- 1 Genesis Mining
- 2 How exactly does genesis mining work?
- 3 The main features of Genesis mining
- 4 Profitability of using Genesis Mining
- 5 Pros of using Genesis Mining
- 6 Cons of using Genesis mining
- 7 The final take
Genesis mining is among the top cloud mining companies in the market today. It was founded in 2013 as it emerged that mining was becoming increasingly difficult for many people because of the required expensive hardware.
Genesis mining has its mining farms stationed in Europe, America, and Asia to guarantee users of faster connection and greater efficiency. The company has fine-tuned the services so much that most miners only compare it to other giants such as Hashing24 and GM.
How exactly does genesis mining work?
The main objective of setting genesis mining was to remove all the complications that come with expensive hardware and setting up the software. Genesis mining has simplified by setting everything for you. To start using Genesis Mining, the first thing is to set up an account on their website. Ensure to provide the right personal details and a complex password that cybercriminals cannot crack easily.
Before starting to mine the coins of choice, one is required to fund the accounts. Unlike other mining services that insist miners have only to fund using Bitcoins, Genesis Mining is different. It allows users to fund the account using multiple methods such as Wire transfer, Bitcoin, Credit card, or PayPal.
The last step is selecting the contracts of choice depending on the coins you want to mine. This means you need to look at the different types of coins closely to understand how they work and anticipated profitability.
The main features of Genesis mining
Genesis mining was designed with rich features to guarantee users of a great mining experience. The main features include;
The mining contracts
The mining contracts are the bottom line of genesis mining operations. They are crafted to ensure that users can match their mining needs. The contract you pick will determine the coins that can be mined. The XII contracts allow users to mine Namecoin, Startcoin, Peercoin, Dash, Dogecoin, Litecoin, Ethereum, and Bitcoin. You can also opt for the SHA-256 contracts that allow users to mine Dash, Darkcoin, Zetacoin, Litecoin, and Bitcoin. It is advisable to start by evaluating the ease of mining each coin and associated returns.
The genesis mining blog
The Genesis Mining blog is the main talking point of the service to its ever-growing community. The blog has become a great place to start especially for those who are new to crypto coins mining. You can also join the community to learn how to mine efficiently and operate profitably.
The genesis Data centers
Genesis Mining enhances its efficiency by spreading its mining lines and data centers across the globe. Over time, Genesis Mining has continued to improve the data centers and adding more to ensure that everyone can mine the preferred crypto coins no matter the location in the globe.
Profitability of using Genesis Mining
The main focus of buying a contract from any cloud mining is to make profits. Therefore, what is the profitability of different contracts on offer at Genesis Mining?
At this point, it is important to appreciate that the prices keep changing depending on the demand in the market. Every coin’s price, respective network difficulty, and altering hash rate can alter the profits.
If you go for the SHA-256 contract, you should expect payouts of approximately 0.37Mbtc/ 1TH/s every day. This will cost about 0.25 BTC for every 1TH/s. It means that investors can easily break even after about 670 days.
For miners who opt for XII contracts, the payouts are 0.027MBT for every 1MH/s per day. You will incur a cost of 13.6mBTC/ for every 1MH/second. This indicates that you should expect to break even after about 500 days. Note that when you join genesis mining for a lifetime contract, a maintenance fee will also be deducted.
Pros of using Genesis Mining
- The genesis cloud mining uses lifetime contracts. These allow users to continue mining as long as they want. By removing the limitations that come with short-term contracts, it means that miners can continue making more profits for longer.
- Genesis mining allows users to mine many cryptocurrencies depending on what they want. You can go for the X11 contracts that allow users to mine more coins or the standard SHA-256.
- Genesis mining is one of the simplest cloud mining systems to use. After creating an account with them, using the system is easy and enjoyable. Whether you are new to crypto mining or has mined before, this is a great place to start and make a lot of profits.
- Genesis mining is very affordable. For newbies or those who are still learning about crypto mining, the best place to start is the Gold Plan that is tagged $19. The Gold Plan delivers a total of 2,000 GH/s. Those who want to do intensive mining can go for the platinum and diamond plans that come with 2,000GH/s and 10,000GH/s respectively.
- Genesis mining allows users to split their mining hash power to mine multiple coins simultaneously. This means that you can optimize the profits by following the most profitable coins.
- Unlike other cloud mining services that are unclear about their pricing and payouts, Genesis Mining is very open. This means that people can accurately calculate the anticipated returns after joining various contracts.
Cons of using Genesis mining
The most notable con of using Genesis mining is that it never reveals the location of the data centers. However, keeping the location of the servers concealed is important for enhanced security.
The final take
Genesis mining has demonstrated its commitment to making mining easy and direct. They have made the process open so that miners can learn and understand the entire process quickly. Whether you are new or has been mining cryptos for some time, Genesis Ming is no doubt a great place to leap to the next level. Always remember that the success you can achieve in cryptocurrency mining is dependent on carrying due diligence and pouncing on every opportunity especially from high potential new cryptos. For example, you should be on the lookout to buy and start mining the latest Bitcoin Cash and Bitcoin Gold.