Is Genesis Mining the Best Cloud Mining?

Genesis Mining Review: Are they the best?

Why care about cloud mining?

Ever since the advent of cloud mining, we were skeptical to the authenticity of these dubious company’s claims. It was a way for people to “invest” upon a random return, how strange right? Cloud mining has always kept us watching, and for once we can recommend a company, Genesis Mining. Our review of genesis mining will cover every aspect you can think of, we’ve been using the site since it’s inception in one form or another and it has improved greatly, enough for us to recommend it.

What makes Genesis Mining the best Cloud Mining Service?

We have watched genesis mining since it’s debut in 2014. Ever hesitant to put money in it, we watched as others sparked interest on both sides of the game. Cloud mining had a tough start as many companies were just Ponzi schemes acting on referrals and “guaranteed” high interest rates. Genesis Mining is different as it is transparent in fees, costs, and hardware. Although there are more reputable cloud mining companies than ever before, all of them have finite mining resources, therefore they can sell out.

Buying Cloud Mining Contracts

Cloud Mining is a way to convert fiat currency (USD) into Bitcoin. Many enthusiasts think that cloud mining is a way to enter the world of Bitcoin slowly. This is a good thing as one cannot realize the prominence and power of Bitcoin with other cryptocurrency unless they own some. Their interest grows over time and interests disperse among the community.

  • Ether has a one year contract, starting at $37 per 1 MH/s
  • Bitcoin mining has a “lifetime” contract, starting at $19 0.1 TH/s or $190 per 1 TH/s
  • DASH mining (X11)

Payment Types Accepted

Benefits of Genesis Mining

  • Allot Mining to Variety of Cryptocurrency
    Allows users to allocate how the mining operates, for example 50% DOGE, 50% BTC. This can be better for those expecting quicker payout, as Genesis Mining automatically converts from mined cryptocurrency to desired cryptocurrency, allowing the payout threshold to be reached earlier.
  • Daily transaction log
    This shows how much you’re getting paid, what portion is fees, etc. Very useful for predicting profitability.

Negatives of Genesis Mining

  • Fees can take a chunk out of payouts, use a mining calculator online to calculate fees. No fees on ether mining (supposedly)
  • Currently, X11 hash power is sold out. There is an ASIC miner on its way and I’m sure that Genesis will purchase a lot of them, keep your eyes peeled.
  • Delayed Start of Contracts
    We went to purchase more hashing for this review to supplement our 0.1 TH/s, but decided against it as the contract wouldn’t start until December 6, 2016. Not sure why this is and I reached out to Genesis mining as this is a HUGE NEGATIVE. There’s no point to calculate today’s profit if the contract has a delayed start.

Review Wrap-Up

Cloud mining is a great way to get started with Cryptocurrency, particularly Bitcoin. Although this is true because it allows slow conversion of fiat to cryptocurrency, it is not as liquid as owning Bitcoin outright. They’re so confident in their facilities and setup that Gavin Anderson visited, CoinTelegraph supplies the article accessible here.

Genesis Mining is one of the largest, most reputable cloud mining services available. If you are set on cloud mining, give Genesis Mining a chance. Like everything we endorse, start slow, and build up. It’s best not to let too much get into one thing before you really test the waters.

When you sign-up, you can get 3% off your order with this Genesis Mining promo code: 3lH4pB

Michael

We believe Bitcoin has importance past it's monetary value. Decentralized systems have applications beyond economic theory. Keep following us, even if everything we write doesn't interest you our plan is to keep you interested. The future is now!

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  • Genesis Evolution

    poloniex stole all my mining from genesis 1.83 bitcoin, now im into trouble , have 21 months left to my contracts of 4040 mhz x11 worth 18 k usd , if anyone is interested i would let them go for 10 k usd , we would go through genesis for payment and transfer, send email to websolutiona@gmail.com if interested, write genesis as title please
    thanks in advance ..

  • Genesis Evolution

    Alright so here it is, don’t ever invest in genesis , there is no way to make a profit, even have your money back, I bought a 2 years contract and 3 months in is almost not paying and will stop paying in 2 months if I’m lucky. It was an 18 000 $ investment, I will lose around 5-6 k on it. If you invest less money it’s gonna be even worse. If you want something really profitable that give you money every day like Genesis but you get your money back at the end, try this http://www.bit.ly/2vSX0xx , there is nothing to compare and cliff mention it in one of his report for those who know him, and again don’t invest in genesis
    i quote one sttar but i would vote minus 5 star

    dont waste your money in genesis, trust me