Genesis Mining begun around 2013, and at present it possesses mining farms across the continents of Asia, America and Europe. The specific whereabouts of these farms are privately hidden for safety and security purposes.
Genesis Mining is:
1. Considered legit since it is the most transparent cloud mining company among all.
2. Possibly the champion among all the cloud mining provider for Bitcoin, Ethereum, and other coins.
3. Registered with the SEC for a Bitcoin mining fund
With all these things, we cannot truly say that we can gain profit from Genesis mining. Statements above only shows that it is reliable enough since it honestly gives us the best service we deserve.
Since these mining contracts don’t mature as it is for a lifetime, we can say that you’ll forever be able mine and collect payouts as long as the contract is viable for a profit.
Genesis mining’s expertise is building a very good and productive mining rigs, offered for rent to their clients as well as purchasing hash power in a simple and reliable way not having to go through difficult hardware and software steps. The latter is stated in their website.
What you need to do to start mining:
1. Set up an account.
2. Fund your account, after signing up. You can choose between Paypal, Bitcoin, your credit card or you can opt for wire transfer.
3. Select the perfect mining plan for you.
There are three different Bitcoin mining contracts according to it’s price.
1. Gold - Starting with 100 GH/s, the contract is priced at $19. You can already know and understand the basics of cloud mining and its profitability.
2. Platinum- having 2,000 GH/s, it is medium-priced at $340, if Gold was a bit smaller for you.
3. Diamond - the biggest and most expensive of all with 10,000 GH/s, amounting to $1600.
The table below shows the two categories of contracts and the coins that can be mined in each designated contracts. These were available since June 2016.
What is the essence of investing if a profit is not gained? Below is a summary of the profitability of the contract from Genesis Mining which were mentioned in the previous part.
However, certain ever changing factors are always taken in consideration to be able to see results. Factors like coin price, network difficult and hash rate differs every single day. With this, you can read article on mining profitability to gain more information.
1. SHA-256: a payout of 0.37mBTC in every 1TH/s per day and a cost of 0.25 BTC per 1TH/s , therefore a balance is achieved most likely on the 22nd month.
2. X11: a payout of 0.027mBTC in every 1MH/s per day and a cost of 13.6mBTC per 1MH/s,so a balance is achieved most likely on the 17th month.
As long as profits is on the picture of these lifetime contracts, we can expect that a maintenance fee is subtracted all the time.
Genesis Mining is differentiated from other cloud mining provides in a lot of ways.
1. It is the biggest and most known among others, contributed to have made mining easy and pleasurable experience to people.
2. It doesn’t have to invest in mining hardware, setting up and even maintenance since it is just online.
3. In line with no. 2, you don’t have to deal with the loud rigs and the heat it gives.
4. No mining pool feels required, let alone choosing a mining pool.
5. You can always choose which coins to mine and be able to split up the total hashpower to different coins.
6. It is good for both average and expert miners, with members more than 300,000 currently on it’s list.
7. Proven to be legit according to research but not necessarily guarantees profits but only proves that it is reliable as a service provider.
The things listed above concludes that Genesis mining is for perfect for cloud miners who doesn’t like to go through bitcoin mining pool choosing as well as setting up a hardware, software and rig at home.