Genesis Mining Review - It's Not As Profitable As You'd Think
Last updated on January 2nd, 2018 at 12:00 am About every other Bitcoin question I get is should I invest in cloud mining? Ive talked a lot about Bitcoin investments in the past . One of the things I always tell people who ask me about cloud mining is that I think 99.99% of the companies who offer cloud mining services are probably scams. Meaning, they dont actually mine Bitcoins with the money you give them, they only use it to pay out other users until the owners run out of money and vanish. However there is 0.01% of companies who actually do run mining hardware and mine Bitcoins for you. Genesis Mining is one of them. Genesis mining was founded in 2013 an is one of the oldest Bitcoin companies around. Its definitely one of the most well known companies when it comes to cloud mining. Genesis has a publicly known mining farm set up in Iceland as shown in this video: The miners on the farm are able to mine Bitcoin, Ethereum, Dash, Monero, Litecoin and Zcash. However all of the information I brought in this post up until know is somewhat general knowledge. Today I want to dig in deeper into the cloud mining business model and try to answer the question is it profitable to cloud mine Bitcoins? Since there are six different currencies that can be mined I want to focus only on Bitcoin cloud mining for the moment since I believe its the most popular product on Genesis Mining. Before I begin I just want to mention that I did a previous write up on this matter almost 2years ago. The idea of cloud mining is very simple. Instead of spending thousands of dollars on Bitcoin mining hardware , you can pay someone to lease their hardware and keep the profits to yourself. The company thatrents out the miners takes care of the maintenance and all of the hassle of setting them up. Howe Continue reading >>
Sun Mining Review Eco-friendly Cloud Mining Or Scam?
Home Scam Sun Mining Review Eco-Friendly Cloud Mining or Scam? Sun Mining Review Eco-Friendly Cloud Mining or Scam? Sun Mining is a peculiar sort of cloud mining operation that claims to be environmentally friendly. As the their domain title suggests, Sun-Mining.com takes an eco-friendly marketing approach towards attracting prospective cryptocurrency investors by asserting that their mining operation is entirely fueled by solar power. Whether or not there is any truth to these claims are just a few of the key points we will disclose to you throughout our in-depth review. Sun Mining is a cloud mining platform that enables investors to deposit into their platform in order to virtually mine cryptocurrencies. Incentivized initial deposits are encouraged on their platform where the more an investor is willing to depart with from the start the more hash power they will receive for the mining of cryptocurrencies. Separate packages are offered through their platform where investors can choose to purchase hashing power for any of the following supported cryptocurrencies: Bitcoin , Ethereum , Dash or Litecoin . Sun-Mining.com was allegedly founded in 2015 by private investors who reside within Australia. Coincidentally, these private investors also possessed large amounts of empty flat lands which they then designed to harbor their unique solar power stations and data centers. No legitimate corporate entity is disclosed on the site and the Terms and Conditions fails to make reference to any corporate entity that would be responsible for the business practices being carried out through their platform. The only information we are provided regarding identifying characteristics would be a physical address and two separate email addresses. The address provided on the site is One Far Continue reading >>
Scam Or Not? When In Doubt, Use This 99bitcoins Scam Test
Scam or Not? When in Doubt, Use This 99Bitcoins Scam Test On a tip-off by our readers, Cointelegraph is investigating two Bitcoin services as to whether they are scams or not with the use of 99Bitcoinss Scam Test tool. While the cryptocurrency market is maturing at an incredible speed, this creates opportunities for people to be scammed . Yes, fraudsters have evolved amazingly in the techniques they are deploying to sneak into our pockets. Sadly, cryptocurrencies fall into that arsenal, which doesnt help to build trust and facilitate its wider adoption. With endless amounts of Bitcoin services out there it is sometimes hard to tell what is legitimate and what is a scam. There are a few strategies utilized by scammers to gain access to your money. Researchers from Southern Methodist University have been working on the first academic paper monitoring Bitcoin scams . They classified