Skip to content →

Genesis Mining: The Cloud-Based Cryptocurrency Service – 2018 Review

Genesis Mining LogoGenesis Mining is a cloud-based service that offers rental equipment for cryptocurrency mining. You can order an unlimited amount of CPU power from servers located in Reykjavik, Iceland. Genesis Mining was founded in 2013. The founders of our global company on cryptocurrency mining got to know each other by using the same platform for buying and selling bitcoins. As our company expanded its cryptocurrency mining capacities and user base, we invested in creating new mining farms, hired additional specialists, especially, programmers and engineers.

Genesis Mining is one of the largest companies in the cryptocurrency and blockchain world, which stands along with such giants as HashFlare, BitFury, Kraken, BitLicence, and others. Until 2014, the capacity of the Genesis Mining data center allowed us to operate without external investors and not to share our profit. Some articles may say that Genesis Mining is a producer of mining equipment. Actually, this is not true. Genesis-Mining has signed a contract with a manufacturer of mining hardware and purchases it at reduced prices. The reality is that Genesis Mining is a reliable cloud-based service, which has to buy the equipment. This is also one of the reasons why we need to publicly attract investments.

Content:

  1. CPU power rental rates at Genesis Mining
  2. How do I register and start working on Genesis Mining?
  3. The review and comparison of the three leading cloud mining services
  4. Conclusion

Prices for renting CPU power in Genesis Mining

There are 4 pricing schemes available for each cryptocurrency. They differ from each other in terms of cost and capacity. For example, the tariff “Gold” for Bitcoin costs $30 per month. The buyer is provided with 200 GH/s. The tariff “Platinum” costs $350 for 2,500 GH/s for the same period. The price of “Diamond” is $1950 for 15 000 GH/s. The service does not charge additional fees for electricity or any other commissions on top of the cost of the tariff.

During the period of special offers, users are presented with bonus Bitcoins, which can be spent only on renting CPU power. If none of the pricing schemes suits you, you can always use the individual one by creating your own settings. You can do this by dragging the power slider to the right until you reach the desired mark. If you need more than 10,000 GH/s, contact Technical Support Team to create a service contract.

Ethereum Mining

Genesis Ethereum Mining

Zcash mining

Genesis Zcash Mining

You can pay for the services by MasterCard or Visa credit card. The maximum lease term is 2 years.

Register on Genesis Mining website https://www.genesis-mining.com/

How to register and start working for Genesis Mining

You can start earning cryptocurrencies with our cloud service having only $26 in your pocket. That’s the cost of the cheapest contract, which gives you 100 Gh/s of CPU power.

We don’t promise that our service is the most profitable of the cloud-based ones. Its profitability fluctuates from 80% to 150% per year, and in case Bitcoin price drops, it may be even less. But high income does not guarantee prosperity, especially if it is not stable and not regular. And Genesis Mining is known for its stable work and regular payments, which, at the end of the day, are much more profitable than high-yield “one-day” earnings.

Another thing that attracts users is the opportunity to earn money immediately after the contract is signed. And we want to emphasize that this is passive income. After all, you essentially do not need to do anything. Unless you go to the website from time to time to make sure that your account was automatically stocked up with the extracted Bitcoins. If you mine other cryptocurrencies, you can manually control this process by adjusting the capacities and choosing the most profitable digital currencies, the income of which will also appear on your balance sheet, but it will be displayed in Bitcoins.

Which currencies are the most profitable to mine?

Besides Bitcoin, Genesis Mining also offers you about a dozen altcoins, and you can mine any of these currencies. But, of course, the next question is: which currencies are the most profitable? If you consider mining to be more than just an interesting hobby and think of it as a way of earning money, then we suggest using profitability calculators to determine the profitability of mining certain cryptocurrencies. Analytical data provided by these calculators is updated online. However, there is no comprehensive answer to the question about the profitability of cryptocurrencies. In each case, you need to calculate everything and think about the factors that affect this very profitability like the current value of the coin you are about to mine. You also should consider the mining complexity and how quickly it grows (in percent).

But once you have made a choice, you cannot let things take their own course. The fact is that the situation changes very quickly and if you want to get the maximum profit from the acquired capacities, you need to constantly monitor the indicators you are interested in and adjust your work according to their changes.

Gaining additional income with the partner program

You have the chance to increase your CPU capacity by attracting new clients to the project. Under the terms of the program, the new user brought by you will receive a 3% discount on the purchase of the tariff package. As a reward, you will get your rented capacities increased. How much they will be increased depends on your rank in the system and the tariff the new user buys. At the first level, the partner receives 2.5% of the new client’s order. For example, if he or she purchases 200 GH/s for BTC mining, you will be added 5 GH/s. To go to the next level, you need to have the users attracted by you to pay more than $100 for all packages. For the third level, this sum is $500. The statistics are calculated for the period of the last 100 days, if attracted users spend less, your rank will drop down.

The administration sets no limits for partners to legally attract new customers. You can place your promo code or link on websites, blogs, social networks, comments on forums, video hosting channel, email newsletters, etc. We also recommend you to pay attention to the social networks like Facebook and Twitter, where many interested users can be found.

Power Distribution in the Genesis Mining System

The project provides the possibility to distribute a hashrate between different digital currencies. This is a special feature of our service and it deserves to be explained in detail.

