Genesis Cloud Mining Review
Please note: This article is outdated for Genesis Mining Platform
Genesis Cloud Mining was established at the end of 2013, considered the leader in cryptocurrency cloud mining. Genesis’s office is located in Hong Kong and the mining farms are located in Europe, America, and Asia.
Genesis mining guarantees 100% uptime using the Genesis Hive – Control panel to manage the rigs, their algorithms ensure that other miners are allocated to the relevant pools to fully compensate for possible hash power loss.
The uniqueness of Genesis mining in addition to the Bitcoin cloud mining is the support of Altcoin mining, the user can even decide to allocate the hash power between the coins. As a result, users can decide to allocate 70% BTC, 20% LTC, and 10% for the DOGE.
Especially relevant on Genesis Mining platform is the possibility to mine other and less familiar coins such as Unobtanium, Dark, Litecoin, Dash, Zetacoin, Startcoin, Dogecoin, Peercoin, Namecoin, and Ethereum.
Genesis Mining Contracts
Bitcoin Mining
- There is also a “Custom Plan” where the user can create a custom Bitcoin mining plan
Bitcoin cloud mining uses the SHA256 algorithm and is mined with specialized ASIC Hardware.
The contracts are “Open-Ended” and determined by three factors:
- Mining Difficulty
- Maintenance Fee
- USD Vs Bitcoin exchange rates
As long as the contract is capability and profitable it will continue running.
A fixed maintenance fee: USD 0.00028 per GH/s per day, the actual deducted from the daily payouts is in BTC.
Ethereum Mining
- There is also a “Custom Plan” where the user can create a custom Ethereum mining plan
Ethereum cloud mining uses the “Eth-hash” algorithm. Earned Ethers can be auto traded in the dashboard to Bitcoin, Zcash and other Cryptocurrencies.
The contract runs for a maximum of 24 months.
No maintenance fee applied for the whole contract time
Monero Mining
- There is also a “Custom Plan” where the user can create a custom Monero mining plan
Monero cloud mining uses the “CryptoNight” algorithm.
The contract time is 24 Months
No maintenance fee applied for the whole contract time for monero cloud mining
Dash Mining
Dash is using the “X11” algorithm
The contract runs for 24 months.
No maintenance fee applied for the whole contract time
** Dash Mining is out of stock **
Cryptocurrency Algorithm Vs Coins Table
Genesis Cloud Mining Fee
At some of the mining contracts (SHA256), there is maintenance fee to cover the mining costs: electricity, cooling, hosting etc..The fee is being calculated per GH/s and automatically deducted on a daily basis, each contract has its own maintenance fee. The Genesis mining contract is for “lifetime” – as long as the payouts cover the maintenance fee.
Contracts without maintenance fee: 2-year X11 and Litecoin contracts, monero mining cryptonight and 1-year Zcash and Ethereum.
The maintenance fee covers the cost of:
- Electricity
- Cooling
- Hosting Services
- Maintenance work
Genesis Mining Withdrawal:
Genesis mining is working on a daily payout to your Cryptocurrency address. Please note that there are minimum payouts for each coin and the payout will be processed only if the accumulate balance will reach this threshold.
For example, the minimum payout balance of the Monero mining plan is 0.4 Monero.
* You can choose to keep your payouts withing Genesis Mining platform as a wallet, just keep the payout address empty. Keep in mind that the most secure way to store your coins is through a hardware wallet such as Trezor, Keepkey or Ledger Nano S.
Genesis Payment Methods:
– Credit Card (Visa / MasterCard) Minimum 50$, for orders under 100$ a fee applies.
– Bank wires in USD / EUR
– Cryptocurrencies: Bitcoin, Litecoin, Dogecoin, and Dash.
Genesis Mining Additional Info:
The first payout will proceed after 48 hours and then a daily payout to your wallet.
Please note: if you purchase with a credit card your account will be held for 30 days till the first payout due to credit card security check.
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