four Bitcoin-related scams: high-yield investment programs, mining investment scams, scam wallet services and scam exchanges. Ofir Beigel, the owner of 99Bitcoins , explains: The most popular Bitcoin scams out there today are coin multipliers (or doublers) and cloud mining sites. The coin multipliers claim they will double your Bitcoins within a month or make other sorts of ridiculous claims that promise an unrealistic return on investment. These sites are also known as HYIPs (High Yield Investment Programs) - that's just a pretty name for a scam. As for the cloud mining sites claiming to use users funds to invest in mining machines, Ofir believes that, in a sense, 99.9 percent of them work in the same way as the coin doublers. These sites just take peoples money and then use the money from the new users to pay out the old users, he says. Of course this is not a sustainable business model in t Continue reading >>
Badbitcoin.org - Helping You Stay Safe In The World Of Cryptocurrency
Ah, Atlantis, slightly less mythical than the promised returns from this penny ante ponzi scam. 4/27/18 Utter tripe. Honestly, if you were tempted by a scam like this, get a second opinion before you invest anywhere. 4/26/18 Britain used to have a Train, called an Intercity 125. This scam is even worse than that piece of shit Train. 4/26/18 So you think, well I'll just send about Ten Dollars worth, just test it? - Don't. You will only lose it. You are giving it to a thief who doesn't deserve a bean. 4/26/18 The only things building, are the bag of loot to run away with, and the prison term if they get caught. 4/26/18 You may think you are doing ok, but you cannot withdraw, so you probably aren't doing ok. 4/26/18 Typically, they will offer stuff like send 0.1 ETH, get 1 ETH back! There is always a cover story, like the launch of a new ICO, or an introductory offer, but if you do fall for it, you won't see your funds again. The perpetrators will often set up the account with a very similar name, same profile and cover pic of well known people in this Industry. Just don't send funds -and you won't lose them. To report Internet Fraud to IC3 - Click Here To report Internet Fraud to the FBI anonymously - Click Here To report Internet Fraud to the UK Police - Click Here A Ponzi is any scheme which pays interest to "Investors" from Bitcoin coming in from new Investors. A HYIP (high yield investment program) is just a Ponzi. All Ponzi/Hyips will fail. The later Investors will lose everything when the scheme folds and leaves with the Bitcoin. Most HYIPS and doublers etc, just steal it immediately. You send it and they keep it. Due diligence is your own responsibility. There are plenty of good sites out there where your Bitcoin and your work are safe. You just need to do your ho Continue reading >>
Sun Mining Review: Its A Scam, And Its Eco-friendly
Sun Mining is an Eco-friendly cloud mining scam. The websiteSun-Mining.com, is taking a unique approach to marketing in order to target those who would like to invest in Cryptocurrencies while also preserving the environment. They know that such people have been ignored by the mainstream companies that claim to mine Cryptos in the cloud on behalf of their customers. But for them to attract this group of clientele, they have to convince them that their cloud mining operations are entirely powered by solar energy. Sun Mining is actually one of those cleverly designed websites with a specific target in the Cryptocurrency investment industry. They know what they are looking for. They are very precise. But the end result is that the investor will ultimately lose everything that they ever donated to this website. As to whether or not they use green sources of energy to power their cloud mining activities, we can say that this is just a marketing gimmick. We are yet to see tangible proof that indeed Sun Mining is mining Cryptos using solar energy and nothing else something that can be extremely difficult to prove unless they are willing to let us know where their mining rigs are. But as far as security is concerned, this is not a realistic option. Sun Mining review: what exactly is Sun Mining? Its a platform that claims to mine Cryptocurrencies on behalf of its investors. As an investor, you simply need to make a deposit and the rest will be handled by this company on your behalf. Its a virtual Cryptocurrency mining website. The site encourages incentivized deposits where the more a client is willing to deposit, the more hashpower they can buy. NB: Interested In Mining Bitcoin And Other Cryptocurrencies for Profit? Now, You Can Mine Better, Faster and Smarter for More Profits Continue reading >>
Is Sun Mining A Scam?
