Genesis Mining publicly denied any business relationship with USI-Tech this week. The denial came after USI-Tech affiliates circulated video footage claiming to show a new data center in Iceland that mirrored Genesis Mining's own facility. This prompted immediate questions regarding USI-Tech's operational claims.
Affiliates of USI-Tech, a company under scrutiny for its bitcoin pack Ponzi scheme, began distributing videos purporting to show their own Icelandic data center. Viewers quickly identified the facility as identical to one operated by Genesis Mining. This raised speculation that USI-Tech was using Genesis Mining's infrastructure.
A Twitter user directly questioned Genesis Mining about the footage, asking if the company was partnering with a "known Ponzi scheme." Genesis Mining responded, "We're investigating if any of the footage is real and if, how it happened. In any case: None of the hardware belongs to them. We have no business or any other relationship with them."
This denial leaves USI-Tech without credible evidence for its claimed operational infrastructure. The company has consistently failed to provide audited accounting statements. These statements would verify an external revenue source for its affiliate return-on-investment payouts, despite operating its bitcoin pack scheme for nearly six months. Footage of mining rigs does not substitute for financial transparency.
Genesis Mining also issued a cease and desist notice to Omnia Tech, another cryptocurrency company. Omnia Tech launched in September, promising affiliates daily returns allegedly derived from Genesis Mining partner contracts. Omnia Tech's compensation plan combined these daily returns with pyramid recruitment.
Omnia Tech's marketing materials had featured a co-founder of Genesis Mining as a keynote speaker for its launch event. However, Genesis Mining explicitly denied any ongoing connection.
On November 24th, Genesis Mining tweeted, "We received a few inquiries about Omnia recently. We hear that they are still using our brand name in presentations, however, they have never purchased equipment from us after their launch. Omnia has been asked to delete all references to GM. Thank you."
Despite this, contracts dated September 6th between Genesis Mining and Omnia Tech for mining rigs have circulated. These documents suggest an initial equipment purchase occurred, though the precise status of any ongoing contractual relationship remains unclear following Genesis Mining's recent statements. Genesis Mining's actions show a clear intent to distance itself from Omnia Tech beyond any initial sales.