Genesis Mining – a review of the cloud mining service
In this review, we will talk about earning money from Genesis Mining, the largest cloud mining service. The service will be useful for those users who want to mine new cryptocurrencies, while not investing in the purchase of expensive equipment. At the service, anyone can draw up a contract for the rental of capacities up to 25,000 GH / s, intended for mining Bitcoin, Dash, Monero and other well-known cryptocurrencies.
At Genesis Mining, many miners are attracted by the positive reviews of other customers, but they are stopped by doubts about the reality of the resource and the possibility of making money on it. We are writing this review in order to dispel doubts and talk about all the features of the cloud mining service.
Genesis Mining offers users contracts for the rental of cryptocurrency mining equipment, which is installed in the company’s data centers. Thanks to this, you can start making money on mining without investing large sums and without knowledge of cryptocurrency mining technology.
History of Genesis Mining
The creator of the company, Marco Streng, began mining Litecoin in 2011 at home. By 2013, he was convinced of the profitability of mining and founded the Genesis Mining company together with CTO Stefan Schindler, CFO Mark Kron and head of sales Jacob Dolok. The first farms were created in Iceland. In search of cheap electricity, the service team traveled to many countries – China, Romania, Bosnia, America.
Why it is profitable to invest in Genesis Mining
At one time, before investing in cloud mining, we searched for reviews on forums and groups in social networks about Genesis Mining com, studied publications in reputable online publications. The information we received was credible, as well as the fact that customers can visit the company’s office in Reykjavik.
Among the advantages of Genesis Mining, we especially want to note the following:
- The ability to distribute the power for mining the most profitable cryptocurrency;
- Favorable terms of the contract and tariffs, which I will discuss below;
- Regular and timely payment of fees;
- Interesting promotions, in the framework of which customers receive increases in capacity and discounts on contracts;
- Quick payback and high return on investment.
How to register and buy a contract
The service interface is very convenient, especially on the site Russian localization is available. This is one of the reasons many Genesis Mining customers leave positive feedback. Not all companies can boast of having 18 foreign languages on the site.
To register, click the ‘Register’ button in the upper right corner on the main page. In the form that opens, enter your email and password, click the ‘Register’ button. The system will automatically redirect you to your personal account.
The next step is to purchase a contract for capacity. Everything is also very simple here:
- Go to the Buy Generated Power section.
- Choose the currency for the mining of which you will buy a contract.
- Indicate the amount of hashrate and choose a payment method.
- Click Continue.
- Spend payment.
Within a day after paying for the power, cryptocurrencies will be mined, and in a day you will be able to withdraw the first payments.
To increase the return on Genesis Mining, you can distribute the power for mining the most profitable currency at the moment, this will help significantly affect the profitability of the investment. You only need to go to the ‘Power Distribution’ menu, select a contract and use a pie chart to distribute the hashrate. To start mining according to the specified parameters, click ‘Save distribution’.
How is the withdrawal of funds from Genesis Mining
To display each type of cryptocurrency, do not forget to specify the appropriate wallet in the menu ‘My Account – Settings – Wallets’.
At Genesis Mining, funds are withdrawn directly to the specified wallet automatically. For me, this is a big plus, since you do not have to spend time putting coins for payment and waiting for confirmation of the withdrawal.
Payments of earned coins are generated every day, but are credited to the client’s wallet after the minimum amount for payment has accumulated. For example, for Bitcoin, it is 0.005 BTC. Thanks to this, you will avoid unnecessary expenses for paying commissions for withdrawing small amounts to wallets.
Types of Genesis Mining Contracts
Our review of Genesis Mining will be incomplete if I don’t tell you about which cryptocurrencies here you can mine and the cost of contracts.
So, the service offers 2-year production contracts:
- Bitcoin from $ 179 for 1 thousand GH / s of power;
- Dash starting at $ 30 for 5 MH / s;
- Ethereum – from $ 29 for 1 MH / s;
- Litecoin – from $ 28 for 2 MH / s;
- Monero – from $ 830 for 1000 H / s;
- Zcash starting at $ 47.99 for 25 H / s.
Return on Investment in Genesis Mining
Having several contracts on this service, it is possible to compare their payback and profitability. So, at Genesis Mining, the payback of 2018 under the contract for Bitcoin will be 6-7 months, and the return on investment is about 170%.
Under the 1MH / s contract for Ethereum mining, the daily profit will be $ 0.11 at a rate of $ 986 for 1ETH. That is, the investment will pay off in 9 months, after which you will receive a net profit for the remainder of the contract.
Litecoin contracts give 240% profitability and pay off in 5 months. The same profitability is shown by contracts on Dash.
And the least profitable investments in mining Monero. At Genesis Mining, the payback period for such contracts is 11-12 months and profitability at 100%.
Genesis Mining is a reliable and profitable cloud mining service. It offers favorable rates, a comfortable personal account, a large selection of cryptocurrencies for mining, convenient withdrawals. In addition, most Genesis Mining customers leave positive feedback, which means that the service works and brings a high income. In our review, we join these reviews and recommend it as one of the best cloud mining services.