Hello everyone, I made a video earlier taking a look at Sun Mining. It definitely looks appealing especially with the great ROI offered. However, I was definitely skeptical of the site. After I posted my video, I had quite a few people contact me through comments and my discord about their unfortunate dealings with Sun Mining. I hope this video helps anyone who is thinking about using Sun Mining. Of course as always, this is just my opinion and advice, be sure to do your own research and come to your own conclusions about this company, thanks and hope this helps! the first plan is a 2 month roi looks like a scam to me just because of the roi. Cloud mining is unprofitable and they are entering this market as a huge solar mining company? Why? No sane person would be putting up huge money to build a company that offers something that is balancing on the edge. I don't buy it. 2 month roi is laughable. Only scammers would offer that. We also have our own innovations in the field, but this is confidential information.] We work directly with equipment manufacturers. We build Data Centers on more economical platforms with advantageous tariffs for electricity. You were supposed to be in solar mining. What tariffs? Contracts are not allowed to be sold or transfered to other users. That was to be expected of a scam. And that spelling mistake... For security reasons, we can not specify the exact location of our Data Centers. I don't want to go there you morons, I want to see them, but I expect there's nothing to see... No, you cannot lose money. We make every effort to ensure the safe and reliable operation of your equipment. No investment business will ever assure their clients that losses are impossible. You can have a fire in your data center or get hacked and then what? "Sorry Continue reading >>
Caution: Bitcoin Mining Schemes In South Africa
Caution: Bitcoin mining schemes in South Africa Caution: Bitcoin mining schemes in South Africa We have already done articles on bitcoin cloud mining and also bitcoin mining in South Africa , and other bitcoin schemes in South Africa , and how it is NOT something people should rush into. Please beware of any scheme in the name of bitcoin, mining or cryptocurrencies which assure any form of fixed return. No fixed returns are possible. If any company is assuring fixed returns, we believe its a Ponzi / Multi Level Marketing / Network Marketings scheme, or a scam. There is a bad trend growing in South Africa, and that is of the Network marketing / Multi Level Marketing / Pyramid scheme / Ponzi (call them what you will) quacks, who are using bitcoin hype to make money off unsuspecting and ignorant people. Many South Africans are looking for a way to make more money, a passive income, or to make their retirement dream come true. Now that bitcoin is in the media a lot more, and the price has been going up a lot, people are eager to learn and find out how they can also benefit. We have a growing problem where more and more of these guys who brand themselves as Entrepreneurs, Network Marketing Professionals, Investment advisors, and wealth gurus are pushing their bitcoin mining plan onto their easily influenced followers. These are mostly ponzi schemes disguised as bitcoin mining schemes. Members watch videos and presentations on bitcoin, and how great it is, then are sold the ponzi disguised as bitcoin mining. Please dont fall prey to these bitcoin mining schemes! These quacks claim that they are not cloud mining.so they are legitimate as they own a real bitcoin mine. Well if they do own a bitcoin mine (They cant prove this), then I beg to differ, as what they and their follow Continue reading >>
Review Of Sunmining : Scam Or Legit ?
