Genesis Mining Review 2019: How Does Genesis Mining Work?

Genesis Mining is a smart choice for those looking for biggest hosted hashpower provider for Bitcoin and Altcoins.

Consider cloud mining at Genesis Mining. This cloud mining provider was founded in 2013 and has already gained a solid reputation for its integrity. Indeed, currently, when it comes to the best cloud mining platforms, Genesis Mining takes the crown. It is only the biggest hosted hashpower provider for Bitcoin and Altcoins, but it’s also one of the best in terms of benefits and alternatives.

As it was already mentioned, it supports mining of both Bitcoin and altcoins. That means that you can earn Bitcoin and many other Cryptocurrencies, including the following ones:

Ethereum (ETH)
Dash (DASH)
Litecoin (LTC)
Monero (XMR)
Zcash (ZEC)

It is of vital importance to add that the mining service allows you to mine a number of Cryptocurrencies at the same time. So, if you can’t choose which one to mine, benefit from several mining options at once.

How Does Genesis Mining Work?

The idea of cloud mining is very simple. Instead of spending thousands of dollars on Bitcoin mining hardware, you can pay someone to lease their hardware and keep the profits to yourself. The company that rents out the miners takes care of the maintenance and all of the hassle of setting them up.

Genesis Mining is an easy and safe way to purchase hash power without having to deal with the complex hardware and software set up.

Genesis Mining specializes in building the most efficient and reliable mining rigs that they offer to their clients for rent.

All you need to do is set up an account with them to start mining.

After signing up, fund your account via Bitcoin, PayPal, credit card, or wire transfer, and then choose the mining plan that’s best for you.

Main Advantages

Genesis mining software is one of the very few cloud mining companies that actually do what they say they do. There are some advantages which make them stand out of the crowd.

Saves you Time

The Genesis Mining scam less system also saves you a lot of time because there is no need setting up a rig from scratch. You just sign up and begin trading instantly.

Saves you Money

If you want to set up a mine, you should know that a large investment is required for mining hardware. Occasional maintenance is also required on your rigs. The problem is that all of these cost money. With Genesis mining, your rig is already set up for you, which means that this initial cost is erased.

Freedom and Flexibility

This freedom lies in your ability to trade between several coins and currencies and make a profit from them.

You can easily allocate hash power to different currencies using Genesis Mining review software, and feel safer knowing that your income will flow in from multiple streams.

Genesis Mining Robot is Easy and Convenient

With Genesis Mining Cloud App, online mining does not include all the heat and loud noise of establishing a mine. Also, stress and maintenance hassles are completely erased.

Lifetime Contract

The idea that it is a lifetime contract also makes it very lucrative because with values and prices increasing every day, you can be sure of a very good future using Genesis Mining app. Just one investment and you can earn profits for the rest of your life.

Is Genesis Mining A Scam?

The above business model is 100% NOT a scam or a Ponzi scheme.

It is legal, and for good reason.

By the explanation above, you can clearly see that there is nothing fraudulent about this business model.

Cloud mining companies, in general, have a lot of negativity surrounding them, because the majority of these services WERE actually scams.

They would promise the world to unknowing customers and simply not deliver. But not Genesis Mining.

As I said before, Genesis Mining and Hashflare have been around for long enough and have had enough people use them over the years to confidently state that they are BOTH not scams.

But, of course, this doesn’t mean that there aren’t unhappy customers.

Just as with any company, of course, there will be people that are unhappy with the service.

But this is for other reasons – not because they are a scam.

Genesis Mining is among the very few legit cloud mining companies that we feel comfortable discussing.

Details: Everything You Need To Know Before You Purchase

So, we’ve discovered how Genesis Mining works and answered the question “is Genesis Mining legit?”

But let’s actually talk about exactly what the service has to offer.

We will go over their cloud mining contracts, their payout system, their supported cryptocurrencies, and much more!

This is a very comprehensive list all on one page that should provide you with enough information to make an educated decision on whether or not you should get involved with Genesis Mining.

Supported Countries

Genesis Mining has a goal of making cryptocurrency mining available to everyone in the world.

They want their platform to be worldwide.

They are available in all first world countries and are quickly expanding to more.

You can check to see if your language is supported below; and if it is, your country is probably supported, too.

Supported Languages

Genesis Mining currently supports over 20 languages including English, Deutsch, Espanol, Francais, Polksi, and more.

Just click the “select your language” drop-down menu and choose the language you want the site to be translated into.

Mineable Cryptocurrencies

Genesis Mining currently supports 6 cryptocurrencies to be cloud mined:

Bitcoin
Ethereum
Litecoin
Monero
DASH
ZCASH

Verification Process

For those people who want to be anonymous as possible, please note that you only need an email and password to be able to purchase hashrate from Genesis Mining.

There are no other KYC Genesis Mining enforces.

Accepted Payment Options

Once you have signed up to Genesis Mining, you can purchase hashrate right away.

Their accepted payment options are: credit card (VISA or Mastercard), Bitcoin (BTC), Bitcoin Cash, DASH, Litecoin, and Dogecoin.

Unfortunately, Genesis Mining does not accept PayPal.

Once you make your purchase, you will immediately begin cloud mining your desired cryptocurrency.

Genesis Mining Payouts

Your payouts will be in the cryptocurrency in which you are mining.

After you sign up and purchase hashrate, you can expect to receive your first payout within 48 hours (it needs a few hours to actually be able to mine your coins).

It will then be sent to the wallet in which you provide them with.

Promo Code

Promo code for discount when purchasing hashrate in Genesis Mining: YeyRLA

Genesis Mining Contracts: Plans, Pricing, Hashrate, & Length

As opposed to Hashflare, which gives customers a minimum amount of hashrate they must purchase in order to qualify for a cloud mining contract, Genesis Mining has 3 separate contracts for each of its 6 mineable cryptocurrencies.

They also have a custom plan for each cryptocurrency where you can purchase a desired amount of hashrate if you feel their standard plans do not meet your requirements.

Bitcoin Contracts

Gold Starter Plan – $179.00 for 1,000 GH/s hashrate; open-ended contract.
Platinum Best Buy Plan – $845.00 for 5,000 GH/s hashrate; open-ended contract.
Diamond Professional Plan – $3,975.00 for 25,000 GH/s hashrate; open-ended contract.
Custom Plan – Pricing dependent on specified hashrate and desired length of the contract.

Etherum Contracts

Small Starter Plan – $1,520.00 for 40 MH/s hashrate; Ethereum mining 2-year contract.
Medium Best Buy Plan – $4,440.00 for 120 MH/s hashrate; Ethereum mining 2-year contract.
Large Professional Plan – $12,960.00 for 360 MH/s hashrate; Ethereum mining 2-year contract.
Custom Plan – Pricing dependent on specified hashrate and desired length of the contract.

Litecoin Contracts

Gold Starter Plan – $28.00 for 2 MH/s hashrate; Litecoin mining 2-year contract.
Platinum Best Buy Plan – $650.00 for 50 MH/s hashrate; Litecoin mining 2-year contract.
Diamond Professional Plan – $2,400.00 for 200 MH/s hashrate; Litecoin mining 2-year contract.
Custom Plan – Pricing dependent on specified hashrate and desired length of the contract.

Monero Contracts

Blaine Starter Plan – $830.00 for 1000 H/s hashrate; Monero mining 2-year contract.
Dynamo Best Buy Plan – $2,460.00 for 3000 H/s hashrate; Monero mining 2-year contract.
Houdini Professional Plan – $7.200.00 for 9000 H/s hashrate; Monero mining 2-year contract.
Custom Plan – Pricing dependent on specified hashrate and desired length of the contract.

DASH Contracts

Gemini Starter Plan – $30.00 for 5 MH/s hashrate; DASH mining 2-year contract.
Ferox Best Buy Plan – $500.00 f0r 100 MH/s hashrate; DASH mining 2-year contract.
Graviton Professional Plan – $2,250.00 for 500 MH/s hashrate; DASH mining 2-year contract.
Custom Plan – Pricing dependent on specified hashrate and desired length of the contract.

ZCASH Contracts

Starter Plan – $530.00 for 200 H/s hashrate; ZCASH mining 2-year contract.
Advanced Best Buy Plan – $2,600.00 for 1000 H/s hashrate; ZCASH mining 2-year contract.
Professional Plan – $7,650.00 for 3000 H/s hashrate; ZCASH mining 2-year contract.
Custom Plan – Pricing dependent on specified hashrate and desired length of the contract.

Maintenance Fees

As you can tell, all of the Genesis Mining contracts are different.

But, luckily, their maintenance fees only apply to one mineable cryptocurrency: Bitcoin.

Etherum, Litecoin, Monero, DASH, and ZCASH all have no maintenance fees, which is a HUGE plus.

And for Bitcoin, the maintenance fees are all the same for whichever of the 4 plans you choose.

All Bitcoin contracts have a maintenance fee of USD 0.00028 per GH/s per day.

How to Use Genesis Mining

Genesys Mining website is professionally designed and easy to navigate on. The FAQ provides the answers to most of the user’s questions, but clients may further search in the Genesis Mining freshdesk cloud support service for answers. The company is also happy to answer any question raised through their contact form or sent by email.

There is a review section on the site where users can rate the services and can leave anonymous feedback. Currently almost 700 client left some kind of review and rated their services, based on this it looks like the clients are satisfied.

The first step is to go to their official start and sign up for an account. You will need an email address and a strong password.
The second step is identifying the contract that you want to invest in. We’ve broken down the various contracts for you to understand how they work in this article. Check out Genesis’s official page for more details.
The third step is to purchase the contract. You can use bitcoins or ether, but you can also fund your account using master and visa cards.
Once your payment is confirmed, your contract will be added to your profile and starts mining immediately. After 48 hours, you can withdraw your first payout if it also covers the maintenance fee. Please note that the initial investment is not refundable.

Genesis Mining Affiliate Program

On top of all of this, Genesis mining also has an affiliate program you can try earning extra hashrate off of.

There are 8 levels in their affiliate program:

Rank 1: Starter
Rank 2: Cooper
Rank 3: Bronze
Rank 4: Silver
Rank 5: Gold
Rank 6: Platinum
Rank 7: Diamond
Rank 8: Legend

Rank 1 you will gain 2.5% in bonus hashpower with every new sale.

Rank 1 you will gain 3.0% in bonus hashpower with every new sale.

And so on.

How is Genesis Mining Different from Other Cloud Mining Providers?

As mentioned earlier, Genesis Mining is the largest and most popular cloud mining provider. Genesis Mining has made mining an easy and pleasant experience.

For any miner, a significant investment in mining hardware is required. If you cloud mine with Genesis Mining you will not have to go through the hassles of setting up hardware or maintenance of mining rigs.

With Genesis Mining remember you are mining online therefore you will not have to deal with loud rigs which produce a lot of heat. There are also no mining pool fees.

One factor that really stands out is the fact that you can decide which coins you want to mine with the purchased hashpower.

This makes it possible for you to split up your total hashpower to different coins.

It is clear that GM aims to provide both the average miner and the big investor. Genesis Mining currently has more than 300,000 members.

There have been serious concerns of whether Genesis Mining is legit or a scam but after doing research it is quite clear that it is not a scam; that does not mean Genesis Mining is profitable, but means that Genesis Mining honestly provides the services it offers.

Genesis Mining is great for cloud miners who want to mine without having to go through the stress of choosing a bitcoin mining pool, hardware, software or setting up a rig at home.

Review Summary

We’ve covered the important aspect regarding Genesis mining. The biggest question you might still be asking yourself is ‘can I trust Genesis mining? The unanimous response to this is yes, you can.

Genesis mining is not a scam, but neither is it as profitable as you may want it to be. It is transparent and all, but profitability is dependent on various factors. These key aspects include:

The contract must be profitable – For you to continue earning from your contract, it must be able to cover the maintenance costs. Considering that the difficulty in mining continues to increase as time goes by, this might be a long shot. It could take you more than a year or so to break even. Even if the price of a cryptocurrency increase, it is never a guarantee that you will good money since the difficulty also increases as more people start mining.
Genesis has set its system in a way that if the payout is zero, your contract mines for 60 days and stops if profits don’t resume. If your contract fails to become profitable after this period, your contract is terminated to save the costs of maintenance.

Thanks for taking your time to read this review. It’s our utmost hope that you’ve picked something that will help you make a wise decision. Kindly visit our site for more informative reviews about the crypto space.

Genesis Mining Review 2019: Contracts, Pricing, Hashrate