Genesis Mining Review
It was around 2013 when Genesis Mining was started up and with this, it is now the owner of mining farms across the countries of Asia, Europe and America. Since safety and security is of primary concerned, the precise venues of these farms are kept hidden.
Being transparent and all, this cloud mining company is plausibly super colossal and prominent for coins like Bitcoin and Ethereum. It is proud to announce that for a Bitcoin mining fund they decided to join with the SEC therefore showing that it is not a scam.
Saying all the things above doesn’t really conclude that Genesis Mining is fruitful when it comes to profits but implying that it is credible when it comes to giving services they are due for.
Considered as lifetime mining contract makes mining and receiving payments continuous as long as it is profitable since it doesn’t really mature.
How Does Genesis Mining Work?
Genesis mining offers the best, most productive and reliable mining rigs to their customers for hire. Based on their website, you can acquire hash power smoothly and carefully not having to go through steps involving complicated hardware and software set up.
In order for you to begin mining, all you need to do is create an account, fund it and decide the outstanding plan for you. Accounts can be funded using your credit card, via wire transfer, Paypal or using bitcoins.
You can choose a Bitcoin mining contract according to it’s price:
a) 19 USD (Gold) - The cheapest yet the perfect one for starters which already allows you to grasp the essential things about cloud mining and the ability to profit. Works with a hashrate of 100 GH/s
b) 340 USD (Platinum) - It is of middle range price with hashrate of 2,000 GH/s if your are not contented with the first one.
c) 1600 USD (Diamond) - Making you spend almost two grand, it is the most pricey as well the ultimate of all with a hashrate of 10,000 GH/s
What Coins Can You Mine?
As of June 2016, there are two contracts available in Genesis mining and several coins can be mine under them but it depends primarily on the contract you prefer to gain.
The importance of acquiring Genesis Mining contracts is the capacity to the have a profit. Therefore we will go through the different contracts mentioned above and see if it’s worth it to invest in such.
Remember that the profitability of contracts is dynamic. Everyday changes of the price of the coins, difficulty of networks and the hash rate is unpredictable. To know further, read about article on mining profitability.
Break-even is foreseeable earlier for X11 contracts (around 16.5 months) since we can have 0.027mBTC per 1MH/s per day as a payout, amounting to 13.6mBTC per 1MH/s.
But for SHA-256 contracts, it will take around 22 months to experience equalization since we can only have 0.37mBTC per 1TH/s per day as payout and a cost of 0.25 BTC per 1TH/s.
Remember that, low maintenance fee is withdrawn for profitable lifetime contracts.
How is Genesis Mining Different from Other Cloud Mining Providers?
For a fact that Genesis Mining is known to be the most famous and a tremendous provider for cloud mining, they say that it has turned mining to a simple and a wonderful experience.
Needing to invest in a mining hardware for usual miners, cloud mining in Genesis mining need not to have the difficulties of building up hardware or mining rigs maintenance. In this case as well, you are just doing things online so you don’t have to mind the loud rigs that ends up producing so much heat. Things like mining pool fees is gone as well.
What’s best in Genesis mining is the ability to choose what coins you want to have with the hashpower you bought therefore having the power also to divide the total hashpower to different coins. So obviously, it seeks to serve the typical miner as well as the big fishes. Genesis Mining has more or less 300,000 members now.
For issues of legitimacy, researches have concluded that it is somehow legit. But that doesn’t necessarily guarantee profitability, only the credibility they have with their customers as a reliable provider.
To conclude, Genesis Mining is perfect for cloud miners who doesn’t want to have deal with choosing a bitcoin mining pool, hardware, software or building up a rig at home.