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.
Genesis Mining is the most transparent cloud mining company and not a scam.
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 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.
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.
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.
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.