Genesis Mining is a cloud mining site that offers the ability to purchase hashing power without having to buy and maintain hardware or spend time setting up software. The service offers its services to both individual users and companies. The project combines three components: cloud mining, algorithmic trading and proprietary software.
Official website: genesis-mining.ru
| Cloud mining | Genesis Mining |
| Website | genesis-mining.ru |
| Russian language | Yes |
| Year of foundation | 2013 |
| Year of commencement of services | 2014 |
| Country of registration | British Virgin Islands |
| Official address | Trinity Chambers, PO Box 4301, Road Town, Tortola |
| Work office | Sjonarholl 16235 Reykjanesbaer, Iceland |
| Management Company | Genesis Mining Cloud Services Ltd. |
| Mining farms (location) | Iceland, Canada, Bosnia |
| Founders | Marco Streng, Jakov Dolic, Marko Krohn |
| CEO | Marco Strength |
| Verification | No |
| Other cloud mining sites | IQ Mining, HashFlare |
| Available cryptocurrencies | BTC, ETH, DASH, XMR, LTC, ZCASH |
| Available contracts as of 05/18/2019 | Sha-256 (Bitcoin); X-11 (Dash) |
| Duration of contracts | 1-2 years |
| Hashrate cost | Depends on the selected plan and mining algorithm |
| Service fee | No commission: Radiant Zero for Bitcoin, all plans Litecoin, Monero, Zcash |
| Replenishment methods | Bank cards; cryptocurrencies |
| Conclusion | Cryptocurrency |
| Minimum withdrawal amount | Installed in your personal account. Payments are automatic. |
| Contacts | [email protected] |
Genesis Mining Review
Genesis Mining has been operating since 2013 and is registered in the British Virgin Islands. Its origins are people who met through a Bitcoin trading platform. Over time, the team included engineers, programmers and other specialists responsible for the development and development of the platform. They are united by their belief in the bright future of cryptocurrencies.
The Genesis Mining data center is called Enigma and is one of the largest mining farms in the world. At the time of its creation, its main purpose was Ethereum mining, but the farm is now regularly updated to work with modern blockchains. In particular, the equipment allows you to mine Monero, Dash, Zcash, etc.
Enigma is located in Iceland and operates entirely on geothermal energy - it takes energy from the bowels of the Earth. It is a renewable resource classified as an alternative energy source.
Promotional video about mining farms Genesis Mining:
How Genesis Mining works: features of a cloud mining site
Immediately after payment is received, the purchased contract is added to the user’s profile, and mining can begin.
Depending on which blockchain algorithm is chosen and what conditions are attached to it, you can mine native cryptocurrency or automatically distribute the purchased power among currently profitable currencies. You can also configure the percentage distribution manually. Within 2 days the user will receive the first payment, then every day. The accrual is designed in such a way that the results of each day of work are processed within the next 24 hours.
In case of problems with equipment, “uptime” is provided - that is, when Genesis Mining’s equipment breaks down or starts to work slower, miners are automatically redirected to other pools without wasting a second of time. Possible power losses are 100% compensated.
Comparison of Scrypt contracts
| Service | Price, USD/Mh | Service 24 hours | Working hours | Min. price | Payback | Annual percentage |
| Genesis Mining | 12-14 | No | 2 years | 28 USD | 150 days | 243% |
| HashFlare | 13,5 | 0.01 USD/1Mh | Indefinitely | 13.5 USD | 192 days | 190% |
Genesis mining for Scrypt contracts offers maximum profitability for a period of 2 years, however, at the moment, all capacities on Genesis have already been sold out. As an alternative, you can consider purchasing a Scrypt contract from HashFlare with a yield of 190% per annum and a perpetual contract.
Contracts and cryptocurrencies: plans and hashrate costs
Genesin Mining allows you to mine the following cryptocurrencies : Bitcoin, Ethereum, Dash, Monero, Litecoin, Zcash, using their corresponding algorithms. For each currency there are several subtypes of contracts:
- For Bitcoin: Radiant Classic (Gold, Platinum, Diamond - they differ in the amount of power purchased) and Radiant Zero (no service fee, but the contract price itself is higher).
- For Dash: Radiant Gemini, Radiant Ferox, Radiant Graviton.
- For Ethereum: Radiant Small, Radiant Medium, Radiant Large.
