3.115

Genesis Mining

In September of 2015 I decided to buy some hashpower in Genesis Mining. The bitcoin was about 250€ and I started with 80€ more or less bying haspower.
(I don't know how much it was, because they don´t have investing payments history in the backoffice).

Why is not an investment for life?

The first months I started to calculate the ROI and was expected to recieve my investment in more a less an year. Was so and with some trust I was receiving and I was investing again, not all of return, just say 50%. So I was raising my hashpower. 

In the first months the return was good and it seems it was a trustable cloud mining company and as they still say it is an investment for life. You buy hashrpower for life...

Suddenly after a few months my daily return downgraded from 80k satoshi to 12k satoshi and at the end of 2016 the bitcoin was at 700€ and they stopped paying everything, giving this escuse ".... your earnings per day became less than the maintenance fee so your contracts became unprofitable"
Was you can see at todays date, the bitcoin is 10 times higher, as I buy it two years ago. My hashpower is reduced to 0 and even my referral links I earned, they give me a return of 0.   

If it is a SCAM or not, here is my history with genesis mining, NOW YOU CAN TAKE YOUR CONCLUSIONS.

More or less costs my hashpower bought never could be 0, because as they said in contract I bought SHA256 for life.

Nowadays I keep using Cloud Mining Companies that works as they promised, but for me Genesis Mining is not one of those.

This is the answer email

De: Genesis Mining - Customer Service [mailto:This email address is being protected from spambots. You need JavaScript enabled to view it.]
Sent: domingo, 8 de outubro de 2017 09:00
to: ####@matospereira.com
Subject: Re: [#290637] Website query from Nuno Pereira

Hi,
thank you for contacting us.
First of all, we apologize for the delayed response.
We are receiving a significant number of tickets at the moment.

Your sha256 contracts with fees USD 0.0015 per GH/s and day, USD 0.00095 per GH/s and day and USD 0.00079 per GH/s and day became unprofitable and then terminated.

Due to that fact, your earnings per day became less than the maintenance fee so your contracts became unprofitable. Those were a open contracts, but they run for as long as payouts are profitable. We deduct a daily maintenance fee from the generated coins that covers all ongoing costs like electricity costs, cooling, maintenance work and hosting services. If the ongoing costs exceed the mined coins, there is no point in mining anymore - since you as a customer would have to pay more for the mining than you actually get out of it. We don't charge you for this difference. However it is economically reasonable to stop the mining if it is clear that this difference does not become positive again. This is why according to the contract you agreed on chapter 4 we have the right to terminate the contract after 20 consecutive days of negative payouts.
Hope this was helpful!


Best regards,
Mia
Genesis Mining Customer Service
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