Genesis Mining is a firm offering cloud mining services for cryptocurrencies. Its creators claim that this service uses a model with several algorithms on its own equipment, which can be rented by both experts in the digital currency field and newcomers of this industry.
Let’s start the Genesis Mining review with a small historical fact. This project dates back to 2013. Its founders traded bitcoins on the same platform, where they met as indicated on the site. An important aspect is that the Genesis Mining founders names are not hidden unlike many similar companies.
Marco Streng is one of the firm co-founders. He holds the position of Genesis Mining General Manager position. He has professional education in mathematics. Marco is one of the first Bitcoin investors.
Yakov Dolich is the second company co-founder. He is a German entrepreneur. Yakov is the Sales Department head in the present day. They tried to find innovative and expedient way bitcoins mining as the company developed. Genesis Mining is the most famous mining services around the world at the moment.
It is believed that almost the absolute majority of Internet platforms offering cloud mining services are fraudulent. However, according to numerous users and market experts, Genesis Mining is an exception. Despite this, remember that there are numerous clones of this platform.
This service has only one official websitegenesis-mimining.ru. The company’s groups are created in all popular social networks, such as Facebook, Twitter, and Youtube. They are designed to communicate with potential and current users.
According to the founders, Genesis strives for the clarity of activity, so they don’t hide contact information. The firm’s office is located in Hong Kong and the firm is registered in Reykjavik.
The site design is developed by professionals, so it is convenient and easy to use. The service supports more than 20 languages, including English. There is an FAQ block on the Internet page. It contains answers to most users’ questions. You can also ask questions via the contact form or via email.
There are more than 20,000 such public messages at the moment. Probably, this is the only platform with so many reviews compared to competitors. Of course, we do not exclude that some of them may be advertising but these are real customers in most cases.
Genesis Mining Profitability and Payback
The first question that arises for potential customers is Genesis Mining’s payback. Isn’t it more reliable to buy equipment than to rely on some webpage on the Internet? It is necessary to understand the cloud mining essence in order to answer this question.
The functioning principle of cloud mining is uncomplicated. The person can pay a small amount for renting equipment but don’t spend a few thousand dollars to buy it. You get an instant profit in this case.
The firms that rent out miners take care of support and all other problems related to their configuration and smooth operation. You only need to create your account to start mining bitcoins.
After registration, you have to deposit money in your account through PayPal, Bitcoin, credit card or bank transaction, and choose the most suitable cloud mining plan. Bitcoin mining will begin as soon as the payment is processed by the firm. The contract you selected will be added to your account.
You will get the first payment within 2 days. Genesis Mining will accrue all further payouts on a daily basis. Payments are credited within 30 + 2 days for customers who order it via debit/credit card. After that, they also start receiving daily accruals.
The company decided not to disclose its pools list for security reasons. However, it is known that it uses at least two different pools to maintain decentralization. The company’s mining farms are located in Europe, America, and Asia. Their exact addresses are also not available for safety reasons.
However, Genesis reveals the location regions of the farms, as well as providing video and photo evidence of the mining objects existence. This distinguishes the firm from other top cloud mining platforms. The service currently uses the following hashing algorithms: SHA-256, Scrypt, X-11, ETHASH, CryptoNight, and Equihash.
Plans and Tariffs
It is possible to mine various cryptocurrencies on the service: Bitcoin, Litecoin, Zcash, Dash, and Ethereum. The SHA-256 algorithm is used for mining bitcoins, which can be exchanged for other cryptocurrencies. X-11 algorithm is used for Dash. It ensures the mining of several cryptocurrencies separately or simultaneously.
Packages for the Ethereum, Bitcoin, and Monero cryptocurrencies are available in 2020. Customers can choose from three cloud mining plans: Gold, Platinum, and Diamond. You can also create a personal cloud mining plan. The Gold package with a capacity of 200 GH/s will be suitable for beginners. It costs $30.
This package will help you figure out cloud mining operation principles and what their profitability is. If this is not enough, you can use the average Platinum package at 2,000 GH/s. It costs $350. Diamond package with a hash capacity of 15,000 GH/s costs $1950.
The individual plan is designed for users who are not satisfied with any of the above plans. It doesn’t differ from other packages in terms of cost per GH/s. The duration of each contract depends on the mining complexity, the rate of bitcoin to the dollar, and the service fee, which is 0.00028 US dollars per 1 GH/s per day. It is deducted from daily payments.
If you are interested in mining Etherum, you can choose the Small package with a hash power of 1 MH/s. It costs $30. There is also the option to purchase a Medium package with a capacity of 30 MH/s for $869 or a large package with a hash capacity of 100 MH/s, which costs $2799.
There are also 3 plans for mining the Monero cryptocurrency: Blain with a capacity of 60 H/s for $50, Dynamo with a hash capacity of 1000 H/s and a cost of $819, Houdini with a capacity of 3000 H / s for $2399. Also, it is possible to create a personal plan for Ethereum and Monaro. All contracts are valid for 24 months. There is no service fee.
Of course, mining contracts purchase is not advisable if it isn’t profitable. Therefore, we will analyze the profitability of contracts that use SHA-256 (Bitcoin) and X11 (Dash) hashing algorithms. For example, take an investment of $350 and $300:
|Parameters||SHA-256 (Bitcoin)||X11 (Dash)|
|Package price||$350/ 0.0814 BTC||$300/ 0.0697 BTC|
|Capacity||2.5 TH/s||50 MH/s|
|Contract term||Unlimited||24 months|
|Service charge||$0.00028 per day||—|
|Everyday earnings||$2.27/ 0.000529 BTC||$2.48/ 0.000578 BT|
|Every month earnings||$68/ 0.01587 BT||$74.67/ 0.0173 BT|
|Investments payback||153 days||121 day|
* Calculations are made at the rate of $4300 per 1 BTC.
It is important to remember that profitability will depend on many circumstances when working with Genesis Mining. The aspects that affect a contract profitable or unprofitable are variable. The cost of each coin, the mining difficulty, and hashrate – all these indicators are not stable.
Flexible power distribution is one of the biggest benefits of this platform. Only the user chooses which coins to mine. He can also choose their exact distribution, regardless of the plan. For example, you can simultaneously mine coins with a distribution of 20%-20%-60% or in any other proportion that you consider the most profitable.
The company doesn’t charge a pool fee. No waiting time allows mining coins immediately. The fact that the hash power you buy belongs to you forever is another reason to collaborate with Genesis Mining.
The company offers a 100% uptime guarantee. You will not lose a second, as the algorithms independently allocate miners to the pools and compensate for any potential power loss. Genesis Mining makes great efforts to support customers. Their employees respond quickly to any questions.
Don’t miss the chance to get earnings and become rich with Genesis Mining!