- For Litecoin: Radiant (Gold, Platinum, Diamond).
- For Monero: Blaine, Dynamo, Houdini - they differ in the amount of power.
- For Zcash: Starter, Advanced, Professional.
In addition, for each cryptocurrency you can set up cloud mining on your own terms.
Certain contracts periodically become unavailable. As of May 17, 2019, the following mining contracts are available on the algorithms: Sha-256 for Bitcoin mining (Gold and Individual plans); X-11 - for DASH cryptocurrency.
Dash Contract Comparison
| Service | Price, USD/Mh | Service 24 hours | Working hours | Min. price | Payback | Annual percentage |
| Genesis Mining | 4,5-6 | No | 2 years | 30 USD | 150 days | 243% |
| HashFlare | 5,8 | No | 1 year | 5.8 USD | 193 days | 189% |
The situation with the profitability of DASH contracts is approximately the same as with Script contracts, where Genesis offers greater profitability for a longer contract period. But all capacity is also sold out. Only a contract from HashFlare with a yield of 189% for a period of 1 year is available for purchase.
Official website and its sections
The main page of the website genesis-mining.ru provides information about the project and its advantages, reviews, videos, and blog entries. Using the top menu you can navigate through the sections:
- Blog. News about the company, holiday greetings, announcements of innovations. Can be sorted by category.
- Pricing. Selection of tariff plans, reviews about them, detailed information about each contract.
- Why Mining. Everything about mining technology. Reasons to choose cloud mining Genesis mining, characteristics of the resource.
- About Us. History and founders of the company.
- Press. What well-known online publications write about the service.
- Customer Service. This is a FAQ, which contains the most common user questions and provides detailed answers to them.
- Technology. Here you can find out everything about the technical side of the project - data centers, new technologies developed.
The footer of the official website of Genesis Mining provides information about the company, terms of the user agreement, contacts, registration address and other information.
Registration
To register on the Genesis Mining cloud mining site, click the orange Sign Up button in the top right corner.
Enter your email and create a password. The first checkbox confirms that you have read the privacy policy of the service, the second is optional - if you want to receive news notifications by email.
Solve the captcha and click Sign Up.
Confirm your email address as usual by clicking on the link in the email. The system will automatically authorize you to the service.
Personal account overview
Let's go through the sections of your Genesis Mining personal account.
DASHBOARD (Main panel). All information about purchased contracts and the mining process is collected here.
MINING ALLOCATION. You can distribute the existing hashrate among the desired cryptocurrencies. By default, each mining algorithm is configured to mine a specific cryptocurrency. For algorithms that cannot directly mine Bitcoin, the system setting of “auto” is applied. You can manually select the desired power distribution and save the changes.
ACTIVITY. Activity – information about earnings and withdrawals, that is, incoming and outgoing transactions.
REFERRAL REWARDS. Everything about your referrals and the income you receive from them. Genesis mining provides each user with a unique promotional code. You can share it anywhere - Twitter, VK, forums. When a referral uses a promotional code, he will receive a 3% discount on the purchase of a contract, and the referrer will receive some bonus to the available capacity.
At the initial rank this is 2.5% of capacity. Ranks increase as the number of referrals increases. Only people invited in the last hundred days are taken into account.
ACCOUNT – Settings (My account – Settings). Here you fill in your personal information (name, surname, phone number). Two-factor authentication is also activated here, you can change your account password and link wallets.
ACCOUNT – Affiliate (My account – Referrals). A reward system where you can receive Bitcoins for referrals instead of power. The reward level is also determined based on the current rank. The referral reward will be transferred to the same address that is used for everyday mining. If the wallet has not yet been added, then the rewards will simply accumulate to be withdrawn later. You cannot exchange hash power for Bitcoins or vice versa.
ACCOUNT – Contact customer service (My account – Contact customer service). Drawing up an application for technical support of the Genesis Mining website.
MY ORDERS (My orders). Expected mining balance for all available types of cryptocurrencies.
BUY HASHPOWER (Buy generated power). Acquisition of a new contract.
Mining income statistics and payments to wallets
Genesis Mining provides a small but informative set of statistical information for its users.
The first is a graph of income for each type of contract, located on the “main panel” tab.
Unfortunately, the information content of this graph is questionable due to the impossibility of choosing to provide information in cryptocurrency.
The second is a set of information on payments in the form of a table located on the “payments” tab.