You may access this function via the “Power Distribution” tab. The essence of this function is the ability to distribute different types of CPU capacities between different cryptocurrencies. The distribution itself is done with the help of pie charts, which can be easily understood even on the intuitive level. Distribution allows you to achieve high profits, based on the profitability of the currency at the current moment.

Advantages

We really believe that you need to be very picky or prejudiced to deny the obvious benefits of working with our service. We deliberately did not say much about operational issues, because all you need to do is register on the website (and registration is fast and easy), and everything becomes clear. It’s true; the control panel of your profile is really convenient. Everything is clear and simple, so no additional explanations are required. The website is well-designed and not overloaded with unnecessary elements. It is not only pleasant for eyes but also very functional. We took care of the customers’ personal data security and protected their accounts from outside interference by implementing two-factor authentication.

We would like to note the friendliness of our support staff and their quick responsiveness to users’ enquiries. If you have problems, you can be sure that the support team will solve them professionally and on a short notice. In emergency cases, the support team can be contacted even by phone. The two more advantages of our service which should not be neglected are a wide selection of cryptocurrencies for mining and the availability of a mutually beneficial partner program. And last but not least, a few important things that help us prove the reliability and integrity of Genesis Mining are a real offline company office and the publicity of our team, which can be contacted by phone (numbers in the public domain).

Genesis Mining is one of the undisputed leaders of the worldwide cloud mining market. Its popularity is attributable, inter alia, to the extensive use of advertising. The company buys advertising spaces at public transport and billboards.

This policy partially affects the profitability of the CPU capacities rented from our service. As you know, it is not exceptionally high. Yes, and the reason for that is the high cost of advertising. However, thanks to the constant change of the situation on the cryptocurrency market, our service is able to provide clients with highly profitable offers.

Comparison of the three leading cloud mining services

We have chosen 3 cloud mining services that operate for more than a year on the cryptocurrencies market:

For better visualization, let’s summarize all data in tables on the basis of which we will draw our conclusions. Exchange rates and mining profitability is relevant for June 28, 2017.

Comparison of tariffs and profitability for Bitcoin

ServicePrice, USD/ThMaintenance per dayAction periodMinimum pricePaybackAnnual rate
Genesis Mining130- 1500.00028 USD/1GhIndefinite30 USD210 days173%
HashFlare1200.0035 USD/10GhIndefinite1,2 USD218 days167%
Hashing242000.00033 USD/1GhIndefinite20 USD350 days104%

By today’s standards, the tariffs for purchasing CPU power for Bitcoin mining offer average profitability. The main advantage of buying such contracts is an unlimited action period and more predictable prices for the main Bitcoin cryptocurrency. The most favorable conditions for purchasing such contracts are offered by Genesis Mining with a profit of 173%. However, you will need to purchase the Diamond package worth of $1950. If your budget is lower, you should pay attention to HashFlare contracts.

Comparison of tariffs and profitability for ETHEREUM

ServicePrice, USD/ThMaintenance per dayAction periodMinimum pricePaybackAnnual rate
Genesis Mining28-30No2 years30 USD215 days169%
HashFlare22No1 year2,2 USD169 days215%

Tariffs from HashFlare look very attractive, especially because of the profitability and the minimal price of the contract. However, HashFlare contract will be valid only for 1 year, when Genesis contracts are signed for 2 years.

Comparison of tariffs and profitability for Scrypt

ServicePrice, USD/ThMaintenance per dayAction periodMinimum pricePaybackAnnual rate
Genesis Mining12-14No2 years28 USD150 days243%
HashFlare13,50,01 USD/1MhIndefinite13,5 USD192 days190%

Genesis Mining offers Scrypt contracts with maximum profitability for a period of 2 years. However, at the current moment, all the capacities in Genesis are already sold out. As an alternative, you can consider purchasing a Scrypt contract from HashFlare with profitability of 190% per year and an unlimited contract.

Comparison of tariffs and profitability for Dash

ServicePrice, USD/ThMaintenance per dayAction periodMinimum pricePaybackAnnual rate
Genesis Mining4,5-6No2 years30 USD150 days243%
HashFlare5,8No1 year5,8 USD193 days189%

The condition of the profitability of DASH contracts is almost the same as one of Script contracts, where Genesis offers larger profitability with a longer contract term. But all the capacities are also sold out. Still, you can invest in a contract from HashFlare with a profitability of 189% for 1 year.

Comparison of tariffs and profitability for Monero

ServicePrice, USD/ThMaintenance per dayAction periodMinimum pricePaybackAnnual rate
Genesis Mining48-5060HsNo2 years50 USD357 days102%
HashFlare

Monero cloud mining is offered only by Genesis. The contract is signed for 2 years but for the moment the profitability of this cryptocurrency has the smallest rates.

Conclusion

Well, we have already said all we wanted to say. Now it’s time to sum up our conversation. It seems to us that Genesis Mining is worthy of your attention for several reasons:

  1. Our team has a friendly and open attitude to all our clients.
  2. The service is dynamically improved and developed. We constantly review the list of cryptocurrencies and algorithms, introduce new types of payments, etc.

The fact that Genesis Mining belongs to a well-known manufacturer of Bitcoin mining equipment and uses its tools in its data centers also gives good reasons for believing that this company has stable and successful future.

That is why we recommend this service to all miners, regardless of their experience and professional skills.