Genesis Mining Review
Having a number of mining farms with unknown precise locations in Europe, America and Asia, Genesis Mining started around 2013. Exact whereabouts are privately hidden for safety and security reasons.
Genesis mining is deniably the most famous as well as substantially huge cloud mining company for coins like Ethereum, Bitcoins and others. Enlisted with the SEC for a Bitcoin mining fund, it is considered crystal-clear with it comes to transparency and legitimacy, therefore concluding not a scam.
But we cannot conclude that Genesis Mining is profitable, we are only implying that it is legit since it gives us the true service they promised us.
We are safe to say that the until the moment the contracts gains profit, you’ll still be able to mine and take in payouts, since these mining contracts last a lifetime bearing no maturity date.
How Does Genesis Mining Work?
There is not much to do when it comes to buying hash power in Genesis Mining since it stated in their website that it is just simple as well as secured not having to think about the complicated hardware and software procedures.
Having only to make and build up an account to commence mining, Genesis mining is perfect for making the most competent and dependable mining rigs they can rent out to their clientele.
You can immediately designate the perfect mining plan for you after funding your account via Paypal, Bitcoins, using your credit or wire transfer upon signing up.
One thing to consider upon buying these Bitcoin mining contracts is the hashrate offered per price range which is divided into three categories.
Giving you a hashrate of only 100GH/s is the Gold contract at 19 bucks, which is suitable already for novice users.
Not so low and not so high hashrate of 2,000 GH/s is the Platinum contract at 340 bucks for users not satisfied with Gold.
The highest of all with a hashrate of 10,000 GH/s is the Diamond contract and the very high costly at 1600 bucks.
What Coins Can You Mine?
In Genesis mining, you can mine coins depending specifically under a contract you chose to have. The two contracts as of JUNE 2016 are named X11 and SHA256.
If you want to have Bitcoin, Litecoins and Dash, you can choose either of the two contracts. Dogecoin, Peercon, Startcoin and Namecoin is specific only under X-11. Both Zetacoin and Darkcoin are specific for SHA-256 only.
Earning profits in contracts from Genesis Mining is as important as working for a pay. It is wise to see to it that you can at least recover cost let alone gain profit upon buying the contracts.
Discussed below is the ability to break even of the different contracts aforementioned above, X11 and SHA-256.
Let us also mind the factors that are constantly changing everyday: coin price, network difficulty and hashrate. Read article on mining profitability for further information.
If every day you can produce a 0.37mBTC per 1TH/s payout with an amount of 0.25 every 1 TH/s, an equalization can be attained on day 670 for SHA-256.
Likewise for X11, producing a 0.027 mBTC per 1MH/s payout every day with an amount of 13.6mBTC every 1MH/s, an equalization can be attained as early as day 500.
Don’t forget to take note the subtracted small maintenance fee for if your lifetime contracts is continuous to be profitable.
How is Genesis Mining Different from Other Cloud Mining Providers?
Since General Mining is the ultimate cloud mining provider among all, it has provided an easy and great experience to everyone.
It is different from other cloud mining providers since you just have to do things online, so there is no need to go through the difficulties of constructing hardware or mining rigs, therefore not having to deal with its noise and heat, and also having to pay for the mining pool fees or choosing a mining pool itself.
With the purchased hashpower, you can readily choose what coins you want to mine and splitting it up to different coins. So evidently we can see that it is for everyone, small or big miner. Genesis mining have approximately 300,000plus people on it’s list.
The most important fact we have to see is that Genesis mining is not a scam, that is according to studies conducted. So it’s true that they are serving people in a honest way, but profitability wise, it is not guaranteed.
In conclusion, Genesis Mining is brilliant and best for cloud miners who are lazy to choose a bitcoin mining pool, hardware, software and making their own rig in their homes.