Genesis Mining was founded in 2013 by a group of Bitcoin enthusiasts. They offer a cloud mining service where users can purchase hash power to mine cryptocurrencies. They provide users with the most up to date mining technology, with rigs consuming less electricity, combined with an efficient cooling system. Genesis Mining is probably one of the more well-known cloud mining services in the crypto space and has a more solid reputation than most of their competitors.
When using the service provided by Genesis Mining, the type of cryptocurrency you decide to mine will depend on the contract you purchase. You can mine coins such as Bitcoin, Litecoin, Dash, and many more.
To mine Bitcoin, the minimum length of the contract is 5 years. This is to ensure that the user can continue to build up a coin supply even if the market is in a downturn. A fixed maintenance fee is charged to all 5-year contracts for their full runtime. Current maintenance fees are $0.14 per TH/s per day. However, this fee will be deducted in Bitcoins. An important point to note with Genesis Mining is that all the Bitcoin cloud mining contracts are open-ended which means that it will run until it becomes unprofitable. This means the contract will run as long as it can cover the maintenance fees. As we know the mining difficulty for Bitcoin keeps increasing and the payout becomes less. On top of this, the price volatility creates uncertainty with regards to profits.
- Good company reputation and has been around for a long time.
- Offer a wide range of mining contracts for Bitcoin and altcoins.
- Not much flexibility with contracts as you have to sign up for 5 years.
- Contracts can be stopped if they become unprofitable.