Genesis Mining Review

Pro and Contra

Pro:

  • Mining farms are spread across various locations for security reasons
  • Custom mining plans are available
  • Autotrader option

Con:

  • Maintenance fee on the SHA256 contracts
  • Slow and unhelpful customer support
  • X11 and Ethereum contracts doesn’t have a lifetime access, but valid for 2 years oly
  • Credit card purchases are charged with an extra fee

Genesis Mining offers an easy and smart investment solution for the crypto market. The cloud mining service provider uses a multi-algorithm model on their efficient and reliable mining rigs that are available for rent for both digital currency experts and for those who are new to the bitcoin industry as well.

About Genesis Mining

The cloud mining activity has been started at the end of 2013 at Genesis Mining. The founders have been trading bitcoins on the same platform, this is how they got together. Nowadays the company has been incorporated in Hong Kong.

Genesis Mining has a strong quantitative background. Both of the founders have professional education in a mathematical field. Marco Streng current CEO of Genesis Mining is an early bitcoin investor, has been studied as a mathematician. The other founder of the company is Dr Marco Krohn  is a mathematical physicist and a quant. He is the CFO of Genesis Mining. Both of the founders and the rest of the staff is a frequent presenter at various bitcoin conferences and they even sponsor blockchain events.

The company lists some of their mining facility on their site. Interactive videos guide the visitors across the mining farms in Iceland. The data centers processing the algorithms on specially designed hardwares to reach the most efficient mining capacity at various other locations in Europe, America and Asia. The exact locations are not disclosed due to security reasons, they are choosing the places based on electricity costs and cooling availability.

Genesis Mining on Social Media

  • Facebook: https://www.facebook.com/GenesisMining
  • Twitter: https://twitter.com/GenesisMining
  • Youtube: https://www.youtube.com/c/Genesismining_official

Genesis Mining offers the following algorithms for coins to mine:

  • For SHA256: Bitcoin, Unobtanium, Bitcoin, Dark, Litecoin, Dash, Zetacoin and Darkcoin.
  • For X11: Dash, Startcoin, Bitcoin, Litecoin, Dogecoin, Bitcoin Dark, Peercoin and Namecoin.
  • For Ethereum: Ether and Bitcoin

Address:

Genesis Mining Ltd. Chinachem Century Tower, 31/F, 178 Gloucester Road, Wanchai, Hong Kong

Services Provided

Before August 2014, Genesis Mining was only running mining rigs for earning altcoins, which were then subsequently converted into bitcoins. However due to the high demand on the market, for more than 2 years now they are providing direct bitcoin cloud mining services as well, ensuring the latest technology is used for bitcoin mining on their farms too.

The offered list of altcoins changes time to time based on coin’s popularity. Genesis Mining uses polls on Facebook to decide which altcoins should be preferred and added to their basket. They also let the users to decide which altcoins to mine from their purchased hashpower that can be easily allocated through their interface.

Genesis Mining offers three types of algorithm for mining cryptocurrencies: SHA256, X11 and Ethereum protocols. Due to their special feature – the Advance Autotrader – even if a coin is mined with X11 or Ethereum algorithm, the payout can still be performed in bitcoin. Due to the autotrader, always the most profitable algorithm is used to mine the coins and then automatically exchanged to bitcoin.

The cloud mining company offers a 100% uptime guarantee that means even if a miner crashes, the relevant mining pool compensates the client  fully for the hashpower loss, so no mining time is lost.

Users can sign up to Genesis Mining cloud mining services just by providing an email and a password. After signing in, clients may add payout methods and purchase hashpowers right away. Genesis Minings enables two factor authentication to increase the security of their accounts.

The mining rigs run 24 hours a day, so the mining day is starting from 0:00 UTC and ending at 23:59:59 UTC. 8 hours after the mining day the payout report is published on Genesis Mining platform after their calculation and checks. The payouts are received daily automatically, the first payout is sent within 48 hours after the contract started. Credit card payouts are withheld for a month for security measures to protect the company from credit card charge backs, but after that the contracts are paid out daily as well, in the meantime clients can follow accumulated earnings on the platform.

 

Fees and Pricing Schedule

Genesis Mining promises users to rent the latest technology for the cheapest possible price.

The fee model consist of three level plans the clients can choose from. The starter plan is available from 30 USD for 200GH/s hashpower. The medium package is charged at 350 USD for 2500 GH/s and the premium plan costs 1950 USD for 15000GH/s mining power.

The X11 algorithm based contracts are charged as per below:

  • 30 USD for 5MH/s
  • 500 USD for 100MH/s
  • 2250USD for 500MH/s

The litecoin cloud mining package costs as per below

  • 28 USD for 2MH/s
  • 650 USD for 50MH/s
  • 2400 USD for 200MH/s

Genesis Mining also offers custom plans where the price is pro rata decreasing depending on the mining capacity site. Clients can rent up to 200TH/s hashpower for bitcoin mining (for 26 000 USD) and 5000MH/s hashpower for litecoin mining (for 60 000 USD).

Although it is listed on their site, currently zcash and ethereum mining contracts are out of stock

The bitcoin cloud mining contracts are all signed for a lifetime access, but have a maintenance fee. The litecoin, zcash and ethereum contracts are for fixed term, for 2 years but no maintencance fee is charged. They only charge maintenance fee on SHA256 contracts based on GH/s to cover the maintenacne cost of the mining rigs. The maintenance fee of 0.00079 USD per GH/s is deducted from the daily mining output. X11 and Ethereum contracts does not have that fee.

The cloud mining services can be paid with VISA or Mastercard but they charges a fee for orders below 100 USD. They accept USD and EUR bank wire transfers and naturally cryptocurrencies, such as Bitcoin, Litecoin, Dogecoin and Dash. On this site you can find the current genesis mining coupon codes.

 

Genesis Mining User Experience

Genesys Mining website is professionally designed and easy to navigate on. The FAQ provides the answers to most of the user’s questions, but clients may further search in the Genesis Mining freshdesk cloud support service for answers. The company is also happy to answer any question raised through their contact form or sent by email.

There is a review section on the site where users can rate the services and can leave anonymous feedback. Currently almost 700 client left some kind of review and rated their services, based on this it looks like the clients are satisfied.

 

Overall Conclusion

Genesis Mining offers multi-algorithm cloud mining services based on their mining rigs capacity around the world. The company offers several investment plans to joint the cloud mining activity in bitcoin, litecoin and many more altcoins. The mining plans are customizable, so the clients can sign up for as much hashpower as they want to. The mined coins can be automatically traded into bitcoins, ensuring the most efficient way is used for bitcoin mining. Although their fee structure is very transparent, the charged maintenance fee on bitcoin contracts and the extra fees on credit card purchases makes the service a bit expensive. Genesis Mining represents the company at cryptocurrency events and promotes the widespread of bitcoin across the world.

Pros:

  • mining farms are spread across various locations for security reasons
  • custom mining plans are available
  • autotrader option

Cons:

  • maintenance fee on the SHA256 contracts
  • X11 and Ethereum contracts doesn’t have a lifetime access, but valid for 2 years oly
  • credit card purchases are charged with an extra fee

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