What Is Genesis Mining? Read This Review Before You Invest
Cryptocurrency mining could make a good profit if you invest a considerable amount of money in a good mining rig. However, the mining profitability depends largely on several factors, such as hash rate, Bitcoins per block, Bitcoin difficulty, electricity rate, power consumption, and of course the conversion rate. For those who are new to the world of cryptocurrency mining and want to be part of the business, you could possibly look into Genesis Mining. What is Genesis Mining? Read this review to find out more before you invest.
What is Bitcoin Mining?
Bitcoin mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions. This ledger of past transactions is called the blockchain as it is a chain of blocks.
The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system. The members of the network provide their computational power for calculations of mathematical problems, and for this effort, they are rewarded with bitcoins.
Watch the following clip to learn more what is Bitcoin Mining.
What Is Genesis Mining?
Genesis Mining is a cloud mining company offering its services entirely online to users like you and me all over the world. Genesis Mining is by now the largest and most trusted cloud Bitcoin mining company that provide an easy and safe way to purchase” hash” power without having to deal with complex hardware and software setup.
Normally, cloud mining companies purchase hundreds to even thousands of mining rigs and other mining hardware that could possibly cost an enormous amount of start-up and operation costs.
Cloud mining companies like Genesis Mining enables users to purchase mining capacity that of hardware in data centers, one of them is in Iceland. That means the rigs you rent consume very cheap electricity and are cooled efficiently.
Genesis Mining is a well-established X11, Ethereum and Bitcoin cloud mining provider and they have been in the cryptocurrency mining industry since 2013. No matter which package you choose, you are renting the latest technology, which guarantees profitability for as long as possible.
To top this, there is no waiting for delivery and no downtime, which means you are not wasting even a second of mining. Furthermore, they promise 100% uptime, using 100% green energy, and no hidden fees.
Genesis Mining Investment Options
Genesis mining has the state-of-the-art mining hardware already up and running. All you need to do is to choose your favorite cryptocurrency or mining algorithm and start earning.
In other words all you need to do is “chip in” with Genesis Mining on their mining expenses and in return you will get a portion of the earnings.
Genesis Mining has various investment options readily available for customers. They offer lifetime Bitcoin mining contracts (slow and steady profits), 1-year Ethereum and Zcash mining contacts, and 2-year X11 mining contracts.
In each of these mining contracts, they are further divided into three different sub-contracts depending on the computing power.
- For Lifetime Bitcoin mining, they offer $30 Gold (200GH/s), $350 Platinum (2500GH/s), and $1950 Diamond (15,000GH/s).
- For Zcash 1-year mining, they offer $29 Starter (3.12 H/s), $289 Advanced (31.2 H/s), and $2699 Professional (312 H/s).
- For Ethereum 1-year mining, they offer $33 Small (1 MH/s), $930 Medium (30 MH/s), and $2900 Large (100 MH/s).
- For X11 2-year mining, they offer $30 Gemini (5 MH/s), $500 Ferox (100 MH/s), and $2250 Graviton (500 MH/s).
When you deal with cloud mining you rent out GH/s or TH/s, which measure how much computing power you will be able to mine with.
What’s the Return of Investment (ROI) of Genesis Mining?
I am investing with Genesis Mining and it is a superb and reliable mining company. I invested in X11 and Ether with them and I found the ROI with X11 is better than Ether.
With 1Mh/s Ether and X11, I managed to make 0,02 Ether and 0,0004 BTC per day.
Taking the conversion into account, I could easily make 0,000013 BTC per day per USD invested, whilst I could only make 0,0000167 BTC per day per USD invested.
Taking the above contracts as examples, I can make $1,971 with $1,000 Ether contract, whilst $2,526 with $1,000 X11 contract.
Of course, I used a discount code sqvhtT to purchase the above-mentioned contracts and I managed to get myself a 3% off my investment.
I would like to highlight here that the ROI varies from time to time depending on the Bitcoin exchange rate as well as the mining difficulty. Genesis Mining is no doubt a great cloud mining company. However, these are two main factors that will impact your ROIs – mining difficulty and coin value.
First of all, Genesis Mining controls the hardware and the mining algorithm and the software they use to keep an eye on the performance of various mining pools.
With their level of knowledge and experience in these matters, I am sure Genesis Mining will take care of the mining to the best way possible. However, mining difficulty and coin values are beyond our and their control.
To get any insight in those, you can use external sites such as Coinwarz to keep track of mining difficulty, hashrate growth, block rewards and coin values and such. They should be used before making any purchase so you have an idea of what’s possible.
Who Are Behind the Scene?
After being involved in Bitcoin for several years, they watched on the sideline as cloud mining companies came and went and realized that there was a huge opportunity in the market to offer a legitimate and trusted cloud mining service.
As Genesis Mining and its user base grew, new mining farms were built up and several additional people hired, specifically programmers and engineers.
We see many other companies, even very well known ones with excessive advertisements that don’t disclose any information about themselves or their founders. At least we know that Genesis Mining is operated by real people who are not hiding their identities like any other Ponzi scams in the market such as Coince.
If you are looking for an opportunity to go long with Bitcoin (long-term investment), I highly recommend Genesis Mining as these people are awesome and the company is serious about cloud mining business. Genesis Mining is traceable and transparent because they are running a legitimate cloud mining business and have nothing to hide!
Furthermore, you will easily spot them on different forums and conferences. For instance, Marco Streng gave a keynote speech at the recent Dubai’s first Blockchain Conference.
Being a customer-oriented cloud mining provider, they strive to ensure that you get a fulfilling service. I am so far very happy with Genesis Mining and I have strong confidence in them.
Check out their Bitcoin Mining Farm in Iceland in the short clip below.