- 1 Genesis Mining Review- what does that mean?
- 1.1 Introduction – What is Cloud Mining?
- 1.2 How do I make money with Cloud Mining?
- 1.3 Who is Genesis Mining for? Advantages and Disadvantages
- 1.4 Registration in 3 easy steps
- 1.5 What happens after the purchase?
- 1.6 Genesis Mining Experience – Our Result
- 1.7 Our conclusion:
- 1.8 Important questions and answers about Genesis Mining
- 1.9 How long are the contract terms?
- 1.10 Can Genesis Mining terminate contracts early?
- 1.11 Can I visit site facilities?
- 1.12 In which languages is website support available?
- 1.13 How do I deposit money?
- 1.14 How many customers does the vendor have?
- 1.15 Who is behind Genesis Mining?
- 1.16 What do I need to participate?
- 1.17 Is there a coupon code?
- 1.18 How much can I earn with Genesis Mining Experience?
- 1.19 Is there a minimum amount in place for Bitcoin Mining
- 1.20 What fees are involved?
- 1.21 Which cryptocurrencies can be generated?
Genesis Mining Review- what does that mean?
Let us explain to you what Genesis Mining Experience means. We at Coin Report have made it our mission to identify and test the best cloud mining vendors in the world.
Below, you’ll find our experiences with Genesis Mining to provide you with some insight into the operator. We have put together a concise report of our experience with Genesis Mining.
Using our own money, we purchased mining worth nearly $26,000 from the vendor.
Introduction – What is Cloud Mining?
Before considering parting with your cash, it’s important you understand what cloud mining is all about. Mining refers to the ‘manufacturing process’ of cryptocurrency.
You can either install your own hardware to undertake it independently or purchase computing power from a provider like Genesis Mining. In countries like Germany, mining is no longer profitable due to the rising cost of electricity and cooling requirements.
This isn’t a problem for Genesis Mining, which operates facilities in Iceland, China and Sweden. With cloud mining vendor Genesis Mining, you can earn easy cash from the comfort of your home every day, either as Bitcoins or other popular cryptocurrencies.
How do I make money with Cloud Mining?
With cloud mining at Genesis, you enjoy the perks of two key factors:
You receive your cryptocurrency every day for the entire runtime of your contract. If the price of your already generated Bitcoin or chosen currency rises, you’ll benefit even more so.
Some people have already made a respectable passive income with cloud mining or are now living entirely on the incomes provided by it. Certainly, Genesis Mining has already produced a millionaire or two in recent years.
Who is Genesis Mining for? Advantages and Disadvantages
Basically, anyone can buy and use cloud mining at Genesis Mining. Points from this mining process represent a commercial activity and any income earned should be declared. The specifics of this, of course, depend on your country of residence.
Please contact your tax advisor for further insight here. Technically, you only need access to the internet to view your earnings on a regular basis. You’ll also need to have an active Bitcoin Wallet, or a wallet for whatever currency you are currently creating.
The obvious benefits of Genesis Mining include the fact it is one of the most established and successful companies of its kind. This German company was originally founded by three innovative entrepreneurs.
German meticulousness is evident in the corporate history of Genesis Mining. Any problem that arose was immediately dealt with for the benefit of customers. In addition to the serious enterprise potential of Genesis Mining, the vendor offers a flexible conversion of computing power to different cryptographic currencies. No other mining provider at present offers such innovative function.
Of course, there are a few disadvantages with Genesis Mining to consider. One such problem is the availability of new services. Due to its size and popularity, the provider is permanently sold out. You’ll be lucky to get a piece of the Genesis Mining pie.
Registration in 3 easy steps
- Click link
- Fill out registration form
- Select and order hashrate
What happens after the purchase?
Activation of the computing power: Depending on the type of contract, the computing power is activated immediately after the purchase. Recent contracts in the Bitcoin mining sector, however, had a waiting period of up to 3 months after payment.
Even if you find yourself waiting for this long, you’ll see from our test results that the wait is worthwhile. Activation of the computing power for old coins is usually done within 24 hours.
Back transfer: The company also offers payment by bank transfer. In any case, we recommend payment in your local currency. The purchase of Bitcoin mining with Bitcoin is a high-risk venture due to the increasing difficulty with the currency. The processing of a bank transfer takes between 4 and 7 days, depending on the country you’re in.
Credit card payment: Payment by credit card is also possible at Genesis Mining, but bear in mind your card limit. Many a crypto fan quickly exceeds their limit and wonders why payment hasn’t processed. Be sure to insure yourself with your bank before making a payment via credit card.
Payment via Bitcoin: Genesis Mining also accepts payment via Bitcoin. It is particularly appealing to pay with an existing credit balance. However, if your goal is to create Bitcoin, you should not be using your valuable Bitcoins for payment. Of course, it remains up to you how you utilise your cryptocurrency.
Genesis Mining Experience – Our Result
As mentioned above, we have signed a mining agreement with Genesis Mining with our own money. In total, we purchased 201 TH/s SHA-256 Bitcoin Mining for a sum of $25,221. In actuality, the total service would have normally cost $26,000; we were able to make a saving with a voucher code.
Here is an example from our dashboard:
Now it’s time to discuss the results of our Genesis Mining experience.
