The role of these cloud mining companies is to enable people to mine virtual currencies without any need for the hardware normally used.
While this seems to be really intriguing, the majority of these companies, unfortunately, end up being scams because, at the end of the day, they do not actually mine virtual currencies.
Instead, they function like Ponzi schemes and depend on new investors in a bid to pay off the older ones. However, we still have mining companies that are reliable and actually mine digital currencies. Although, they are few and difficult to find.
With cloud mining companies, the returns you get on your investment is dependent on so many factors. Therefore, it is not so easy to estimate the amount of money you will be able to make.
Nonetheless, we will be taking a thorough look at one of the cloud mining companies known as Genesis Mining.
What Is Genesis Mining?
The first thing to note is that Genesis Mining is among the oldest surviving mining companies available today.
On a general note, Genesis Mining enables its users to engage in virtual currency mining without the usual hassle of purchasing mining equipment and even going further to maintain it.
Nonetheless, it can be calculated that it is much more profitable to mine digital coins with Genesis since there are other investment options you can invest in.
The company was established in the year 2013 and as mentioned earlier, this makes it rated among the oldest Bitcoin companies still standing today. Also, it is among the well-known companies when it comes down to cloud mining.
Judging from its website, Genesis Mining company serves more than two million users from all over a hundred countries around the world. Its mining farms are situated in locations that are remote yet cool like Sweden and Iceland.
Miners on the Genesis Mining farm have the ability to mine digital coins such as:
- Zcash, and;
There are diverse investment programs for every one of the virtual currencies that are actually capable of mining. Not to forget, what you earn is dependent on the investment program you tend to get.
Who Benefits From Genesis Mining?
The Genesis Mining company is structured for the set of people who are seeking to lay their hands on digital coins without going through the process of purchasing the virtual coins or mining it by themselves.
The job of Genesis Mining is to mine the virtual coins while users can join in the ride for a specific amount. Also, payouts are received for all of your investment, although the fees linked with your contract with the company is subtracted.
Virtual coins like Bitcoin have a high value currently and this is why digital coin mining is among the alternatives that so many people want to lay their hands on.
One reason why people are jumping on the cloud mining wagon is because, if mining is carried out personally by users, it will cost a lot of money, efforts, time and you will have to pay for the regular maintenance fee of the hardware you will be using in a bid to keep the virtual coin farm running adequately.
Bear in mind that, Genesis mining company actually does not charge for any pool fees and also, there is no time to wait around. What this means is that mining commences immediately without any delay.
Also, any hashpower you tend to buy is actually yours to keep in life. Note that, there is also a hundred percent guarantee been offered by the company.
Furthermore, no instant of your time for mining is lost because Genesis mining allocates miners to the vital pools and this makes up for any prospective loss in hashpower.
Whenever you are worried, in doubt or practically need assistance with anything, it is interesting to note that, Genesis mining actually invests tremendous efforts in its customer support and the employees respond swiftly.
How People Earn Money With Genesis Mining
As already established, Genesis Mining is a cloud mining company that offers users with the chance of earning virtual currencies. Genesis Mining has diverse investment programs that one can select from.
Bitcoin is the most prominent virtual currency in this company. And so, the lowest investment one can have for this coin is around $285 for a period of five years. With this plan, users will earn about one tera hashes every second (TH/s).
Meanwhile, the costliest plan is worth about $6875 for five years. Here, users will get to earn twenty-five TH/s.
Note that, all these Bitcoin plans have their fee for maintenance and this means that at the end of the day, the gross earning is actually not the payout you will get to receive because maintenance fee will end up being deducted.
Furthermore, Genesis Mining does not actually promise the earnings because it is said to be determined by a total of three factors. The factors include:
- The complexity of mining virtual currencies
- The value of the United States dollar versus Bitcoin Cryptocurrency, and;
- The cost of maintaining all of the equipment being used for mining
Currently, Genesis mining maintenance fee is at $0.14 per TH/s. One thing to note is that investing in Genesis mining is not as profitable as you were told or as you have in mind even if it has to do with Bitcoin.
So, a one TH/s of mining will most likely fall in $6.57 in its profit monthly. Although the value will change so much, it still relies on so many factors. Making a profit will not come so easily or even so fast.
With some comments made by users of the company, Genesis mining company did not have any problem in offering payouts to members.
