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Genesis Mining Review

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Most popular arrow_drop_down Advantages Coins Working Since arrow_drop_down
  • Company’s facilities are scattered across the globe to provide higher security
  • Affordable plans
  • Autotrader feature contributes to profitability
Bitcoin
Litecoin
Ethereum
Zcash
Monero
Dash
2013
year
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Company location: Hong Kong

Genesis Mining makes investing into the cryptocurrency industry easy and profitable. It provides cloud mining services based on multiple algorithms and leases out its powerful and reliable mining equipment to both cryptocurrency pros and new-comers.     

About the Company

Genesis Mining was founded in 2013 by Bitcoin traders, who got acquainted through their business and then started a joint project. Now the company operates from Hong Kong. 
Both founders are mathematicians. Marco Streng, who is CEO of the company, started investing in Bitcoin at the dawn of the cryptocurrency era. Dr Marco Krohn is also known as a mathematical physicist and quantitative analyst, now holding CFO position. They often take part in various events centered around Bitcoin and blockchain technology, as well as back some of them financially. 

The company has its mining rigs and data centers in Europe, America and Asia, while keeping their exact locations in secret for security reasons. However, some of the facilities are listed on company’s official website, where videos are also presented, for example, showing high-end hardware in Iceland. Apparently, company’s key concerns are electricity costs and cooling technology, since the cost-efficiency of the service depends on them greatly.

Corporate Social Media Pages

Facebook 
Twitter 
Youtube

Genesis Mining provides a choice of algorithms and allows mining various altcoins:
SHA256-based – Bitcoin, Unobtanium, Bitcoin Dark, Litecoin, Dash, Zetacoin and Darkcoin. 

X11-based – Dash, Startcoin, Bitcoin, Litecoin, Dogecoin, Bitcoin Dark, Peercoin and Namecoin. 

Ethereum-based – Ether and Bitcoin 

Services Available

Genesis Mining started operating as a service focused exclusively on altcoins, and initially it didn’t mine Bitcoin – users were able only to convert other cryptocurrencies into bitcoins.  But in 2014, the company expanded its services to covering direct Bitcoin cloud mining with the use of its cutting-edge technology.

The choice of Genesis Mining’s altcoins available for cloud mining varies depending on the demand for one or another cryptocurrency. The service questions users via Facebook to determine, which coins to add to its list. Users are also allowed to choose how to distribute their hashrate among available altcoins – they can configure the desired mining via user interface. 

Cryptocurrency is mined based on 3 algorithms - SHA256, X11 and Ethereum. Thanks to the Advance Autotrader option, users can receive their earnings in bitcoins even if X11 or Ethereum protocols were used for mining. This allows choosing the most advantageous algorithm for mining automatically with the subsequent exchange to Bitcoin.
The service ensures trouble-free performance, promising its users that they won’t lose any mining time even in case of some kind of failure. To avoid hashrate loss, the compensation through a corresponding mining pool is provided.    

Registration with Genesis Mining is simple and fast, since it requires specifying only an e-mail address and a password. Once they are registered, users are free to choose payment methods and then can immediately continue with buying hashrate. Two factor authentication serves to protect users from unauthorized access to their accounts. 

The mining goes on around-the-clock, with a mining day ending at 23:59:59 UTC. Users can see the reports on their revenue in 8 hours after the previous mining day is closed.

Their earnings are transferred to their accounts automatically on a day-to-day basis, while the first payout after the contract purchase occurs within 48 hours. For security reasons, the service doesn’t allow for immediate credit card payouts. There is a withholding period of 1 month, after which all payments are made on a standard basis and users can dispose of the accumulated funds.  

Pricing Policy

Genesis Mining attracts users by offering them the high-end technology at the lowest rate.
3-level plans are available for users on the platform. The cheapest option offers the hashrate of 200GH/s for $ 30, while the most expensive package is priced $ 1950 per 15000GH/s. The medium plan costs $ 350 for 2500 GH/s hashpower. 

Also, users can choose from the following X11-based plans:

5MH/s costs $30 
100MH/s is charged $ 500 
500MH/s goes for $ 2250 

The litecoin plans are provided in 3 options, too:
2MH/s - $ 28 
50MH/s - $ 650 
200MH/s - $ 2400 

Besides, there are custom packages, the cost of which is proportionally reduced depending on the mining capacity. Users can purchase Bitcoin hashrate of up to 200TH/s and it will cost them $ 26, 000. Correspondingly, Litecoin hashrate of 5000MH/s goes for $ 60, 000.
As for Zcash and Ethereum hashpower, these cryptocurrencies are currently unavailable in spite of their listing on the platform. 

While Bitcoin contracts are not limited in their duration, Litecoin, Zcash and Ethereum packages are purchased only for two years. However, unless SHA256-based, they are not charged with any maintenance fee, which is paid for the Bitcoin cloud mining. All the GH/s-based plans imply the fee of 0.00079 USD per GH/s. The service deduces the fee from users’ earnings on a day-to-day basis. No maintenance fees are paid for X11 and Ethereum plans. 

To make a purchase, users can choose from a number of payment methods. Both VISA and Mastercard are accepted, but there is an additional fee for payments under $100. Also, users can make their payments by wire transfers in USD and EUR, as well as they can choose to pay with altcoins. 

User Experience

Genesys Mining website features professional design and intuitive navigation. Users can easily find most of information about company’s services on the FAQ page and then get even more answers through its cloud support service. Feedback is also provided via a contact form on the website or via e-mail. 

Besides, users can leave their reviews and rate Genesys Mining website and services through a special review section. At the moment, there are over 700 feedbacks left by users on the website, and most of them are positive.  

Overall Conclusion

Genesis Mining grants access to its vast mining capacities scattered throughout the world. A great choice of plans for mining multiple altcoins are offered, including custom packages. This allows users to purchase as much hashrate as they desire, whether those users are novices or experts. Users are allowed to convert their mined cryptocurrencies into Bitcoin, which improves mining profitability. Genesis Mining pricing is clear and affordable, but the service is not as attractive as it might be, because of the fees charged for maintenance on

Bitcoin plans and for credit card payments. Also, it should be taken into account that the company takes an active hand in cryptocurrency events, fostering Bitcoin further expansion.

User reviews for Genesis Mining

09.04.2018 jill smith

invested 3k to dash in October, the yield is still pleasing. support is weak, I had to learn everything myself.

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Investing involves risk, including possible loss of principal.

In addition to the normal risks associated with investing and mining, cryptocurrency mining investments and related instruments may involve risk of capital loss from unfavorable fluctuation in cryptocurrency values, exchange-related risks, policy risks, liquidity, and market price fluctuation and demand.

All information on this web site are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase.