Genesis Mining Review – All you need to know

At the early stage of bitcoin, it was difficult to mine, with only 1 BTC created in a whole day. But the awareness and popularity of the digital asset also brought about easy mining, like what we have today as cloud mining.

Genesis Mining is a technology company and one of the largest cloud mining companies in the world selling cryptocurrency mining contracts. They offer cryptocurrency mining for everyone – for newcomers, individual miners, large investors. 

Genesis Mining makes it easy for everyone to acquire cryptocurrency easily and fast without the hassle of purchasing expensive mining equipment and paying high running costs of electricity. 

If you’re thinking about starting cloud mining, you are in for a detailed Genesis Mining review, one of the largest players of the cloud mining market. 

What you will learn in this review:

  • What is cloud mining
  • How to mine with Genesis Mining
  • Safety and Performance of Genesis Mining
  • Cost and Profit of Genesis Mining
  • How to mine different coins on Genesis Mining
  • Comparing holding Bitcoin and Cloud Mining
  • How to Choose the Best Genesis Mining Contract for You?
  • What are the major issues with Genesis Mining
  • FAQ

What is Cloud Mining?

Pros: cheap to start, requires no equipment, no added electricity cost, daily payouts

Cons: lower profits, risk of fraud and unclear operations, lack of control and flexibility

Cloud mining is the process of “renting” hash power from a company that owns a large mining farm. It includes purchasing a contract that could last anywhere from a year to 5-10 years (depending on the company). 

It’s an alternative to buying mining equipment and setting up everything by yourself. Often, newbies in the crypto community address cloud mining to introduce themselves to the market. 

How to Mine with Genesis Mining

Pros: well-known company, easy to purchase hash power, no equipment needed, daily payouts

Cons: not so lucrative, low payouts, unclear operations, poor customer service (as rated by the customers)

How it Works: 

  • Go to their website, and create an account. 
  • Go through the identity verification process and add 2FA to be more secure
  • Fill in your balance and purchase the desired contract (depending on the price, currency, and duration).
  • Once the payment goes through, you will receive your contract on your profile and start mining immediately.
  • You will receive daily payouts and will be able to withdraw your Bitcoin after reaching a certain amount (while paying a withdrawal fee as well).
  • This is how the 100% mining hash power can be located to different cryptocurrencies. The first mining output is released after 48 hours, then there will be daily output. Every day after mining, the output will be processed and sent to your account within 24 hours.

What is Genesis Mining Performance and Guarantee?

Genesis Mining offers hosted mining services at various ranges to customers, both small and large scale. It is a world-leading multi-algorithm cloud mining service provider with over 2.000.000 users around the globe.

It claims to offer a 100% uptime guarantee, which means customers will not experience mining hardware crashes, slow down or any kind of break. Its algorithm secures mining operations by allocating miners to relevant pools to fully compensate for possible harsh power. This makes it impossible for clients to lose any time of mining.

They include several layers of security for the users, including 2FA and identity verification. 

Their system is well-taken care of, and the equipment is updated regularly. The company prides itself on being up-to-date but reminds its customers that the fluctuation of Bitcoin (or altcoins) does not depend on them. 

What is the Cost and Profit with Genesis Mining?

The cost for the client includes:

  • Cost of the contract (maintenance fee, electricity fee, renting fee)
  • Withdrawal limits and fees 

The first time a client needs to spend money is when purchasing the mining contract. Then the payouts will take toll and pay the fees regularly. These fees include the maintenance fee, which covers all the costs related to mining, including electricity cost, cooling cost, hosting service, and maintenance work. Though the maintenance fee is fixed in USD, it is deducted from the daily mining rewards of mined native coins.

The details of the maintenance fee of your chosen contract will be in terms of service before purchases are made.

Withdrawal limit is BTC 0.0025 but no further fees are charged. 

The reward:

  • Daily payouts 

The reward of mining is distributed daily after the process of mining. Every day, mining starts at 00:00 UTC and ends at 23:59:59 UTC, your miners will mine for 24 hours before reward will be distributed. The time between two outputs can be longer or shorter than 24 hours. Every client will receive a mining output for each day of mining in the wallet address provided for each coin you mine.

Mining rewards are transferred daily and it is automatic before a transfer is made to your wallet, you must reach a threshold as indicated in the agreement. What you will earn as a reward depends on your investment and how it was stated in the agreement.

Is it Possible to Mine Different Coin at the Same Time with Genesis Mining?

Genesis Mining system allows clients to mine different cryptocurrency at the same time. 

You can select a particular coin and allocate hash power to it. Every mining algorithm is set up with a default delivery cryptocurrency, the Genesis Mining Advanced Auto-Allocation is known as ‘AUTO’ will connect directly all the cryptocurrencies that cannot be mined directly. Any cryptocurrency marked with (AUTO) cannot be mined directly.

