Genesis Mining Review – Is Cloud Mining Worth It?
Founded in 2013, Genesis Mining is the largest cloud mining company with mining farms in Iceland, China, and other locations not disclosed. They offer mining contracts for Bitcoin, Dash, Ethereum, Litecoin, Monero, and Zcash. Currently, Genesis Mining is out of stock on everything due to the insane demand.
How Does Cloud Mining Work?
Cloud mining is mining cryptocurrency without needing to have physical hardware. This is good for people who don’t want to deal with the hassle of hot, loud, and expensive hardware. You pay a company to lease their hardware and mine cryptocurrency. Then you are paid a portion of the profits. If you are looking for maximum profits, you are better off mining at home yourself.
How Much Does It Cost?
The cost depends on how much hashing power you want. Genesis has 3 plans for each cryptocurrency: Small, Medium, and Large. At the time of writing this, the contracts for Bitcoin are $179 for small, $845 for medium, and $3,975 for large. They also offer custom plans, if that is better for your needs.
How Profitable Is It?
The problem with mining in general, not just cloud mining, is the difficulty is constantly getting harder. In the past year, the difficulty for Bitcoin has tripled. This means your payouts will slowly get smaller and smaller until you are no longer profitable.
Discount Code: p8SzhH
How Do I Start?
1. Choose a Coin Go to Genesis Mining and click ‘Pricing’ in the menu. Next, Choose the cryptocurrency you wish to mine.
2. Select Hash Rate Select the hash rate you want, the higher hash rate, the more it costs and the more you will make. Use a hash calculator to estimate profits, though you have to factor in the fees Genesis takes.
3. Purchase a Contract Select the contract you want to buy, and go through the steps to buy it. At checkout, use our discount code p8SzhH to save 3% on your order!
4. Enter Wallet Address Once you have purchased your contract, you need to give Genesis your wallet address. This is where your earnings will be sent. We recommend using a hardware wallet, like the Ledger Nano S, as they are more secure than online wallets. For a free alternative, Blockchain.info is a great wallet.
Why Am I Not Getting Payouts?
When you order via debit/credit card, your payouts will be held for a 30+2 days as stated in the Terms of the Contract. Genesis does this because of fraud and security reasons. Once the month has passed, the full amount will be released to your wallet, and from then on you will receive a daily payout. In the meantime, you can see your accumulated earnings in My Account -> My Orders, under “My pending balance of payouts”.