 will be profitable again… its just a bear market. Id rather buy an S9 w/PSU for $575 vs $6000 on Amazon at market peak. Look at Bittech

  15. Their intentions probably, are to be the new "bankers"…Collecting coins, buying tones of GPUs, and other staff…These guys take the whole chicken and gives you just bones…

  16. You know what they did… they are the ones who had people pay for their gpus… then when mining is not as profitable they have upgraded their units. And tell you that you have to buy up. And since no one is dumb enough to buy into the upgrade. They mine for themselfs since the people paid for it there is no debt.

  17. Best advice in along time. I went the Gpu mining rout. Had.. Key word. (Had) a mate that rubed it in my face that he went cloud mining… I managed to sell all my gear and make an awsome profit and a gaming rigg. He is now sucking cock for cash…..

  18. It is just a big freaking scam. They will take the monopoly of mining. We own 5 GPU mining systems and We had 2 asic miners S9 14Th. We sold them and luckely we did not loose money. But the guy hoe bought those machines will have to believe in Bitcoin because it is difficult to be a miner. No i am happy with my GPU miners. Like you said. We could always sell our GPU's to gamers and at least get a descent amount back. And i love to switch to other coins and new ones. And cloudmining no way man. Never wanted to do that. I never want somebody else to choose wich coins i am mining and get way less. Thanks vos for this video. 😛

  19. I got burned big back in 2014 on cloud mining. It hurts to think about. Stay far far away. Buy your own hardware for sure

  20. Cloud mining is dumb. Why? Because ROI. with a cloud mining your time of mining ends after a year. Miners with hardware can double tripled depending on the time you run hardware. Coin will continue to come in untill sell off hardware!!!

    simple as that

  21. if everyone stopped using things like cloud mining and nicehash the profits for us real miners would be tons better, remember when nicehack got hacked the couple of months following was a delightful time big profits, i would personally say that Genesis are not a scam because few years back my friend made a nice bunch of bitcoin from it but now with the rise in difficulty its totally a waste of money

  22. BBBBBBBBBBBIIIIIIIIIIIIIIIIITTTTTTTTTTTTTTTTTTTTTTTTT CCCCCCCCCCCCCCCONNNNECCCCCCCCCCCCCCCCCTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT

  23. Maybe scam is a bit harsh to blanket them all with, but was definitely taking advantage of the relative lack of knowledge regarding mining and cryptocurrency at the time and acting like the bull market would continue forever when that never ever happens. A bad investment perpetrated by shady folks of highly questionable morality.

  24. turn off your auto focus on camera …. you don't need i set focus on your face before video ant it shown be ok ,it just hunting and making that noise …

  25. One of the benefits of owning your own equipment is that you can simply turn the miners off until mining becomes profitable again OR you can switch to mine something else. You aren't stuck on a contract mining only 1 coin.

  26. Genesis mining is, was and always will be just a bunch of scumbag, scamming corporate parasites that are destroying mining for everyone. I pray everyday they go bankrupt or get wiped out by an electro magnetic pulse bomb.

  27. I also bought into the Hashflare but I only got 2 small contracts of SHA-256. It costs me $440 something and I didn't feel comfortable with the risk. It would be better off buying BTC from Coinbase. At least you get your BTC after 5-7 days. Genesis, Hashflare, and all these other scams are giving crypto a bad name. I'll just stick to my home miners ETC and BTG and hopefully I can get some of my funds back that way in a few months.

  28. You know it’s not like Genesis is a new Company. Anyone could have found people who had taken out contracts and asked them out they made out. It’s not like there is all this great feedback from them. What your doing is buying the risk with very little possibility for reward.

  29. I hope you'll excuse the Noob question… but Im in the process of building a mining rig… and Im at the point of buying GPUs…. question is…. should I even try? Is it still profitable to mine with GPUs and can I succeed with RX 570 8gb cards? I really appreciate your videos, ive learned a lot thanks for your time…

  30. will be better to stake and get some gin,bitcoin green,lightcoinpay masternodes,atleast even if the coins drop there is still the coins ,im using the gin coin platform ,excellent service and easy masternode setup while u still control the coins in your wallet

  31. You are MUCH BETTER off buying some graphics cards and build your own mining rig. I'm currently mining around .20 BTGs per day with my 8 EVGAs (3 – 1070s, and 5 – 1060s) or .31-.34 ETCs per day. I've already made all my invest back since I started mining in July of 2017. Okay, so if you decide to quit one day, you can at still sell those cards. With cloud mining, you'll never know if these a-holes actually have your coins. They could spit out any random BS to you. CLOUD MINING IS STRAIGHT UP SCAM! DO NOT GET INTO IT!

  32. well said vosk , you told the truth and nothing but the truth , you have said the truth you have said what is in our hearts

  33. their support is pathetic , i dont blame them man , they made so much money to the point where they dont care about customers anymore ,

  34. they are buddy buddy with Israelis like Guy Corem , these people care about thing only , stealing your cash hahahahahaha they are the new bitconnect

  35. they have special bios and they have the bios signature from nvidia to push their hardware performance , fu_k them , everyone should boycott genisis mining

  36. All these things sound like a scam I got scammed with hashflare but i only got screwed 30 bucks so whatever You Live and Learn least I didnt loose my life savings doing it. People gotta use common sense sometimes is why I only used a small amount of money to see what it was about. But It turns out its all a scam. Bitmain is a scam all these miners are scams less ur using GPU's thats about the only thing that isnt a scam because you paid for there full life of mining when you buy from someone like bitmain..

  37. and i think also these are the scammers who own the bitcoin and have become the whales !! so they also making money on the exchanges with all that bitcoin that we could have owned instead of investing in thier mining company .

  38. Difficulty has killed the Mining game be it Cloud or Rigs. I bought 2 Cloud contracts early enough to eek out a profit but buying the coins would have been MUCH better. Genesis has some balls offering 5 yr contracts in today's bear market.
    I would stay FAR AWAY from mining and crypto until there's a sustained change in market direction.

  39. It's not a scam. It is a shit deal, that is what it is and if you signed up you took the risk.
    I stayed away as in their terms before signing up it stated that if costs were higher than what was produced they cancel your contract. It didn't sit with me so I stayed away.

    It would have sat better with me if you bought shares in the company, and not giving them your money to help them buy new equipment which they now own.
    I think Ice Rock Mining was going to go that way but never followed that up.

  40. There's no way around it cloud mining is trash. Really just got suck into it by all the shillers just as I first got into crypto. To be honest something like cloud mining is just more of a sophisticated version of Bitconnect. Hope their farms get burned to the ground some day.

  41. Actually I invested into Hashgains in January 2018 and have received 25% back on my investment. 2 year agreement. I will say they have been slow to give me my investment when I want to withdraw but we'll see how the rest of the year pans out.

    1. Not really. The point is people signed up for cloud mining not knowing the contract terms. If BTC went to the moon like all of us thought it would we all would be celebrating. Mining is based on BTC price. Price goes down you lose, price goes up you win and win until it goes down. I have 98 t/h with genesis mining and ran for over a year, made money. Sure im pissed it will end but BTC went down and is worthless to mine. Like most people you dont take responsibility.

  42. did you at least get a free bitcoin TSHIRT with your contract? I see everyone on FB saying there making 100,000s!!! and its so crazy corrupt !! It was easier to just do a few surveys and get 30 bucks a month with really no money lost- now after a year I had about 400 to invest in trading, and its about 1000 now and it didn't cost me anything. http://cointiply.com/r/avV

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