Genesis Mining Analysis 2024 – Is it Money Making?

Genesis Mining Analysis 2024 – Is it Money Making? Genesis Mining is the biggest mining company for mining bitcoins and Altcoins. In addition to bitcoins, it also facilitates Ethereum and X11 mining. It is a highly transparent and leading hash power provider in the World. This mining contract provider is offering lifetime contracts in Bitcoin mining. It is an exclusive site for those users, who are new to cryptocurrencies like bitcoins. Through this cloud mining service, the users can start earning bitcoins by registering.

Before selecting a platform for cloud mining you must ensure ROI as well as the trust score of the mining platform. I have also published an article on the most trusted and reliable cloud mining websites. Other than Genesis you may also choose Hashflare cloud mining service as it is a reputed and well-established player in the market. Genesis Mining is a renowned mining service that is supported by unique mining hardware. It is one of the oldest sites among the cloud mining platforms. Genesis mining is a performance-based mining where your profit volume depends upon various factors.

Let’s start with the Genesis mining analysis:

About Genesis-Mining.com (Genesis Mining Analysis)

Genesismining.com, also referred to as Genesis Mining Limited was active since 2013 in the bitcoin cloud mining industry and the professionals belonging to this site are engaged in various fields of science like Engineering, Mathematics and Computer Engineering. The Genesis mining community had initially launched their cloud mining operations in New Zealand, Paris, New York, Los Angeles and Hong Kong. Later on, they extended their successful operations in India.

This unique cloud mining firm also proved its profitable model for investment by delivering the best outcomes. The recent blockchain and bitcoin conferences of Genesis mining were held in South Asia. Genesis cloud mining services allow users to mine multiple coins by dividing hash powers to customize their could mining operations as per the market profitability.

How to Start With Genesis Mining?

In a previously published article, we discussed the step-by-step process to start DASH cloud mining with the Genesis platform. If you are new to Genesis cloud mining we recommend you to read the article.

Genesis Mining Review: Cloud Mining Types

Once a user gets access to Genesis mining by registering at the official site, he needs to fund his account with any of the type of crypto-currencies (Bitcoins / Ethereum, etc) that he wants to mine. After funding the account, the users have to select a mining plan to proceed further mining process.

Bitcoin Mining

BTC Mining is a process of verifying and recording blockchain transactions of bitcoins. Bitcoin, also called ