Disclaimer
For those of you with a preconceived Notion of Genesis Mining, I'm going to keep this review as non-bias as I can. I will point out the positives, and the negatives of Genesis Mining. If you have a different point of view, please post so in the comments with a detailed reason why you have that point of view. Enjoy!
If you do decide to go with Genesis Mining, if you use code x3MSrc you will save 3% off your order
What is Genesis Mining ?
Simpily put, Genesis Mining is a cloud mining site for Bitcoin, Ethereum, Dash, Litecoin, Monero, & ZCash. The idea behind it is you pay them a certain amount and the lock you in for a 1-2 year contract and every day they send you a proportion of What you Mined
An Example of How it Works
*Go to website "https://www.genesis-mining.com"
*Create an account (Very Simple)
*Choose package
*Select your Payment Method
*Pay with USD or Crypto
Daily Payments
Every Day you will get what your hash power is mined and sent to the wallet address you applied
The Value of What You are Buying
- Pricing
For a $30 contract (2 years)
- Calculating the cost of what you are buying. These are estimated savings from coinwarz.com. From the image below, you are putting in about $30 and are getting back ~$120 worth of ETH
The Good
*Easy to use
*Good Customer Support - I put in 2 service requests about issues/questions I had and they responded back usually within a couple of hours.
*Good Return on Investment
*Paying with crypto is very easy and quick
*Wide Variety of cryptos to mine
*Affiliate Code: Using an affiliate code you have the ability to make a very small amount of crypto and give out a small discount
The Bad
- You are putting faith in a 3rd party. If anything happens to them, you lose your investment
- You have to wait 2+ years to get your full amount you paid for.
- Paying with a credit card- I kept trying only to find my bank blocked Genesis Mining. I had to call them up and took 10 mins for me to get it unblocked, although you can pay with crypto
- Paying with Bitcoin- For those of you who don't know, bitcoin is very slow. I sent a payment with Bitcoin and it gives you 30 mins to process the payment. After 2 hours, the payment went through and I thought it didn't go through. Although the payment was saved and I didn't lose my Bitcoin, I was confused and like "I just wasted $30" until I saw it finally was accepted
*Overall Perception: If you google genesis mining, people either love it or hate it for the reasons above
Overall Rating
If you have patience and faith that Genesis Mining will still be around in 2 years, Genesis Mining is for you. It is overall a great return on what you pay into it and a good place to buy cryptos that is widely used. For those of you who like to get what you pay for right away, then I would steer clear of this website as it takes faith that it will be around and by the rate Genesis Mining has grown the last couple of years, I believe it to be.
Website: https://www.genesis-mining.com/
Affiliate Code to save 3% off: x3MSrc
If you decide Genesis Mining is right for you, feel free to use my code (x3MSrc). I basically make 0 dollars for what I post (so it will help me a little) and it will save 3% off your order. Again, this is only if you feel it is right for you and if you want to use another feel free.
i went in genesis mining back in january and i think they are a scam, it would have taken over 3 yrs just to earn my intitial start money back and that was before the outrageous fees started coming. i tried to transfer 20 bucks worth of bitcoin from my wallet i set up for genesis payouts and the fee was 15 dollars. this is a scam by slow death, you will never get your money back let alone any profit. take whatever you are thinking of putting in genesis and just buy bitcoin straight up and hold it you'll be better off.
noted. ty
isnt hashflare cheaper compared to genesis?
Hash flare is cheaper to buy, but you will pay a higher maintenance and electrical fee. Hash flare takes around 50% of what you mine. Genesis will only take around 30 to 35% . choose wisely
I found Hashflare's maintenance fee is around 40% currently. I think genesis mining is still a better option. My second choice is Hashing24! By the way...Great post!
Hashflair you can buy smaller amounts at 10GH/s @ $1.20 but with GM you can only buy 100Gh/s i think it is or was..
With GM you can mine alot more then just BTC with Hashflair your limted to BTC only
thanks for sharing
Great review, i use GM and have had no issue support i think might be the best in the cryptospace.
Thanks for sharing. If you want to upgrade you Genesis contracts, feel free to use my code: j3SbkT, I'll do the same for you. Every little things helps ;) Take care and Steem on :)
I'm going to upgrade to 100MH with Ethereum today and share here on Steem, please follow everyone I'll love to follow you back. I follow ALL OF MY FOLLOWERS
I just signed up with Genesis. This is a great post. Very helpful!
Thanks for sharing
So, just to clarify, that $30 is for the full 2 years or is that $30/month at that 1 Mh/s?
Its $30 for 2 years.
I have a few contracts with genesis mining.... the main being a dash mining contract. I have had no issues. There has been a couple of instances of late and missed payments but they have always been rectified with no fuss.... i am relatively new to the crypto revolution and found it easy enough to invest. I'm not clued up enough to know whether it was a sound investment but the payments keep coming so I'm satisfied enough to say that it wasn't an overall horrid decision.
I agree with you. I started in 2014 and at my peak had accounts with a dozen mining sites. I was mining Btc and the difficulty factor killed all of them except Genesis. I am currently getting daily payment from Genesis for Btc, Eth & Ltc.
Signed up with 3mh/s. Used your code.
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Got into Genesis mining a few weeks ago for ETH contracts and was doing them in bigger MH bulk buys, but I started doing it just +1/2/3 MH/s increments at a time so I could use other people's affiliate codes and hoping they will use mine next time too!
I just used yours, it was only for +1 MH/s but looking to spread the love! I followed you also, trying to connect with people here on STEEMIT!
Next time you upgrade your hashpower use my code! NkQanX
Any contract upgrade is fine, I am investing in ETH myself but appreciate the return love of any Hashpower!