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“Should I invest ter cloud mining?” is very likely every other Bitcoin question I get.
I’ve talked a loterijlot about Bitcoin investments ter the past and one of the things I always tell people who ask mij about cloud mining is that I think 99.99% of the companies that opoffering cloud mining services are most likely scams.
This means that they don’t actually mine Bitcoins with the money you give them. They only use your money to pay out other users until the owners run out of money and vanish. However, there are 0.01% of companies that actually do run mining hardware and mine Bitcoins for you, and Genesis Mining is one of them.
Founded te 2013, Genesis Mining presently possesses mining farms located te America, Europe, and Asia. However, the precies locations are not known to the general public due to security reasons. Genesis has a publicly known mining farm set up te Iceland and the miners on the farm are able to mine Bitcoin, Ethereum, Zcash, Litecoin, Monero, and Dash. Check out a picture of the farm ter Iceland!
Genesis Mining is undoubtedly one of the most well known cloud mining companies and it’s not a scam.
The only two cloud mining companies wij are even willing to write about are Hashing24 and GM.
Genesis Mining is one of the oldest Bitcoin companies around, and it’s is arguably the largest and most popular cloud mining provider for Bitcoin, Ethereum, and other coins, and it has even registered with the SEC for a Bitcoin mining fund.
Note: This does not mean Genesis Mining is profitable. However, it means that Genesis Mining honestly provides the services it offers.
It is significant to note that thesis mining contracts are life time contracts. This means that they do not have a maturity date, and you will proceed to mine and receive payouts spil long spil the contract is profitable.
How Does Genesis Mining Work?
According to their webstek, Genesis Mining is a safe and effortless way to buy hash power without having to overeenkomst with the sophisticated hardware and software set up. This means that instead of spending thousands of dollars on Bitcoin mining hardware, you can pay someone to lease their hardware and keep the profits to yourself, because the company that rents out the miners takes care of the maintenance and all of the hassle of setting them up.
Genesis Mining specializes te building the most reliable and efficient mining equipments that they suggest for rent to their clients, and they are required to pay a toverfee for their service.
To embark mining, all you need to do is set up an account with them.
After signing up, fund your account via Bitcoin, credit card, PayPal, or wire transfer. After that, choose the mining project that’s best for you.
There are several start-up fees you have to pay, depending on the level of contract you want to engage te:
For newcomers you can embark with a 100 GH/s (Gold) lifetime Bitcoin mining contract, which will help you ter understanding how cloud mining works and what the profitability might be. It will cost you $Nineteen.
If that proves to be petite, you can attempt the Two,000 GH/s (Platinum) lifetime Bitcoin mining contract. It will cost you $340.
The third and the largest contract is the Ten,000 GH/s (Diamond) lifetime Bitcoin mining contract. It will cost you $1,600.
What Coins Can Be Mined?
There are several coins available for mining with Genesis mining toneel, and they fall into different contracts, spil goes after:
- For X11 contracts you can mine the following coins: Bitcoin, Namecoin, Startcoin, Peercoin, Dash, Dogecoin, and Litecoin.
- For SHA-256 contracts you can mine the following coins: Bitcoin, Darkcoin, Zetacoin, Dash, and Litecoin.
Of course that it makes no sense purchasing contracts from Genesis Mining if it’s not profitable for you.
With that te mind, let us analyze the profitability of the different contracts that were mentioned under the previous section i.e. X11 and SHA-256.
Please note: The factors that make a contract profitable or not are permanently switching, for example each coin’s price, hash rate, and network difficulty switch every day.
X11: You can expect payouts of 0.027mBTC vanaf 1MH/s vanaf day with a cost of 13.6mBTC vanaf 1MH/s, which means that you can break-even after approximately 500 days.
SHA-256: With SHA-256, payouts of 0.37mBTC vanaf 1TH/s vanaf day are made while a cost of 0.25 BTC vanaf 1TH/s, which means that the break-even point should be approximately after 670 days.
