Cloud mining is becoming an increasingly popular phenomenon of the modern world. Mining cryptocurrency without buying computing attracts many miners from geographic regions with expensive electricity, or with insufficient personal knowledge for mining at home.
One of the biggest cloud mining services is Genesis Mining multinational company. In this article we will talk about the main principles of the company, the history of its creation, geolocations for data centers and, of course, tariff plans for all who wish to cooperate with this service.
Genesis Mining: company description, service creation history
The foundation of the Genesis Mining company began from Bitcoin cryptocurrency. According to the official version, in 2012, the developers of the future service, Marco Streng and Jacob Dolik, met on the popular Bitcoin platform, where they bought and sold cryptocurrency. The idea to create a service for cloud mining was born almost immediately after meeting, and by the end of 2013 it was fully implemented.
Genesis Mining began to bring the first profit for investors only in 2014, when data centers became quite powerful. By the way, the lion's share of today's computing power of the service is in Hong Kong. But besides this, Genesis mining farms are also located in: Iceland (Enigma data center, founded in 2014, works on geothermal energy), Sweden (Thor, founded in 2018, work resource: geology), as well as Canada, Greenland, America, Norway, Finland, Estonia, Latvia. According to media reports, another center is being built in Kazakhstan, near Pavlograd.
Speaking about office centers and service offices, although almost all the founders are from Munich, Genesis Mining is officially based in Bermuda. At the same time, the representation was previously located in New York, but due to BitLicense, it left the city.
The official website of the company: genesis-mining.com
- Marco Streng – CEO.
- Stefan Schindler – CTO.
- Marco Crona - financial director.
- Jakov Dolic – head of sales.
Enigma, or the largest data center for Ethereum mining
Enigma is one of the first data centers built by the company. The mining farm is in Iceland and is the largest mining service for Ethereum in the world. According to the information on the Genesis Mining site, Enigma was built in 2014, but does not cease to be updated.
Initially, all Enigma computational capabilities were based on the Ethash (Dagger Hashimoto) hashing algorithm, that is, they were set to get Ethereum cryptocurrency. Now, the data center has been updated and configured to mine “ultra-modern blockchains” and new promising crypto-assets.
Today, the Enigma mining center uses special equipment of its own production – Genesis Hive. At the same time, hashing algorithms were extended to SHA-256 (Bitcoin and forks), X11 (Dash), CryptoNight (Monero) and Equihash (Zcash).
The farm is in the capital of Iceland, Reykjavik. Due to the cool climate and cheap electricity in Reykjavik, Enigma mining farm does not require much funding. This, in turn, allows you to make custom tariff plans cheaper than competitors. In addition, the computing data center runs on geothermal electricity, which in recent years has become very popular and accounts for more than 28% of the electricity in Iceland. Fresh high-temperature power plant in Reykjavik is considered an alternative source of energy (uses groundwater), the total capacity of the data center to ensure at least 570 MW.
Genesis Mining: how and “on what” the service works
“Our mission is to make the process of obtaining cryptocurrencies easy and fast for everyone (...) The goal of our existence is to make cryptocurrency mining an easy, smart and rewarding experience for everyone”, – Genesis Mining.
The work of the Genesis Mining service is built on the principle of leasing the already configured computing power. The company's clients acquire a contract, a tariff plan, according to which they receive payments in cryptocurrency.
Genesis Mining provides an opportunity to mine Bitcoin and six more types of altcoins, including:
- Bitcoin (BTC) according to the SHA256 algorithm (1st place by capitalization, CoinMarketCap);
- Dash (DASH) by the X11 hashing algorithm (15th place in terms of capitalization);
- Ethereum (ETH) according to the Ethash algorithm (second place in terms of capitalization);
- Litecoin (LTC) using the Scrypt hash algorithm (4th place in terms of capitalization);
- Monero (XMR) using the CryptoNight algorithm (14th place in terms of capitalization);
- Zcash (ZEC) using the Equihash algorithm (22nd place in terms of capitalization).
For each cryptocurrency 4 tariff plans are available. The beginning of the use of the selected tariff begins immediately after the payment, as indicated on the website. In addition, the company’s website also states that there is a 24/7 support service for customers, and a series of partnership programs.
