Genesis Mining: How to Get Started with the Service and What Reviews

a month ago
Genesis Mining
Genesis Mining

Many miners prefer Genesis Mining due to a large selection of tariffs, an intuitive interface and convenient ways to deposit and withdraw funds. 

☝️
The demand for Genesis Mining is also due to the possibility of mining several cryptocurrencies at once, the option of manual distribution of capacities, as well as quite affordable tariff prices - you can start mining with Genesis Mining having only $ 28 in your account.

The service has an impeccable reputation. It is distinguished by reliability, stable operation and guarantees daily payments directly to your wallet. But will it bring the desired profit? We will talk about this and not only in today's review. 

What is Genesis Mining

Cloud mining service Genesis Mining
Cloud mining service Genesis Mining

Genesis Mining is a popular cloud mining service that for 6 years now has enabled users to mine cryptocurrency without buying special mining equipment. 

The service offers users the mining of cryptocurrencies Bitcoin, Ethereum, Monero, Dash and other popular coins.

Genesis Mining has been operating since 2014 and is one of the first companies to start providing cloud mining services. 

☝️
According to official figures, the Genesis Mining service serves more than 2 million customers from more than 100 countries.

The company’s computing facilities are located in Iceland and Sweden. At the same time, 7 more data centers are at the creation stage, the location of which is still classified, but according to unofficial data, one of them should open soon in Kazakhstan. 

Official Genesis Mining website

The founders of Genesis Mining (in the past, ordinary fans of cryptocurrencies), advocate transparent business, thereby earning a high rating among the bitcoin community. 

The company's CEO, Marco Streng, and two other like-minded people, began building their business by installing a small mining farm in the workshop of one of the villages in Bosnia, and in 2015, they opened their first data center in Iceland, where tens of thousands of units of equipment for mining cryptocurrencies are now located. 

Marco Strang – CEO of Genesis Mining
Marco Strang – CEO of Genesis Mining

The trust on the part of users is also due to the collaboration of Genesis Mining with a major manufacturer of mining equipment Spondoolies-Tech, which also has a crystal-clear reputation. The close contact of these companies provides not only significant discounts on the purchase of mining equipment, but also gives confidence that the company is provided with facilities for the extraction of coins. 

How to Work with Genesis Mining

The principle of work with Genesis Mining
The principle of work with Genesis Mining

To work with Genesis Mining, you need to go through several stages:

  1. Register on the official pool website.
  2. Set payout addresses for crediting mined coins.
  3. Choose a cryptocurrency for mining.
  4. Buy a contract.

Next, we will take a closer look at each of the above steps.

To register, click the "Register" button on the main page of the site.

Register for Genesis Mining
Register for Genesis Mining

Next, you need to fill out the registration form. Enter all the necessary data and click the "Register" button.

Register for Genesis Mining
Register for Genesis Mining

An automatic confirmation email will be sent to your mail. Follow the link in the email to activate your account. 

For further work with the portal, you must configure the account. To do this, go to "My Account" → "Settings".

First of all, we advise you to activate two-factor authentication (2FA) for maximum protection of your account from hacking. Connection is made using Google Authenticator in the corresponding section of the "Settings" menu.

Configuring 2FA on Genesis Mining
Configuring 2FA on Genesis Mining

The next important point is setting the payout address for the coins you have mined.

Go to the "Wallets" section and specify the wallet address for each cryptocurrency that you plan to mine. You can use the address of an existing wallet, or register a new one using the suggested links on the site. Here you can manually set the minimum threshold for payments.

Set up wallets on Genesis Mining
Set up wallets on Genesis Mining

If you have not yet decided which cryptocurrency you want to mine, you can always find prices and a detailed description of each offer in the "Prices" section on the Genesis Mining website.

Once the cryptocurrency for mining is determined, you can proceed to the purchase of hash power. Orders for the purchase of capacities are placed in the "Buy Generated Capacity" section.

First of all, here it is necessary to choose the type of contract that is planned for purchase.To do this, set the hash power slider at the desired mark for each type.

The left side of the screen will show the general data for your order, indicating the total amount payable.

Buying a Genesis Mining Contract
Buying a Genesis Mining Contract

In the lower left corner you can find payment methods.

Genesis Mining offers its customers a choice of payment by credit card or payment with cryptocurrency. Select the payment method you need and click “ Continue to order review”

Buying a Genesis Mining Contract
Buying a Genesis Mining Contract

On the next screen, you can enter a promotional code to activate the discount on the purchase of a contract and check the correctness of the placed order. If all the data is correct, use the "Continue" button.

Buying a Genesis Mining Contract
Buying a Genesis Mining Contract

After that, a contract window will appear where you need to click the "I agree" button.

Terms of Services
Terms of Services
☝️
It is important to note that Genesis Mining customers have 30 minutes to pay for the order.

The active timer will inform you about this on the payment page. To complete the order, enter the payment card information on the left side of the screen and click “Pay Now”. 

