About Genesis Mining
A hashpower rental agent, Genesis Mining has joined the portals enabling users to mine cryptocurrencies without incurring the substantial expense of establishing a mining rig.
A smart platform that makes it simple for a user to log in and buy power, the company pitches its offer at the majority of cryptocurrency enthusiasts who won’t likely set up an extensive home-based mining outfit. That said, larger mining houses also avail themselves of the Genesis Mining offer.
Focused on optimized mining since 2014, the platform mines what it considers the most popular cryptocurrencies. Rather than mine “an overcrowded market,” the company steered mining into alternatives to bitcoin which can later be traded for BTC.
This approach allows users to skirt the issues facing many, especially individual miners at present – the failing profitability of bitcoin mining. With the balance of power and profitability experiencing a teeter-totter existence, mining on the Genesis Mining platform avoids those difficulties altogether. As a result, many users are not mining bitcoin, but rather following other crypto mining protocols that ultimately pay dividends in BTC.
Bitcoin mining remaining popular nonetheless, the platform’s two million users retain the ability to mine the flagship coin directly through the platform.
Each user has faced the choice between buying into cryptocurrencies and setting up mining as an individual, or buying hashpower from a company like Genesis. While all bitcoin enthusiasts accept mining as a component of the blockchain construct, many more actively mine the coin. The question remains as to whether one should mine as an individual or make use of computing power available from brokers like Genesis Mining.
Many considerations prevail when a user considers mining, not least of which is the cost of the equipment needed. Electricity costs feature as a prominent consideration, as mining is power-intensive. Added to this comes bitcoin’s volatility, meaning a day’s mining can seem profitable at the outset, but ultimately return a loss at times.
Currently one of the largest players in the crypto mining scene, the company is the product of one miner’s experience of freeing up the wealth of altcoins. Started by Marco Streng in 2013, this Munich-based platform allows anyone to register and begin mining within minutes.
As the cloud-mining option gains in popularity, various platform offers diversify. As an example, Genesis Mining allows users to switch their mining power in order to target any altcoin listed on the exchange.
Why Choose To Mine With Genesis Mining?
Gentle to newcomers and smart for experienced users, Genesis Mining does have better accommodation for both individual as well as bigger demands. While most hashpower brokers have a decided lean towards either smaller bread-and-butter users or alternatively giant block sales to large mining concerns, Genesis won’t delay either party in getting up and mining in as short a time as possible.
Credit card payments are accepted by the company, allowing for a user-friendly interface where cryptocurrencies and fiat currencies can be used as payment. The company’s bitcoin mining algorithms are geared for the most profitable mining rentals. The hardware at play is state of the art and technology is all optimized to ensure miners are digging with the latest technology.
Because the company literally traveled the world to establish electricity charges in various countries, Genesis’ setup is thus optimized on two fronts: the latest hardware makes quick sense of mining activity, and the location of servers carries cost savings for users.
Streng has drawn on his own initial experiences of mining to build a UI that sees zero downtime and an overall “pleasant” experience. The company also makes much of being a “real company with real people working for it,” and Streng has built a user-friendly dashboard that sees many opt for the convenience and relative quiet of online mining.
Clearly a product of millennial concerns, Streng states onsite that the people involved are “traceable and transparent,” and goes on to add that he hopes people will notice the company’s pro-activity on forums and at conferences. Genesis deserves kudos for making transparency and visible fallibility a user-facing focus. Happy to journey openly with users and address issues as they arise, Genesis has far greater integrity than many other hashpower brokers out there.
In a bid to establish itself as a legitimate bricks and mortar offer, Streng has previously released photos on various platforms depicting the company hash farm in Iceland, amongst other infrastructure. The company is also planning a facility where users can actually watch live streaming of the mining rigs at work on their contract.
Streng went on record to say that he believes the trust factor is critical to the future success of the cryptosphere. Opining that another Mt Gox would not be good for the scene, Streng has worked hard to build a platform without hidden surprises. As to exactly how much hashpower Genesis mining can dispense, it appears that it operates in the range of several GH/s in the Scrypt mining arena, making it one of if not the largest supplier in this space.
Apart from a user-friendly build and a formulated approach to locales, based on previous, extensive homework, the company has also been aware of local regulations when establishing its hash farms in various countries.
The platform’s build has been logical, sometimes fortuitous (as in the case of their Chinese connection whom Streng met at a Berlin conference) and always user-focused. With an abundance of crypto fintech companies presenting a thinly-veiled offer that barely conceals their greed and paper-thin value, Genesis Mining has an open credibility few share.
Genesis Facts, Figures and Folklore
The company has spilled green thinking all along its route to establishment, and now heats a Bosnian school with the exhausted air generated by that mining rig station. When the company released its “lifetime contracts” offer, their servers went down under the heavy user demand, such was the uptake.
Looking at the current realities, users spending around $18 can expect to earn just $0.38/day, based on MH/s profitability. This means that it will take around two to three months to reach break-even. That said, the calculations reveal that Genesis is selling some pretty cheap hashpower. Looking at both base and input costs of establishing one’s own mining rig or buying hashpower from other similar brokers, some observers wonder how it’s possible that the company can offer such good prices to users.
Firstly, Streng set about minimizing unavoidable costs by targeting countries where electricity is cheap for mining purposes. Secondly, he negotiated great deals from suppliers in order to keep hardware costs down on mining rigs. Thousands of ASIC cards and accompanying rigs were purchased by Genesis to establish their offer, with a diversified bouquet also looming.
In addition, the company’s “Project X” allows miners to mine x11 and x13 algorithms. Dutifully aware of user temperament, Genesis is also responsive to user sentiments with Dogecoin and others to be added to the portfolio available to miners.
User forums show that there have been moans about the company, although these tend to concern the viability of mining, not lost funds or other negative experiences. It remains impossible to peg a uniform experience for users across the globe, but some calculations in chat rooms point to elusive ROI.
Most critique of the platform stems from calculations that extrapolate over a year or two, pointing to an ever-elusive return for the costs of mining. This seems to be more a reflection of coming down to the coalface of crypto, rather than a peculiarly greedy slant on the part of Genesis Mining, however. The company remains at pains to address user issues and – in comparison with its peers – seems at the forefront of maintaining genuine care and transparency.
Genesis Mining Conclusion
With regular promotions awarding miners vouchers for additional free hashpower and even upgrades, the site is popular for good reason. Although the company also entices members to enlist their friends and associates through an “affiliate” structure, this is nowadays less cheesy than it used to be, and something of a basic expectation from startups.
Without downtime due to crashes, and no pool fees (no pay-and-wait-a-moment as with other outfits of this nature) Genesis Mining is hitting a sweet spot for many with their costs and associated services. Loyal users swear by the speed and transparency of the rental concern, and it is demonstrable in the technical build that the development team have tried to optimize UX rather than any in-house benefits.
The company occasionally adds altcoins to its offering, polling users via Facebook to determine new additions of benefit to all. The company presents a diversified mining offer to users, who can mine cryptocurrencies that are scrypt algorithm-based coins and also those running on a proof of work (PoW) algorithm, too. ASIC and GPU mining is no sweat with Genesis either, and combined with speed and simple transparencies that populate the platform build, make it the default hashpower supplier for many.
You can learn more by visiting their official website: Genesis-Mining.com