This table provides complete payout information, including cryptocurrency type, amount, wallet address, and payment transaction link.
Working with Genesis Mining: choosing a cryptocurrency (algorithm) for mining
Only a mining calculator will help you make the right choice of cryptocurrency. There are many of them on the web, for example:
- nicehash.com
- whattomine.com
- bits.media/calculator
When calculating profitability, the calculator processes all factors that in one way or another affect profitability. But in addition, you should take into account the specific features of the Genesis Mining service - in particular, the commission for service and electricity. Also, do not stop monitoring the market, the exchange rate of cryptocurrencies and, depending on the situation, review the distribution of your investments.
Comparison of Bitcoin contracts
| Service | Price, USD/Th | Service 24 hours | Working hours | Min. price | Payback | Annual percentage |
| Genesis Mining | 130- 150 | 0.00028 USD/1Gh | indefinitely | 30 USD | 210 days | 173% |
| HashFlare | 120 | 0.0035 USD/10Gh | indefinitely | 1.2 USD | 218 days | 167% |
| Hashing24 | 200 | 0.00033 USD/1Gh | indefinitely | 20 USD | 350 | 104% |
Power distribution
This function is considered a distinctive feature of the service.
You can leave all purchased capacities in one currency, or you can divide them into several at once. The distribution is carried out in the Genesis Mining personal account, the process itself is very easy - on intuitive pie charts. Don't neglect this opportunity if you are interested in maximizing your profits.
Advantages of cooperation with a resource
Cloud mining provides less income compared to what the user could get if he himself set up a farm of video cards or purchased an 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 deal with the issue of assembling farms on their own. These include:
- there is no need to purchase expensive equipment and think through the logistics of its delivery. There are no questions regarding customs clearance of goods. In cloud mining, the production of crypto assets begins immediately after acquiring the hashrate. If you purchase equipment abroad, you have to wait from several weeks to several months until it reaches its destination;
- Mining processes are accompanied by high heat generation and increased noise. It is not always convenient to install equipment in an apartment. In the case of working with Genesis, the company itself deals with the placement of its equipment;
- Electricity consumption constitutes a significant part of the operating costs in mining processes. Due to the high cost in some countries, mining coins becomes unprofitable. Genesis locates its data centers in countries with low electricity costs, such as Iceland. This gives a positive economic effect. Optimization of energy costs is achieved through the use of proprietary HIVE software;
- Equipment tends to become outdated, which causes production profitability to decline. The company constantly updates its devices and optimizes the processes of their use;
- Genesis allows users to switch their hashrate in their personal accounts. This makes it possible to mine the most profitable currencies at any given time.
Genesis has proven that it is a real cloud mining service and does not scam clients. The company shows the equipment in its data center and posts videos for free access. The owners of the company are public figures who participate in conferences. Journalists from well-known publications and resources are invited to visit the farms. Among them are CNN, The Telegraph.
Important! The resource in question is trusted all over the world. The number of clients increased 4 times from 500 thousand in 2016 to 2 million people in 2022. The services are used by both large companies and individuals.
How to buy a contract
Having decided on the cryptocurrencies for mining, go to the BUY HASHPOWER section of your personal account.
Step-by-step instructions on how to purchase a contract on the Genesi Mining website :
- Use the slider to choose the hashrate that suits you.
- Select a Payment Method. The site supports credit/debit cards Visa, Mastercard, as well as cryptocurrencies – Bitcoin, Litecoin, Dash, Dogecoin, Zcash.
- Click the Continue button.
- If you have a promotional code from the Genesis Mining referrer, then paste it.
- Read and agree to the terms. Confirm your order.
- If you pay with crypto, then transfer the payment to the specified cryptocurrency wallet address as soon as possible (if you don’t have time, then you will need to contact support and solve the problem).
- When paying by card, carefully fill out all the requested information. There is a possibility that the payment system will ask you to go through verification and only after that will allow you to make a purchase.
There are some purchase limits.
So, you can make a maximum of 5 purchases per day with the card, 10 per week. The minimum purchase amount is $10, the maximum is $6000. Per month, as well as per day, you can buy a maximum amount of $25,000. When paying with cryptocurrency, most limits are removed, but the minimum purchase amount increases - $57.5.