Sun-Mining is one of 3 my preferred mining sites, next to hashflare and crypterra. You can choose 4 types of coins to mine: BTC, ETH, Dash & LTC. Payments occur automatically every 3rd or 4th day.I made an investment of $41,800 with 200 TH/s BTC and 2000 MH/s ETH contracts. Since 6 January 2018 I have withdrawn a total $3,461, giving me a ROI of around 45% per month on BTC and 25% on ETH. I had a slight problem when after buying my second BTC contract the actual hash rate remained unchanged. After suspending the contract and re-activating it, the hash rate went up to the expected level. Support is not good - so far I have not had any feedback on my queries. Other than that, I am quite satisfied with the site. I've been mining with Sun-mining since September of this year. I am very very pleased with the results. I was very skeptical at first, truly, so I started off with a small investment of $90.00 for 500 GH/s, that paid itself off in my first payout. The minimum payout in BTC is 0.01, after fees the average payout has been 0.009+ BTC. I turned my first earnings back in and invested in another 5 TH/s in early October. Since then I have grown my investment to 16 TH/s all from profits, my payouts for amount stated of 0.009+ BTC every 4-5 days. These guys have been legit to me and I back them. Give them a try, start small and use their re-investment features to grow your payouts faster! Happy Mining - Go Get Them Coins! | Edit. : 11/01/2018 0:58:14 I have hired their services as proof of the rise of bitcoin. and for now they are fulfilling what they promise, maybe it is because of their reference program but in a few months if it works, my investment is recovered. the advantage is that you can try for a $ 1 if mine Dash or $ 18 if you mine bitcoin. If you want to test fo Continue reading >>
Best Mining Contracts Reviewed
Ive run the numbers on the top cloud mining companies, to include total ROI, cost per hashrate and highlighted the maintenance costs and ends of contracts for each company. The numbers turn out to be more interesting than I walked into this expecting. Genesis Mining has was founded in 2013 and has grown to include 3 facilities across Iceland. These guys dominate BTC mining with the lowest cost hashrate in the industry. Notably their $1950 package has a cost per Gigahash of 7.69GH/$. The next most competitive company only offers 6.67GH/$, a full GH less which will add up quick. Their Ethereum and Litecoin cost per hash, however, doesnt seem to compete with others Yet. A breakdown of their numbers, to include monthly revenue after costs and hash/USD $30 for 200 GH/s (6.67/Gh/$) $7.10/mo $1.68 maint = $5.42/mo -or- $65.04/year $350 for 2,500 GH/s (7.14Gh/$) $88.70/mo $21 maint = $67.7/mo -or- $812.40/year $1950 for 15,000 GH/s (7.69Gh/$) $532.18/mo $126 maint = $406/mo -or- $4,874/year ****BEST VALUE**** Maintenance USD 0.00028 per GH/s per day $30 for 1 MH/s (.033Mh/$) $1.54/mo $869 for 30 MH/s (.034Mh/$) $46.08/mo $2800 for 100 MH/s (.035Mh/$) $153.61/mo $28 for 2 MH/s (.071Mh/$) $1.63/mo $650 for 50 MH/s (.077Mh/$) $40.84/mo $2400 for 200 MH/s (.083Mh/$) $163.38/mo Sun Mining is was founded in 2015 and housed in Australia. The name of the company indicates the kind of power they harness to mine not only BTC, ETH and LTC, but Dash as well. They are set up for 3 year contracts so there is a very finite limit to future revenue after investment, however, the maintenance is rolled into the package costs. Sun Mining sells their Ethereum and Litecoin Hashrate cheaper than any other mining operations from what my research shows. These guys are the way to go for any LTC or ETH Continue reading >>
Sun-mining Scam, Bitcoin Contract With Real Data (second Payment January 06)
Our initial feelings about sun-mining are quite good, they show every day the amount of mined BTC. Regarding the payments, they did them without any problem and on the expected day at 12:15:29 UTC + 1 and 13:17:16 UTC + 1. The only drawback is the transfer fee. At the moment we can not draw any conclusion about the reliability of sun-mining. Nevertheless we are positively impressed for now, hopefully it will continue like this in the coming weeks. In order to get paid the mined BTC, 3 conditions have to meet: Have a bitcoin account configured in the section My wallets in the left menu. Have mined at least 0.01 BTC. This point is VERY IMPORTANT. Sun-mining payment script execution (which is automatically done every 24 hours). Condition number 2 is VERY IMPORTANT, because lower amount contracts will NEVER receive a payment. In the following list you can see some predictions for 3-year contracts (if the