Home / Genesis Mining Review – A Victim of its Own Success? Scam?

Genesis Mining Review – A Victim of its Own Success? Scam?

Cloud mining has now become the hot new way to mine for cryptocurrencies; rather than set up an expensive rig, spending time and money on software and hardware, users can now seek out their bitcoin and ethereum payouts on someone else’s servers. One such company offering this service is Genesis Mining, a startup based in both Hong Kong and Iceland.

Genesis Mining – An OverviewGenesis Mining Cloud

Whilst their website is rather basic compared to the competition, Genesis have pulled a master stroke by actually listing, and promoting, details of their staff. Renowned mathematician Marco Streng is just one such name on their roster, with social media links to show users not only where his experience comes from, but also to hammer home the point that this is very much a legitimate company. Genesis come across as a market leader with innovative ways of doing business, with user testimonials (both good and bad) to back up their claims.

How Do They Work?

By their own admission, Genesis Mining are now using their cloud mining platform to stay away from Bitcoin mining, instead focusing on mining the lesser known altcoin cryptocurrency. Once altcoins are successfully mined, they are traded in for a BTC payout.

All other currencies that are farmed less, such as ethereum or whatever other currency the user wishes to receive their payout in, are mined directly. Genesis’ roster of staff constantly seek out the lesser used, and more profitable currencies in order to procure easier payouts.

What Does it Cost and What Can I Mine?

It’s a well known fact that free, cloud based mining for Bitcoins is out there in good supply. However, the downside is that just about every chancer is on the case and payouts are rarer and smaller than ever, especially in markets that are now flooded. Genesis claim to be able to offer plans that span across six currencies, yet a precursory check on their website shows that only ethereum, Monero and zcash are currently available.

All other currencies are now sold out, such is the demand for stable and powerful mining. Nevertheless, a Monero contract, for example, runs at $49.99 for a two year, 60 H/s plan, with no maintenance fees. Genesis promise to add more currencies as they become more popular.

So How Do They Compare?

Overall, Genesis seem to be more on the ball than just about every other cloud mining provider out there; their prices are modest and their farming capabilities are impressive. However, this also seems to have had the effect of causing their most popular services to sell out. Users can now only mine for some of the lesser loved cryptocurrencies, and this might not be a problem for some, but will be a massive turn off for hardcore miners.

Nevertheless, they appear to be worth the wait; their current customers are overwhelmingly positive in their reviews, and Genesis appear to be going from strength to strength.


Bitcoin Cloud Mining