It’s significant to note that for lifetime contracts a petite maintenance toverfee is deducted (spil long spil they are profitable).
Who is the Creator of Genesis Mining Webstek?
The Genesis Mining webstek wasgoed founded ter 2013 by Marco Streng. At the time, Streng wasgoed only 23 years old and on course to becoming a mathematician, but he dropped out of collegium to create his own niche te a fast-growing cryptocurrency industry. He teamed up with two other individuals, Jakov Dolic and Stephan Schindler, and together, they have created a company that has a global staff base of overheen 100 people and attracts overheen 300,000 users daily.
Marco said ter an vraaggesprek with Forbes, that the reason for setting up a bitcoin mining company wasgoed his observation of a lack of trustworthy platforms ter the altcoin market. Overheen the years and with additions such spil the Genesis Mining scam free Bitcoin system, the company has continued to grow rapidly ter a fast-changing industry.
Streng, along with his two co-founders, is a real businessman, and the fact that Forbes published a full-length article on him speaks a loterijlot about the legitimacy of Genesis mining system. He is an actual person, and not an zogenaamd or a paid actor. There are so many profiles of him ter authentic articles and magazines, and his story actually checks out te all of them.
Genesis Mining App- Main Advantages
Genesis mining software is one of the very few cloud mining companies that actually do what they say they do. There are some advantages which make them stand out of the crowd.
The Genesis Mining scam less system also saves you a lotsbestemming of time because there is no need setting up a equipment from scrape. You just sign up and start trading instantly.
If you want to set up a mine, you should know that a large investment is required for mining hardware. Occasional maintenance is also required on your equipments. The problem is that all of thesis cost money. With Genesis mining, your equipment is already set up for you, which means that this initial cost is erased.
This freedom lies te your capability to trade inbetween several coins and currencies and make a profit from them.
You can lightly allocate hash power to different currencies using Genesis Mining review software, and feel safer knowing that your income will flow te from numerous rivulets.
Genesis Mining Robot is Effortless and Convenient
With Genesis Mining Cloud App, online mining does not include all the warmth and noisy noise of establishing a mine. Also, stress and maintenance hassles are fully erased.
The idea that it is a lifetime contract also makes it very lucrative because with values and prices enlargening every day, you can be sure of a very good future using Genesis Mining app. Just one investment and you can earn profits for the surplus of your life.
Ter What Way Is Genesis Mining Different from Other Cloud Mining Providers?
Spil mentioned earlier, Genesis Mining is the largest and most popular cloud mining provider, and it has made mining an effortless and pleasant practice.
A significant investment ter mining hardware is required for any miner. However, you will not have to go through the hassles of setting up hardware or maintenance of mining equipments if you cloud mine with Genesis Mining.
Reminisce that with Genesis Mining you are mining online. This means that you will not have to overeenkomst with noisy equipments which produce a loterijlot of warmth. One more thing worth noting is that there are also no mining pool fees.
The fact that you can determine which coins you want to mine with the purchased hashpower is the one factor that indeed stands out. Thanks to this feature, you can split up your total hashpower to different coins.
It is clear that GM aims to provide both the big investor and the average miner.
There have bot serious concerns of whether Genesis Mining is legit or a scam. However, after doing research it is fairly clear that Genesis mining program is real and it works. It’s significant to note that this does not mean Genesis Mining is profitable. It means that Genesis Mining honestly provides the services it offers.
Genesis Mining is superb for cloud miners who want to mine without having to go through the stress of setting up a equipment at huis or choosing a bitcoin mining pool, software, and hardware.
Sign up to Genesis Mining and love all its features.
Pros and Cons of Genesis Mining System
- Effortless to set up and trade
- Prompt customer support
- It is a reputable company
- The Genesis Mining profit can get indeed slow and it doesn’t seem to be profitable ter the long run
- Doesn’t supply utter information to its members