Deposit methods
To invest your money in cloud mining on the resource in question, you should click on the “Buy generated power” tab in the left vertical menu. A window will open where you can use the slider to select the required parameters. The terms of the agreement will be shown above the slider, on the right is a drop-down menu with a list of payment options and a “Continue” button.
Figure 5. Procedure for purchasing contracts
Then the user will be redirected to a window where they will be asked to read the terms of the contract. You can also enter a promotional code here. Then, after consent, it transfers to the payment window. You can deposit funds in Bitcoin, Bitcoin Cash, Dash. Litecoin, Dogecoin and in dollars with Visa, MasterCard, American Express cards. Payment must be made within 30 minutes.
Which currency is more profitable to mine on a cloud resource?
One of the most exciting questions for most is what is the return on investment for Genesis Mining? It is difficult to answer, since this indicator changes almost every day. It depends on the complexity of the coin mining process and the market value. Therefore, a calculation made, for example, today may not be relevant in a month. But in any case, the higher the price of the crypto asset, the greater the profitability of the purchased contracts.
To calculate your current earnings, you can use the CryptoCompare platform. This is where cloud resources are monitored on a daily basis.
Figure 6. Payback of new Ethereum contracts
As follows from the figure, as of February 9, the hashrate payback for ETH is 327-566 days. It is easy to calculate the profitability for 2 years of hashrate validity. Using the Small package for 1520 USD as an example, it turns out:
(package cost) / (payback period) * (validity period 2 years) – (package cost) = profitability
1520 / 566 * 730 – 1520 = 440.42 USD
731 / 1520 * 100% = 28.9%
It turns out that at the current Ethereum rate, a user on a small contract will receive almost 29% of the invested amount in 2 years. Moreover, if the exchange rate, for example, doubles, then the income will become 2 times greater. With the growing value of the crypto asset, the profit will be much greater.
Important! We do not recommend buying a Dash contract on the platform in question. After the Antminer D3 miner entered the market, the difficulty increased significantly, and the profitability dropped sharply. Contracts for this asset do not pay off on any cloud platform.
How to withdraw money
To withdraw funds from your Genesis Mining personal account, make sure that you have added the necessary wallets in your personal account, in the settings section. Save your changes.
This cloud mining site practices automatic withdrawals, so you cannot create an application manually. The advantage is that you don’t have to waste time creating a withdrawal request, confirming actions, etc.
Withdrawals are generated daily, but funds will not be sent to the account if the amount is less than the minimum amount (say, for BTC it is 0.005). This is reasonable, since there is no point in constantly losing on commissions on small amounts.
Withdrawing funds from Genesis Mining
Withdrawal of bitcoins from Genesis Mining
Genesis Mining credits mining results to your balance daily. You can view your savings in the “Activity” menu of your personal account.
Withdrawing funds from Genesis Mining
The service supports the auto-payment function, which means that the mined coins will be automatically credited to your wallet upon reaching a minimum threshold amount.
As noted earlier, you can change the threshold amount for payments in the “My Account” → “Settings” → “Wallets” section.
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It is important to note that the first crediting of mined coins to the balance occurs after 2 days, and then every day.
At the same time, if you bought power using a bank card, then be prepared for the fact that the first profit
You will see it on your balance only after 30+2 days. Such rules were established by the service for security reasons. Further payments will be accrued according to the standard scheme - daily.
Advantages and disadvantages
pros
- Genesis Mining allows you to mine a wide range of cryptocurrencies.
- The power distribution function makes it possible to always mine the most profitable coins.
- Easy payment, many deposit methods.
- Automatic daily withdrawal of funds.
- Strong team.
- Environmental friendliness - the data center runs on geothermal energy.
Minuses
- Little flexibility in settings. Essentially, you can only choose the power distribution, and nothing else.
- Promotional codes are distributed by people who have great influence in the field of cryptocurrencies. Accordingly, most of the referrals accumulate around them.
Comparison of contracts on ETHEREUM
| Service | Price, USD/Mh | Service 24 hours | Working hours | Min. price | Payback | Annual percentage |
| Genesis Mining | 28-30 | No | 2 years | 30 USD | 215 days | 169% |
| HashFlare | 22 | No | 1 year | 2.2 USD | 169 days | 215% |
Purchasing HashFlare contracts looks the most attractive in terms of profitability and minimum contract price, however, the contract from HashFlare is concluded for a period of only 1 year, versus 2 years for Genesis
