The Ultimate Genesis Mining Review
This my unbiased, brutally honest Genesis Mining review. I will review the company, user experience, mining contracts, costs, payouts and ROI. This review is not being endorsed by Genesis Mining or any other competing company. I have personally begun mining with Genesis mining since August 2017. This is my personal experience and I hope that it will be useful to those who are considering cloud mining.
How does cloud mining work?
The users “buys” mining power (or Hashpower) and get any profits after the costs and maintenance fees has been deducted.
Cloud mining allows users to mine immediately without having to worry about setting up equipment, maintenance or mining pool fees.
The concentration of power also allows miners to receive mining rewards faster than individual mining.
What are the advantages of Cloud mining over buying hardware?
Mining requires a lot of electricity and you may see your power costs soar overnight..
Cloud mining energy fees are usually lower that what you would have been paying as you will be sharing.
The most efficient miners are usually the most expensive.
The miner also has to pay for the shipping costs.
Miners may need pay for customs, additional equipment to set up the miners (e.g power supplies) and maintenance fees in case of hardware failures.
Not only does shipping take 2-6 weeks, and even months in some cases, the miners also need to be set up and configured.
Cloud mining companies take care of all the expenses to offer a pure profit solution for their customers.
How does Genesis Mining work?
How to sign up with Genesis Mining?
Genesis Mining has a very easy sign-up process which does not require a lot of information which gives you a chance to explore the platform for free without providing sensitive much information at the beginning:
How to create an account with Genesis Mining?
- Use the following affiliate link to create a free account. https://SatoshiLibrary.com/GenesisMining
- Enter your email address.
- Create a password.
- Confirm your password.
- Check the Terms and Agreement.
- Check the CaptchaBox.
Buying a Mining Contract
How to choose a mining contract?
Genesis Mining has a super nice pricing page but in once you click on it with product description , you will see the various packages to mine (see image below).
I would recommend checking the which coins to mine section in my article of how does cryptocurrency mining work.
Time Saving tip: These packages are not fixed and you be able to adjust the size as well as prices according to your budget once you proceed to check out.
What to look for?
- Contract duration: the longer the better
- Maintenance fees:very important if you do not plan on spending above $100 and this varies from contract to contract
- When the contact begins: In some cases some contracts do not start after 6 months of purchase.
Actually buying the mining contract
Once you’re logged in, you will be directed to a dumbed down version of the contract page.
In my opinion, their pricing page should have the slide feature (as shown below) as it allows you to decide exactly how much you want to spend.
I also like the fact that you can purchase with credit cards which are more practical than BTC.
I really like the fact that they require very basic information and don’t require proof-of-identity like exchanges.
Is Genesis Mining profitable?
How much I made after 12 months
In August 2017, I purchased $63 dollars worth of mining power.
Fast forward 12 months later, I earned 0.0371 ETH and 0.067 ZEC.
Due to the 2018 bear market, at the time of writing, if I sold these coins immediately on the cryptocurreny exchanges for fiat, then I would have definitely made a loss.
However, I consider cryptocurrency mining as bet on the future value of the coins which is why I prefer to hold onto my coins.
Did I make any profit?
There is no white and black answer to this because the market is too volatile and can easily gain or lose 70% at any time.
Ethereum can be worth $200 today, $2000 by December and go down to $900 by January, the same can be said for Zcash.
This is definitely up to the investor and how much he or she educates him or herself.
In my case, I realized after that Bitcoin and Ethereum that they were not profitable so I moved onto mining another coin.
Why did I choose Genesis Mining?
- I felt the platform was more user friendly.
- At the time, ASIC Miners prices were just too ridiculous and I wasn’t ready to risk $3600 in mining machines.
- I realized that the cryptocurrency market was entering a bubble and that it would crash at some point.
- I wanted to see if cryptocurrency mining was as profitable as so many youtubers where claiming.
- The idea of passive income through mining was very tempting.
- They accepted Visa and Mastercard.
- The cryptocurrency exchanges were taking forever to approve my accounts.
- I had convinced myself that it was cheaper to mine altcoins than buying them.
