There are some forum posts stating that Genesis mining is a scam. They accuse that Genesis is not a real company and that they knowingly sell contracts which won’t make a return on investment. This post will examine each accusation in detail.
Is Genesis Mining a Real Company?
This is one of the most important questions to answer – Is Genesis Mining a real company that is mining actually being done. The biggest fear of investing in cloud mining is falling victim to a pyramid scheme.
The best way to answer this question is to look at picture or video Proof. Genesis Mining has provided a series of videos of them building and maintaining their mining rigs (eg the ethereum datacenter “enimga“. In fact they also provide a live feed of their datacenters. It is safe to say of all the Cloud mining services, Genesis has provide the most evidence to support their setup.
Return on Investment
The other accusation is that Genesis mining sells contracts that are NOT profitable. And this is something they are definitely guilty of. I made a table of all their contracts and calculated the return on investment (ROI):
The “Yield” is the return on investment after the contract period is over. A yield of 100% would mean that you get 100% of your money back, so you don’t make a profit and don’t lose any money. It is clear that Zcash contracts are extremely poor for value, with a yield of 66%. This means you will lose money. That said, other contracts are extremely profitable, with DASH being the best return at the moment with 349% return on investment. Changes in the value of the currency and network difficulty will affect the yield.
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