Genesis is largest Cloud Mining Company today. It’s been founded in 2013. Among many other Cloud Mining Companies, it’s said to be the safest and most transparent Cloud Mining option.
Cloud Mining is essentially the process of Cryptocurrency Mining utilizing a remote datacenter with shared processing Power. This enables the users without real Mining Rigs to participate in Mining, and get their share of the Loot based on percentage.
In this review we’re going to walk you through some of the most important things for someone who’s getting into Cryptocurrency Mining:
-How does it work
-Coins you can Mine
Before getting further into this, it’s important to note that the Mining Contracts you agree to is lifetime Contract. Meaning, as long as your account is profitable, you will continue to mine and receive Payouts.
According to Genesis Mining headquarters, their service is an easy and safe way to purchase “hash power” without investing and dealing with building a proper Mining Rig yourself.
Genesis Mining allows you to rent their state of the art Mining Rigs that are built to be most efficient and have highest return on investment.
All you have to do in order to participate is Create an Account, fund it using BitCoin, Paypal or CreditCard, and choose the Mining Plan and Contract that suits you the most.
While we’re talking about those Mining Contracts, let’s look into the ones they are offering, as well as their pricing.
It’s always good when you see Cloud Mining Companies offer multiple Contracts of different size that allows you to test out their service with low investment.
Genesis Mining is offering you three types of Contracts:
-Gold lifetime Bitcoin Mining Contract (100 GH/s) : This is the most Basic and Cheapest Contract that will cost you $19. You can use it to understand the basics of Cloud Mining, as well as to look into interface, security, support and profitability.
-Platinum lifetime Bitcoin Mining Contract (2 000 GH/s) : With this Medium Contract that costs $340 you can look into Cloud Mining more seriously.
-Diamond lifetime Bitcoin Mining Contract (10 000 GH/s) : This Contract costs $1600. You can mine Bitcoins lifetime using this Contract once you make sure it’s profitable enough and you want to dwell into this properly.
Like Mining Speed, Coins you can Mine also depends on the Mining Contract you purchase.
If you sign up with X11 Mining Contracts, you can mine following Coins: Bitcoin, Litecoin, Dash, Dogecoin, Startcoin, Namecoin and Peercoin.
If you choose one of SHA-256 Contracts once signing up, Coins you can Mine are: Bitcoin, Litecoin, Dash, Darckoin and Zetacoin.
Buying Mining Contracts at Genesis Mining without make any sense if it wasn’t profitable. We came to this section to show you how much exactly.
Before going further into this, it’s important to note that the whole profitability depends on the Coin Price the most, but is also affected by Network Difficulty and Hash Rate. These factors change really fast through time.
Like with Coins you can Mine, Profitability also depends on the Contracts you purchase and sign up with. That being said, we will divide them into two sections like above, for better Observation and Comparison.
-X11 Contracts: With these you can expect payout of 0.027 mBTC per 1MH/s per day. At a cost of 13.6 mBTC per 1MH/s, you can expect to break even in approximately 500 days.
-SHA-256 Contracts: If you purchase one of these Contracts you can expect payout of 0.37 mBTC per 1TH/s a day. With a cost of 0.25 BTC per 1TH/s, breaking even should come in approximately 670 days.
Once again, the contracts are Lifetime, and you only pay small fee for maintenance after purchasing initial Mining Contract.
To sum it up, the biggest concern about Cloud Mining Companies is if it’s scam or not. The time has proven Genesis Mining to be safe and legit, so you should not be worried about this point. This means the Genesis Mining honestly provides the services it offers.
It’s a profitable Cloud Mining Option whos Mining Contracts last a Lifetime, and has good ways of letting you test the options and it’s potential.
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