Genesis Mining Review

Genesis Mining is a Hong Kong based cloud mining company that has been in operation since 2013. Altogether, Genesis has farms in Iceland, USA, and Canada. The company also has a partnership with Spondoloolies Tech, one of the largest ASIC manufacturers. Genesis Mining has over 1,000,000 members.

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Genesis Mining Review


We invested in Genesis Mining for the first time in October 2014. Since then, we have bought several SHA256 lifetime contracts as well as contracts for all other available cryptocurrencies. Below is a summary of each contract offered by Genesis Mining.

Genesis Mining Bitcoin Contracts


Price

Gold (1,000 GH/s) = $179

Platinum (5,000 GH/s) = $845

Diamond (25,000 GH/s) = $3,975

*All prices are in US dollars.

Fees

BTC Maintenance Fee: $0.28/day (1000 GH/s)

Running time

For Bitcoin, contracts are Open-Ended or Lifetime contracts. This means that they run as long as profitable.

The specific duration of an Open-Ended contract is determined by three factors: The mining difficulty, the Bitcoin vs USD exchange rates and the maintenance fee (which includes all electricity, cooling, development and servicing costs).

We found that the typical lifetime of a contract is close to 2 years.

Mining algorithm

Bitcoin cloud mining uses the SHA256 algorithm.

Profitability

According to our calculations, Genesis Mining Bitcoin profitability had a break-even period of 177 days as of 2017-10-01.

Note: Although the SHA256 contracts are always the same (1 MH/s is always comparable to 1 MH/s in the number of mined Bitcoins), the payment varies from contract to contract because of the maintenance fee.

Because of this, our cloud mining calculators of SHA 256 may not represent exactly the same results as your own calculations. Always keep this in mind when you compare cloud mining contracts.

Genesis Mining Ethereum Contract


Price

Small (1 MH/s) = $29.99

Medium (30 MH/s) = $869

Large (100 MH/s) = $2,250

10 MH/s (Custom) = $300

Fees

No maintenance fee

Running time

2 year contract

Mining algorithm

Ether is mined with the “Eth-hash” algorithm. Note: Ethereum will switch from proof-of-work to proof-of -stake. This will impact mining since the rewards will start to decrease until they are zero. However, Genesis Mining will switch those miners to SHA 256 when this occurs.

Profitability

Genesis Mining Ethereum cloud mining profitability had a break-even period of 650 days as of 2017-10-01.

Genesis Mining Litecoin Contract


Price

Gold (2 MH/s) = $28

Platinum (50 MH/s) = $650

Diamond (200 MH/s) = $2,400

10 MH/s (Custom) = $140

Fees

No maintenance fee

Running time

2 year contract

Mining algorithm

Litecoin uses the Scrypt algorithm. For this reason, the contract is sometimes referred to as a Scrypt cloud mining contract.

Profitability

Genesis Mining Litecoin cloud mining contracts had a break-even period of 196 days as of 2017-06-26.

Genesis Mining Dash Contract


Price

Gemini (5 MH/s) = $29.99

Ferox (100 MH/s) = $500

Graviton (500 MH/s) = $2,250

Fees

No maintenance fee

Running time

2 year contract

Mining algorithm

Dash uses the X11 proof-of-work algorithm that enables the mining of multiple cryptocurrencies singularly or at the same time.

Profitability

As of 2017-10-01, Genesis Mining X 11 cloud mining profitability was very good. We calculated a break-even period of 2388 – typo? days from our contracts. The short break-even period was due to the spike in the DASH price. After the calculation, the DASH price has decreased a bit.

Genesis Mining Monero Contract


Price

Blaine (60 H/s) = $49.99

Dynamo (1000 H/s) = $819

Houdini (3000 H/s) = $2,399

Fees

No maintenance fee

Running time

2 year contract

Mining algorithms

Monero features a proof-of-work algorithm known as CryptoNight.

Profitability

The break-even period for the Monero cloud mining contracts was 496 days as of 2017-10-01.

Genesis Mining Zcash Contract


Price

Starter (25 H/s) = $47.99

Advanced (250 H/s) = $459

Professional (2500 H/s) = $4,399

40.6 H/s (Custom) = $289

Fees

No maintenance fee

Running time

2 year contract

Mining algorithm

Zcash is mined with the Equihash algorithm.

Profitability

The break-even period for our Zcash contract was 460 days on 2017-10-01.

Genesis Mining Allocation


Genesis Mining offers you the availability to allocate your mining power. In addition, you can also select which cryptocurrency you would like to receive payouts in. In your login area, select ’Mining Allocation’ in the menu to the left. Here you will be able to select which mining algorithm (SHA 256, Scrypt, X11, Cryptonight, Equihahs, Ethash) you want to allocate. (Note: You must first buy hash power to enable this feature.)

 

You can also choose to receive payouts in other coins that are not mined directly. These coins are marked AUTO. Payouts will be traded automatically from the mined coins to the AUTO ones at the exchange rate of the day. For example, you can choose to mine Ether but have your mined coins traded instantly to REP and receive payouts in REP.

 

Genesis Mining Payouts


You will receive payouts for each coin you have mined about 8 hours (max 24 hours) after the end of the 24 hour mining day. Note: After you purchase a contract, it can take up to 48 hours to receive your first payout.

In order to receive payouts, you must have provided a payout address (a cryptocurrency wallet such as Coinbase or Bitfinex).

Genesis Mining Profitability


As you can see, some contracts are more profitable than others. The average break-even period for SHA256 lifetime contracts is around 1 to 1.5 years. However, the Litecoin contract had a break-even period of about half of a year.

Overall, we have made a loss on some contracts but most of our contracts with Genesis Mining have been profitable.

Note: Remember that Genesis Mining always updates their equipment, so if you buy a new contract the maintenance fee will be lower. Thus, the expected break-even period will be shorter for a newer contract than for an older contract.

Also, remember that profitability can change fast since the cryptocurrency market is so volatile. Our recommendation is always to start with a small investment and grow continuously.

Support and Security


You can contact @genesis-mining.com for support at any time. There are no known security issues with Genesis Mining.

Pros and Cons


Pros

Genesis Mining is a very transparent company in contrast to many other cloud mining operators. For instance, Genesis writes a Bitcoin blog which is updated occassionally. They also provide webinars a few times each year. During the webinars, they show film from inside the mining parks as well as discuss the company’s future projects.

Genesis Minings’ partnerships with hardware producers allow them to buy hardware cheaper than the market price. Additionally, each of their farm locations was strategically chosen for its cheap electricity supply and little to no need for cooling. This allows Genesis Mining to offer the best pricing on cloud mining.

Another pro is that the Genesis Mining Maintenance fee only applies to SHA256 Bitcoin cloud mining contracts.

Cons

We found no cons for Genesis Mining relative to other cloud mining companies.

Conclusion


We gave Genesis Mining a 5 star rating due to its lower costs, higher profitability, and greater transparency. We also rated Genesis Mining as the best cloud mining operator of 2017.

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