Genesis Mining Review- Is it Legit?

/Genesis Mining Review- Is it Legit?

Genesis Mining Review- Is it Legit? 2018-03-28T15:29:24+00:00
Genesis Mining Review- Is it Legit?

Genesis Cloud Mining Services

Quick inner navigation:

  1. What is Genesis Mining?
  2. Is Genesis Mining Safe?
  3. Contracts and Prices
  4. How to Use Genesis Mining

Cloud mining involves buying hash power from established mining sites and then earning a premium at a standard rate depending on your investment. It is a cheaper and easier way of mining digital coins instead of using a lot of money to invest in mining hardware, which you might not recoup or you may not have.

Most people consider cloud mining sites as scams, but not all of them are. It is important that you carry out due diligence to identify those that are not if you want to earn a few dollars as extra income doing nothing. Genesis mining has some positive reviews, but we’ll dig deeper to see if it has real potential.

What is Genesis Mining?

Genesis mining is a cloud service that allows you to purchase hash power for mining various cryptocurrencies. It was founded in 2013 and has since grown to more than 500,000 users putting it among the top cloud mining companies in the world. The most commonly mined digital currency is bitcoin. Genesis was established by a group of like-minded crypto enthusiasts. It has mining farms in Asia, Europe and America, but its exact company headquarters is unknown. This could be due to security reasons. The company Chief Executive Officer (C.E.O) is a mathematician called Marco Streng and the Chief Technology Officer (CTO) is Stefan Schindler.

What Services do they Offer?

The company’s primary service is mining. You can mine directly and also trade your crypto against other cryptos. Once you make your payment, you get your contract added to your profile and begin mining immediately. The first payout after your contract is confirmed is usually after 48 hours.

Genesis prides itself as the first multi-algorithm cloud mining company. In order to circumvent the difficulty involved with mining bitcoin, they have specialized in mining profitable altcoins, which then they exchange with bitcoins. However, they also offer direct bitcoin mining service for those interested in mining bitcoin only.

The company provides regular promotions to reward dedicated customers. They also have a referral system in which clients get rewarded with various discounts for the referrals.

Contracts and Prices

Genesis provides different packages depending on how much you want to invest. Currently, they have small, medium and large as well as custom plans.

  • Small/Starter Plan – This is the smallest of their plans. The pricing depends on the coin that you want to mine. For instance, if you want to mine bitcoin, you will pay $179 for 1,000 GH/s. The maintenance fee for this plan is $0.00028, that is deducted from your daily payouts. Check out their official page for the pricing of other coins.
  • Medium Plan – This is the second-tier plan that is a bit more expensive, but earns you more profit. Again, using bitcoin as an example, you will pay $845 for 5000 GH/s. A fixed maintenance fee of $0.00028 per GH/s per day is deducted as long as your contract is profitable.
  • Large Plan – This is the largest of the three plans and gives you the highest profits. Using bitcoin as an example, you will pay $3,975 for 25,000 GH/s. Like the other two, it is an open-ended contract. Its maintenance fee is also $ 0.00028 per GH/s per day and is charged for as long as you are earning some profits.
  • Custom Plan – In this plan, you get to set your own parameters. You invest the much you want and the system calculates the hash power you will get. The maintenance fee is fixed as the other three plans. If you are just starting out, this can be an ideal plan for you as you can invest as little as possible and monitor the progress.

Genesis Mining Payouts

Once your payment is confirmed, you get a contract added to your profile depending on the hash power you have bought. You will start mining your preferred coin almost immediately after that. The first payout is usually after 48 hours. The company sends your crypto profits to your preferred wallet.

Buying Methods

Genesis supports various altcoins. You can fund your account with bitcoins or ether from your crypto wallet or use credit cards like MasterCard and Visa cards to fund your account.

What Cryptocurrencies Genesis support?

You can mine a variety of coins including bitcoin, litecoin, dogecoin, monero, dash, Ethereum and Zcash among others. You can also leverage your investment to mine different coins in specified percentages.

Verification Process

Signing up for an account is very easy. You will only need an email address and a secure password. There are no stringent verification measures as long as you follow the due process.

Fees Incurred

There are no pool fees. You simply choose your preferred contract and pay for it. Once it is confirmed, you begin mining and can withdraw your first payout after 48 hours. Note though that it might take you quite a long time to recoup your initial investment.

Is Genesis Mining Safe?

