Genesis Mining Review – An Honest Review

Cloud mining refers to leasing hash power from a third-party service. You don’t need to go through all the hassle of purchasing an expensive mining rig, setting it up, paying skyrocketing electricity costs, or maintaining it. You purchase a mining contract, and the third-party provider mines for you. 

Thanks to such ease, cloud mining services are quite popular. However, you should note that most cloud mining services are scams. To save you from all the hard work of scanning each of the best cloud mining services yourself, I have analyzed one of the most discussed cloud mining operators – Genesis Mining.

From my research, I found that Genesis Mining is not profitable as of now and has received mostly negative reviews from its customers. Nonetheless, the fact that Genesis Mining has recently raised $125 million indicates that the company has some big plans. 

Keep reading to get an in-depth overview of Genesis Mining. 

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What is Genesis Mining?

Founded in 2013, Genesis Mining is a cryptocurrency cloud mining service that offers Bitcoin (BTC), Ethereum (ETH), Dash (DASH), Litecoin (LTC), Monero (XMR), and Zcash (ZEC) cloud mining contracts. 

genesis mining reviewAs the service suggests, you don’t need to purchase expensive mining hardware, set up the mining operations yourself, or maintain the mining hardware. All you need is to choose a cryptocurrency, purchase a Genesis mining contract depending on the hashrate offered, and that’s it, your mining operations will be running in minutes. Essentially, you lease the mining equipment, and the company charges you for renting the hardware and its maintenance.

Genesis Mining is one of the oldest cloud mining services out there. The company claims they serve 2 million customers from over 100 countries across the globe. Talking about their mining farms, they are located in Europe, America, and Asia. In July, Genesis Mining raised $125 million for expanding its services in the U.S. and Nordic region. 

How Does it Work?

In simple words, cloud mining is a hands-off way of earning cryptocurrency by outsourcing mining operations from third-party sources. As discussed, instead of purchasing an expensive mining rig yourself, you rent the hashing power required to mine cryptocurrencies from a cloud mining service.  

Also, when you are mining using cloud mining services like Genesis Mining, you’re renting a part of a pool of high computational power, when compared to individual miners who cannot afford powerful mining rigs, your chances of earning increase. 

Talking about mining rewards, you get mining rewards based on your share of the mining pool. With Genesis Mining, your rewards are calculated on a daily basis.

Steps to be a Part of the GM experience

  • Register on their website and create an account.
  • Fund the account through different payment methods via Bitcoin i.e: Amazon, Paypal, credit card, wire transfer. 
  • Choose the appropriate mining plan package based on your requirements. 

Perks for being part of the GM experience

  • Genesis Mining has been in the cloud mining space since 2013. 
  • Contracts available for many cryptocurrencies.
  • Registered with the SEC for Bitcoin Mining Fund. 

Pricing

As mentioned through their website, Genesis Mining provides cloud mining contracts for mining Bitcoin, Dash, Ethereum, Litecoin, and Monero, Zcash. Currently, you cannot purchase cloud mining contracts from Genesis Mining as they are out of stock. 

Apart from Ethereum mining plans, Genesis Mining’s pricing page currently does not provide any pricing details. Their Ethereum mining contract comes in two variants – Ethereum Radiant Classic and Ethereum Radiant Zero. The former charges you a daily maintenance fee of $0.004 per MH/s, while the Radiant Zero plan provides free maintenance. 

The Ethereum Radiant Zero contract has a 12 month period and offers four plans – 

  • Small ($525) – 17.50 Mh/s 
  • Medium ($1,050) – 35 Mh/s  
  • Large ($4,498) – 150 Mh/s 
  • Radiant – Custom Plan

All Genesis Mining contracts are one-time payment plans. Currently, they do not offer subscription-based pricing.

One of the best parts about Genesis Mining is that you can make your custom cloud mining contract based on the hash power you require and pay accordingly. Plus, you can also take payouts in your preferred cryptocurrency. For instance, if you are mining DASH, you can choose to get an equivalent amount of BTC. 

Profitability

Profitability will depend on numerous factors that are variable. The price of each coin, network difficulty, and hash rate changes per day, so it would be difficult to determine the profits.  

Nonetheless, let’s calculate the estimated profits of Genesis Mining’s Ethereum Radiant Zero Plan (Medium). This will give you an idea of how to calculate mining rewards. 

For this 12-month Ethereum cloud mining contract, you will have to pay nearly $1,000 that gives you a hashrate of 25 Mh/s. The current ETH block reward is 2 ETH. Considering all this, you would make around $534.89 (as per the current ETH price) after the contract expires. 

In short, you will lose nearly half of your initial capital if you purchase the contract. 

For the sake of comparison, let’s say, you mine Ethereum yourself. 

If you purchase one of the best Ethereum miners – AMD Radeon RX480 that matches the 25Mh/s of the Genesis Mining contract, it will cost you $798 on Amazon as of writing this. 

