So, I've been with Genesis mining for about 3 weeks, here are some of the problems I see, and some features I believe they really need:
Real-time earnings: Although, the company appears legit, their delivery model for the end-user isn't perfect. Since I bought a 30 MH/s Ethereum contract on Genesis Mining, I've only seen a steady decline in daily payments. This in particular makes me curious to know why that's the case, and in such instance real-time earnings might have helped.
30 Day Hold If Paying via Credit Card: Every time you're going to buy hashing power with them via a credit card, they're going to hold your daily earnings for 30 days! Their reasoning is that they want to prevent fraud but why can't they follow Hashflare and reduce this to 14 days?
No Mining Pool Information: There's no way to verify what's being mined and what my share is; no pool info, no block info etc. We're just supposed to believe whatever number / earnings they show us at the end of the day.
My thoughts so far: I think Genesis Mining, although they pay, are scamming people. I'm seeing steady decline in my daily payouts, and I see only one explanation for it: they're possibly using some software to pay people out which is why when the ethereum price fell, so did the payouts, I wouldn't be surprised to see a surge in daily payout once the ethereum price goes back up. I'll keep an eye out for this and post an update accordingly. All in all, they need to be more transparent and detailed about what's going on with our mining. We are, after all, supposedly renting mining power from them. As for the people who advocate for it on Youtube etc., they are making money because of referrals. They show great amounts of money they're making and how it's multiplying, making it all very tempting for everyone. But the fact is, they get 3% from the money you put in, and aren't really losing much because they're not putting in their money, but merely reaping the benefits of referrals. Pus, the amount of users genesis mining has and the amount of mining rigs they have, at some point won't add up.
If you guys think I've missed out on some thing, or didn't do my research well, please do provide the information in the comments section below. Thanks :)! And no hard feelings to anyone, just researching cloud mining with a keen interest, and posting my findings.
If you look at my other posts about Genesis Mining, you will see I've given them all benefit of the doubt so far, but I'm just not buying it after 3 weeks with them. I would love to see, what goes on for days to come.
I would also like to add the fact that HashFlare actually has all of the features I pointed out are missing from Genesis Mining, making them much more transparent and they also have slightly cheaper prices. Then why is Genesis Mining more popular? Simply because of their referral program and they've been around longer. But maybe I'll try Hashflare next and see how their services and payouts are.