Who is Genesis Mining for?
- Future Miners: Those who want to become more serious cryptocurrency miners in the future.
- Gamblers: The cryptocurrency market is extremely volatile and investing these kinds of websites, no matter how legitimate is very risky.
- Can afford to lose the money: Those who invest too high sums tend to be emotionally attached which prevents them from thinking rationally when the market tanks or soars.
Who is Genesis Mining not for?
- Those who can not afford to lose the funds.
- Those who plan on putting money into the website and forgetting about it it.
- If you are not interesting in learning how cryptocurrency mining works.
About Genesis Mining
Genesis mining was founded in 2013 by Marco Streng, Marco Krohn and Jakox Dolic.
According to their website, they have 2 million users ( in 2018).
Iceland Bitcoin Mining
Genesis Mining is a registered company in the British Virgin Island has mining facilities around the world.
It carries out the majority of its most mining operations in Iceland and has several videos on youtube showing their operations.
According to their website, they have mining facilities all around the world.
- They use GPU miners rather than Asics which is why users can easily switch coins.
- They consider their miners the “swiss army knives” of blockchain.
Genesis Mining vs Hashflare
Hashflare is the second most popular cloud mining platform, here is comparison of the two:
Choosing which coins to mine
Hashflare chooses the most profitable coins to mine for the customer.
The main disadvantage of this is that the user needs to trust that Hashflare will choose the most profitable coins to mine for them.
On one hand, this is great for newbies.
But, in the long run you might want more control over which coins to mine as you knowledge increases.
- The user gets to choose which coins they want to mine.
- They do have an Auto feature which chooses the coins for the user.
- However, once you become more familiar with the various cryptocurrencies, you can choose your own cryptocoins.
- You can also distribute your hashpower to several cryptocoins.
In case you’re wondering how they can do this, it is because they use GPU miners which are more flexible than ASIC Miners.
In a recent youtube video, Genesis Mining showed off its state-of-the-art GPU Miners.
- Hashflare start mining immediately whereas Genesis Mining has a 30 day waiting period if the user buy the mining contract with a credit card.
- Genesis Mining automatically payout.
Genesis Mining definitely outshines Hashflare in this department
- Dealing with Bull Markets
Hashflare changes all the lifetime contracts to two years whereas Genesis Mining reassures users that they won’t be changing this.
- Dealing with Bear Markets
Instead users were shocked when Hashflare decided to switch off their bitcoin miners.
Fortunately, for the customers, Hashlare resumed their mining contracts after a few days.
But, they locked the customer funds until they provided verification.
Hashflare prevented me from withdrawing my earning unless I filled out their user verification form which included scanned photo ID and selfie with my ID card.
I find this practice very invasive compared to Genesis Mining which requires just your credit card information and cryptowallet address to receive your crypto.
Maintenance and Electricity Fees
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*This table may contain errors as these companies may change their MEF so remember to check their websites for accuracy
Hashflare appears to have a lower minimum payout compared to Genesis Mining
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As cryptocurrencies are decentralized, transaction fees depend on the network (blockchain).
How to compare profitability for Cloudminers?
Profit = Income – Expenses
- Go to CoinWarz.com.
- Choose the coin you would like to mine.
- Set all Power values to zero (Cloudmining ..duh 😉 )
- Deduct Electricity maintenance.
- The result is the profit your will receive.
Even if cloud mining calculators may say a contract is profitable, the market can change at any time preventing you from selling your coins for a good price until years.
I believe the reason I was able to make profit with such low mining power is because I switched to less popular coins.
Mining is definitely a fun hobby for crypto-enthusiats but not a way to to earn serious income.
I hope you enjoyed my genesis mining review.
Remember that it is sometimes cheaper as well as less riskier just to buy cryptocurrencies and HODL instead of mining.
Let me know if this info was helpful for you 😉
Founder of Satoshi Library
Thank you for visiting!
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Disclaimer: I am not a financial advisor and the information provided does not replace professional advice. Cryptocurrency prices are highly volatile as well as evolving very quickly. This post may contain inaccuracies, so please do your own research before placing money in any website. Thanks!