About the Genesis Mining platform

Genesis Mining is a cloud mining service, which was established in 2013. Its cryptocurrencies mines are located in Europe, America and Asia, but the exact locations have not been made public for security reasons. One known data centre is located in Reykjavik, Iceland.

Genesis Mining is one of the leading providers of cloud mining services and mining contracts for popular cryptocurrencies such as Bitcoin, DASH, Ethereum and many others.

Mining contracts are fixed-term contracts and usually last for 24 months. This means that for a period of 24 months you will be digging cryptocurrencies and receive daily earnings from it.

How does Genesis Mining work?

Genesis Mining is a platform that allows miners to purchase the computing power needed to digging/extract cryptocurrencies without having to invest in expensive physical equipment and without any specialist knowledge. Just buy the right package and the digging will start almost immediately.

Genesis Mining takes on the task of building efficient and reliable cryptocurrencies mines, which are then rented to miners interested in investing in cryptocurrencies digging computational power to extract digital currencies. The process of investing in crypto mining at Genesis Mining is simple and it is enough to set up and fund an account on their website to start mining.

Payment methods

Once you have registered with the Genesis Mining platform, you can easily pay for your plan using various payment methods such as Bitcoin, PayPal, credit/debit card or bank transfer.

Prices

At the time of writing the article, the most attractive plan is 2-year extraction of DASH cryptovalue, based on X11 algorithm. The minimum investment amount is 57 dollars, the maximum is 19 000 dollars.

Moreover, Genesis Mining offers digging of other cryptocurrencies, such as Bitcoin, Litecoin or Ethereum, but at the moment all these plans are sold out.

What kind of cryptocurrencies can you dig up on Genesis Mining?

Genesis Mining allows to mine Bitcoin, DASH, Litecoin, Ethereum, Monero and many others. The service allows you to extract different coins depending on which contract you buy and which one is currently available.

The service offers the possibility of extracting all types of crypto based on Scrypt, X11, SHA-256 algorithms, i.e. those that can be excavated using ASIC or GPU.

Contract types

The X11 contracts provide for the production of the following coins: Bitcoin, Litecoin, Dogecoin, Dash, Peercoin, Startcoin and Namecoin.

SHA-256 contracts allow for the extraction of: Bitcoin, Litecoin, Dash, Zetacoin and Darkcoin.

Profitability

There are many factors that affect the profitability of a contract. These include the current cryptocurrency price, the difficulty of digging or the current hashrate, which is variable. Investment in crypto mining may be risky, but it may also turn out to be VERY profitable, so it is best to see for yourself. Very encouraging is the fact that losses on crypto digging are usually not large comparing them to a direct purchase of cryptocurrencies, while profits in a favorable economic situation may turn out to be very high.
Cryptocurrencies mining requires large financial outlays, because specialized equipment is needed – ASICs (Antminer type) or computers with a large number of graphics cards. It is also worth mentioning the growing price of electricity. Using Genesis Mining, you can bypass all these costs and almost immediately go to cryptocurrencies mining.

In addition, you won’t have to deal with issues such as equipment repairs, upgrades and management, excavator environment temperature problems, fan noise, or equipment collocation (space) when conducting all your online mining operations.

Summary

Return on investment depends on many factors, but if you are interested in cryptocurrencies mining, and you do not know how to start, it is worth to review and analyze the offer of Genesis Mining. Moreover, Genesis Mining turns out to be one of the few reliable cloud mining providers – this is indicated by the fact that the company has already existed for several years and has many positive opinions. If you do not have a large investment budget or simply are not familiar with technologies, then cloud digging in Genesis Mining may be a good solution for you.

 

Check also our other related article:

What is cryptocurrency mining? Quick Guide