However, when it got to the second quarter as well as the beginning of the third quarter, the company put a halt in sending payouts.
The Good And Bad Things About Genesis Mining
For some people, all they find quite good about Genesis mining is the fact that it provides users with alternatives when it comes down to virtual currency mining. Users do not need to stick solely with Bitcoin since the company farms other virtual coins.
Also, similar to other cloud mining companies, Genesis mining has some bad things linked with it.
For Genesis Mining, there are so many investors making complaints about not receiving their payouts anymore. And, when they complained to customer support, they did not get any reply.
What this means is that Genesis mining is getting really close to being written off as a scam.
Yet another bad side to Genesis mining is that the company is not so transparent whenever it comes down to calculating all of the revenues that they give plus the fees being charged.
Advantages Of Genesis Mining
As an easy and secure way of purchasing hash power, users will not need to deal with the difficult software and hardware set up. The company specializes in developing highly efficient and dependable rigs for mining and offer it to clients on rent bases.
The only thing you will have to do is to set up an account and begin mining. Nonetheless, even if we have seen the good thing about Genesis mining, it is vital that we take a look at their pros. It includes:
- Aids in saving time
It saves users a lot of time as there is no need for them to set up any rig from scratch. All that is needed is to sign up and start trading all at once.
- Aids in saving money
When you consider setting up a mining rig, you will find that a huge investment is needed for the hardware used in mining. There is also regular maintenance needed on the rigs.
However, all this cost money but with Genesis mining, the rig is already installed. Hence, the cost is eliminated.
- Flexibility and liberty
All of this liberty lies in the user’s capability to trade between diverse currencies and coins in a bid to gain profit from them. Hash power can easily be allocated to diverse currencies with the Genesis mining software.
Also, the users can feel secure with the fact that their income will continually flow from diverse streams.
- The Genesis Mining robot is simple and convenient
With their cloud mining app, online mining does not entail all of the loud noise plus heat in developing a mine. Moreover, stress and maintenance issues are totally eliminated.
- A contract for a lifetime
The concept behind Genesis mining is that it is a contract for a lifetime and this makes it a highly lucrative business that has its prices and values increasing daily. With one investment, you are capable of earning profits all your life.
Can It Be Recommended To New Users?
With this thorough review of all that Genesis mining can offer, some people claim that they cannot completely recommend Genesis mining as a means to earn virtual currencies.
Also, with the current complaints about the company, there are doubts and worries about its legitimacy and with this, it can be said to be best to avoid investing in them. Though, there are people with opinions that differ.
The fact remains that, if the virtual coins go up, users get to earn money and when it goes down, money is lost when you simply purchase a virtual coin and depend on its market value for all of your profit.
In Genesis mining, your contract must actually be profitable. In a bid to keep on earning from the Genesis mining contract, it must be capable of covering all costs of maintenance.
With considerations on the complexity in mining increasing continuously as time flies, all of this may as well be a very long shot. To break even, it may likely take more than a full year.
Also, even with an increase in the price of virtual currencies, it is still not going to be a guarantee that users will be able to make good money because the complexity increase as so many people begin to mine.
Is Genesis Mining A Scam?
Like we stated earlier, there are people with differing opinions. Now, people believe that the cloud mining company is not a scam and neither is it a Ponzi scheme. There are claims that it is legal.
Basically, cloud mining companies have so many negative comments around them due to the face that most of the companies were known to be scams.
What these companies did was to promise both heaven and earth to its users and at the end of the day, fail to deliver. However, this does not rule out the fact that Genesis Mining does not have unhappy customers.
At the end of the day, even if the company is actually legit, it is sometimes stated that it is not a good investment.
To Wrap It Up
Although this article has covered most of the vital parts of Genesis mining, the big question still hovering on the minds of people pertains to if the company can be trusted. Well, the response is yes.
It has been said that it is not a scam but it is not so profitable like you may want it to turn out to be. While it is quite transparent, its profitability is, however, reliant on diverse factors.
The system of Genesis has been successfully set in a type of way in which, even if the payout turns out to be zero, your contract still continues to mine for about sixty days. Although, it gets to stop if the profits do not resume again.
Moreover, if your contract does not turn out to be profitable after all this period, the contract will be terminated in a bid to save up on maintenance costs.