How it Works:

  • In the user interface, select “Mining Allocation”
  • Choose your preferable hash power allocation
  • Click the button “Save Allocation”
  • Add your address to your genesis profile to ensure you get the mining output.

Comparing Holding Bitcoin and Cloud Mining

There’s a lot of commotion around the subject of holding Bitcoin vs. cloud mining Bitcoin. To each their own, but we still decided to fill you in about our comparison of these two concepts. 

Cloud Mining Bitcoin:

  • You don’t need to know a lot about the crypto market to start cloud mining 
  • Don’t need to go through the depths of the research to start earning
  • Easy way to introduce yourself to Bitcoin economy
  • Generates lower returns in the long term because of mining difficulty
  • A downward trend in price also affects mining
  • During the bearish market, your investment with Genesis Mining will stop generating returns and you may have no returns for the rest of your contract period.
  • You have no further information about how is your contract or rented miner handled
  • You can’t do anything with it until you reach the withdrawal limit 

Holding Bitcoin:

  • Holding Bitcoin means buying and keeping bitcoin, which is a less risky way to invest in bitcoin judging that even if the price falls, you will still have your bitcoin which will increase in value as price increases.
  • You can trade on exchange platforms
  • You are not getting regular income. You are holding the whole coin (which can differ by price)

While some might argue that cloud mining is better and easier, the majority of professionals come together by saying that holding a Bitcoin is much more profitable and comfortable. 

Investors hold Bitcoin like an asset, a stock if you may, and sell/buy more when the prices swing. Such activities may earn extra income without the need to buy any mining contracts. 

It’s less risk and more thrill in general. 

Genesis Mining Review - All you need to know

How to Choose the Best Genesis Mining Contract for You?

Currently, Genesis Mining offers four types of contracts:

  • Gold – Starter 
  • Platinum – Best Buy
  • Diamond – Professional
  • Custom – Create a custom Bitcoin mining plan  

Genesis Mining Review - All you need to know 2

The choice depends on your desires and plans. 

Their contracts last for 18 months, and currently (October 2019), they have an additional three months free offer. You can choose from 3, 35, and 140 Tera hashes or customize your own plan. 

Research and resize your decision before actually pressing that purchase plan button. 

What are the Notable Issues with Genesis Mining?

While researching, you will come around other reviews, comments, and disclaimers from previous clients. 

We gathered information all around the web to give you an approximate view of what the customers have to complain about: 

    • The amount of the payouts is always lower than the price you pay for the contract (eventually). This means that clients are paid less than what they are promised according to the mining agreement.
      This happens due to the market fluctuations, price changes and mining difficulty increase.
    • It is difficult to resolve issues with them because their customer service doesn’t respond quickly. A lot of customers have noted that they have poor customer support. 
    • They issue third party mining calculators. The platform doesn’t have a native calculator to calculate approximate earnings from the mining contract. 
    • There are often delays in paying out rewards
    • They charge 0.28$ per day, and can easily terminate clients’ contracts if after 60 days they don’t have enough funds in their account to pay this fee.
    • Most people consider Genesis Mining contracts to be unprofitable.

Conclusion

Genesis Mining, though, has some complaints from clients, is still a legitimate company. And if you are looking to invest in cloud mining, it will be better to start with a well-known platform where you will not lose your investment. 

They have been in the cloud mining business since the beginning of the concept. They employe a huge mining farm and have a trusted team of experts behind the idea. 

But remember to do your due diligence and research before you engage in a long-term partnership with any company. Assess your priorities and have a great time cloud mining your Bitcoin. 

Frequently Asked Questions

What will I earn on my investment?

Your earnings from the cloud mining contract depend on the price, investment, maintenance fees, and the duration of the contract. 

The income greatly depends on the price of the Bitcoin and the mining difficulty. 

Some companies offer the Whattomine calculator to calculate your approximate income from cloud mining. But you will need to know the power consumption details and information about the miners you’ll be renting. 

Are there any fees charged?

Yes, a maintenance fee is charged daily and it is 0.28%

There’s also a withdrawal limit of BTC 0.0025 which can be considered as a withdrawal fee because you can’t withdraw anything less than BTC 0.0025.  

When do I get my output?

It is distributed daily after close mining.

The final income that you can withdraw on your preferred wallet has to be at least BTC 0.0025.

Is it possible to mine more than one coin at a time?

Yes, Genesis Mining allows that, with their Advanced Auto- Allocation (AUTO)

What does a 100% uptime guarantee mean?

This is a guarantee that clients cannot lose a second of the mining time. It means that even if a specific miner from the mining farm of Genesis Mining crashes (which happens rarely), you won’t be losing your income, because you don’t depend on a particular miner, but the general hash power.