As you can see in the screenshot, we receive 0.03203356 Bitcoin daily. This is worth almost 496 Euro (currency exchange rate: 15495.41 Euro). Here is a screenshot of our dashboard with the mining results:
The contract, which was purchased on 2017-09-07 at 16.54.35, started on 2017-10-31 and is now earning almost $21,000 within 47 days due to the sizeable price increases of the Bitcoin.
So in less than 1.5 months, we have already earned our money again through the mining contract process and with this contract receive “Lifetime” Bitcoin Mining. As long as the cryptocurrency remains profitable in mining, we receive our daily payout.
Our Genesis Mining experience has been a positive one so far. We can recommend Genesis Mining with a clear conscience at the moment. It’s just a shame that contracts sell out so quickly.
If you receive the opportunity to secure a Bitcoin Mining contract, you should seriously consider snapping it up. Don’t forget that coupon code discounts available, however.
You’ll find the latest ones on this very page. This code gives you a discount of 3% on your order. Depending on the size of your investment, this discount pays off enormously and really hikes up your personal ROI (return on investment).
Since the buy computing power and results depend heavily on the Bitcoin network, you should always allow for a significant loss your money. Our test result is, of course, a snapshot of the process and only reflects our own results.
Important questions and answers about Genesis Mining
How long are the contract terms?
In Bitcoin Mining, Genesis Mining sells so-called lifetime contracts. These contracts continue mining as long as it is profitable for the company to produce the currency.
For most older coins in GPU mining, the contract terms are usually limited to two years. However, always check the terms and conditions associated with any contract before signing it.
Can Genesis Mining terminate contracts early?
The simple answer is yes. The clause is included as part of the Genesis Mining contract. As the general terms and conditions may also change, we ask you to examine the subject matter on your own.
As a rule, the contract is terminated when the coin to be produced can be purchased at a lower price than it costs to push it through production. We are talking about costs of electricity, cooling, replacement hardware and personnel.
Can I visit site facilities?
As a rule, there isn’t an open-access scheme for customers to the mining facilities. However, there are numerous videos and reports about the company.
In 2017, the film team of the well-known German TV show Galileo visited Genesis Marketing in Iceland. The pictures show the mining plant called “Enigma”, one of the largest Ethereum plants in Europe.
In which languages is website support available?
Genesis Mining offers its website in no less than 21 languages. However, the back office itself is English and does not offer further language conversion.
We recommend the use of a Chrome browser and Google translation functions to access this content in your own language.
How do I deposit money?
The company offers payment by bank transfer, credit card, as well as various cryptocurrencies. Payment is made directly into the ordering system and is easy to process. Just click on “Buy Hashpower” and use the slider to regulate your desired computing power before hitting the “Buy” button.
In the next step, you’ll be redirected to the payment processor where you can make your payment. Depending on the contract and method of payment, you’ll receive a confirmation of your purchase within a few seconds and your services will be activated shortly thereafter.
How many customers does the vendor have?
According to Jakov Dolic, one of the founders of Genesis Mining, Mining Diest already serves more than 1 million customers and grows at a rate of almost 5,000 new customers every day. If these figures are accurate, Genesis Mining is one of the largest cloud mining providers on the planet.
Who is behind Genesis Mining?
The company was founded in 2013 by Jakov Dolic and Marco Streng. Initially, their aim was of setting up their own mining plant. After a very short time, the founders realized an enormous demand from end customers and larger investors.
There is hardly a provider out there on the market with more reputation and a higher level of trust by consumers. Over the past few weeks, the company has been showcasing its structure and opening up to the media more. Currently, Genesis Mining Experience is building one of the largest mining facilities in China.
What do I need to participate?
To start at Genesis Mining, you only need your own wallet. On our site, we have prepared some recommendations for different wallet types.
You enter this wallet at Genesis Mining in the back office, buy your required hashrate and you’re done. Depending on the mining contract, the payment will be made daily, or if a minimum amount is reached on your personal wallet. You can also buy from this vendor for values of $100 or less.
Is there a coupon code?
You can find the coupon code on this page. With our coupon codes, you will receive 3% directly applied to your order. It is best to copy the coupon code directly into a text file and save this file on your desktop. You can also use this code for every future order, not just your first one.
How much can I earn with Genesis Mining Experience?
We can’t give you any guarantees about profit margins. Instead, take some time to read our insights and experience reviews, as well as the experiences of other Genesis Mining customers.
We cannot and do not want to make you any promises in this article. Buying cloud mining is always risky. As you can see from our test report, the mining process has so far paid off very well for us.
Is there a minimum amount in place for Bitcoin Mining
To our knowledge, there is currently no minimum amount. Mining can basically start from as little as $10. How much everyone wants to invest in cloud mining is ultimately up to them. In order to achiere Genesis mining experience.
What fees are involved?
Genesis Mining charges 25% of the result depending on the contract. The fees are deducted from the mining result. There are often no fees for GPU contracts. Please find detailed information here before signing the contract.
Which cryptocurrencies can be generated?
Through Genesis Mining Experience, you can find contracts for Bitcoin, Ethereum and ZCash mining. It’s also tricky to know what exactly is on offer due to the high rate of sell-off at this vendor.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.