Genesis Mining is a cloud mining service established back in 2013. Its mining farms are spread across Europe, America, and Asia but the exact locations have not been publicly revealed due to security reasons. One known datacentre is located in Reykjavik, Iceland.
Genesis Mining is among the top providers of cloud mining services and contracts for popular cryptos such as Bitcoin, Ethereum, and many other coins.
It should be noted that these mining contracts are lifetime contracts, which means that they do not expire at a certain date while the contract is profitable, which means that it will keep on mining and handing out payouts.
How Does Genesis Mining Work?
Genesis Mining is a platform which enables miners to acquire hash power for generating cryptocurrencies without having invest in the expensive hardware or configure the software.
Genesis Mining takes on the task of building efficient and reliable mining rigs which they then rent out to miners who are looking to make a profit out of mining operations. You just have to set up an account on their website in order to start mining.
After you have signed up for an account, you can fund it through various methods such as Bitcoin, PayPal, credit card, or wire transfer, to pay for the mining plan of your choice.
The first option is 1 TB (Gold) Bitcoin mining contract for two years that will cost you $50. The 2 TB (Platinum) Bitcoin mining contract will incur a cost of $250. The biggest mining contract for two years is of 25 TB (Diamond) and costs $1,250. There are also Bitcoin contracts for five year periods.
The rest of the coins have 24-month contracts.
There is also a maintenance fee which is deducted from all 2-year contracts for their full runtime, which varies depending on the mined crypto.
Genesis Mining allows you to mine Bitcoin, Litecoin, Ethereum, Monero and a list of 24 other coins. The service allows you to mine different coins depending on which contract you purchase.
The service offers the ability to mine all types of cryptocurrencies which are based either on Scrypt algorithm or proof of work protocols, that require either ASIC or GPU mining.
X11 contracts enable you to mine the following coins: Bitcoin, Litecoin, Dogecoin, Dash, Peercoin, Startcoin, and Namecoin.
There are various factors which influence the profitability of a contract. These include the coin’s price, blockchain difficulty, and hash rate, which can change on a daily basis.
SHA-256 contracts have been reported by miners to deliver payouts of 0.37mBTC per 1TH/s per day and a cost of 0.25 BTC per 1TH/s which would mean that you would pay off your investment in 670 days.
X11 contract results in payouts of 0.027mBTC per 1MH/s per day and a cost of 13.6mBTC per 1MH/s which means that the investment is paid out in 500 days.
What Sets Genesis Mining Apart from other Mining Providers?
Any mining operation requires a large financial investment, as mining hardware of certain specifications are needed. By using Genesis Mining, you will be spared of having to buy, set up and maintain the mining rigs.
As you are conducting your entire mining operation online, you will not have to deal with issues such as overheating, lack of space or fan noises. No mining pool fees are charged.
With the hashpower you purchase, you can select which coin you want to mine and also divide your total hashpower to different coins.
By offering different packages of various sizes, Genesis aims to cater to various types of miners. The service has amassed over 300,000 accounts.
After various miners and reviewers have researched and trailed Genesis Mining, they have concluded that the website is not a scam. That does not mean Genesis Mining will guarantee an immediate profit, but that the cloud provider offers a legitimate service.
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Genesis Mining is a cloud mining service which allows miners to get the coins they are interested in without having to deal with the hassle of investing in expensive hardware rigs, chose a profitable mining pool, configure the hardware or setup the required software.