Genesis Cloud Mining upgrades. Is anybody really making any real money?
I see a whole lot of YouTube videos about Genesis mining and how profitable it is or can be. I see everyone pushing to reinvest any profits back into the system in the form of an upgrade to hashing power. Big cheers for how much money they make, but only to put it right back in Genesis. So my question, is anybody making any real money? Money that is in their bank account or in hand. I see video after video of the same thing, "I made XXXX with Genesis mining" but when you watch the full video they have nothing in the end.
I think the only people making money is Genesis. Correct me if I'm wrong and "Show Me The Money!"
I see it as them running two business models:
2 revenue streams work together but they also work apart. The main goal for them is to mine coins themselves but they hedge that by also selling mining power to others. If bitcoin were to drop a lot they get the extra income from miners.
I mine both bitcoin( 16th/s) and x11 litecoin (70.125 mh/s) and I get $15 a day on a $2500 investment. I could take the money but I choose to reinvest it.
Have you also noticed the sudden significant drop in profitability in the last 2-3 days?
Genesis is very sketchy to me. Even if I see their popularity, it also seems to me like a very hard to believe business model.