The RX480 miner consumes around 100W per hour of electricity. Assuming the electricity costs in the U.S. are around $0.12 per kWh, you will pay $105 in electricity costs in a year. After taking the electricity costs into consideration, you will make around $430 mining Ethereum in a year with RX480. If we consider the delivery and other maintenance costs, the profits will reduce further. 

Here, you will take nearly 24 months to break even and start making profits. If you purchase a pre-owned miner, you will start making profits early. Also, in the case of the Ethereum Radiant Zero mining contract, there is no break even point, you will lose your money. However, if you choose to mine Ethereum yourself, you will start earning profits once you recoup your initial investment.

As there are no other pricing plans available on Genesis Mining’s pricing page, I cannot speak for other mining contracts. However, my calculation shows that the Ethereum Radiant Zero plan (Medium) is not profitable as of now. 

Genesis Hive

Genesis provides a web interface called Genesis Hive that enables you to easily set up and monitor bitcoin and altcoin mining farms. 

This system was developed early to increase the potential hash power efficiency and energy usage. The interface automatically detects miners, adds them to the mining system, and reconfigures it without being dependent on the network infrastructure. Genesis Hive also allows you to execute bulk updates, pool changes, or even set up automatic tasks. 

Providing a suitable user-friendly interface and experience, Genesis Hive interacts and engages with the users towards building a profitable Bitcoin mining and other altcoin mining experience. 

Genesis Hive assists you in your mining operations helping you efficiently mine cryptocurrencies. With filters and smart notifications, Hive enables you to manage your mining operations via a single dashboard. 

Mining Farms

Due to security purposes and consumer protection, GM has only released ¼th  of information related to their fields. Selling out critical information can lead to a disruption in authority and data information on Genesis Mining. 

Genesis Mining has mining farms in Europe, America, and Asia. They also have plans to further expand in the U.S. and the Nordic region.

Enigma Mining Farm

Enigma is amongst the largest cryptocurrency mining facilities in the world. Genesis Mining built this mining facility in the capital of Iceland to exclusively mine Ethereum.

However, the mining farm is now upgraded to mine other cryptocurrencies such as ZCash, Dash, and Monero among others. Enigma mining farm is powered by geothermal energy and is equipped with custom-designed mining rigs to increase the overall mining efficiency. 

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Public Sentiment

Genesis Mining has mostly negative reviews from its customers. Many people claim they only lost their investment by purchasing Genesis Mining contracts. Customers have also criticized their customer support. Be it on BitTrust or TrustPilot, Genesis Mining has received harsh criticism. 

Nonetheless, it’s quite common to find more negative than positive reviews in this digital age as negative reviews get the most eyes rolling. To get a clear picture of their services, I recommend you to read the reviews thoroughly before making a decision. 

Comparison of Genesis Mining and other Cloud Miners

Hashing24

Claiming to be established around 2012, Hashing 24 revealed their website around 2016. In particular, this company has no mining centers or data centers on their own but rather teamed up with a well-known provider BitFury where it leashes hash power to the users. This provides trust and a good reputation amongst the users that the operation is legit.

Using the Hashing 24 demo version helps the users learn about mining and see how much they can earn, but it would not necessarily let the users gain profits but can mainly be used as a learning source.

The best part about Hashing 24 is its low entry barrier. You can customize your plan and start from as low as $9. 

Hashnest

Launched in 2014, Hashnest has mining farms located around the world thus taking advantage of low electricity. The website offers a PACMiC, i.e., Pay-out Accelerated Cloud Mining Contract. However, there are alternate methods that users can choose, such as purchasing hash power from Antminer devices at a rate of around 125 TH/s while at the same time paying for a fixed maintenance fee of around $0.19 TH/day.

Currently, their miners are out of stock. 

Conclusion

Genesis Mining is one of the largest cloud mining services out there. However, public reviews show that their mining contracts are not profitable. To make your job easier, I have calculated the profits of their Ethereum Radiant Zero (Medium) plan and found that you will end up losing half of your initial investment rather than making profits. 

I cannot talk about other mining contracts from Genesis Mining as their pricing is currently not available. Additionally, the company is currently not providing any mining contracts, so please be aware of scams. 

If you want a detailed comparison of top cloud mining services, you should check out this article. 

FAQs 

Which cryptocurrencies can I mine using Genesis Mining contracts? 

With Genesis Mining contracts, you can mine cryptocurrencies such as Bitcoin, Dash, Ethereum, Litecoin, Monero, and Zcash. However, currently, all the contracts are sold out. So, be aware of scams that have been going on in the name of Genesis Mining. 

Are Genesis Mining contracts profitable?

Genesis Mining’s contracts are not profitable. If you calculate the profitability of the Genesis Mining contracts considering all the factors – mining difficulty of the cryptocurrency network, mining rewards, hash rate of the mining contracts, and the price of the contracts, you will find that you will end up losing money. 

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