Genesis Mining Review: Is It Best Mining Service of 2018?

October 4, 2018

Genesis Mining is simply a service that enables you to buy hash power and with it, we can simply mine lots of different cryptocurrencies securely. Today in this article we will give you our complete Genesis mining review regarding its Cloud Mining Services.

There are lots of other miners also available on the internet like Litecoin miner, Peercoin mining, Bitminer etc.

Before getting into Genesis mining let us have a look and understand what Cloud mining means in general.

In cloud mining, you pay a certain amount of money to a company in order to rent their Bitcoin mining hardware. The amount you pay is known as the Hash Power. And the earning from your investment is dependent upon the revenue that is being generated by the Hash Power you have bought. Cloud mining is a better way of mining than actually buying a mining hardware as it is cheaper than the later. Moreover, your chances or risks of going into loss is also less as compared to buying a machine. Even though you go into a loss, you can revive that up in one way or other.

Do not worry, we will get you through each and every possible detail in this genesis mining review. After you are convinced of this technology, then only invest your money into this. To let you know, Genesis mining has got positive reviews in the majority (in case if you search online, you can find yourself), but we will elaborate each feature of it for you.

What is Genesis Mining?

Genesis mining is an online service based on a cloud system, from where you can purchase Bitcoin. The company was launched in the year 2013 by a group of people those have the same interests in crypto-mining. Marco Streng, a great mathematician is a CEO (The Chief Executive Officer) and Stefan Schindler is the CTO (Chief Technology Officer) of the company. macro Streng is only 27 and he is inspiring lots of people nowadays. If you want to read more about him then you can read his success story of him on Forbes. It has a huge community of crypto miners with an enormous figure of more than 500,000 registered users. It is due to those users that have made it to the top in the list of Cloud mining services.

You should also read Litecoin Mining review from here.

The headquarter of the company is not yet known to anyone but they have mining farms in three of the continents; Asia, Europe, and America. Many claimed that the location of the headquarter is not revealed due to the security issues but the actual reason is still unknown to everyone.

Services Genesis Mining offer

The main job of the company is to let users mine for cryptocurrencies through their platform. Along with that it also helps its users to maintain a suitable profit margin. The company has multiple advanced algorithms that ensure a profit margin is being well-maintained, and along with that, it is also efficient in earning profits from the Altcoins. Therefore, anyone who is interested in mining altcoins, can for sure get a handsome profit which they, of course, can exchange with Bitcoins later. They also let you exchange the actual money/currency from your bank account or Credit/Debit card with the Bitcoin directly. If you already have purchased any cryptocurrency before-hand then also you can easily exchange them for your desired one.

You will be amazed to know that they, after a regular interval, give promotions to those customers who have shown their dedication towards mining. And also, like many other platforms, you can also get discounts if you give a referral code to someone.

Genesis Contracts and their Prices

Here, contracts are nothing but the amount of money that you pay for buying a hash power. Remember, after you have successfully done the payment then only a contract is created. The profit earned from your contracts gets reflected into your wallet after 48 hours of times. If the profit is less and the fee for maintenance is high, you might get a little amount of money in your wallet. We will come back to that later to what happens when such a situation occurs. As of now, we will tell you about the contract packages that it offers to its users.

There are basically three packages among which you can choose one. Additionally, they also allow you to create your own plan depending upon how much you want to invest initially, known as custom plan. They have a fixed maintenance fee of $0.00028 but depending upon your package, it multiplies with Gigahash per second.

Small or Starter Plan, as the name suggests, it is the smallest package to offer with. This package is mainly for the beginners who have no idea about the company. They can try investing a small amount here and monitor the results. And then, they can accordingly move further. For mining Bitcoin, the price that you will have to pay is $179 for 1000 GH/s. The maintenance fee is $0.00028 per GH/s per day. The fee gets automatically deducted from the daily payout and then the net amount goes to your wallet.

Medium Plan is for those who are mainly in the intermediate stage of mining. It is the second type of contract which is relatively more expensive than the former but at the same time, it also ensures you with a higher profit rate. The price of this package for mining Bitcoin is $845 for 5000 GH/s. The maintenance fee for this plan is also higher as it deducts $0.00028 per GH/s on a daily basis. The fee gets subtracted from your earnings as long as you are in profit.

Must Read: Toast Wallet Review.

Large Plan is the most expensive plan among the three. This plan is for the experts who know well when, where, and how to invest their money. Though it charges a lot higher, the chances of having a profit are also high compared to the other two plans. If you want to purchase this plan, you will have to pay a sum of $3,975 for 25,000 GH/s. the maintenance fee here is the same as the Medium Plan but the sum amount here will be higher due to its Gigahash. Similar to the other two plans, the maintenance fee will be deducted as long as you are in profit. We will see later what happens when you are no more in a profit.

