September 20, 2020

All you need to know about Genesis Mining: prices, profits, instructions ”/>

All you need to know about Genesis Mining: prices, profits, instructions "/>

Cloud mining is becoming an increasingly popular phenomenon in the modern world. Cryptocurrency mining without purchase Computing technology attracts many miners from georegions with expensive electricity, or with insufficient personal knowledge for mining at home.

One of the biggest cloud servicesmining is considered a multinational company Genesis Mining. In this article, we’ll talk about the main principles of the company’s work, the history of its creation, geolocation for data centers and, of course, tariff plans for everyone who wants to work with this service.

Genesis Mining: company description, service creation history

The foundation of Genesis Mining began fromBitcoin cryptocurrencies. According to the official version, in 2012, the developers of the future service, Marco Strang and Jacob Dolik, met on the popular Bitcoin platform, where they bought and sold cryptocurrency. The idea to create a service for cloud mining was born almost immediately after meeting, and by the end of 2013 it was fully implemented.

The first profit for investors Genesis Miningbegan to bring only in 2014, when data centers became quite powerful. By the way, the lion's share of today's computing power of the service is located in Hong Kong. But, besides this, Genesis mining farms are also located in: Iceland (Enigma data center, founded in 2014, operates on geothermal energy), Sweden (Tor, founded in 2018, work resource: geology), as well as Canada, Greenland, America, Norway, Finland, Estonia, Latvia. According to media reports, another center is being built on the territory of Kazakhstan, near Pavlograd.

Speaking of office centers and dealershipsservice, although almost all of the founders are from Munich, Genesis Mining is officially based in Bermuda. At the same time, the representative office was previously located in New York, but due to BitLicense left the city.

Official website of the company: genesis-mining.com

Team Leaders:

  • Marco Strang - CEO
  • Stefan Schindler - Technical Director
  • Marco Krona - CFO
  • Yakov Dolich - Head of Sales

Enigma, or the largest Ethereum mining data center

Enigma is one of the first built by the company,data centers. The mining farm is located in Iceland and is considered the largest Ethereum mining service in the world. According to information on the Genesis Mining website, Enigma was built back in 2014, but does not stop updating.

Initially, all computing powerEnigma worked on the Ethash hash algorithm (Dagger Hashimoto), that is, they were configured to mine Ethereum cryptocurrency. At the moment, the data center has been updated and configured to mine “ultramodern blockchains” and new promising crypto assets.

Today, for the work of the mining center Enigmause special equipment of their own production - Genesis Hive. At the same time, hashing algorithms expanded to SHA-256 (Bitcoin and forks), X11 (Dash), CryptoNight (Monero) and Equihash (Zcash).

The farm is located in the capital of Iceland, Reykjavik. Thanks to the cool climate and cheap electricity in Reykjavik, the Enigma mining farm does not require much funding. This, in turn, allows you to make custom tariff plans cheaper than competitors. In addition, the data center operates on geothermal electricity, which in recent years has become very popular and makes up more than 28% of the electricity in Iceland. Fresh high-temperature power plant in Reykjavik is considered an alternative energy source (uses groundwater), the total capacity of the data center is at least 570 MW.

Genesis Mining: how and on what does the service work

“Our mission is to make the cryptocurrency mining process simple and fast for everyone (...) The ultimate goal of our existence is to make cryptocurrency mining an easy, smart and useful experience for everyone,” Genesis mining.

Genesis Mining service is built onthe principle of renting already configured computing power. Clients of the company purchase a contract, a tariff plan, according to which they receive payments in cryptocurrency.

Genesis Mining provides the opportunity to mine Bitcoin and six other types of altcoins, including:

  1. Bitcoin (BTC) according to the SHA256 algorithm (1st place by capitalization, CoinMarketCap);
  2. Dash (DASH) X11 hashing algorithm (15th place by capitalization level);
  3. Ethereum (ETH) according to the Ethash algorithm (2nd place in terms of capitalization);
  4. Litecoin (LTC) Scrypt hashing algorithm (4th place by capitalization level);
  5. Monero (XMR) according to the CryptoNight algorithm (14th place in terms of capitalization);
  6. Zcash (ZEC) using the Equihash algorithm (22nd place in terms of capitalization).

For each cryptocurrency, 4 tariff plans are available. The start of using the selected tariff starts immediately after payment, as indicated on the website. In addition, the company’s website also indicates that there is a 24/7 support service for customers and a series of affiliate programs.