Buying a Genesis Mining Contract
Buying a Genesis Mining Contract

Please note that when buying a hashrate using a credit card, some restrictions are set:

  • No more than 5 purchases per day and no more than 10 purchases per week;
  • The minimum order amount is $ 10, the maximum is $ 6,000;
  • The maximum purchase amount per day is $ 25,000, per month - $ 25,000.
☝️
Interesting! If you pay with cryptocurrency, there are no restrictions on purchases.

Immediately after confirming payment, the purchased hashrate will be displayed on the main panel of your profile and after that it will be possible to start mining. 

Genesis Mining Features

Features of working with the Genesis Mining pool
Features of working with the Genesis Mining pool

In a competitive market, each cloud mining service is trying to offer users the most profitable products and interesting options. Below, we’ll look at what Genesis Mining has to offer.

Contracts

The site provides the opportunity to purchase contracts for mining Bitcoin, Monero, Ethereum, Dash, Litecoin, Zcash. For each cryptocurrency, several subspecies of contracts are offered, which differ in terms (6, 12, 24 months), hashrate and value.

☝️
In most cases, users are offered 24-month contract execution.

Prices depend on the hash rate. The more expensive the contract, the more favorable the price of 1 unit of capacity.

The minimum cost of a Genesis Mining contract is $ 28 (Litecoin), and the maximum is $ 7650 (ZCash).

In addition, you can use the “Individual plan” option. Using the slider, you can determine the desired hashrate, select the cost and thus form an individual contract. The option is available for any cryptocurrency.

For each type of contract, a detailed description is presented (button "Plan Details") and reviews of miners. 

Genesis Mining Contracts
Genesis Mining Contracts

It is worth noting that due to increased demand, some types of contracts for Genesis Mining may not be available for purchase from time to time.

So, as of February 2020, Genesis Mining offers contracts only for mining Bitcoin (for 24 months) and Dash (for 12 and 24 months).

Below is a detailed description of them.

Bitcoin Contracts

Bitcoin Radiant Classic 24: provides a commission of $ 0.03 per TH / s per day. Fees are withheld from daily payments in terms of BTC. The minimum cost is $ 218.

The cost of Radiant Classic 24 Bitcoin mining contracts
The cost of Radiant Classic 24 Bitcoin mining contracts

Bitcoin Radiant Zero 24: it does not have a service fee, but it has a higher cost. The minimum cost is $ 225.

Bitcoin mining Radiant Zero 24 contract value
Bitcoin mining Radiant Zero 24 contract value

Dash Contracts

Dash Radiant Classic 12 and 24: commission $ 0.000005 per MH / s per day. The fee is charged daily throughout the duration of the contract in terms of Dash. The minimum cost is $ 202.

Dash Radiant Zero 12 and 24:
Dash Radiant Zero 12 and 24:

Dash Radiant Zero 12 and 24: does not have a commission for maintenance, but at the same time has a higher cost. The minimum cost is $ 202.

Cost of Radiant Zero 24 Dash Mining Contracts
Cost of Radiant Zero 24 Dash Mining Contracts
☝️
A full description of the Genesis Mining contracts and their cost can be found here.

Power Distribution

One of the distinguishing features of the Genesis Mining service is the option of power distribution. Thanks to this option, the user can direct all purchased powers to mining one cryptocurrency or split the hashrate between several cryptocurrencies. Manual distribution of capacities allows miners to respond in a timely manner to changes in cryptocurrency profitability indicators and take appropriate actions to maximize profits. 

After purchasing a contract, the user can distribute power through the appropriate section of your personal account. The setup process is quite simple. To change the percentage of capacities, use pie charts.

Power Distribution at Genesis Mining
Power Distribution at Genesis Mining

Below is a table comparing cryptocurrencies that can be mined simultaneously at Genesis Mining. As you can see, the availability of cryptocurrencies depends on the algorithm.

Cryptocurrency mining, depending on the algorithm
Cryptocurrency mining, depending on the algorithm

Commissions

Most Genesis Mining contracts do not include additional fees. But some products still come with a service charge.

The commission is set in dollars, but is withheld in terms of the selected cryptocurrency. Information on the availability of additional commissions and fees can be found in the description of each contract.

To date, Genesis Mining has established additional fees for such contracts:

  • Bitcoin Radiant Classic 24 – $ 0.03 per TH / s per day;
  • Bitcoin Radiant Classic 6 – $ 0.06 per TH / s per day;
  • Dash Radiant Classic (12 and 24) – $ 0.000005 per MH / s per day;
  • Ethereum – $ 0.004 per MH / s per day.

Mining Litecoin, Monero and Zcash are made without commissions.

Withdrawals From Genesis Mining

Withdrawing Bitcoins from Genesis Mining
Withdrawing Bitcoins from Genesis Mining

Genesis Mining credits mining results to your balance daily.You can view your accumulations in the "Activity" menu of your personal account.

Withdrawals with Genesis Mining
Withdrawals with Genesis Mining

The service supports the auto-payout function, which means that the mined coins will be automatically credited to your wallet upon reaching the minimum threshold amount.

