Genesis Mining Review – Cryptocurrency Guide in 2018

From our Genesis Mining review here, we will establish shortly that this is one of the largest and most popular Bitcoin mining companies. This mining company was established in 2013 and has a number of mining farms located all over Europe, Asia and America.

The company hasn’t disclosed the exact locations of these mining farms to the public for security reasons. Probably you are wondering what genesis mining is.

So we will try to do a closer analysis of what Genesis Mining really is.

What Is Genesis Mining?

Genesis Mining is one of the oldest crypto mining companies. This company enables its users to mine through data centers. The company has a number of mining farms spread out all over Asia, Europe and America. Users of the Genesis Mining platform can mine Bitcoin, Ethereum and other cryptocurrencies.

Mining contracts from Genesis Mining Company have no maturity date, meaning that so long as mining remains profitable, you will continue to mine digital coins and get rewarded for as much time as you want. This company is arguably one of the most transparent mining companies. To further affirm that they are a genuine mining company, they have displayed installation photos and videos on their platform.

Main Features

  • Ease of mining process

With Genesis Mining you do not have to own any mining hardware. The company sets up and maintains your mining rigs, so you don’t have to go through the hassle of owning and installing them at your home. Buying into this company ensures that you never have to deal with noisy, hot mining rigs.

  • Daily payouts

Once your payment has gone through and has been verified, you start earning on a daily basis. This is because mining rigs are already set up for you, so there is no wastage of time setting them up.

  • Variety of coins

Genesis Mining enables users to mine a wide range of cryptocurrencies, including:

  • Litecoin
  • Bitcoin
  • Monero
  • Zcash
  • Dash
  • Ethereum

Since you can mine any of the above digital currencies, it is possible to switch your mining power to what is trending currently.

  • Use of credit card

Payments can be done through credit cards, so worry not if you don’t have any cryptocurrency on you already. The mining contract you buy into is dependent on the hashing rate that you bought. A higher pay ensures more hashing power.

How It Works?

Genesis Mining works by providing users with reliable and efficient mining rigs which they rent out to the users. Miners are required to pay for this service. It provides its users with a reliable and safe way to mine without the need to invest in mining hardware and software.

Mining rigs are already set up for you.

So, all you will need is to buy a mining contract from Genesis Mining and start mining. Once the account has been opened you can pay for it using any of the following payment methods:

  • Wire transfer
  • Credit card
  • PayPal
  • Bitcoin

After your payment has been verified, you start mining immediately and rewards are paid out daily to the Bitcoin Wallet that you provided.

Just like any Bitcoin mining platform, Genesis Mining has a number of pros and cons. We shall look at them below:

PROS:
  • Saves time – Mining rigs are already set up saving you time. All that is required is a simple sign up and you start to mine immediately.
  • Cost-effective – The initial cost of setting up rigs has been eliminated, thereby saving you money which you could have used to set the mining rigs before you start mining.
  • Flexible – This mining platform makes it possible to trade different cryptocurrencies and earn from them. Using Genesis Mining software, you can allocate hash power to different cryptocurrencies. This gives you the flexibility of having multiple flows of incomes from different streams.
  • Convenient – With Genesis Mining, the hassle of noisy and hot mining rigs is really the least of your concerns. You also don’t have to worry about the task of maintaining these rigs.
  • Lifetime contracts – Mining contracts on this platform have no expiry date. You will continue mining for the rest of your life so long as mining remains profitable. A single investment with Genesis Mining is enough to earn you lifetime rewards.
  • Simple – Setting up a mining contract on this platform is literally a walk in the park. It is simple and easy to trade.
  • Reliable customer support – You are assured of fast response from the technical support.
  • Highly reputable – Genesis Mining is a secure and reputable company.
CONS:
  • This platform has withheld its full details from users.
  • Profits are slow and it might prove not to be profitable in the long run.

All Types of Cloud Mining

Apart from Genesis Mining, there are other companies which offer cloud mining services. We shall take an in-depth look into these platforms:

Users of this platform purchase cloud packs which are used to build indexes. The indexes can be used in casinos, lotteries, cloud mining and in ordinary markets.

This is a mining company owned by Bitmain. It has over 600 Antminer which they rent out.

Mining contracts offered by Hashflare Review include SHA-256 and SHA-Coins. Miners in this platform get paid in Bitcoins and they must purchase at least 10 GH/s.

They have been mining since 2012. To deliver maximum efficiency and performance, Hashing 24 uses modernized ASIC chips. Currently, their facilities are located in Georgia and Iceland.

Offers mining pools and merges cloud mining with Bitcoin mining services.

Genesis Mining Profit Calculator

Genesis Mining profitability is calculated using mining metrics which are calculated based on the hashrate in the mining network. A BTC exchange rate is used in USD, with 1 BTC = $ 9,974.16 as of mid-February 2018.

These figures are expected to differ depending on the hashrate in the network and the prevailing BTC conversion to USD. The electricity fee used to generate this mining metric is $ 0.12 per kWh. This is just an estimation which is subject to seasonal variations.

Fees and Pricing Schedule

For each type of cryptocurrency offered by Genesis Mining, there is a customized price for each. Hashrates are determined by the amount of money you invest. A constant maintenance fee is charged on every contract as long as it remains profitable.

This fee, which is fixed at the beginning of the contract, is in USD. It is deducted daily from each day’s payouts in Bitcoins.

Terms and conditions are clearly stipulated in the Genesis Mining contract. Acquaint yourself well with these rules and regulations by reading them carefully before buying into any mining contract.

There are three levels of mining contracts that you can buy. They include:
  • Gold – Starters can invest in this level which is quite helpful in getting to know how mining works and how profits are determined.
  • Platinum – This lifetime Bitcoin mining contract is the second level of a Genesis Mining contract. In this level, you can buy the 2,000 GH/s at a cost of $340.
  • Diamond – This is the highest mining contract level. In this level, you can purchase up to 10,000 GH/s which will cost you $1,600.

Genesis Withdrawal Information

Genesis Mining withdrawal can be made daily. But to safeguard from paying excessive fees when receiving smaller payouts in their Bitcoin Wallets, payouts have been regulated to a minimum of 0.002 BTC.

Withdrawals may take up to 24 hours to reflect in your Bitcoin Wallet. But if after 48 hours you still have not received your withdrawal, contact customer care. You can also check for general payouts from the payouts menu on the dashboard.

Partner Program

The partnership program at Genesis Mining has been revamped, rewritten and renewed to make sure that partners reap maximum benefits from their partner program. If you are in the company’s affiliate partner program, you will be rewarded despite your level.

Whether you are a home blogger or an expert at marketing, you can achieve tremendous payouts from Genesis Mining’s new reward levels.

How does this program work?

This will work by the use of your affiliate code. Share your code with friends, family and just everyone on earth! Make sure you have shared your code widely because anytime anyone uses your code, you will both receive a 3% discount from the referral’s purchase.

On top of that, you stand a chance of getting a 2.5% hash power upgrade. A higher level of affiliate codes earns better rewards. There are other special gifts up for grabs apart from hashpower.

Share your affiliate codes widely. Reach out to the world and share the success and beauty of investing in cryptocurrencies. After logging into your account, you will find invaluable information and guidelines about your affiliate page. Your feedback is important. So, drop your suggestions and questions to the support team in order to get better services.

Popularity

Genesis Mining can attribute its popularity to the fact that it’s among the oldest and largest mining companies. It’s a reputable platform and users of this platform have enjoyed a pleasant and simplified mining experience.

The fact that you can choose from a wide variety of cryptocurrencies to mine with your purchased hashpower makes this platform popular with miners. Another thing which has increased Genesis Mining popularity is the ability to split their total hashpower to different coins.

