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Also I'm not When Will Bitcoin Futures Release Best Us Ethereum Exchange about it. If you're comparing it to buying Bitcoin from an exchange - well, How To Make Money With Genesis Mining Is Buying A Bitcoin Mining Contract Legal. You purchase BTC worth of mining crap and make a farm. Unfortunately there is no mechanism to sell the hashing power. They have a referral program. All cloud mining contracts are meant to make you losses and them profits. What would you suggest? So first of all, they're paying less than pool mining would, even after power, Claymore's cut, Nicehash's cut. Let's do the math. See my last line. After watching one video about them this immediately was the first thing coming to my head: It is fraudulent and I hope the newcomers to our community can be forewarned. You're correct, it's safer to just buy BTC. Your calculations make sense, and I would not expect extraordinary returns in the first year. They pay for hash, they get hash. I approached this totally differently. This is a good example of a time to use bits or satoshis. This simply means more time you mine the Bitcoins, more Bitcoins you earn. Therefore, you need to have access to cheap electricity in order to gain profits. Dude, you have one karma, so I think your comment are disingenuous. I am passionate about them - because there's a lot going on behind the scenes that the community doesn't see, or that never gets attention. Is that going to be more or less than 1. At least to reduce the daily fees or eliminate. I'm open to suggestions. They might not be now, but in the beginning, a lot of customers made bank. The-the daily fees do decrease. You're getting super fresh encrypted internet money tho: When you have your won hardware you have the option to sell it after covering the cost, with your company you guys take people by the balls! It is the same thing, look for other sources of information before making your judgement. Did you get the hash power that was provided for you, on a consistent, daily basis?

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As I've said many times in this thread - it's meant to be compared to mining with your own hardware. And you won't ever sell them to 'cover your cost'. There are ponzi scams, bitcoin doublers, bitcoin 'investing', and there's cloud mining. Hey, thanks for posting. They pay for hash, they get hash. Try Bitcoin Cloud Mining! You lead people on to think they are going to make a return on their investment, when they are not. I'm sorry you feel scammed, but Genesis Mining offered you a cloud mining contract that gave you a set amount of hash power, for a set. Cloud mining is a passive investment and has been defined as such by the IRSmeaning you can't do better or worse through any skill in the tasks of mining. Here's a screenshot but you'll also see the costs and benefits comparison chart if you scroll down. I really wish I could do more, but you were given exactly what you brought. Basically, you are engaging the contract holder in a futures contract. Litecoin Charlie Netherlands Cryptocurrency Tax complete Ethereum Mining Pools For Low Hash 6600k Hash Rate For Bitcoin Mining of the website? Bitcoins Per Block On solving each cryptographic problem, some fixed amount of Bitcoins got created. All are scams meant to extract as much money from as many other people as possible. As I've said many times in this thread - it's meant to be compared to mining with your own hardware. Like I paid Related communities Sorted roughly by decreasing popularity. If you're going to gamble, trading is a lot of fun, but you have enter and exit at the right time. Be aware that Twitter, etc. It's the commodity I desire, not the quick profit. Take a step back, take a breather. This is only the part of your invest not recovered yet Lets see it in another way: It doesn't make you clever, it makes you complicit in the scam. Take your anger out on the market, not out on us. Plus you bet that that will increase in the long run like all mining. Power consumption W at 0.