Genesis Mining Review 2024

You will be asked to choose a mining plan when you sign up for an account at Genesis Mining. We found the process to be smooth when we tested it for this Genesis Mining review, and all the necessary information was clearly displayed. If you opt for Bitcoin, you can choose Bitcoin Radiant Classic or Bitcoin Radiant Zero. As previously mentioned, it was only offer 30-month contracts when we conducted this Genesis Mining review. All use specialized ASIC-Hardware utilizing the SHA-256 algorithm.

If you choose Radiant Classic, the Gold package costs $209 and gives you a Total Hash Rate (TH/s) of 4. You can alternatively go for Platinum, which incurs an up-front fee of $999 and provides you with 20 TH/s. A Diamond package requires an initial fee of $4,969 and it gives you 104 TH/s. The custom plan goes all the way up to 1,000 TH/s, and costs $47,780. A maintenance fee applies if you choose Radiant Classic. This goes towards electricity, cooling, development and servicing costs. The maintenance fee varies depending on when you sign up. It is fixed in USD, but deducted from your daily mining rewards in BTC.

If you choose the Bitcoin Radiant Zero option, you will not pay maintenance fees. However, you will have to pay slightly more up front, and receive a lower level of hash power. For example, a Gold plan will set you back $221.50 for 3 TH/s, Platinum is $997.50 for 13.5 TH/s and Diamond is $4,987.50 for 67.5 TH/s. The plans are different with Dash, but once again you can choose Radiant Classic or Radiant Zero, with a runtime of either 12 or 24 months. Instead of Gold, Platinum and Diamond, you can choose from Gemini, Ferox or Graviton, or custom.  Dash mining is conducted on the X11 mining algorithm, and performance is measure in MH/s as opposed to TH/s.

The greatest issue for anyone checking out a Genesis Mining review is profitability. Security, safety, ease of withdrawals and support are all important in any Genesis Mining review, but profitability is the bottom line. Your profitability will be determined by the daily mining outputs and the value of the crypto you are mining. Daily mining outputs depend on the mining difficulty and maintenance fees.

The value of the cryptocurrency is clearly determined by a number of macroeconomic factors, but from a profitability perspective you really just have to focus on the exchange rate, such as Bitcoin to US dollars. There is a performance estimation tutorial in the customer service section, and we found it to be reasonably robust when conducting this Genesis Mining review.

The upside of opting for cloud mining is that you do not have to invest in expensive hardware that requires maintenance, takes up a lot of room, heats up your home and runs up a large electricity bill. However, the fees you pay a cloud mining provider like Genesis will eat into your potential profit margin, and it often means you earn less than you are actually paying for the service.

You certainly cannot accuse Genesis of failing to be upfront with potential customers, although it tries to put a positive spin on a potential lack of profitability. “Your mining services will run for 30 months, period – even in cases where your daily mining reward falls below the maintenance fees,” it says on the pricing page of the site. “This way, you will always have the potential to produce cryptocurrencies as market conditions improve.”

One way to boost your overall chances of securing a profit is to find an appealing Genesis mining promo code. You can find a Genesis mining promo code 2020 offering 3% off your Genesis mining purchase, for example. The ability to earn 3% off with a Genesis mining code can make all the difference in a pursuit such as cloud crypto mining, which generally involves narrow margins.

Transparency is a key consideration for anyone interested in taking advantage of cloud mining services. Genesis Mining stacks up reasonably well against its competitors on this front. Many sites refuse to disclose details of their mining farms, but Genesis Mining has a history of giving customers and other interested parties tours of its facilities. Some cloud mining providers are evasive and slippery, and they do not tell you who owns the site. Genesis Mining co-founder and chief executive Marco Streng keeps a pretty high profile in the industry, and he is regularly interviewed, so our Genesis Mining review has to give it credit for being a lot more transparent than many of its rivals.

However, it does not provide details of all its data facilities. It shows a small selection, and claims that it will not show anymore due to “security and customer protection”. It does add that it can “take footage and set up live feeds at low-risk locations without disclosing sensitive information or critical intellectual property”. It does not publish a list of the pools it uses, which we must point out in this Genesis Mining review. Some users have criticised the site for failing to provide details of how much they mined and the status of their accounts. Some customers are happy with the service and hail Genesis Mining as a legit company, but message boards are also full of former clients insisting they were ripped off.

We signed up for an account for the purposes of this Genesis Mining review, and tested out the general usability of the site. The Genesis site is slick and easy to use, and navigation is a seamless process. The information you need is clearly displayed, and the analytical tools are bright and clear. Any company of this nature is at risk of being hacked, but Genesis Mining pays customers out on a daily basis and does not hold a large portion of coins at any given time, meaning the overall risk of loss for customers and the company itself are pretty low. There have been no notable security breaches at this firm, so we can therefore advise anyone reading this Genesis Mining review that security should not be a major concern. Your primary focus should be on profitability.