progression remains the same). For example, the following contracts will NEVER receive a payment, because they do not reach the minimum value (0.01 BTC): On the other hand, following contracts will receive payment: If the price increase of BTC continues with the current progression, we would get for 1 BTC = $ 74,005 in 3 years. Once the 3 conditions have met, bear in mind that the transfer fee is 0.001 BTC (this is the current standard commission for the bitcoin network). Therefore, for the first payment we recommend to enter the BTC address of the wallet to verify that everything is correct, but from there on it is recommendable to delete the address and enter it only when you have a considerable BTC amount to minimize the transfers expenses. If the post has been useful for you and you are thinking about investing in sun-mining, click on the below link. Sun-mining SCAM, b Continue reading >>
Sun Mining Review: Solar Power Fuelled Mining
We have been witnessing mining companies that claim to provide huge ROIs to attract the partners. However, Sun Mining has gone a step ahead in marketing its mining operation by claiming to be eco-friendly. Sun Mining states that the datacentres at Sun Mining are fuelled by solar power. Hence, the mining contracts are available at a very low rate as compared to its competitors. According to their website, Sun Mining was started in 2015 and the founders belong to Australia. The address on the website is of Australia as well. However, when I did the WHOIS, I found that their domain (sun-mining.com) was registered on 9thJuly 2017. The name of the domain owner is not disclosed and has been kept private. Hence, it is unlikely that the company existed any prior to 2017. The website also affirms that the investors owned large areas of land which they converted into solar power platform to fuel their datacentres. All the investors are from Australia and all of them had lands closer to each other. All these claims are flimsy and have no reference to any evidence which makes only affiliate recruitment program, an option to connect with the Sun Mining operations. If you wish to become a part of the affiliate program, you need to pay order for any amount. Sun Mining provide mining on a rental basis for different coins including Bitcoin, Ethereum, Dash and Litecoin. There are different packages offered for different coin mining. Bitcoin Mining (Ultra Light):You need to pay $18 for a 100 GH/s contract for 3 years to earn a fixed profit of $5.9 per month. Ethereum Mining (Easy):You need to pay $172 for a 1000 GH/s contract for 3 years to earn a fixed profit of $58.7 per month. Dash Mining (Relax):You need to pay $1650 for a 10000 GH/s contract for 3 years to earn a fixed profit of $58 Continue reading >>
#1 Best Bitcoin Cloud Mining Contract Reviews 2017
Jordan Tuwiner Last updated June 13, 2017 Want to find the best Bitcoin cloud mining contracts? This post has you covered. Most Bitcoin Cloud Mining Companies are Scams Like the heading says, most cloud mining contracts are scams. Why? Because its easy for companies to take peoples money, and then not pay out. A company can claim to be a cloud mining company without any proof of actually owning any hardware. So remember: 99% of cloud mining companies are scams. There is only one cloud mining company we are willing to recommend on this site: Genesis Mining . Just because they are not scams, however, does not mean that you will make a profit by buying contracts. Note: You need a wallet to receive payouts to. A secure hardware wallet like the Ledger Nano S is a good option. Genesis Mining is a Hong Kong based company although its founders are from Germany and attend many Bitcoin conferences. You can read more about Genesis Mining on their about page . Genesis Mining offers three different Bitcoin mining cloud contracts. All plans are paid with a one time payment and are lifetime contracts: Platinum : 2,000 GH/s plan that costs $340. Diamond : 10,000 GH/s plan that costs $1,600. It depends what your goals are with cloud mining. If your goal is to obtain bitcoins, then there is really no reason to cloud mine or even mine at all. You will get more bitcoins for your buck if you just buy bitcoins ! If you think mining is cool and want to try, then cloud mining still is not a good option. Grab a cheap USB miner and run it at home. If you just want bitcoins, mining is NOT the best way to obtain coins. Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins. Get $10 worth of free bitcoins when you buy $100 or more at Coinbase . There is not much to compare, because we Continue reading >>
Which Bitcoin Mining Is Legit In 2017?
In short: HashFlare looks more profitable than others, looks detail below. I have made comparison table for 3 main well known services of cloud mining to make it more easy for you to choose. All 3 services contracts are lifetime, what means that they will work until the cost of mined coins is higher than maintenance fee. If profit became less than maintenance fee, HashFlare will continue to work 21 days, Genesis-Mining - 60 days, haven't found information about Hashing24 in such situation. But this situation can happens only if bitcoin will fall more than twice in price while it's difficulty will stay same, that doesn't looks like much possible in near future. You can use your bitcoins or debit/credit cards to pay for services. HashFlare LiteCoin mining idiomatically convert income to bitcoins, that why it placed in the same table with bitcoin services. It now a bit less profitable than was before, but still interesting idea to diversification investments. If you want to try with minimum size investment - your choose is HashFlare - their contract is just $1.2 cost. On longer time Genesis-Mining looks most effective because of less maintenance cost, but in long time perspective difficulty of mining will increase and it looks better idea to buy more power on HashFlare and win in shorter time distance. If you want more diversification, than you can use Hashing24 as well. PS: Dont forget, that crypto-currencies have volatile prices and therefore are quite risky investments. Mining difficulty increases and mining becomes less profitable over time. Dont invest more than you ready to loose in the worst scenario! These four have been around for a while and are probably the four best. There are a lot of dodgy sites out there so be careful. However, these four are very popular a Continue reading >>
Sun Mining Guide: Green Energy Cryptocurrency Cloud Mining Service?
Mining for cryptocurrencies has become a profession of sorts in recent years. People and organizations have occupied full offices that are dedicated to mining cryptocurrencies like Bitcoin, Ethereum and many others. However due to the rise in popularity of digital money, mining has become increasingly difficult due to the shrinking number of available bitcoins left in the world, every bitcoin that is mined, the next one will require more and more energy. Crypto mining is also expensive to set up, as you need to invest in dedicated hardware which isnt always readily available. Some mining rigs can set you back upwards of $1000. However, there is an alternative options, which is called Sun Mining. Sun Mining is a cloud mining platform that allows you buy hashrate power in order to successfully mine various cryptocurrencies like bitcoin , ripple and dash etc. The benefit of using the Sun Mining platform is the fact that you arent required to purchase any physical items to start the mining process. It is catered towards the people who want to engage with the mining process and generate an extra income, without the need for the investment in specialized equipment. The pricing for Sun Mining is structured based on the type of cryptocurrency that you desire to mine and make money on. However, their main subscription plans have a fixed hashrate and a fixed price. Lets use the Ultra Light bitcoin mining plan as an example. This plan gives you 100 GH/s in exchange for an $18 down payment and you can expect to earn $5.80 a month for 3 years as part of your subscription. It should be noted that these profit projects are subject to changing market conditions. Which Cryptocurrency Mining Plans Do They Offer? Below are some of the plans that are offered by Sun Mining, with the hashra Continue reading >>
Ice Rock Mining - Is It A Scam? | Coinanalysis
All sites but for opticsplanet are owned by Malik Murzashev. Lets see what Mr Murzashev has been up to: means Our team and means Our clients. It seems as if this company has 0 employees and 0 clients wow! Kontakaudit.kz is an auditing site. It doesnt look very serious, the site is filled with stock images and the About us page isnt even done The Our Team and Our Clients Tabs are empty. Additionally, they list their areas of expertise in percentages. So they claim to be 90% specialised in Manufacturing, 62% in retail and so on. That doesnt really make sense, does it? They have a Gmail as their business email this is very unprofessional. On their website, they claim to have more than 35 years of experience and show some licenses to prove it. We werent able to validate the certificates, but we noticed that they were licensed to a Kontakt TOO. This might be okay, but their site is called Kontaktaudit.kz and there is another site called Kontakt.kz did they steal their paperwork? Note: We have no solid proof for such a claim, but there is a high likeliness of our claim being true. This site seems really unprofessional and I would not trust it. Adaptationca.com is a site offering political asylum for the USA. Again their page has the infamous WordPress percentage plugin. This time the percentages show the likeliness of you being accepted in the respective immigration office. The social links in the header dont work, they just link to twitter.com, facebook.com and vimeo.com. Again they have a Gmail as means of contact. They also have the generic 100% Satisfaction Guarantee along with other seals in the footer to make it more real. This is obviously a scam/fake site that was created with little to no effort. This site looks perfectly fine and has no sketchy elements. It has an Continue reading >>