In 2013, Genesis Mining was established. Although the precise locations of mining farms are unknown publicly as a safety precaution, presently, it owns mining farms situated around America, Asia and Europe.
Keep in mind that when it comes to transparency, Genesis Mining is at the top of all cloud mining company and definitely not a fraud.
As a cloud mining provider, it is debatably considered the biggest and most well known for Ethereum, Bitcoin and other coins. Additionally, they have signed up with the SEC for a Bitcoin mining fund.
Well this doesn’t imply that Genesis Mining is profitable, but it shows that Genesis Mining is credible when it comes to the service it gives.
Keep in mind that what that these contracts do not have maturity date since these are life time contracts, and until the contract is profitable, there is continuous mining and payout receiving.
You don’t necessarily need to go through complex hardware and software procedures since Genesis Mining generally works as an accessible and authentic way to gain hash power. It is also best in producing mining rigs that are productive and trustworthy enough for people to rent.
All you need to do is sign up your own account, put funds via Paypal, Bitcoin, credit card or wire transfer, select the finest plan for you and then you can start mining. Very easy right?
They are offered in three categories depending on its price and hashrate:
GOLD - 100 GH/s - 19 dollars
PLATINUM - 2000 GH/s - 340 dollars
DIAMOND - 10,000 GH/s - 2000 dollars
The coins that you can acquire in Genesis mining is primarily dependent on the contract you selected to pay for. The two contracts available as of the sixth month of 2016 are X11 and SHA-256.The coins you can mine specific under them are as follows:
Under the contract X11, primarily you can have Bitcoin, Litecoin, Dash, Dogecoin, Peercoin, Startcoin and Namecoin.
For contract SHA-256, we also have Bitcoin,Litecoin, Dash just like the former as well as Zetacoin and Darkcoin.
Genesis Mining contracts are useless if you gain nothing from it especially when it comes to profits. In line with this we can calculate somehow the ability to gain revenue of each contracts discussed previously.
Let us note the certain factors (hash rate, coin price and network difficulty) that varies every single day. Check this article on mining profitability to know more.
In SHA-256, a break-even is anticipated around the 670th day since there is a payout of 0.37mBTC per 1TH/s per day equivalent to 0.25 BTC in every 1TH/s is predicted.
In X11 however, break-even is anticipated around the 500th day with 0.027mBTC per 1MH/s per day equivalent to 13.6mBTC per 1MH/s is predicted.
Both lifetime contracts will have to deal with a small maintenance fee withdrawn as long as it is still profitable.
Genesis mining is just done online so it varies greatly with other cloud mining providers. It given due as the most colossal and high in demand compared to others. Genesis Mining greatly made mining an uncomplicated and satisfying experience.
Compared to any miner that needs to invest in mining hardware, with Genesis mining, it’s only online therefore no need to set up anything like hardware, mining rigs that produces loud rigs and a lot of heat. Aside from that, the mining pool fees is not there as well.
Apparent factor that I really great is the freedom to decide which coins you can mine with the purchased hashpower, enabling you to split up the total to various bitcoins.
Currently having more or less 300 grand members, Genesis mining is really best for everyone, may it be a small time miner or big time miner.
The legitimacy issue was a concern then but upon doing studies, it was proven not a scam. Proven to have been able to provide good service to people but not the profitability itself.
Therefore, Genesis mining is best for people who want to mine but are too lazy to go through looking for a bitcoin mining pool and setting up hardware, software and mining rigs at home.