Genesis Mining Review

What is Genesis Mining?

Genesis Mining, the world's largest bitcoin cloud mining provider, is a cryptocurrency mining service. Don't fancy the idea of creating your own mining rig at home that can overheat, run up your electricity bill and be pretty noisy? Or does the idea of buying digital currency seem outdated? Genesis Mining has got you covered. They're a cloud mining service, meaning they have all the hardware in their data centers, set up, ready to go. You just sign up for a contract and begin mining. They even guarantee 100% uptime cover system downtimes using their own miners.

They operate mining farms in many locations. The server locations are undisclosed to keep them secure and safe. They run the world’s largest Ethererum mining farm, have a bitcoin mining farm and a dash mining farm, all of which are based in Iceland.

The history of Genesis Mining

Genesis Mining started at the of 2013, by two guys who met using the same service to buy and sell Bitcoins. As the company got larger, so did the need for mining farms and additional staff, especially programmers and engineers. The members of the team come from various backgrounds, only strengthening their abilities and belief in cryptocurrencies.

Pricing and Contracts

Genesis Mining offers contracts for you to invest in and begin mining. There are several options depending on your budget, contract length and their availability. If none of the plans suit your needs, there are custom options available for each cryptocurrency, so you can design it around exactly what you want. If you buy a plan and decide later to increase your hashing power, this can be easily done. You can also decide which coins you want to mine with your purchased hashing power, allocation of the hashpower between the coins is completely flexible, and thanks to their user-friendly website, it's very simple to do. Use code mHPsaS for a 3% discount at Genesis Mining.

Bitcoin Contracts

If the contract becomes unprofitable, i.e the payout can’t cover the maintenance fees, the contract will continue to mine for further 60 days in the hope of becoming profitable again. If this is not the case, your contract will be terminated, as it no longer continues to generate enough payout to cover its running costs. The profitability of your contract is based on your hashing power against the current difficulty of bitcoin mining and the bitcoin to USD price. Check out our bitcoin profitability calculator to see if you can start making money mining bitcoins.

Bitcoin Contracts and Profitability

(The profit and breakeven figures are based on fluctuating bitcoin prices, mining difficulty, along with various other factors. Please refer to our bitcoin calculator and charts to help make a decision that's right for you.)

Ethereum Contracts

Ethereum Contracts and Profitability

(The profit and breakeven figures are based on fluctuating Ethereum prices, mining difficulty, along with various other factors. Please refer to our ethereum calculator and charts to help make a decision that's right for you.)

Monero

Cryptocurrencies Offered

As of 2017, Genesis Mining offers many cryptocurrencies, however, the availability of them depends on how many people are currently signed up to contracts.

Payouts

Genesis mining payouts are daily as soon as you start making some money. There is a minimum payout of 0.0006 BTC.

Is it a scam?

This question comes up a lot. Is Genesis Mining legit? Can I trust them? Is it a ponzi scheme? Well, here's some facts to answer those questions.

Genesis mining officially registered with the SEC for a Bitcoin mining fund in March 2016 and has over 500,000 customers using the service. This means that they offer an honest service and are trusted by a whole lot of people.

Many cryptocurrency cloud mining services charge hidden fees which consume most of your profit. This leads a lot of people to believe they are scams, as they seem to take money and don't give any profit. With Genesis Mining, the fees are laid out on the table to start with, so you can see what you're actually going to earn. Head to the contracts section above to see examples of how profitable they are after fees and once you breakeven on the initial contract cost.

Security

The Genesis Mining website has an SSL certificate (https), which means all communications between your browser and the website are encrypted. They also offer two step authentication on your account, adding that extra step of security during the log in process and making your mining investment safe and secure. For more information on two-factor authentication, visit our frequently asked questions.

To keep their data centers secure, the locations are undisclosed. They are based worldwide, with many in Iceland.

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