Custom Plan, this is the fourth plan which is actually customizable by the users themselves. Here all the figures in the amount can be set by the user and according to that, the plan will function. Except for the maintenance fee, you can set all the other parameters. The maintenance fee will be the same as per the company’s terms and conditions. If you are a new investor and have absolutely no clue about Cloud mining, it is the best suitable plan for you. You can even set the figures lower than the basic starter plan. Invest a little amount of money, observe the changes, try to understand the business and then gradually invest in it.

Features of Genesis Mining

Genesis Mining supports a crypto wallet that holds Bitcoin or Ethereum coin and using which you can purchase any of the above-mentioned plans to start mining. The best part is, if you don’t have any kind of crypto wallet then you can also purchase the plan using your MasterCard or Visa Card.

The verification process of your account on Genesis Mining does not include too much of your credential details. The only thing you need as per the verification norms is a valid email id through which you will operate your account followed by a secured password. There are no extra documents required.

Genesis has wide-ranging cryptocurrencies that you can buy on this platform. You can opt for mining among Bitcoin, Ethereum, Etherscan, Monero, Litecoin, Dash, Dogecoin, Nano Coin and Zcash. The company also lets you control the invested fund so that you can meter how much money to spend after what percentage of different crypto coins.

The first return of your investment you get is after a time period of 48 hours since the time a contract has been generated (as per the company claims it). A contract is nothing but the fund you invest in purchasing the plan for mining. In order to earn back your invested principal amount, you need to be very patient as it takes a lot of time to grow.

What about Safety, Security & Customer Support?

Before we start this section, let us aware you that you might find a lot of bogus statement on the internet. Note that, those are not from any credible sources. If they are, don’t them then. And if not, please stay away from those fake news.

Must Read: Crypterium Review.

It is the whole Genesis community that expresses their trusts, views and honest feedback regarding the company. You can go through them all one by one. There are even a few negative comments too, go through them too. It is important to know both the sides of any particular thing. Moreover, the company has described itself quite a bit. It has provided all the necessary information and also to let you know, they are a registered company with the Securities and Exchange Commissions (SEC).

Coming to the security point of view, it is not well-mentioned anywhere. But there are also no cases of any malware till now, maybe this is why they are being silent regarding this issue.

It is claimed that Genesis mining is one of the easiest company to reach out for. Their online email support is certainly fast. If you are from Hong Kong or Iceland, you can also reach out to their physical offices which they have mentioned on their site. The physical address of both the places is given so that anyone who needs help could go and seek.

The handling speed is apparently faster, as it takes 48 hours to pay back your first earning, known as your payout.

How to get started with Genesis Mining

Following are the steps that you need to follow in order to get started the ride on Genesis Cloud Mining Services.

The first thing you need to do after you are redirected to their official page is to sign up with a valid email id of yours. This will help you in creating your account. Enter your email id, set a password and bang, your very first account on Genesis is created.

After you have successfully created your account, the next step is to choose a suitable contract plan for you. You have to choose a plan among those mentioned above in this article. You can also set your own plan.

The third step includes purchasing the contract with your existing crypto coins or with the actual money from your bank. Once you have successfully paid, now sit back and take some breath.

The fourth step and the very last step includes waiting for your first payout to get arrived. Usually, it takes 48 hours of time to get your first earning into your Genesis wallet.

What happens when someone stops earning profit any further?

Before you invest in this, remember one thing that it is a very slow process. In order to earn some profit along with the principal amount, it will take some time. Therefore, if you are someone who is very impatient or anxious then it is highly recommended that you don’t invest your money in this. You will end up taking stress only.

One more thing to keep in mind that initially, you don’t have to invest all your wealth in this. Invest very little money and observe the changes and graph of the profit earned, analyze it. If you find it worthy then only invest more money but that too slowly and gradually. Don’t spend all the remaining money altogether after you get a little profit. The situation might change and you might get into a loss. Therefore, be very cautious.

If you are a first-time buyer then it is recommended that you go with the started plan or even choose the custom plan for your investment. Doing so will help you to revive your money in case there is a loss. And also the money you will earn is after deducting the maintenance fee from the profit earned, so in order to keep the maintenance fee low, you have to be aware of it.

Must Read: Nova Exchange Review.

After you purchase a contract, and you experience zero balance in your wallet, according to the algorithm, the contract will keep mining for 60 days. If your profits don’t get resumed, it stops after 60 days. In that case, your contract gets terminated so that your maintenance cost is being saved.

Wrapping up genesis Mining Review – Conclusion

At the end of this Genesis mining review, even though Genesis is a cheaper way of mining cryptocurrency, but at the same time, it is also a slow process where you will have to wait least a time period of 1 year in order to see the rise in the profit graph.

It is up to you, whether you want to take the risk, and wait or you drop the idea. Even if you are interested in investing here, be very assured, well-informed about the present scenario of the market, have a proper recovery plan and then move further. Start with the small investment and once you become an expert in the matter then you can spend more into this.