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.
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