Genesis Mining is one of the first online resources that provide cloud mining services to users.
Anyone can rent computing power on this site and with their help mine the popular cryptocurrency offline.
The story of the creation
One of the founders of the company Genesis mining is its CEO, Marco Streng. He comes from a family of German winemakers. Has a good education, was the winner of mathematical competitions in Germany. With Bitcoin, Marco met in college, when he studied at Würzburg University. In 2011, on personal savings and money borrowed from parents, he collected and put in the student dormitory his first mining farm.
Marco Streng – one of the founders of Genesis mining Received the first experience and saw the profitability of the selected activities, Marco Streng with his two partners in 2013 decided to expand their business. For a start, they went to one of the villages of Bosnia, where there was cheap electricity. Here they rented a shop for the installation of mining equipment. After 6 months, the needs of the new company required more resources, so the entrepreneurs moved to Iceland. In the country through geothermal power plants generates a large amount of cheap electricity. The cool conditions of the local climate have a positive impact on the mining process. In Iceland, Genesis Mining company opened a major mining center Enigma in 2015. It consists of 4 hangars, which installed several tens of thousands of units of equipment for mining cryptocurrencies.
There were used a high-performance graphics card, and Asics. Cooling occurs due to the cold air supplied after purification from the external environment.
Importantly! Genesis mining is developing its capacity through the construction of new mining farms around the world. At the beginning of 2018, 7 more data centers in different parts of the world are being created (the location is not disclosed). Each of them is larger in size than Enigma.
The official name of the company is Genesis Mining Ltd. Registered in Hong Kong. The Icelandic unit is located in Reykjavik. Genesis has close contacts with the manufacturer of mining equipment Spondoolies Tech. Due to long-term cooperation, supplies of Asics for bitcoin mining are arranged at prices with a significant discount. Due to this, it is impossible to optimize costs for the purchase of equipment and shipping it to the destination.
Advantages of cooperation with Genesis-mining
Cloud mining gives less income compared to the fact that the user could get if he set up a farm of graphics cards or acquired ASIC. However, cooperation with the cloud service Genesis mining has a number of advantages for those people who do not understand or do not want to independently deal with the issue of assembling farms. These include:
- there is no need to purchase expensive equipment and consider the logistics of its delivery. There are no questions about customs clearance. Cloud hashing mining script action starts immediately after purchase of hash rate yet. In the case of buying equipment abroad, you have to wait from a few weeks to a few months until it reaches its destination;
- mining processes are accompanied by a large release of heat and increased noise. It is not always convenient to put the equipment in the apartment. In the case of work with Genesis, the company itself deals with the placement of its equipment;
- electricity consumption is a significant part of operating costs in mining processes. Because of the high cost in some countries, it is becoming unprofitable to extract coins. Genesis places its data centers in countries with low cost of electricity, such as Iceland. This gives a positive economic effect. Optimization of energy costs is achieved through the use of HIVE’s own software;
- the equipment has the ability to become obsolete, which is why the profitability of production falls. The company constantly updates your device, and optimizes the processes of their utilization;
- Genesis allows users to switch their hash rate in private offices. This gives you the ability to extract the most profitable currency at any given point in time. Genesis proved that it is a real service of cloud mining and is not engaged in the divorce of clients.
The company shows the equipment in its data center, puts the rollers in free access. The owners of the company are public figures participating in conferences. Journalists of famous publications and resources are invited to visit the farm. Among them are CNN, the Telegraph.
Importantly! The considered resource is trusted around the world. The number of customers increased fourfold from 500,000 in 2016 to 2 million in 2017. Services are used by both large companies and individuals.
Rates for capacity rental in Genesis Mining at the beginning of 2018 on the official website of Genesis mining for purchase are offered contracts for 6 cryptocurrencies: Bitcoin, Dash, Ethereum, Litecoin, Monero, Zcash. However, due to the increased demand for crypto assets, new contracts are often unavailable on the site. At the end of January, the project team opened pre-sales for the purchase of hashrate for ETH and ZEC. Owners will be able to receive income from the purchased hash capacities only since April 30.
Options for the purchase of capacity for the production of ETH Possible hash power for clients, depending on their financial capabilities are divided into 4 categories.
For example, for bitcoin and litecoin they bear the following names: “Gold”, “Platinum”, “Diamond”, “Individual plan”. The latter allows the client to configure the required hashrate for the purchase. All packages are purchased for a period of 2 years and have no Commission for service. The exception is Bitcoin, for which the purchased hashrate is valid for the entire period, while BTC mining will be profitable. For this cryptocurrency, there is a maintenance fee, which includes the cost of electricity, cooling, development and maintenance.
The fixed fee is 0.00028 per GH/s per day. The contract for Ethereum is for 2 years, but if its developers transfer their blockchain from POW to POS, the involved computer equipment will be transferred to the extraction of other most profitable coins. Opening an account and getting started to work in the cloud service, you need to register in advance. To start registration, click on the button “Register or start mining now!
The interface is translated into 21 languages, including Russian. This will open a simple form with fields to fill in, in which you need to specify e-mail and password. When the primary information is entered, you should click “Register”. An e-mail confirmation email will be sent to the e-mail address. By clicking on the link, the user gets access to the account. Then in the left vertical menu you should go the path “My account” “Settings”. There you can enable two-factor authentication to protect your account. Also here you can specify and save wallets for different cryptocurrencies. Figure 4. Settings in the user’s personal account Ways to enter funds to invest your money in cloud mining on the resource in question, you should press the “Buy generated power. A window opens where you can use the slider to select the required parameters. Above the slider will show the terms of the contract, on the right a drop-down menu with a list of payment options and the “Continue” button.
The order of purchase of contracts will be transferred to the window Where the user will be offered to read the terms of the contract. You can also enter a promotional code here. Further after consent throws in the payment window. Clients may make deposits in Bitcoin, BitcoinCash, and Dash. Litecoin, Dogecoin and dollars with Visa, MasterCard, American Express. Payment must be made within 30 minutes.
Which currency is more profitable to mine on the cloud resource is one of the most exciting issues for the majority, what is the payback of Genesis Mining?
It is difficult to answer, as this indicator changes almost every day. It depends on the complexity of the coin mining process and the market value. Therefore, the calculation made, for example, today, in a month may be irrelevant. But in any case, the higher the price of the crypto asset, the greater the profitability of the purchased contracts will give. To calculate the earnings at the moment, you can use the platform CryptoCompare. It provides daily monitoring of cloud resources. It turns out that at the current rate of Ethereum user on a small contract for 2 years will receive almost 29% of the invested amount. In this case, if the rate, for example, will double, and the income will be 2 times more. With the growing value of the crypto asset, the profit will turn out much more. Importantly!
We do not recommend buying a Dash contract on the site. After entering the market miner Antminer D3 significantly increased the complexity and profitability fell sharply. Contracts for this asset are not repaid on any cloud-based site. Power distribution system One of the advantages of the considered platform is that the user can switch their facilities to production of the coin that is most profitable at any given moment. To get to the desired window, select the “power Distribution” tab in the left vertical menu.