Genesis Mining Review

Reviews
8.2

Great

Genesis Mining is a leading cloud-based cryptocurrency mining service providing quality service to the community for almost four years. Started with Bitcoin mining, the platform has expanded its operations to include various altcoins. The company currently holds the distinction of being the world’s largest Scrypt cloud mining provider.

The platform has an undisclosed number of dedicated data farms, involved in round the clock mining operations. The operations can constantly be monitored using a custom web-based monitoring tool; Hive developed by Genesis Mining.

In addition to the transparent mining operations, Genesis Mining also allows its users to buy, sell and exchange the mined cryptocurrency within the platform.

Company Background

Founded by the end of the year 2013, Genesis Mining is a world-class cloud mining service company that offers mining contracts for six different cryptocurrencies. The list of supported cryptocurrencies includes Bitcoin, Dash, Ethereum, Litecoin, Monero and ZCash.

The platform has over 500,000 customers subscribing to its cloud mining contracts to mine various cryptocurrencies, making it the world’s largest hashpower provider. In order to support the growing demand and increasing need for hashpower, Genesis Mining is constantly adding new data centers across the world. While the location of most of their infrastructure is confidential, three places — Iceland, Bosnia, and Canada are said to be home for a majority of their operations.

The company also provides footage of certain sections of its data centers in Iceland on its website.

Company Address

 

Genesis Mining Ltd.

Chinachem Century Tower, 31/F,

178 Gloucester Road, Wanchai

Hong Kong

 

Value for Money

A combination of its long operational history and attractively priced mining contracts makes Genesis Mining a desirable option among other cloud mining services. The platform maintains a flexible pricing structure for different altcoin mining contracts, allowing the customer to choose the one that suits his/her affordability and needs.

Bitcoin mining contracts on Genesis Mining is open-ended, and the duration of such contracts is decided by few factors like mining difficulty, Bitcoin/USD exchange rates, and maintenance fees. Users can choose between Gold, Platinum and Diamond plans at $30, $350 and $1950 for 200 GH/s, 2500 GH/s, and 15000 GH/s respectively. It also offers the liberty for users to create their own custom plans for profitable mining. The maintenance fees are charged only when the mining operation over the platform is profitable.

The different mining contracts available on Genesis Mining are

Cryptocurrency Package Name Price HashPower Duration
DASH Gemini $30 5 MH/s 2 Years
DASH Ferox $500 100 MH/s 2 Years
DASH Graviton $2,250 500 MH/s 2 Years
Ethereum Small $29.99 1 MH/s 2 Years
Ethereum Medium $869 30 MH/s 2 Years
Ethereum Large $2,799 100 MH/s 2 Years
Litecoin Gold $28 2 MH/s 2 Years
Litecoin Platinum $650 50 MH/s 2 Years
Litecoin Diamond $2,400 200 MH/s 2 Years
Monero Blaine $49.99 60 H/s 2 Years
Monero Dynamo $819 1000 MH/s 2 Years
Monero Houdini $2,399 3000 H/s 2 Years
ZCash Starter $29.99 4.06 H/s 1 Year
ZCash Advanced $289 40.57 H/s 1 Year
ZCash Professional $2,699 405.87 H/s 1 Year

 

Users are free to create their own custom mining contracts for all the supported cryptocurrencies.

 

Customer Support

Years of experience in the sector has enabled Genesis Mining to set up a comprehensive Customer Service section on the website. The section has an exhaustive list of FAQs on almost all possible issues, errors or confusion the customers could face while on the platform. If the user is unable to find the solution among existing FAQ listings, they can always fill a form requesting for support. Once the user submits a ticket, the company’s representatives will get in touch with the concerned user to resolve the issue.

Payouts and Payments

Miners on Genesis Mining platform don’t have to worry about their payouts. The platform has a long-standing practice of clearing any dues owed to its customers on a daily basis. Subscribers of cloud mining contracts stand to receive a daily payout of their investment in their designated cryptocurrency wallets. However, in cases where the user has paid for his contract using MasterCard or Visa credit/debit cards, the payout will be withheld for 30+2 days as a part of its fraud prevention and security practice. Once the stipulated period is passed, the user will receive the accumulated payout in his/her wallet. After that, they will start receiving daily payouts.

Contracts can be bought on Genesis Mining by making the payment with leading cryptocurrencies, bank transfers in USD or EUR denominations and through credit and debit cards.

 

Security

Genesis Mining understands how crucial security is, especially while dealing with cryptocurrencies and user information. In order to ensure the safety of user accounts, the platform employs two-factor authentication, and in cases where the user has lost access to the account, the support team will restore access only after thoroughly verifying the customer’s details, which includes a personal dialog.

The platform promises 100% uptime for the mining operations, which can be monitored and managed using Genesis Hive. At the same time, in the event of any unforeseen events that might affect the mining operation, the platform has contingencies in place, which includes algorithms to allocate other miners to relevant pools to fully compensate possible hashpower loss.

Summary

An overall analysis of Genesis Mining, its services, existing client base and subscription packages makes it one of the best cloud mining companies in the market. The platform has built an enviable reputation, with unprecedented transparency and operational history. While the pricing of its packages seems a bit costly at the beginning, the returns on investment make it worth every penny.

 

Disclaimer: CloudMiningReport does not provide any warranties towards the accuracy of the statements in the above review. It is your responsibility to conduct your own due diligence of the platform before investing in it. It is advisable not to invest more than you can afford to lose on any cloud mining platform.

8.2

Great

Company Background - 8
Value For Money - 9
Customer Support - 8
Payout Processing - 7
Security - 9

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