Many different organizations and companies work in the world in the framework of buying cryptocurrencies and cloud mining. As people become more interested in bitcoin mining, companies are developing their opportunities and potential for customers. As a result, the demand and supply for cryptocurrency mining organizations are growing, especially in Europe.
Today, the most reputable cryptocurrency mining company in the world is Genesis company, which provides a wide range of services in all areas. The customers do not need to spend time and money on additional equipment, as the Genesis organization will set up their mining farms to work. Everything is simple and easy, and no problems. As soon as you register your account on the site, cryptocurrency mining becomes fast, and all services are available.
This article provides an overview of Genesis mining company, its advantages, experience, news, and background. Carefully study the data below to be the best among the miners.
Cryptocurrency mining company: short description
The Genesis mining company is the largest English cryptocurrency company engaged in cloud mining. This organization is valuable for those investors who want to mine new cryptocurrencies without investing in expensive mining rigs. Customers can purchase hash power through the company’s website and do not waste time setting up hardware with high power. Through the mining service, anyone can sign a contract for the rental of capacities up to 25,000 GH/s, intended for mining Bitcoin, Dash, Monero, and other well-known cryptocurrencies.
Nevertheless, many investors, in the long run, using the Genesis mining organization lose their funds, as it is an unprofitable business.
By the way, if you have not yet studied the topic of cloud mining, be sure to read it. Below is a step-by-step guide to this article that all people need to know.
- Cloud mining in a Nutshell
- Genesis mining platform summary
- Advantages and drawbacks bitcoin platform
- Genesis hashpower provider and Direct mining
- Genesis mining technology and Buying bitcoins
- Reviews for believers
- Final words
- FAQ
Cloud mining in a Nutshell
As already noted, the growing popularity of bitcoin has led to the emergence of so-called cloud mining and organizations engaged in this activity. In a general sense, cloud mining is a universal term applied to cryptocurrency companies that rent out powerful equipment for bitcoin mining. The user and the organization conclude a contract with each other, and the miner must give the shares. The advantage is that people do not need to buy mining hardware at high prices since such a company provides it.
There are dozens of different companies in the world with their policies and rules of the game. However, cloud mining is gradually losing its promise, as almost 99 percent of organizations are fraudulent. Unfortunately, such statistics make investors think about the trust in cloud mining and such companies. These services use your money to pay other users.
On the other hand, the Genesis platform proves that there are still decent and honest mining companies. Perhaps the most important thing is to understand whether cloud mining is profitable. As practice shows, such activities are not particularly cost-effective. You can read about this in the previous article.
Genesis mining platform summary
One of the founders of Genesis mining company Marco Streng started mining Litecoin in 2011 at home. By 2013, he was convinced of the profitability and founded the company Genesis Mining together with CTO Stefan Schindler, CFO Mark Krohn, and head of sales, Yakov Dolok. All CEO founders, communicating with each other, clearly understood the task of this organization and the results to be achieved.
The first mining farms were in Iceland. The choice of this country is due to the cheapness of electricity. Apropos, the bitcoin mining team traveled to many countries in search of cheap electricity: China, Romania, Bosnia, America, and English territories. Currently, data centers with a wide user base operate in Iceland, Bosnia, and Canada. The company’s website contains real photos of the equipment, indicating the reliability of the resource and its capacity.
The world’s leading company has signed contracts with the largest manufacturers of mining equipment: MinerEU, Spondoolies-Tech, Zeus, Innosilicon. I believe that this is a big plus since the company can mine Bitcoin and altcoins. According to the website and the founders’ statements, more than two million customers use the Genesis platform tools. Miners can receive the following cryptocurrency:
So far, not all altcoins function within this world’s leading cryptocurrency company. However, all members of the company are interested in expanding the list of cryptocurrencies.
Advantages and drawbacks bitcoin mining platform
The logic of cloud mining in the Genesis mining organization is uncomplicated. Instead of purchasing expensive equipment, programmers and all interested people rent it from the Genesis company, making an initial payment and paying shares. In this context, the organization takes responsibility for customer service and the hassle of setting up the hardware.
As for profitability, people need to make basic calculations. Genesis mining organization offers programmers three different packages (Platinum, Gold, and Diamond) depending on the cost and needs. I choose the “Platinum” plan from Genesis.
