How To Get Started With Cloud Cryptocurrency Mining With Genesis-Mining – Our Review
Genesis Mining was started back in 2013 with several non-specified mining farms situated in Asia, Europe, and America. The exact whereabouts of most of these farms are private and hidden due to safety and security concerns.
Undeniably, Genesis Mining is literally one of the largest and most popular cloud mining companies for coins like Bitcoins, Ethereum, and others.
It is well-regarded when it comes to offering clearly defined systems. This has also given them a good reputation of being transparent and legitimate, keeping off any fears of it being a scam among users.
However, we cannot fully conclude that Genesis Mining is always Profitable.
The only thing we can say for sure is that company is legit since it offers users the kind of services promised.
Therefore, it is would be wise to say that up to the moment the contract you signed with the company generates some profit in your direction, you will still be able to mine and receive payouts, since these particular types of mining contracts last a lifetime and do not come with any set maturity date.
How It Works
There is not a whole lot to understand when it comes to purchasing hash power in Genesis Mining.
As cited on their website, the process is simple and secure, so users don’t have to worry much. Also, you will not have to deal with any complex hardware or software procedures.
One of the main reasons Genesis mining is ideal for players in the industry is you only have to set up an account to start the process. They provide one of the most dependable and competent coin mining platforms people can make use of.
Once you sign up for Genesis Mining, you can promptly set up a perfect mining plan after depositing funds in your account. The transaction process is usually done using either a wire transfer or your credit card.
One of the most important things to consider when venturing into the world of Bitcoin mining is the hash rate offered for each price range, which is usually divided into 3 categories.
At a hash rate of only 200GH/s, you can secure a Gold Contract at around $30, which is quite good for novice users.
The other hash rate that is not so high or so low and stands at 2,500GH/s is the Platinum Contract going for around $350. It is quite good for those users who are not pleased or satisfied with the Gold contract or just want more power to mine bitcoins.
The highest hash rate of the three categories is 15,000 GH/s, which is the Diamond Contract. This package is quite costly with a going rate of $1950.
They also have a custom plan which you can configure if you want something different than the three plans listed.
What Type of Coins Can You Mine?
With Genesis mining, users can mine coins depending on the kind of contract they choose to use. As of June 2017, the contracts were named SHA-256 and X-11.
In case you want Litecoins, Bitcoin, and Dash, you can choose either of these two contracts. They also offer a variety of plans for dagger-hashimoto to mine Ethereum based coins.
Earning profits from Genesis Mining activities is rather important.
No one would ever want to venture into a business platform that offers no form of remuneration for time, effort, or money put in.
Therefore, before you decide to sign up, it would be a good idea that you have some notion on how you will be able to recover your investment, let alone the profit returns expected after purchasing the contracts.
The following information can help you estimate if your contract will be profitable.
- First off, you should keep in mind that a host of factors are always changing every day, ranging from network difficulty, coin price, to hash rates. Understanding this concept will help to get rid of any illusions you may have when signing up for a Genesis Mining account.
- There are several online mining calculators which can help to determine if it should be profitable to mine a variety of cryptocurrencies at a given hash rate per a given cost of mining.
Also, you should not forget to consider the deductible small maintenance fees in case your lifetime contract continues to generate profit. These are listed in the open-ended contracts which do not expire unless the contract becomes unprofitable for you.
Difference Between Genesis Mining and Other Types of Cloud Mining Providers
Genesis Mining is currently considered one of the best cloud mining providers in the industry. This is because most clients have stated it offers an easy and ideal experience to everyone one who makes use of it.
Another reason Genesis is different from other cloud providers is that other players in the industry usually require their clients to go through a lengthy process when registering, unlike Genesis where the entire process is mainly done online.
Clients also don’t have to suffer the difficulties that come with constructing hardware or mining rigs. Not having to deal with all the complexities associated with most of the other cloud mining companies means clients get the opportunity to pay less fees with Genesis Mining.
Genesis Mining offers clients the chance to purchase hash power, whereby you can readily choose the kind of coins you want to mine and group them into different categories.
This makes it ideal for every kind of user, be they a novice one or a veteran in the industry. As of this date, Genesis mining has roughly over 300,000 customers on its list.
The most important fact you should consider when it comes to Genesis Mining is that it is not a scam, this is according to various stats and reviews.
The truth is that they are serving their clients in an honest manner, but when it comes to profitability, it can only be judged on an individual basis.
All in all, Genesis Mining is a unique platform for cloud miners who are looking to exploit the crypto-currency market that is currently booming.
- Check Out Genesis-Mining Here (Receive a 3% discount automatically if using any of our links)