Genesis Mining Review

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.

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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8 Comments


  1. Hi All, I recently took 2 contracts from Genesis Mining. For around 1900USD each. I did open because some workmate talked to me about them. Payments are actually coming daily. But the payments are ridiculously low. I receive around 5USD per day per contract. no matter the price and fluctuation of the coins which is strange. (it will take more than a year only to see my money back if the incomes are stable) It seems the rate of payments are fixed and there is nowhere we can get the calculation details about the payment we receive in coins. Then I know that the incomes can only reduce because the difficulty of gaining coins increases regularly, so the incomes will be smaller and smaller months after months, until contracts die due to non profitability….
    Finally we cannot see actually how many coins GM are really mining in total on daily base nor the total hashrate they use for mining. so we never know exactly how much coins they mine and how they divide the incomes between all their customers. This is a lack of transparency.
    In my opinion, the day I signed up the contract, I should have better bought Bitcoins and ethereum with the same amount of cash and keep them for couple of years… But it’s done, now I have 2 contracts still generating some dust of cryptocurrencies and I am not sure I will get one day my money back… I like gambling anyway 😉 Good luck!


  2. Genesis Mining is one of the well known company of the Cloud mining market but it is a huge scam. No one can make a return on investment with the fees they are taking on “lifetime” contracts. By the way, they are calling it “lifetime contracts” but it will only pay during 2-3 months and will be cancelled when the fees are higher than your payout.

    This company is scamming people on purpose : they are selling contracts knowing their customers won’t get any return on their investment : That’s fraud.

    Scammers Profile Link: https://bitcointalk.org/index.php?action=profile;u=247140

    We have to spread awareness about it : Newbies in the crypto world are naive and keep investing every day in such a company

    I specify : I personaly tested Genesis Mining a lot of time ago. I did ROI the first time (like 3 years ago, probably in 2013-2014) and didn’t the second time (2015) but this scam accusation has another purpose than just complaining about “myself” (I didn’t invest much). I think Genesis Mining is an organized fraud system and shouldn’t be allowed to sell any contracts through this forum


  3. Jordan, I am interested in cloud mining and was wondering if there is another cloud mining company you would recommend looking into?


  4. Jordan have you personally had money with Genesis? How long? What has been your experience?


    1. I only have hash power that I’ve earned by referring people, but I would never buy hash power. But they have been paying me on time with no issues if that’s what you’re asking.


  5. A picture is not enough. Why don;t they provide a video showing the management and operators interacting in the mine. I think a lifrtime contract is what is glueing investors to Genesis Mining. The issue of 500 or 670 days looks like a minor factor to most investors. If a company was started in 2013, how sure are you that it’s on the way of becoming profitable in the future, let alone a lifetime haul? If you can interpret what Í’ve just said above you’ll know what I mean.


    1. I never said it is profitable. I said at least the company delivers on its promise and gives you stated hash power.

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