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|Hash Algorithm||SHA-256, X11|
|Coins||Bitcoin (BTC) LiteCoin (LTC) DASH (DASH) NEM (XEM)|
- Fast 24/7 support
- Easy to configure
- Reputable company
- Dynamic enough service development
- The presence of a real office and publicity of the company
- Doesn't seem profitable in the long run
- Doesn't provide full, comprehesive information to the users
With cloud mining, there’s no longer any necessity to buy expensive hardware and keep a wary eye on its performance. Therefore, more and more users decide to cooperate with cloud mining companies these days. Genesis Mining is one of such companies.
Genesis was established in 2013 and it is considered one of the oldest and most popular companies around. Their mining farm is situated in Iceland.
Using this service, you can gain six types of cryptocurrencies: Bitcoin, Monero, Litecoin, Ethereum, Dash and Zcash. However, Bitcoin is the most popular option on Genesis (as well as on the other similar platforms).
There are four tariff plans for every type of currency presented on a resource. All of them have different prices and mining rates. As for the contracts for getting bitcoins, they vary in accordance with the following factors: USD/Bitcoin exchange, mining difficulty, and servicing fees (such as electricity, cooling, etc.)
A good thing is that the maintenance fee is held back from the contract as long as it is profitable. Current fee is USD 0.00028 per GH/s per day. When cooperating with Genesis, you purchase hashpower to mine coins whichever you like.
Pros and cons
Here are some benefits of using Genesis Mining:
- Long-standing customers get promo codes and upgrades that increase their hashpower
- There are affiliate programs for those who invite friends
- The distributing of hashpower between types of currency is flexible, therefore you can mine different coins at the same time
- Convenient and simple interface
And here are some disadvantages of entrusting your mining to Genesis:
- The system doesn’t provide too much information about your mining activity
- Genesis doesn’t provide users with an online calculator
- There are no fee statements for users to view and track the performance
- No information about each separate block in a chain and how it was mined
If you are considering the idea of investing your money in Genesis and still have questions about the services or tariff plans they provide, make sure to contact their customer support department. From our experience, they answer fast.
In a word, Genesis is a reliable company that might be worth a try, especially if you are new to cryptocurrency mining. It is simple to use this platform, however there are some questions about performance information transparency.