June 18, 2024

Everything You Need to Know About Genesis Mining: Prices, Profits, How-to>

Everything You Need to Know About Genesis Mining: Prices, Profits, How-to>

Cloud mining is becoming an increasingly popular phenomenon in the modern world.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 Streng – CEO
  • Stefan Schindler – CTO
  • Marco Krona – Chief Financial Officer
  • Yakov Dolich – Head of Sales Department

Enigma, or the largest Ethereum mining data center

The mining farm is located in Iceland and is considered the largest Ethereum mining service in the world.According to the information on the Genesis Mining website, Enigma was built back in 2014, but does not stopUpdated.

Initially, all of Enigma's computing power worked on the Ethash hashing algorithm (Dagger Hashimoto), that is, it was configured to mine the Ethereum cryptocurrency.At the moment, the data center has been updated and set up to mine "state-of-the-art blockchains" and new promising crypto assets.

Today, the Enigma mining center uses special equipment of its own production - Genesis Hive.At the same time, hashing algorithms have 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 "what" the service works on

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

The Genesis Mining service is based onthe principle of renting already configured computing power. The company's clients 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)using the SHA256 algorithm (1st place in 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)according to the Scrypt hashing algorithm (4th place in terms of capitalization);
  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 uninterrupted operation of data centers due to an independent power supply network. Cloud mining Genesis is carried out on two types of equipment: self-produced –  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

The cloud mining service supports fourtariff plans for each cryptocurrency. The first three tariff options – fixed and clearly limited. That is, the cost of the plan, computing power (MH/s) and the time period for mining (2 years) – have a clear, unchanging structure. The fourth option – This is an opportunity to build an individual tariff plan for experienced miners.

Let's look at 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. DashThree fixed tariff plans:Gemini (for beginners) – $83 for 25,000 MH/s power; Ferox – $788 for power 250,000 MH/s; Graviton – $6,000 for a power of 2,000,000 MH/s. + the ability to create an individual tariff.
  2. EthereumRates do not include additional fees forMaintenance. Small – $525 for 25 MH/s power; Medium – $1,500 for 75 MH/s; Large – $6,650 for 350 MH/s. + individual tariff.
  3. Litecoin.Tariffs without service fees. Gold –$28 for hashing power 2 MH/s; Platinum – $650 for 50 MH/s; Diamond – $2,400 for 200 MH/s. + individual tariff.
  4. MoneroTariff plan Blaine – $830 for power 1000 H/s; Dynamo – $2,460 for 3000 H/s; Houdini – $7,200 for 9000 H/s. + individual tariff.
  5. Zcash. Starting tariff – $530 for 200 H/s; Advanced –  $2,600 per 1000 H/s; Professional – $7,650 for 3000 H/s hashing power.  + individual tariff.

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 ContractsZeros last 18 months and vary depending on restrictions, cost, power and mining speed. A distinctive feature of contracts – payment for service. If in the first case the service fee is 0.099USD/TH per day, then the second plan  Bitcoin Radiant Zero includes all costs for a year of contract maintenance in the price.

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

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

Radiant Zero for Bitcoin

  • Minimum available option – Radiant Zero: 1.5 TH/s = $203 (1TH/s = $135.3)
  • The maximum available option – 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: your own mining plan 

Everything You Need to Know About Genesis Mining: Prices, Profits, How-to>

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: your own mining plan 

Everything You Need to Know About Genesis Mining: Prices, Profits, How-to>

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

Service charge

With the Radiant Classic contract option, the fee forthe service is fixed and will be charged every month during the entire contract – 0.17 USD per TH/s per day. For example: if you buy the Platinum plan 25 TH/s, the service cost is 25 x $0.17 = $4.25 per day.

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

As for Radiant Zero, according to its termscontract there is no service fee. Your only cost is what you pay for hashing power (the initial purchase price). There are no other fees that need to be taken into account when calculating the performance of this mining plan. But the price of the tariff plan is much higher.  

Which contract will be decided on depends oncourse. Commission is calculated in US dollars. Accordingly, at times of low currency value, it is more profitable to use the Radiant Zero contract, without commission payments. Thus, you will not “go into the red” with minimal receipt of funds and additional expenses for commissions. But if the cryptocurrency rate reaches high levels, then there is a benefit in choosing Radiant Classic with lower costs for the tariff plan and the corresponding commission, which, due to the ratio of the price of Bitcoin to the dollar, will be reduced to minimum values.  

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

1. Registration on the site.To get started, register on the officialwebsite. On the main page of the website, click “Sign up”. Enter your email address and password. After processing your data, you will receive an activation link to confirm your registration by email. 

Everything You Need to Know About Genesis Mining: Prices, Profits, How-to>

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

Everything You Need to Know About Genesis Mining: Prices, Profits, How-to>

3. The choice of contract and cryptocurrency.Select a cryptocurrency to mine and a contract.Additionally! Use the slider to determine the amount of hashing power you want to buy (for example, 10 TH/s). The purchase price for 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 payment address or QR code. The address is valid for 30 minutes. After processing and confirming the order, Genesis Mining will send an email. 

Everything You Need to Know About Genesis Mining: Prices, Profits, How-to>

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

Everything You Need to Know About Genesis Mining: Prices, Profits, How-to>

Example:

Initially, your performance is 100% on the currencyfor which you purchased power, then we transfer some part to another selected cryptocurrency. As a result, we still have 70% of the computing power for Bitcoin, and we transferred the remaining 30% to Dash. BTC automatically converts your Dash into Bitcoin and pays out the 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 payments in the “activity” section.

Everything You Need to Know About Genesis Mining: Prices, Profits, How-to>

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

Everything You Need to Know About Genesis Mining: Prices, Profits, How-to>

Advantages and disadvantages of Genesis Mining: reviews

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

One of the main advantages of Genesis Mining– absence of Radiant Zero Bitcoin tariff plan and no service fees. 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 work statistics andlack of a calculator. But still, the need to use a calculator is very controversial, since mining calculators can only give an accurate calculation at the current moment, and then everything depends on the difficulty of mining a certain cryptocurrency and the moment of the jump, and this is very difficult for a beginner to calculate.

Thus, to summarize, Genesis Mining canserve you as a good cryptocurrency miner. Of course, any job has its flaws, but this company tries to reduce them to a minimum. In a word, Genesis – This is a reliable company that is worth trying, especially if you are new to cryptocurrency mining.