Also in the service support blog, providedinformation about the smooth operation of data centers due to an independent power supply network. Cloud mining Genesis is carried out on two types of equipment: its own production - Genesis Hive, and from the manufacturer Spondoolies Tech.

According to media reports Genesis Miningsigned a contract from Spondoolies Tech in 2015. As stated four years ago, Spondoolies will provide equipment to support sold contracts, while Genesis will manage machines (computing power) from its data centers. Deliveries of mining equipment were not yet specified. At the moment, Spondoolies mining equipment is supplied depending on customer demand.

Genesis Mining: tariff plans and contracts

Service for cloud mining supports fourtariff plan for each cryptocurrency. The first three tariff options are fixed and clearly limited. That is, the cost of the plan, the power of calculations (MH / s) and the time period for mining (2 years) have a clear, unchanged structure. The fourth option is the ability to build an individual tariff plan for experienced miners.

Let's consider the main characteristics of tariff plans for altcoins.

* (information taken from the Genesis Mining website and is current at the time of writing of the article 03.09.19)

  1. Dash Three fixed tariff plans: Gemini (for beginners) - $ 83 for a capacity of 25,000 MH / s; Ferox - $ 788 for a capacity of 250,000 MH / s; Graviton - $ 6,000 for a capacity of 2,000,000 MH / s. + the ability to create an individual tariff.
  2. Ethereum Tariffs do not include additional maintenance fees. Small - $ 525 for a power of 25 MH / s; Medium - $ 1,500 for 75 MH / s; Large - $ 6,650 for 350 MH / s. + individual tariff.
  3. Litecoin. Tariffs without commission for service. Gold - $ 28 for a hash power of 2 MH / s; Platinum - $ 650 for 50 MH / s; Diamond - $ 2,400 for 200 MH / s. + individual tariff.
  4. Monero Blaine tariff plan - $ 830 for a power of 1000 H / s; Dynamo - $ 2,460 for 3,000 H / s; Houdini - $ 7,200 for 9,000 H / s. + individual tariff.
  5. Zcash. Starting tariff - $ 530 for 200 H / s; Advanced - $ 2,600 for 1000 H / s; Professional - $ 7,650 for hashing power of 3000 H / s. + individual tariff.

The current prices for altcoin contracts can be found on the official Genesis Mining website.

Despite the large selection of cryptocurrencies for mining, Bitcoin is still the most sought-after asset.

Genesis mining: cloud mining bitcoin

Tariff plans for digital gold are powered by Radiant technology, which takes into account:

  • Location of data centers

  • Production chain (of each individual component).

  • The cost of mining equipment and power units.

  • Cost for cooling systems.

  • The cost of developing exclusive mining software.

Available Radiant Classic and Radiant ContractsZero are designed for 18 months and vary depending on the limitations, cost, power and speed of mining. A distinctive feature of contracts is payment for services. If in the first case, the service charge is 0.099USD / TH per day, then the second Bitcoin Radiant Zero plan includes all costs for the year of servicing the contract immediately.

Consider the basic tariff plans for bitcoin

* (information taken from the Genesis Mining website and is current at the time of writing of the article 03.09.19)

Radiant Classic for Bitcoin

  • The minimum available option is 3 TH / s = $ 139 (1TH / s = $ 46.3)
  • The maximum available option is Radiant Classic: 1000 TH / s = $ 42,000 (1TH / s = $ 42)

Radiant Zero for Bitcoin

  • The smallest available option is Radiant Zero: 1.5 TH / s = $ 203 (1TH / s = $ 135.3)
  • The maximum available option is Radiant Zero: 1000 TH / s = $ 135,000 (1TH / s = $ 135)

In more detail:

Bitcoin Radiant Classic tariff plans:

  1. Gold: 3 TH / s = $ 139
  2. Platinum: 35 TH / s = $ 1,544
  3. Diamond: 140 TH / s = $ 5,880
  4. Custom plan: own mining plan

All you need to know about Genesis Mining: prices, profits, instructions "/>

Bitcoin Radiant Zero tariff plans:

  1. Gold: 1.5 TH / s = $ 203
  2. Platinum: 25 TH / s = $ 3.375
  3. Diamond: 44 TH / s = $ 5,940
  4. Custom plan: own mining plan

All you need to know about Genesis Mining: prices, profits, instructions "/>

Current BTC prices are available on the Genesis Mining official website.