According to the Genesis mining plan, this package costs about $ 986 with 77 TH / s of mining power. The contract period is six months, and the service charge is three cents per day. Thus, for the entire period, the fees are about $ 416. Using the bitcoin calculator, you can calculate that the earnings for all time are more than $ 1,000, and the expenses are almost $ 1,350. Thus, cloud mining is unprofitable because you can lose money.
Among the advantages of Genesis Mining, CEO founders note the following:
- The ability to distribute power for mining
- Regular and timely payment of remuneration
- Interesting promotions and promotions
- Quick payback
Bitcoin price growth
The growth of the bitcoin exchange rate determines the increase in the number of mining members, which in turn complicates the process. Thus, your daily earnings will decrease. Therefore, it is better to calculate everything in advance.
Bitcoin price decline
The opposite scenario (the decline of altcoins) leads to a decrease in your earnings and the number of miners. It is probably the most unfavorable scenario for mining members.
Genesis hashpower provider and Direct mining
An alternative version of Genesis mining is mining at home. In general, the calculation of earnings, in this case, depends on the cost of electricity, equipment, and conditions.
Therefore, to get approximate amounts, we take the following indicators:
- 0.1 dollar per kW
- Two percent mining pool fee
- 2900 dollars the cost of equipment
One of the most efficient hardware is the Antminer S17 Pro with high power. Summing up all the indicators, mining at home is unprofitable since you can lose more than $ 3,300. To this amount, add the cost of delivery, customs, and tracking technologies fees.
Genesis mining technology and Buying bitcoins
One of the other alternative options is to invest in the purchase of bitcoins. According to our HodlCalc, this course for buying bitcoins is one of the most profitable since the advent of cryptocurrency. If bitcoin collapses, then with Genesis mining company, you will lose funds and securities. For this reason, invest securities and money responsibly and wisely.
Reviews for believers
The number of positive reviews determines the quality and reliability of the bitcoin mining team. According to BitcoinTalk posts, most investors are dissatisfied with the company’s policy, as they cannot profit. On the other hand, there are mixed reviews on Bitrust, where half of the investors are disappointed in the company’s fraud, and the other is satisfied.
The most negative reviews people leave on TrustPilot, where investors claim fraud and loss of cash shares. However, remember that there are always a lot of negative marks on the Internet. So read the user base and ads carefully and make the right decision.
Final words
To sum up, this company is legitimate with well-designed services. However, you will not make money on cloud mining and will most likely lose your securities and funds. Most other companies will show high-profit figures, but this is a lie and a deception. Therefore, take a balanced approach to the choice of the site and, in general, to mining.
FAQ
Where is Genesis company Located?
The founders have established Genesis farms in Iceland and Sweden, and the headquarters is in the APAC region.
Which Cloud Mining Site is Best?
In general, I do not support cloud mining because of the number of difficulties. However, among these companies, the best in this industry are Genesis Mining and Hashflare.
Is Genesis mining legit?
Genesis mining platform is the legitimate and most successful among the mining ones. However, investors shouldn’t invest money and securities in this business. Undoubtedly, the company’s HR engineers will only talk about the positive aspects of the business but trust only yourself.
Can you make money with the Genesis platform?
In theory, anyone can earn money through the platform’s website. To do this, you need to register an account, invest money and start mining. In practice, you are most likely to lose money. It is better to invest in bitcoins than in dubious companies.
How much does Genesis Mining payout?
According to the company’s policy, the service fee is minimal. As for the withdrawal of funds, many users face difficulties. To withdraw the money received from your page, you need to add wallets for automatic application. This output is generated daily, which saves users time. However, keep in mind that when mining on the platform, you are unlikely to earn money. The profit can be equal to $ 1000, but you will give more.
How do you use Genesis Mining?
The service interface is very user-friendly, and highly qualified engineers are always in touch. It is one of the reasons why many Genesis customers leave positive reviews. To register, enter your email address and password. The system will automatically redirect you to your page.
The next step is to buy a capacity contract. Here, too, everything is simple:
- Go to the “Buy generated power” section
- Select a currency
- Specify the hash rate amount and select the payment method
- Make the payment