The ability of this platform to provide mining services to both small time and big time investors has also contributed to its popularity growth.

Genesis User Experience

If you are looking to make quick bucks, mining bitcoins with Genesis Mining won’t grant you this easily. This is because for you to make returns, you would have to wait for at least 18 months. By this time, you will be having a 23% ROI.

Of course, for someone looking to make a lot of money quickly, this is not a very good figure. In fact, not many companies make this type of return in such a short span. Again, this is a positive ROI and all you will earn from now henceforth is purely profits until when mining will stop due to higher mining fees compared to revenues.

Let us use another example below:

We shall use a rounded figure of $1000. The upfront fee charged by Genesis is 0.000150313 BTC/GH. For electricity and maintenance, you will be charged 0.00028 BTC/GH daily, which is about $0.28.

So, the cost of buying 700 GHz will be:

0.1052191 BTC as buying price,

0.0001965768 BTC daily maintenance fee,

0.071750532 BTC annual maintenance fee,

In the first year, your 700 GH/S will cost you 0.1554 BTC.

0.1554 BTC – 0.1052191 BTC – 0.071750532 = -0.021569632

This is the only amount you will not have recovered in the first year.

In the second year, you will not incur the upfront cost but maintenance fees only.

Let us do the math again;

0.1554 mined BTC – a maintenance fee of 0.071750532 BTC will give you 0.083649468 BTC.

Again, we deduct the BTC not recovered from the mined BTC to get:

0.083649468 BTC – 0.021569632 BTC = 0.062079836 BTC

In the second year of mining, you will recover your initial investment and get to draw $62. In the years to come, you will be rewarded with $83 until the contract terminates.

Considering the utility cost of making an investment, cloud mining is a form of passive income. All you ever have to do is to sit back and enjoy your revenue.

So buying crypto-coins and mining them are both profitable ventures.

Genesis vs Hashflare

As highlighted earlier, Genesis Mining is one of the largest and oldest mining companies. Miners on this platform mine via the use of data centers. The company has several mining farms located all over Asia, America and Europe but the mining farms are undisclosed for security reasons.

Hashflare, on the other hand, is newer and smaller. It offers users easy and accessible mining services. The company sells and maintains mining hardware on behalf of the users.

Make sure to check our full comparison.

Genesis Mining Promo Code

1) OJGDjB – This promo code will earn you a 3% discount on all your purchases. Let me steal for you a little secret: save this promo code and use it next time to get an additional 3% discount!

2) ay8V7e – Earn a 3% discount on every purchase of Ethereum using this code.

3) K9ijrF – This promo code also earns users 3% bonuses.

4) i8epZD – When you start mining, redeem this promo code to get a 3% discount.

Is Genesis Mining a Scam?

Definitely no! Genesis Mining is a legit platform which even displays videos and photos of their installations on their dashboard. I know that it might not seem to bring exorbitant amounts of money in the long run, but it is not a scam.

This mining company has been here long enough and has earned itself a good reputation. Up to now, its platform has been paying its users on a daily basis. The company is very legit and popular with many users.

7 Total Score
My Conclusion

From the above Genesis Mining review, we can safely conclude that this is a legit and popular mining platform. This platform sets up mining rigs for its users making mining an easy and pleasant experience.

Miners on this platform do not have to contend with the noisy and hot mining rigs. Mining has been simplified for them and they only need to buy a mining contract and start mining instantly.

Users of this platform get to enjoy several benefits attributed to Genesis Mining. The fact that these mining contracts have no expiry date and a miner can get rewarded for the rest of their lives makes this platform popular with users.

There are numerous benefits of joining Genesis Mining partner program. Apart from getting a hashpower upgrade, partners also get a 3% discount every time a purchase using their affiliate code is made.

Ease of use
8
Fees
6.5
Security
8.5
Profit
5
User Rating: 3 (2 votes)
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