Genkernel (3.4.47/git) builds unbootable initramfs for kernels from 3.8.0 up to newest for: - CONFIG_XFS_FS=m set in kernel configuration - CONFIG_BTRFS_FS=m set in kernel configuration - CONFIG_LIBCRC32C=m set in kernel configuration - ALLRAMDISKMODULES="0"/unset in genkernel.conf Simplest solution (without recompiling kernel) is to set ALLRAMDISKMODULES to true as the cause for this problem is missing crc32c module which is not visible as libcrc32c dependency. There are same issues with btrfs. Proper solution would be using different modules dependency system as greping modules.dep is not working nowadays.
Fixed long ago, libcrc32c is included in initramfs.