Genesis Mining is back. After a period of absence, the cloud-powered mining service returns to the US market.
Genesis Mining services were suspended by the US regulator body in March 2018. After about four months, South Carolina has erased the order of suspension, allowing the company to continue its operations throughout the US.
The company managed to survive despite a passivity period, even remaining on the profit. Genesis Mining devotes its professional activity to real mining operations, compared to other cloud mining using pyramid schemes.
We're happy to announce that South Carolina vacated and dismissed @GenesisMining from its Cease and Desist order. As we previously said, engagement with regulators and in public policy is key to moving our industry forward >> https://t.co/edXGw9XuDW #GenesisMining #GMRadiantTech
— Genesis Mining (@GenesisMining) July 26, 2018
The news on the return of the Genesis Mining company to the market came in the same period with the renewal of HashFlare SHA-256 contracts suspended in July. The latter was also accused of fraud after the profitability rate of the SHA-256 contracts had dropped considerably.
Throughout the last week our team has been focused on finding the optimal solution, that would allow us to resume mining SHA-256, and we are happy to announce that as a result of diligent work, such a solution has been reached. FMI: https://t.co/hXGCMyIAWe 🔥
— HashFlare (@hashflare) July 27, 2018
Bitcoin mining has grown significantly over the past few days, reaching 50 million TH/s. Cloud mining-based services are at a constant risk. Their operations depend on the evolution of prices on the market. Even so, when the environment is unfavorable, the final customer will bear the losses. Regardless of the fact that cloud mining giants such as Genesis Mining and HashFlare are experiencing barriers, new services do not cease to appear.
The specificity of the business is based on the initial acquisition of a contract:
“FREE BITCOIN MINING! Global Bitcoin cloud mining platform is Now live. start to mining and earn your first coins immediately! Estimated daily revenue: 0.00001227 BTC with 2 Year contract. So hurry up and lock your position. CLICK https://bit.ly/2Mbk2Vj“.
https://twitter.com/shawandas008/status/1025836723484295168
Another version of cloud mining service like of the Dutch-based Securix project has modified the primary step including initial acquisition of contracts into Initial Coin Offering. Even so, the model remains the same. Those interested are paying in advance for mining, which brings even greater risks. As real as it may seem, cloud mining contracts are considered a scam.