“Do I invest in Genesis Mining or is it simply another scam?” This is one question that many people have when they decide to start cloud mining. Cryptocurrency mining has evolved from CPU Mining to cloud mining as the blockchain technology advanced with time.
Cloud mining companies invest in advanced mining equipment and set up mining rigs that generate huge quantities of hashpower for rent. One such company that has progressively grown to become one of the top cloud mining services is Genesis Mining.
This Genesis Mining review digs deep into the service to establish its structures and find out whether it is a profitable venture. If you are looking for a cloud mining service or the current one you use is not reliable, this review will help you get answers to questions such as “Is Genesis Mining a reliable platform?” and “What should you expect after joining the network?”
What is Genesis Mining?
Genesis Mining is a cloud mining firm that was created in 2013 by Marco Streng, who is the current CEO. Marco and his entire development team were concerned that mining was becoming a very expensive undertaking because of the required costly mining equipment.
The engineers and programmers at Genesis Mining are very passionate about the blockchain technology. Therefore, they put extra effort in to lower the bar for mining to achieve the following three key things:
- Help more people to mine cryptocurrencies profitably.
- Enhance the adoption and use of blockchain networks especially cryptocurrencies.
- Assist to promote decentralization of most cryptocurrencies, especially those that require mining.
Rating: A 4.9 Stars Platform
While the development of cloud mining marked a milestone in the blockchain niche growth, many companies offering the service end up being scams. However, Genesis Mining is different and its features were engineered with the user in mind to optimize good user experience.
A closer look at other platforms demonstrates that they are lacking in many ways, and only Hashflare comes close to matching Genesis Mining efficiency. The support, cost, and growing list of highly satisfied clients edge this cloud mining platform to 4.9 stars.
How Does Genesis Mining Work?
The core objective of Genesis mining closely resembles that of its competitors, especially Hashflare that target lowering the bar for cryptocurrency mining. This implies that anyone can join and enjoy the cryptocurrency space.
The Genesis Mining company generates its hashing power from mining farms located in Iceland. The farms are named Enigma and were created to exclusively operate as an Ethereum mining farm.
The Ethereum mining farm grew to become an important platform for mining other cryptocurrencies, including Monero, Dash, and Zcash. The process of mining preferred cryptocurrency is highly simplified and can be completed in three steps:
- Visit Genesis Mining to create a mining account and select the cryptocurrency to mine
- Buy the required hashpower
- Receive the payout in the next day
Genesis mining has won the tag “a smart choice” because its development team progressively improves on the features such as mining contracts and datacenters to enhance the user experience. You can easily change the coin to be mined, reach support, and enjoy lower transaction fees.
The Mining Contracts, Hashrates, and Pricing
The Genesis Mining Contracts
Genesis Mining departs from the common model of setting the minimum amount of hashrate for clients to qualify to mine in their platforms. Rather, Genesis Mining has three different easy-to-understand contracts for every cryptocurrency on its list:
- The small starter plan
- The medium best buy plan
- The large professional plan
- The custom plan
Note that the plans listed include a fourth one: the custom plan. Genesis Mining provides this additional plan so that users who do not like the other three plans can set their hashrates and length of contracts.
This Genesis Mining Ethereum review has established that more people prefer the custom plan, especially when starting to use the platform as a sort of test. Then, they shift to the preferred plans after getting the assurance that the coins they mine will easily flow into their wallets.
The Genesis Mining Maintenance Fees
Though the Genesis Mining supports many cryptocurrencies, it is only those who mine Bitcoin that are charged a maintenance fee. No matter the plan you select for mining Bitcoin, the maintenance fee is the same: USD 0.00028 per GH/s per day.
If you opt to mine other cryptocurrencies including Ethereum, Monero, Dash, Litecoin, and Zcash, no transaction fee is charged. This model has demonstrated that Genesis Mining is not simply driven by the desire to optimize profits but to help get more people to adopt blockchain in their lives.
The Genesis Mining Summary
This Genesis Bitcoin mining review concurs with thousands of the platform users that Genesis does not have an equal. The architecture of the platform and commitment of the development team set it on a path to become the best.
Here is a summary of the main pros and cons of using the Genesis Mining to mine your preferred cryptocurrency.
- The Genesis mining platform is available in most countries and in different languages
- It has a very intuitive user interface
- A very aggressive development team that progressively improves mining features
- Users are allowed to select the preferred cryptocurrencies to mine
- The platform does not have a mining fee for all the Altcoins mined there except for Bitcoin
- The payments are direct and prompt, starting from 48 hours after purchasing the preferred hashpower and cryptocurrency to mine
- The platform provides diverse mining plans that ensure everybody can easily and affordably mine the preferred coin.
- An additional fee is still charged to mine Bitcoin on the platform
- Genesis Mining does not provide users with an opportunity to select a mining pool of choice
Is Genesis Mining legit? This Genesis Mining review has established that the cloud mining platform was created to help provide a win-win situation for all users. The easy to use user interface, generous payments and development team’s commitment to advancing the blockchain technology have made the platform one of the best in the market.
If you had gotten stuck wondering about the mining platform to join, Genesis Mining will help you join the growing list of its highly satisfied client base. We cannot hesitate to recommend it to you. But as usual, we do not purport to be some sort of investment advisers as such you are as always advised to Do Your Own Research (DYOR)!