Genesis Mining is a bitcoin mining company that lets users buy existing mining hardware, then profit from that hardware’s hashing power. Here’s our Genesis Mining review.
What Is Genesis Mining?
Genesis Mining is a bitcoin mining company founded in 2013. The company currently operates mining farms in Europe, America, and Asia, although most of the company’s facilities appear to be in Iceland. Interestingly, Genesis Mining doesn’t publish the exact locations of these farms for security reasons.
The difference between Genesis Mining and a conventional mining pool is that there’s no need to contribute your own hardware to the operation. Instead, your hardware is already up and running. You buy into the operation, then receive a portion of Genesis Mining’s hardware. You reap the mining benefits, and Genesis Mining takes a cut.
Obviously, the cloud mining industry is controversial for a reason: a large number of companies have sprung up that claim to offer powerful mining operations. You send these companies money, then you get fixed income every month from the mining operations.
However, many of these companies don’t even operate mining operations – they just live off of membership fees, and pay members until the money runs out (or just take your money and run).
Fortunately, based on all reports we could find online, Genesis Mining isn’t a scam: it’s a legitimate cryptocurrency mining operation that lets users profit off of cryptocurrency mining without actually owning mining equipment. Let’s take a closer look at how it works.
Genesis Mining Features
You Don’t Need to Own Hardware: Genesis Mining already has your hardware up and running. You don’t need to mess with your rig assembly or operate hot, noisy miners at home. You just buy into the company, and they’ll give you a proportionate share of their mining power.
Mine Bitcoins and Altcoins: Genesis Mining lets you mine 6 different coins in total, including bitcoin, Monero, Dash, Ethereum, Litecoin, and Zcash. You can mine any cryptocurrency available in the Genesis Mining catalog – so you can switch your mining power on the fly to adjust to new trends.
Get Payouts Daily: Genesis Mining pays your investment incoming daily to your designated wallet.
Pay by Credit Card: You don’t need to own any cryptocurrencies to buy into Genesis Mining. You can pay by credit card. Subscription plans vary by hash rate: the more you pay, the more hashing power you can access.
Genesis Mining Pricing
Genesis Mining offers customized prices for each of its six different cryptocurrencies. The more you spend, the more hashing power you can access. Some Genesis Mining subscription plans come with a contract requirement.
If you purchase a Dash, Ethereum, Litecoin, or Monero mining subscription, for example, then you need to agree to mine that specific currency for 2 years. The Zcash subscriptions, on the other hand, come with a 1 year Zcash mining commitment. All bitcoin plans offer open-ended bitcoin mining.
Here’s how pricing breaks down for the Genesis Mining bitcoin mining packages:
Gold ($30): 200 GH/s
Platinum ($350): 2,500 GH/s
Diamond ($1950): 15,000 GH/s
Genesis Mining also offers customized plans, where you can choose your specific desired hashrate. Choosing 0.5 TH/s costs $75, for example.
All plans come with a maintenance fee. That fixed maintenance fee is deducted from all open-ended contracts for as long as they are profitable. At the time of writing (July 2017), the maintenance fee was sitting at 0.00028 per GH/s per day. The fee is fixed in USD, although it’s deducted from your daily payout in BTC. All terms are clearly outlined in the Genesis Mining contract, so make sure you read through it carefully.
Genesis Mining Reviews: How Much Can You Actually Make?
Don’t expect to get rich quick using Genesis Mining. However, you can make a small amount of money off your initial investment – with the chance of making considerably more if the price of your mined coin goes up.
Right now, you can buy about 1 TH/s for approximately $160. Based on today’s bitcoin price, that would take you about 400 days to break even.
Obviously, this will change based on the difficulty and the price of bitcoin. Some people are buying into Genesis Mining (and other mining operations) at a fixed price today with the belief that prices will continue to rise, which makes their contracts more profitable. Many miners experienced this when Ethereum’s price rose sharply in the beginning of 2017, for example.
There’s also a risk that your investment could be worth nothing: Genesis Mining’s contract has a section where they explain what happens when your contract becomes unprofitable. That occurs when your daily investment payout cannot cover the maintenance fee.
Once this point occurs, Genesis Mining will continue mining for 60 days in the hopes that the operation will return to profitability. If mining isn’t profitable after 60 days, then your contract will be terminated. Obviously, mining can become unprofitable when the price of the coin goes down, or the difficulty goes up.
About Genesis Mining
Genesis Mining was founded in 2013. Unlike many other cloud mining operations on the internet today, it’s not a scam. It’s a legitimate company in a sea of shady cloud mining providers.
The company is led by CEO and Co-Founder Marco Streng, a mathematician and early bitcoin investor, as well as co-founders Jakov Dolic (Head of Sales and German entrepreneur) and Dr. Marco Krohn (CFO and mathematics/physics specialist).
Genesis Mining operates mines around the world, although most seem to be based in Iceland. The company doesn’t publish the specific location of its mines, although you can view a 24/7 livestream of the mining farm from Genesis Mining’s official website.
Genesis Mining Conclusion
Ultimately, you can earn more money at home by buying your own hardware and bitcoin mining operation. However, you also need to pay for cooling, electricity, maintenance, upgrades, and more. At-home mining comes with its own pros and cons. Genesis Mining takes a hefty cut, but they still allow you to profitably mine cryptocurrencies – including bitcoin and the 5 most popular altcoins.
If you want to enjoy the experience of bitcoin mining without the hassle of operating your own equipment, then Genesis Mining is one option available to you today.