Genesis is a cloud mining service provider that allows the users to hire their cloud services, and pay small fees in return. Users can earn cryptocurrencies using their hardware and equipment, only paying a small amount as fees. The return is higher, and the investment is tiny!
This Genesis Mining Review will help you get a better view of this cloud service provider.
About Genesis Mining: History
Genesis Cloud Mining started in 2013, and it owns excavating farms located in Europe. They are one of the most legitimate and genuine cloud services out of all currently present. They have even registered with the SEC for Bitcoin scooping fund, which is a great deal. Considering the current scenario where most of the cryptocurrency is mined in large pools and heavily loaded farms.
These farms and pools have a high processing and computing power at their disposal. Using that high power, they can mine most of the coins, and add maximum value to the blockchain. If you want to compete with them, you either need millions of dollars, worth of investment put into hardware and equipment and then you must also be ready to pay fat electricity bills because to generate high hash-power, you will need to burn up your computer 24/7.
To avoid this heavy additional cost, many companies started providing cloud excavating services. Genesis-Mining.com cloud mining is one of them. Here, you will not only find excavating services for Bitcoin but also Ethereum and many other alt-coins. Genesis offers the most genuine services to its users at competitive prices.
For newcomers, they offer 1000GH/s lifetime Bitcoin excavating contract that will cost you $179 (Gold plan). If that is small for you, you may also opt for 5000GH/s plan, that will cost you around $845 (Platinum plan). They also have their largest plan that offers you 25,000GH/s for $3975 (Diamond plan). These plans are for Bitcoin scooping. For every coin, you will get different plans.
- Gold Plan – $1520 for 40MH/s
- Platinum Plan – $4440 for 120MH/s
- Diamond Plan – $12,960 for 360MH/s
- Gold Plan – $28 for 2MH/s
- Platinum Plan – $650 for 50MH/s
- Diamond Plan – $2400 for 200MH/s
- Gold Plan – $30 for 5MH/s
- Platinum Plan – $500 for 100MH/s
- Diamond Plan – $2250 for 500MH/s
These all are two-year long contracts provided by Genesis services. The plans vary according to the price fluctuation of the cryptocurrency and the congestion on the blockchain network.
This is one factor in which Genesis cloud services fail every other cloud-based service. The users of Genesis-Mining.com have a high trust on the website. Even the online reviews that you will find about genesis mining are mostly positive. They hand out the pay-outs almost immediately and do not hold back payments. They are also quick in registration and opening your accounts. On their website too, you may find complete information about their operating data centers in Europe.
Algorithms Offered by Genesis Cloud Services
There are various algorithms that Genesis cloud excavating offers. For X11 contracts, the users will be able to mine – Bitcoin, Dogecoin, Peercoin, Litecoin, Namecoin, and Startcoin. While for SHA-256, the users can mine – Bitcoin, Litecoin, ZetaCoin, Dash, and DarkCoin.
Bitcoin can be excavated using both X11 contract and SHA-256 algorithm. Both are good ways to mine Bitcoin, only the hash-rate differs. X11 uses 11 different rounds of hashing (hence the name), and it is energy efficient when processed using the processing power of a CPU or a GPU, while SHA-256 which uses energy extensively. SHA-256 is more secure and ASIC resistant while X11 is not. X11 is succeeded by other algorithms like X13, X15 and so on, each of them using the same number of hashing rounds as their names. The machines that process SHA-256 draw higher energy, and hence the plans involving SHA-256 might be more expensive as compared to the ones offering X11 contract.
Genesis-Mining offers various cryptocurrencies and coins. Some of the popular ones that you can mine here are – Bitcoin, Ethereum, Litecoin, ZCash, Monero, and DASH.
Genesis excavating offices are located in Iceland and Hong Kong. The data centers where the mining takes place, are located in Iceland. They have three data centers, one solely for Bitcoin, one for Ethereum and last one for DASH.
Genesis provides cloud mining services to its users. By paying a small amount, users can invest in their venture, and get repaid in cryptocurrencies. As the prices of cryptocurrencies will grow, their investment will become double with faster speed!
Fees and Pricing Schedule
Fees levied by Genesis cloud service is added on top of 2 years mining contract that the users sign up for. For DASH, Ethereum, ZCash, Litecoin and Monero, there is no maintenance fee at all, while for Bitcoin, there is a maintenance fee. The maintenance fees are small compared to other cryptocurrency mining farms. The pay-outs are typically made after 338 days (almost 11 months).
The only pros of Genesis mining services are that you will be saved from spending on heavy equipment and power-extensive hardware. By investing a small amount, you will be able to have great returns and pay-outs.
The Cons, however, are that you must do your own due-diligence before investing. If there are positive reviews about a platform, the negative reviews also stand parallel to it. As a smart user, you must not ignore the negative reviews and do your research before investing.