Service charge

With Radiant Classic contract option feethe service is fixed and will be charged every month, throughout the contract - 0.17 US dollars per TH / s per day. For example: if you buy a Platinum plan 25 TH / s, the cost of service is 25 x 0.17 US dollars = 4.25 US dollars per day.

The mining services you choose will work for you for 18 months.

As for Radiant Zero, by its termsno maintenance fee will be charged. Your only expense is that you pay for the hash power (initial purchase price). There are no other fees that must be considered when calculating the performance of this mining plan. But the price of the tariff plan is much higher.

Which contract will be determined depends oncourse. Commission is charged in US dollars. Accordingly, at moments of low currency value, it is more profitable to use the Radiant Zero contract, without commission payments. Thus, you will not “go negative” with a minimum receipt of funds and additional expenses on the commission. But if the cryptocurrency exchange rate reaches high indicators, then there is a benefit to opt for Radiant Classic with lower tariff plan costs and the corresponding commission, which, due to the ratio of the price of bitcoin to the dollar, will be minimized.

Genesis Mining: A Step-by-Step Guide to Getting Started

1. Registration on the site. To get started, register on the officialwebsite. On the website’s home page, click “Sign up”. Enter your email address and password. After processing your data, you will receive a link in the mail for activation to confirm registration.

All you need to know about Genesis Mining: prices, profits, instructions "/>

2. Create a wallet. In order to receive payments, you must create your wallet and tie it to the Genesis Mining system.

All you need to know about Genesis Mining: prices, profits, instructions "/>

3. The choice of contract and cryptocurrency. Choose a cryptocurrency for mining and a contract. Additionally! Use the slider to determine the amount of hash power you want to buy (for example, 10 TH / s). The purchase price of this amount of hash power is displayed on the right.

4. Payment and purchase of Hashpower. Genesis accepts several payment options: credit card, bank transfer or cryptocurrency (Bitcoin, Litecoin, Ethereum and Dogecoin). For payment in cryptocurrency Genesis will provide a billing address or a QR code. The address is valid for 30 minutes. After processing and confirming the order, Genesis Mining will send an email.

All you need to know about Genesis Mining: prices, profits, instructions "/>

5. Hashpower distribution. Once Hashpower is activated, you will haveopportunity to use it. For more information, you can go to the “Mining Allocation” section. Here you can choose which cryptocurrency to transfer power for mining. But this does not guarantee you a good profit. Redistributing the power of the initially selected cryptocurrency to another one will be beneficial only if there has been a big jump in price growth in the market.

All you need to know about Genesis Mining: prices, profits, instructions "/>

Example:

Initially, your rates are 100% in the currencyfor which you have acquired power, then we transfer some part to another selected cryptocurrency. As a result, we still have 70% of the processing power for Bitcoin, and the remaining 30% we transferred to Dash. BTC automatically converts your Dash into bitcoins and pays money. You also have the option to share your Hashpower with other algorithms (sha256 and X11).

How to get and withdraw money with Genesis Mining

Payments are received to deposited wallets daily. You can find a list of all payouts in the “activity” section.

All you need to know about Genesis Mining: prices, profits, instructions "/>

Withdrawals will be available after overcomingtransaction threshold, when the balance reaches the threshold value, coins will be automatically transferred to your wallet. The minimum transaction thresholds for each coin are different.

All you need to know about Genesis Mining: prices, profits, instructions "/>

Advantages and disadvantages of Genesis Mining: reviews

The benefits of using Genesis Mining are quite a few. Regular customers receive promo codes and updates that increase their hash power. Also, there are affiliate programs for those who invite friends.

One of the main advantages of Genesis Mining is the absence in the tariff plan of Bitcoin Radiant Zero, a service fee. This can serve as a good opportunity for mining, without unnecessary waste.

Also, one of the advantages of working with Genesis is the flexibility of hash power distribution between currency types, so you can mine different coins at the same time. Convenient and simple interface.

Of the minuses - lack of detailed performance statistics andlack of a calculator. But still, the need to use a calculator is very controversial, since mining calculators can give an accurate calculation only at the current moment, and then it all depends on the complexity of mining a particular cryptocurrency and the moment of the jump, and it is very difficult for a newcomer to calculate it.

So summing up the Genesis mining canServe you as a good cryptocurrency earner. Of course, in any work there are flaws, but this company is trying to minimize them. In short, Genesis is a reliable company that is worth a try, especially if you are new to cryptocurrency mining.