I started with Genesis Mining as an experiment. I wanted to see if it would really turn out to be as profitable as the coinwarz calculator foretold. It wouldn't make much sense if it were that profitable, for why then would GM sell mining contracts instead of keeping it for themselves?
So I opened an account and bought 200 MH/s of Dash. At this time we are not receiving any payouts so let me just look at the time when I did get my payouts.
I have received 124 payouts now on these Dash contracts. The contracts cost me 9.33 dash and the total payout I got so far is 5.39 dash. So I got little over half my money back in 4 months. With still 20 months to go on this contract that looks very promising. But... the initial payout was 0.071 Dash and that has dropped to 0.019 Dash, a drop of about 73%!
Let's assume that this trend continues, then my payout over the next 4 months will be 1.44 Dash, then 0.38 Dash, 0.10 Dash, 0.028 and 0.0074 Dash. The total over 2 years will thus be about 7.35 Dash, a loss of about 2 Dash. Now some say you should re-invest, but logic dictates that you will also lose on that reinvestment, thus increasing your losses.
So it looks as if I will never get my initial investment back even though it appeared extremely good at first.
Further south
I used to be much more positive on GM but results and especially recent events have made me lose all confidence. These Dash contracts gave me little problems, I must admit, just a few small errors in the payouts. But then I opened a second account for my daughter and that was really nothing but trouble. In 30 mining days there were more than 10 errors, 7 of which were missing payouts that are still missing today. I wrote 'more than 10' because I am not counting the missing payouts since they say they have been hacked.
Hacked? Really?
I do not believe that hacking story. This story is, in my opinion, a cover up for a more serious issue. On ETH contracts you have an option to get your payout in STEEM, but that does not work. They know it doesn't work and we know that they know, because some of us tried and filed tickets at their help desk. Yet that payout option is still active.
Now they say they were hacked so they stopped paying us, but that doesn't make sense now does it?
If the were hacked they should not stop the payouts as our money is more safe with us than with them!
So, with the STEEM payouts they do not take action to contain the problem and when they are supposedly hacked they take actions that actually increase their vulnerability.
Promise???
On their blog I read this statement "We’ve been providing daily cryptocurrency payouts for more than three years now and treat these payouts as a promised service for our customers."
A promised service??? Really??? It is their F***ing end of the contract that we bought!
