Genesis Mining Review
Mining Bitcoin and other varieties of cryptocurrency can be a very rewarding endeavor. Those who mine coins are able to increase their holdings of a specific unit without having to actually purchase coins. While it sounds simple enough, mining cryptocurrency is an endeavor that requires extensive computer resources and may be beyond the capabilities of small investors.
Genesis Mining provides a solution for those who want to explore mining their own Bitcoin and other cryptocurrency. There is no need to construct an expensive mining rig, no complicated setup process, and no maintenance fees. The best part is that you are able to mine online without the need for a loud physical set up in your own home.
About Genesis Mining
Genesis Mining was founded in 2013 by a team of professionals who have vast experience with cryptocurrency. Marco Streng co-founded the company with Jakov Dolic. Both of them were early investors in Bitcoin and are very knowledgeable about all cryptocurrency. Mining and investing in cryptocurrency is their passion and life’s work.
What makes Genesis Mining so successful is that each of the team members comes from a specific scientific discipline. Together, these individuals have constructed a top notch mining farm which reliably produces consistent profits for its investors. The company offers a multi-faceted platform which allows users to mine different coins. When one coin lags in profitability, members of Genesis mining simply switch to a different coin and continue their successful operations.
The mining farms for Genesis Mining are located at secure locations in Europe, America, and Asia. The locations of these farms are kept confidential in order to preserve and enhance security. This company has also registered a Bitcoin fund with the Securities and Exchange Commission (SEC) to increase transparency and give investors more peace of mind.
Currently, more than 300,000 individuals have participated in mining Bitcoins and other cryptocurrencies with Genesis Mining. That volume of individuals speaks highly of the company’s reputation and how it conducts business with integrity.
How Genesis Mining Works
Those who wish to mine cryptocurrency with Genesis Mining essentially rent or lease a mining rig from the company. Before August of 2014, the company was solely focused on mining Bitcoin with a variety of profitable techniques. Now, the company has expanded to include the mining of Altcoins such as Litecoin. This improves the flexibility of the mining platform and leads to greater profits.
Basically, members of Genesis Mining purchase contracts which give them what is known as hashpower. This allows them to join a pool of other miners who have invested in a rig and share the profits which are generated from mining coins. The company maintains all of the mining equipment and is responsible for insuring that mining is carried out 24/7. There is very little downtime associated with a Genesis Mining account.
Genesis Mining supports six different cryptocurrencies—Bitcoin, Dash, Ethereum, Litecoin, Monero, and Zcash. At the present time the company offers three different pricing levels for contacts which are based on two years of Ethereum mining. You can check online other sites such as cloud mining reviews for a list of cloud mining companies but you will come to find that Genesis Mining is the most popular and best rated.
The reason Ethereum is used as a base for mining is that the cryptocurrency is a decentralized platform that permits the running and execution of smart contracts. When miners with Genesis Mining earn Ethers, they can trade them for other cryptocurrencies within the Genesis Mining platform. This helps to insure profitability in the long term.
Genesis Mining Pricing
Members of Genesis Mining may select from four different plans which provide varying levels of hashpower. The greater the hashpower, the greater the possibility of profit from mining. They have plans for Bitcoin, Ethereum, Litcoin, Dash, Monero and Zcash. Below is the rate for Bitcoin and Ethereum mining contracts as of June 2018.
and here is the Ethereum Price breakown.
An advantage of this pricing scheme is that it will appeal to a large number of investors. Those who wish to test the waters will appreciate the lowest pricing scheme. This would also appeal to new investors who wish to test the volatility of the cryptocurrency market before making a stronger commitment.
Genesis Mining Referral Program
A big advantage of signing up with Genesis Mining is that the company offers a referral program. Individuals can increase their own hash rate by referring other users. The affiliate program was completely revamped in March of 2017 to make it far more profitable for those who participate.
Once you create a Genesis Mining account you are given an affiliate code. This code can be shared with anyone you think would be interested in joining a mining pool. When that individual signs up, they will be given a discount on their pricing. You will be given an upgrade of 2.5% hashpower or more. The more individuals you refer, the greater the rewards.
Profitability of Mining Pools
It is important for potential investors to understand that cryptocurrency mining does carry some risk. The good news is that cryptocurrency is still in its infancy to a certain extent. The chances of profitability are greater now when one gets in to the market early.
It is also noteworthy to mention that Genesis Mining embraces Altcoin currencies and is progressively adding new cryptocurrencies as they are developed. This flexibility is geared toward greater profit expectations for the investor. It is very possible to switch between mining different currencies when it is necessary in order to retain profitability.
With that being said, one must always consider the risk of an investment in a volatile market. It is best to use discretionary funds which have been earmarked for investment purposes.