Also, in the service support blog, information about the uninterrupted operation of data centers due to an independent power supply network is provided. Genesis cloud mining is carried out on two types of equipment: own production – Genesis Hive, and from the Spondoolies Tech manufacturer.
According to media reports, Genesis Mining signed a contract from Spondoolies Tech in 2015. As stated, four years ago, Spondoolies will provide equipment to support sold contracts, while Genesis will manage the machines (computing power) from its data centers. Supplies of mining equipment was not yet specified. Now, the Spondoolies mining equipment comes depending on the demand from customers.
Genesis Mining: tariff plans and contracts
Cloud-mining service supports four tariff plans for each cryptocurrency. The first three tariff options are fixed and clearly limited. That is, the cost of the plan, the computing power (MH/s) and the time interval for mining (2 years) have a clear unchanged structure. The fourth option is the ability to build an individual tariff plan for experienced miners.
Consider the main characteristics of tariff plans for altcoins.
* (information taken from the site of Genesis Mining and relevant as of this writing 03.09.19)
- Dash. Three fixed tariff plans: Gemini (for beginners) – $83 for a capacity of 25,000 MH/s; Ferox – $788 for power 250,000 MH/s; Graviton – $ 6,000 for power 2,000,000 MH/s.+the ability to create an individual tariff.
- Ethereum. Tariffs do not include additional maintenance fees. Small – $525 for power 25 MH/s; Medium – $1,500 for 75 MH s; Large – $6,650 for 350 MH/s. + individual tariff.
- Litecoin. Tariffs without maintenance fees. Gold – $28 for hashing power 2 MH/s; Platinum – $650 for 50 MH/s; Diamond – $2,400 for 200 MH/s. + individual tariff.
- Monero. Blaine tariff plan – $830 for power 1000 H/s; Dynamo – $2,460 for 3000 H/s; Houdini – $7,200 for 9000 H/s. + individual tariff.
- Zcash. Starting tariff – $530 for 200 H/s; Advanced – $2,600 for 1000 H/s; Professional – $7,650 for hashing capacity of 3000 H/s. + individual tariff.
With current prices for contracts for altcoins can be found on the official Genesis Mining website.
Despite the large selection of cryptocurrencies for mining, Bitcoin is still the most sought-after asset.
Genesis Mining: Bitcoin cloud mining
Tariff plans for digital gold work on Radiant technology, which considers:
- Location of data centers
- Production chain (each individual component)
- The cost of mining equipment and power units
- The cost of cooling systems
- Costs of developing exclusive mining software.
Available Radiant Classic contracts and Radiant Zero are designed for 18 months and vary depending on restrictions, cost, power and speed of mining. A distinctive feature of contracts – payment of service. If in the first case, the payment for maintenance is 0.099USD/TH per day, then the second Bitcoin Radiant Zero plan includes all costs for a year of servicing the contract
Consider the basic tariff plans for Bitcoin.
* (information taken from the Genesis Mining site and relevant as of this writing 03.09.19)
Radiant Classic for Bitcoin
- Minimum available option – Radiant Classic: 3 TH/s = $139 (1TH/s = $46,3)
- Maximum available option – Radiant Classic: 1000 TH/s = $42,000 (1TH/s = $42)
Radiant Zero for Bitcoin
- Minimum available option – Radiant Zero: 1.5 TH/s = $203 (1TH/s = $135,3)
- Maximum available option – Radiant Zero: 1000 TH/s = $135,000 (1TH/s =135$)
In more detail:
Bitcoin Radiant Classic tariff plans:
- Gold: 3 TH/s = $139
- Platinum: 35 TH/s =$1,544
- Diamond: 140 TH/s =$5,880
- Custom plan: own mining plan
Bitcoin Radiant Zero tariff plans:
- Gold: 1.5 TH/s = $203
- Platinum: 25 TH/s =$3,375
- Diamond: 44 TH/s =$5,940
- Custom plan: own mining plan
Current prices for BTC contracts can be found on the official Genesis Mining website.
