Genesis Mining is an established company that allows you to mine a range of cryptocurrencies without having to invest in your own hardware. The business was founded in 2013 and launched its first mining farm in Iceland the following year. It now owns another farm in Sweden, and its services are available worldwide. It reached 2 million customers in December 2017 and that base has since continued to grow.
Genesis is a cloud mining provider cloud mining provider, which allows anyone in the world to rent hashpower and mine their own crypto, without having to buy their own ASIC or download crypto mining software. software. It provides a compelling alternative to hardware mining or crypto trading, and this Genesis mining review 2020 delves into its various strengths and weaknesses.
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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.
Genesis has proprietary mining hardware called Radiant Tech, which was designed in a bid to achieve maximum efficiency within the mining process. Software called Genesis Hive powers the farms, allowing staff to monitor the performance and handle deployment, maintenance and administration. Our Genesis Mining review found that it uses ASIC architecture for mining Bitcoin, Dash and Monero, and GPU hardware for mining Monero, Ethereum and Zcash at its Enigma mining facility.
You can check out various videos at the Genesis Mining site, in the firm’s which hardware developers wax lyrical about the myriad joys of Radiant, and the ways in which it can benefit customers, but it is a little scant on concrete details. Genesis simply informs you that its team spent “thousands of man hours” focusing on facilities, location, supply chain, miners and power units, cooling systems and Genesis Hive in order to create Radiant, which is said to offer 25% cheaper mining prices. However, you can see for yourself the scale of the operation when you watch videos inside the facilities. This Genesis Mining review has to give the company credit for the video content and educational material it provides.
It is pretty straightforward to purchase a contract, as we found when conducting this Genesis Mining review 2020. Simply click “BUY HASHPOWER” after choosing the crypto you wish to mine. Choose your payment method from MasterCard, Visa or cryptocurrencies – Bitcoin, Litecoin, Dogecoin, Dash, Zcash or Bitcoin Cash – and select your hashrate. At this point you can enter the promo code we mentioned earlier in this Genesis Mining review. You then make a one-off payment, and you may have to factor in maintenance fees, depending on the plan you chose. Check out the pricing section of this Genesis Mining review for more details.
You will be receive a Genesis Mining payout on a daily basis. Every day of mining will be processed and the proceeds will be sent to your account within 24 hours after the end of the mining day. Each mining day starts at 00:00 UTC and ends at 23:59.59. When you order via debit/credit card, your mining outputs will be held for 30+2 days. Mining outputs are generated daily, but Genesis warns that you will receive your outputs only once they have accumulated to a certain quantity. You can visit the settings section in your account to learn more about this, and we found it was explained clearly when conducting this Genesis Mining review.
We tested the customer service offering for the purposes of this Genesis Mining review and found the staff to be polite and helpful. However, it is disappointing to see that email is the only method that you can choose. The average response time is one business day, but many frustrated customers have vented their fury about delayed responses and simply not receiving replies.
Once again, it seems split, with half of the users saying they find customer service to be effective when leaving a positive Genesis Mining review, and the other half saying it is non-existent when providing a highly critical Genesis Mining profitable review. It is worth noting that Genesis Mining has secured millions of customers over the years, so the complaints represent a minority of users.
Genesis Mining is certainly a compelling option if you do not want to invest in hardware and deal with shipping costs, high energy bills, heat and noise. We were also impressed with the level of transparency it offers compared to its peers. However, there is absolutely no way to guarantee that you will generate an overall profit when signing up for a contract with Genesis Mining. It is open and honest about the fact that your daily mining reward can fall below the maintenance fees, and you may not make up your initial investment in the contract. You should therefore think long and hard before deciding to take the plunge with cloud mining, as opposed to buying your own hardware or simply buying crypto instead of mining it.
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