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.
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.
Must Read: Toast Wallet Review.
Features of Genesis Mining
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.
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.
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.
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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.