Genesis Mining Review
Genesis Mining is a cloud cryptocurrency mining company that was founded in 2013. Although the precise locations of their operations are kept secret for security reasons, the company is known to have mining farms in America, Europe, and Asia.
Genesis mining Is possibly the largest cloud mining provider for bitcoin and other cryptocurrencies. Additionally, they are also currently one of the most popular and the most transparent. The company would appear to be honest and trustworthy, and as evidence of that, Genesis Mining has filed what they are calling “the world’s first regulated bitcoin mining fund with the U.S. Securities and Exchange Commission.”
Although a move does necessarily point towards guaranteed profitability, it does infer some credibility. However, it is important to be aware of the fact that mining contracts are lifetime agreements without a maturity date. You will continue to receive pay-outs so long as the contact remains profitable.
How does it work?
According to their website, Genesis mining is a simple and secure way to buy hash power without the need to deal with all the complexities and costs of setting up your own mining operation. The company specializes in building efficient and robust mining rigs that clients are then given the opportunity to rent.
To start mining with Genesis, you simply need to set up an account. Once you have set up an account, you can then fund your account using wire transfer, Bitcoin, PayPal or credit card, and then you can select the mining plan that is most appropriate for you.
Beginners can start with a Gold lifetime Bitcoin mining contract of 100 GH/s, which costs just $19. This would be a good way to gain an understanding of how cloud cryptocurrency mining works and it will provide a good indication of the profitably that can be expected. If the profitability of the Gold contract proves to be too low for you, you can try the Platinum 2,000 GH/s contract, which will cost $340. The largest contract available is the Diamond 10,000 GH/s lifetime Bitcoin mining contract, which requires an investment of $1,600.
What cryptocurrency can you mine?
With Genesis, the cryptocurrency that you can earn is dependent on the contract that you buy. With X11 contacts, you can mine Bitcoin, Dogecoin, Litecoin, Dash, Peercoin, Namecoin, and Startcoin. With SHA-256 contracts, you can mine Bitcoin, Dash, Litecoin, Darkcoin, and Zetacoin.
Naturally, there is little point in investing in Genesis contracts if there is no profit, so let’s take a look at the profitability of each of each of the two types of contracts, namely SHA-256 and X11, but please note that profitability changes daily with the price of the coins, network difficulty, and changes in the hash rate.
With an SHA-256 contact, the expected payout will be in the region of 0.37mBTC per 1TH/s per day and a cost of 0.25 BTC per 1TH/s, so the break-even point will be in approximately 670- days.
With an X11 contract, pay-outs will be in around 0.027mBTC per 1MH/s per day and a cost of 13.6mBTC per 1MH/s, so break even should occur at around 500 days.
It should also be
noted that as long as lifetime contracts are profitable, a modest maintenance fee will be deducted from profits.
How does Genesis Mining Differ from other Cloud Mining Companies?
Genesis Mining is one of the largest cloud mining operations and one of the most popular, and it does appear to have made cryptocurrency mining a simple and enjoyable experience.
If you wanted to undertake mining yourself, you would need to make a significant investment in hardware, but if you mine with Genesis mining, you avoid all the hassle and expense of setting up and maintaining your own mining rigs. The other benefit of cloud mining with Genesis is that you are doing it online, so you don’t have to deal with the noise and the heat that mining creates and you don’t have to pay mining pool fees.
One thing that stands out with Genesis is that you decide on which types of coins you want to mine with the hash-power that you have purchased. That means that you can divide your hash-power between different coins if you wish.
What is clear with Genesis mining is that Genesis Mining offers opportunities for both the big investor and the average cryptocurrency miner. The company currently has in excess of 300,000 registered members.
There has been some concern expressed over the legitimacy of Genesis Mining and some suggestions that it is a scam. While there is no guarantee of the profitability of Genesis Mining, our research would suggest that it is not a scam.
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