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Genesis Mining was founded in 2013. It
currently owns mining farms located in Europe, America and Asia but exact
locations are not known to the general public due to security reasons.
Get this:
Genesis Mining is the most transparent cloud mining company and not a scam.
Hashing24 and GM are the only two cloud
mining companies we are even willing to write about.
It is arguably the largest and most popular cloud mining
provider for Bitcoin, Ethereum, and other coins.
It has even registered with the SEC for a Bitcoin
mining fund.
Note that this does not mean Genesis Mining is
profitable, but means that Genesis Mining honestly provides the services it
offers.
It is important to note that these mining contracts are life
time contracts, meaning they do not have a maturity date and as long as the
contract is profitable you will continue to mine and receive payouts.
How Does Genesis Mining Work?
Genesis Mining, according to their website, is an easy and
safe way to purchase hash power without having to deal with the complex hardware and software set up.
Genesis Mining specializes in building the most efficient and
reliable mining rigs that they offer to their clients for rent.
All you need to do is set up an account with them to start
mining.
After signing up, fund your account via Bitcoin, PayPal,
credit card, or wire transfer, and then choose the mining plan that’s best for
you.
Pricing
For newbies you can start with a 100 GH/s (Gold) lifetime
Bitcoin mining contract which will cost you $19. It will help you in
understanding how cloud mining works and what the profitability might be.
If that proves to be small you can try the 2,000 GH/s (Platinum)
lifetime Bitcoin mining contract and this will cost you $340.
The third and the largest is the 10,000 GH/s (Diamond)
lifetime Bitcoin mining contract which will cost you $1,600.
What Coins Can You Mine?
Genesis mining makes it possible for you to earn different
coins but it is dependent on which contract you buy.
Let us now look at different contracts and the different
coins you can mine as of June 2016.
For X11 contracts you can mine the following
coins: Bitcoin,
Litecoin, Dogecoin, Dash, Peercoin, Startcoin and Namecoin.
For SHA-256 contracts you can mine the
following coins:Bitcoin,
Litecoin, Dash, Zetacoin and Darkcoin.
Profitability
Of course it makes no sense buying contracts from Genesis Mining if it’s not profitable.
With that in mind let us analyze the profitability of the
different contracts I mentioned under the previous section i.e. SHA-256 and
X11.
Please note:
The factors that make a contract profitable or not are
constantly changing. Each coin’s price, network difficulty, and hash rate
change every day. Read our article on mining profitability to learn
more.
SHA-256: You can expect payouts of 0.37mBTC per
1TH/s per day and a cost of 0.25 BTC per 1TH/s so expect to break-even after
approximately 670 days.
X11: You can expect payouts of 0.027mBTC per
1MH/s per day and a cost of 13.6mBTC per 1MH/s therefore expect to break-even
after approximately 500 days.
It is also important to keep in mind that for lifetime
contracts as long as they are profitable, a small maintenance fee is deducted.
How is Genesis Mining Different from Other
Cloud Mining Providers?
As mentioned earlier, Genesis Mining is the largest and most
popular cloud mining provider.
Genesis Mining has made mining an easy
and pleasant experience.
For any miner, a significant investment in mining hardware is
required. If you cloud mine with Genesis Mining you will not have to go through
the hassles of setting up hardware or maintenance of mining rigs.
With Genesis Mining remember you are mining online therefore
you will not have to deal with loud rigs which produce a lot of heat. There are
also no mining pool fees.
One factor that really stands out is the fact that you can
decide which coins you want to mine with the purchased hashpower.
This makes it possible for you to split up your total
hashpower to different coins.
It is clear that GM aims to provide both the average miner
and the big investor. Genesis Mining currently has more than 300,000 members.
There have been serious concerns of whether
Genesis Mining is legit or a scam but after doing research it is quite clear
that it is not a scam; that does not mean Genesis Mining is profitable, but
means that Genesis Mining honestly provides the services it offers.
Genesis Mining is great for cloud miners who want to mine
without having to go through the stress of choosing a bitcoin mining pool,
hardware, software or setting up a rig at home.
Sign up to Genesis Mining and enjoy all its features
and check out a picture of one of GM’s farms
in Iceland!
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