If you are in the cloud mining business, you probably know that Genesis Mining is one of the major hashpower providers in the world. In this Genesis Mining review, we will focus on explaining exactly how you can make a profit with this company, explore its resources, and help you discover the plan that best fits your needs and budget. There has been a lot of talk about whether Genesis Mining is profitable or not and we are here to finally settle the dispute.
Genesis Mining Ratings
About The Company
Genesis Mining prides itself on being the first large-scale multi-algorithm cloud mining service in the world, with over half a million clients worldwide. It is a hashpower provider whose services are designed to suit the needs of both beginners and experts in the field of Bitcoin and cryptocurrency mining.
The company was founded in the fourth quarter of 2013 and until the third quarter of 2014, they focused on innovative Bitcoin mining methods. They opted for the more profitable technique of circumventing the overcrowded Bitcoin mining market and focusing on mining cryptocurrencies subsequently exchanged into Bitcoin. Due to client demand, they now also offer direct Bitcoin mining.
How Genesis Mining Works
With Genesis Mining, you can start mining as soon as the company has received your payment and the contract of your choice is added to your account. The miners mine for you 24 hours a day and the mining day starts at 00:00 UTC and ends at 23:59:59 UTC.
When you get started, you receive your first payout within 48 hours and after that, you receive payouts after every mining day. For clients ordering via debit/credit card, the payouts are held for 30+2 days before being transferred to their wallets, after which the clients begins to receive daily payouts. In order to protect its customers from paying excessive fees for small amounts added to their wallets, Genesis Mining established minimum payouts (e.g. 0.0006 BTC for BTC mining).
Genesis Mining contracts allow you to directly mine Bitcoin, Dash, Litecoin, Zcash or Ethereum. You can also trade your payments for other coins and determine custom allocations for your cryptocoins. Read more about allocations in the Features section of this Genesis Mining review.
The company is not willing to disclose its list of pools but does state that it uses at least two different pools at a single time for the purpose of decentralization preservation. Every pool that gets close to 50% share is only used as a backup.
Genesis Mining owns numerous Bitcoin mining farms in Europe, America, and Asia, most of which are not available for viewing for customer protection and security reasons. The clients can only take a look at 3 mining farms located in Iceland, including Enigma Ethereum Mine, Bitcoin Mining Facility, and Dash Mining Facility.
You can choose to mine Bitcoin and other cryptocurrencies directly or via GM Advanced Autotrader. Sha256 mines Bitcoin, Unobtanium, and Zetacoin directly, X11 mines Startcoin and Dash directly, Ethereum mines Ethereum directly, Zcash mines Zcash while Scrypt directly mines Litecoin and Dogecoin. However, thanks to GM Advanced Autotrader, you can receive payouts in different coins even if they are not mined directly by the corresponding algorithms. For example, you can receive Bitcoin payouts while mining with the X11 algorithm. This “smart” mining method allows you to mine the most profitable cryptocurrencies and exchange them to Bitcoin.
As we have mentioned before in this Genesis Mining review, one of the biggest advantages of mining with Genesis Mining is its extremely flexible allocation of hashpower. You get to decide which coins to mine with your hashpower and you can decide on the exact distribution, no matter which contract you choose. For example, you can simultaneously mine different coins with 20%-20%-60% or 10%-20%-70% or any other distribution that you think is the most profitable.
The company does not charge any pool fees and there is no waiting time, which means your mining starts immediately. Another upside of doing business with Genesis Mining is that the hashpower you purchase is yours to keep for a lifetime.
Genesis Mining offers a 100% uptime guarantee. You do not lose an instant of your mining time, as GM algorithms allocate miners to the relevant pools and make up for any potential hashpower loss. If you are in doubt or need assistance, the good news is that Genesis Mining invests great efforts in customer support and its staff is quick to respond. You can send your inquiries via email and get detailed and honest answers to your questions.
Plans & Pricing
Genesis Mining offers unique contracts for Bitcoin, Dash, Ethereum, Litecoin, Monero, and Zcash mining.
If you are interested in open-ended Bitcoin mining, you can get the Gold plan (200 GH/s) for $30, the Platinum plan (2,500 GH/s) for $350 or the Diamond plan (15,000 GH/s) for $1950. You can also build your custom plan ranging from 0.2 TH/s ($30) to 200,000 TH/s ($26,000). The duration of each contract depends on mining difficulty, Bitcoin vs. USD exchange rates, and the maintenance fee, which amounts to $0.00028 per GH/s per day and is deducted from your daily payout.
Dash mining plans include Gemini (5 MH/s), which costs $30, Ferox (100 MH/s), which costs $500, Graviton (500 MH/s), which costs $2250, and Custom, which you can tailor to meet your needs. There is no maintenance fee and the duration of the contracts is 24 months.
Etherum mining plans are Small (1 MH/s), which costs $29.99, Medium (30 MH/s), which costs $869, Large (100 MH/s), which costs $2799, and Custom, ranging from 1 to 500 MH/s, which can cost between $29.99 and $14,000. The duration of the contracts is 2 years and there is no maintenance fee.
Litecoin mining plans at your disposal are Gold (2 MH/s), which costs $28, Platinum (50 MH/s), which costs $650, Diamond (200 MH/s), which costs $2400, and Custom, with the value of your choice. The plans last for 2 years and there is no maintenance fee.
Monero mining 2-year contracts include Blaine (60 H/s), which costs $49.99, Dynamo (1000 H/s), which costs $819, Houdini (3000 H/s), which costs $2399, and Custom, ranging from 60 to 10,000 H/s and costing up to $8000. There is no maintenance fee.
Zcash mining 1-year contracts include Starter (4.06 H/s), which costs $29.99, Advanced (40.57 H/s), which costs $289, Professional (405.87 H/s), which costs $2699, and Custom, featuring the value you determine. There is no maintenance fee.
- Great transparency
- Daily payouts
- Flexible hashpower allocation
- Smart mining via GM Advanced Autotrader
- 100% uptime guarantee
- 32-day payout transfer delay for debit/credit card orders
- Maintenance fee for open-ended Bitcoin mining contracts