As noted earlier, you can change the threshold amount for payments in the "My Account" → "Settings" → "Wallets" section.

☝️
It is important to note that the first crediting of mined coins to the balance occurs after 2 days, and then - every day.

At the same time, if you bought power using a bank card, then be prepared for the fact that you will see the first profit on the balance sheet only after 30 + 2 days. Such rules were established by the service for security reasons. Further, the calculation of payments will take place according to the standard scheme - daily.

Genesis Mining Calculator

Genesis Mining Calculator
Genesis Mining Calculator

As you know, in order to achieve the desired result, starting mining is not worth buying a contract, but with calculating profitability. 

For calculations, the Genesis Mining service recommends using third-party calculators. In particular, to assess the profitability of Bitcoin mining, it is proposed to use the popular WhatToMine calculator. 

To conduct a profitability assessment, you must follow the link and specify the source data for the calculations. 

First of all, specify a hashrate, according to your contract. The values in the Power and Cost fields must be reset. Do not forget to take into account the complexity of the network (“Difficulty”) in the calculations. To fill in this parameter, activate the “Difficulty” field by clicking the “Enable” button. Next, transfer the value “Difficulty 7 days” to this field, which is located on the left side of the screen. 

In order to get a calculation of the profitability of mining, click the “Calculate” button.

Contract Profitability Calculation
Contract Profitability Calculation

Using the scroll down, you can see the result.

Contract Profitability Calculation
Contract Profitability Calculation

Profitability and Payback Genesis Mining

How beneficial is Genesis Mining?
How beneficial is Genesis Mining?

In order to fully analyze how beneficial mining will be on certain conditions, just making calculations will not be enough. Let's look at an example.

For example, take the calculation of the profit from mining Bitcoin, obtained in the previous section. In this case, the conditions used were Bitcoin Radiant Classic 24 Platinum, which offers a hash rate of 19 TH / s for $ 985.5.

Contract Profitability Calculation
Contract Profitability Calculation

Mining profitability is displayed in the “Rev. $” column. We need an indicator of profit per day, so we pay attention to the value in the line “Day”.

The contract provides for a commission of $ 0.03 per TH / s per day, respectively, we need to reduce daily income by this amount.

To get the real amount of income, we make simple calculations:

  • 19 * $ 0.03 = $ 0.57 - the amount of the daily commission;
  • $ 2.74 - $ 0.57 = $ 2.17 - daily mining income.

Thus, the return on investment under the Bitcoin Radiant Classic 24 Platinum contract is approximately 15 months. In this case, the return on investment will be about 60%.

If we take the DASH Radiant Classic 24 contract for comparison, then performing the same calculations, we will get a net income of $ 2.69 / day and a payback of about 17 months. The return on investment in mining DASH will be at the level of 45%.

It is worth noting that this is not the best result that could be obtained from mining, but still quite good. Especially when it comes to equipment rental. In this case, you just pay for the contract and see how your wallet is replenished with coins.

It is also important to note that the calculations are indicative and do not guarantee the receipt of the specified profit. The cryptocurrency market is very volatile, therefore, a change in the cryptocurrency rate, network complexity and other parameters directly affect your profitability. 

Advantages and Disadvantages

The Benefits of Mining with Genesis Mining
The Benefits of Mining with Genesis Mining

Genesis Mining has a number of advantages over other similar services:

Quick start to earning - coin mining begins immediately after the payment of the tariff plan.
Large selection of cryptocurrencies and contracts.
An opportunity to create an individual tariff plan.
There are contracts with no commission for services.
Manual power distribution.
It is possible to mine several cryptocurrencies at once.
Auto output function.

Among the shortcomings can be noted:

Not all tariff plans are available for purchase.
Long payback.
Low profitability.
Limited duration of the contract.

Genesis Mining Reviews

Reviews on Genesis Mining
Reviews on Genesis Mining

Until 2019, users idolized Genesis Maning and in their reviews noted the reliability of the service, stable payments and were quite happy with their profit. 

☝️
But if you analyze the reviews about the service over the past year, the opinion of the miners has changed dramatically.

The main complaints of users now relate to problems with receiving payments under contracts. In addition, there are several allegations of scam. Users claim that they did not receive the paid capacity after the purchase.

Often miners write that Genesis Mining is nothing but a pyramid and they will never be able to receive their payments.But it’s also worth noting that there are reviews, based on some, it can be assumed that the payment debts relate only to old contracts. If you believe the comments, for the new contracts, payments so far are coming without delay.

We also recommend watching a video review about Genesis Mining.

Genesis mining review 

Summing up, we want to note that during its work, Genesis Mining has built up a large army of customers, opened several powerful data centers, conducts an open business, and thereby confirms its reliability. And to trust reviews on the network or still check the operation of the service yourself - this is only your decision. Have a good mining! 

Mining Programs: How to Choose the Best Software

Cloud Mining: Where to Start and How to Avoid Becoming a Victim of Scam

Nanopool: Setting a Mining Pool in 2020