Before investing in any crypto company, you have to ascertain it is safe and secure. You also have to ensure that it has a reliable customer service just in case you need some help. If you ever see a company offering lucrative benefits yet you cannot find the company’s information and has no customer service, avoid it. Most of those are scams and Ponzi schemes. We’ll take a closer look to find out whether genesis mining is legit or not.

  • Community Trust

A lot of individuals seem to have confidence in this site. A quick ‘is Genesis mining legit’ search will give you varied responses most of which seem to be positive. There are a few negative reviews though, which you must also take into consideration. For additional trust, Genesis mining has provided information about the company online such as its founders and is also public knowledge that they have a mining farm in Iceland. They are also registered with the Securities and Exchange Commissions (SEC).

  • Security

It is not clear about the security of the mining site, as they do not divulge a lot of information regarding this issue. There have not been any serious cases reported of this company being hacked so, it must be secure.

  • Customer Support

According to various reviews online, it is very easy to contact genesis mining company via their official page. They have provided official physical addresses located in Hong Kong and Iceland, as well as an official email that you can contact directly. Individuals online claim the company’s customer support responds promptly to the clients’ queries.

  • Handling Speed

The company verifies your payment quickly and pays out promptly to your desired wallet. According to their website, you get your first payout after 48 hours.

How to Use Genesis Mining

  1. The first step is to go to their official start and sign up for an account. You will need an email address and a strong password.
  2. The second step is identifying the contract that you want to invest in. We’ve broken down the various contracts for you to understand how they work in this article. Check out Genesis’s official page for more details.
  3. The third step is to purchase the contract. You can use bitcoins or ether, but you can also fund your account using master and visa cards.
  4. Once your payment is confirmed, your contract will be added to your profile and starts mining immediately. After 48 hours, you can withdraw your first payout if it also covers the maintenance fee. Please note that the initial investment is not refundable.

Review Summary

We’ve covered the important aspect regarding Genesis mining. The biggest question you might still be asking yourself is ‘can I trust Genesis mining? The unanimous response to this is yes, you can. Genesis mining is not a scam, but neither is it as profitable as you may want it to be. It is transparent and all, but profitability is dependent on various factors. These key aspects include:

  • The contract must be profitable – For you to continue earning from your contract, it must be able to cover the maintenance costs. Considering that the difficulty in mining continues to increase as time goes by, this might be a long shot. It could take you more than a year or so to break even. Even if the price of a cryptocurrency increase, it is never a guarantee that you will good money since the difficulty also increases as more people start mining.
  • Genesis has set its system in a way that if the payout is zero, your contract mines for 60 days and stops if profits don’t resume. If your contract fails to become profitable after this period, your contract is terminated to save the costs of maintenance.

As it seems, even though Genesis is legit, it is not a good way of investing in cryptocurrencies. You might still end up losing a substantial part of your initial investment. You’d be better off speculating with the digital coins buying them and hoping that their price increases than investing in cloud mining.

Thanks for taking your time to read this review. It’s our utmost hope that you’ve picked something that will help you make a wise decision. Kindly visit our site for more informative reviews about the crypto space.

Leave A Comment4 Comments on "Genesis Mining Review- Is it Legit?"

  1. Marocs
    Marocs April 5, 2018 at 3:16 pm

    Genisis mining is fraudulent, I applied a irrisulent value of $ 120.00 in the Ethereum mining, already reached the minimum value for automatic payment, and the same did not pay, other than the small payments mining pillar that will be accumulated to the value minimum is missing several values of mining days, so concluding it is SCAM

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    • Mark Schwarz
      Mark Schwarz April 8, 2018 at 12:29 pm

      Thanks for sharing, Marcos.

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  2. Chris
    Chris April 9, 2018 at 9:28 pm

    Marocs – I have to disagree. Have been a customer for almost a year and have received many payments and the contract has been very profitable (at least if I sold before the dip in january). But the last two months I’ve only received a few payments. Genesis is saying that they are looking into it, and I still give them the benefit of the doubt.

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  3. CryptoUncle
    CryptoUncle May 4, 2018 at 8:53 pm

    I wouldn’t consider Genesis Mining to be a scam, just a bad investment. Actually a very bad one for me. I have not had any referrals and have made no reinvestment’s. If I break even it will be because of the increase price in crypto and not the amount I have mined with Genesis. I would have been way better of just buying the coins then trying to mine them with Genesis. The way it looks now, and it wont get any better, I would have had 3x as many coins if I just bought them instead. So I don’t recommend anybody to invest in Genesis but buy the coins directly. You live and learn and experience always cost money.
    Never again Genesis!

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