With the Radiant Classic contract option, the service charge is fixed and will be charged every month, during the entire contract – $ 0.17 per TH/s per day. For example: if you buy a Platinum plan of 25 TH/s, the cost of maintenance is 25 x 0.17 USD = 4.25 USD per day.
The mining services you choose will work for you for 18 months.
As for Radiant Zero, according to its contract terms, no maintenance fee is charged. Your only expense is that you pay for the hash capacity (the initial price when you buy). There are no other fees to consider when calculating the performance of this mining plan. But the price of the tariff plan is much higher.
What kind of contract is determined depends on the course. Commission is charged in US dollars. Accordingly, in moments of low currency value, it is more profitable to use the Radiant Zero contract, without commission payments. Thus, you will not “go into the minus” with minimal receipt of funds and additional expenses on the commission. But if the cryptocurrency rate reaches high rates, then there is a benefit to stop choosing Radiant Classic with lower costs for the tariff plan and the corresponding commission, which, due to the bitcoin price ratio, will be reduced to minimum values.
Genesis Mining: a step-by-step guide to getting started
1. Registration on the site. To get started, register on the official website. On the home page, click “Sign up”. Enter your email address and password. After processing your data, you will receive an activation link to confirm your registration.
2. Creating a wallet. In order to receive payments, you must create your wallet and tie it to the Genesis Mining system.
3. The choice of contract and cryptocurrency. Choose a cryptocurrency for mining and contract. Additionally! Use the slider to determine the amount of hash power you want to buy (for example, 10 TH/s). The purchase price of this amount of hash capacity is displayed on the right.
4. Payment and purchase of Hashpower. Genesis accepts several payment options: credit card, bank transfer or cryptocurrency (Bitcoin, Litecoin, Ethereum and Dogecoin). For payment in Cryptocurrency, Genesis will provide a billing address or QR code. The address is valid for 30 minutes. After processing and confirming the order, Genesis Mining will send an email to the post office.
5. Hashpower distribution. As soon as Hashpower is activated, you will have the opportunity to use it. For more information you can go to the “Mining Allocation” section. Here you can choose which cryptocurrency to transfer power for mining. But this does not guarantee you a good profit. The redistribution of the power of the cryptocurrency initially chosen by you to another one will be beneficial only if there has been a big jump in prices in the market.
Initially, your performance is 100% on the currency for which you purchased the power, then transfer some part to another selected cryptocurrency. As a result, we still have 70% of the processing power for Bitcoin, and we transferred the remaining 30% to Dash. BTC automatically converts your Dash to Bitcoins and pays the money. You also have the opportunity to share your Hashpower with other algorithms (sha256 and X11).
How to get and withdraw money from Genesis Mining
Payments go to the deposited wallets every day. You can find a list of all the payouts in the “activity” section.
Withdrawals will become available after overcoming the transaction threshold, when the balance reaches the threshold, the coins will be automatically transferred to your wallet. The minimum transaction thresholds for each coin are different.
Advantages and disadvantages of Genesis Mining: reviews
The benefits of using Genesis Mining are quite a few. Regular customers receive promo codes and upgrades that increase their hash capacity. Also, there are affiliate programs for those who invite friends.
One of the main advantages of Genesis Mining is the absence of Radiant Zero in the Bitcoin tariff plan, service fees. This can serve as a good opportunity for mining, without unnecessary waste.
Also, one of the advantages of working with Genesis, is the flexibility of the distribution of hash power between currency types, so you can get different coins at the same time. Convenient and simple interface.
Of the minuses – the lack of detailed statistics of work and the lack of a calculator. But still, the need to use a calculator is very controversial, since mining calculators can give an exact miscalculation only at the current moment, and then everything depends on the difficulty of extracting a certain cryptocurrency and the moment of jump, and this is very difficult for a novice to calculate.
Thus, summing up Genesis Mining can serve you as a good earner for cryptocurrency. Of course, there are flaws in any work, but this company is trying to minimize them. In short, Genesis is a reliable company that is worth trying, especially if you are new to mining cryptocurrency.
Editor: Yuliya Soroka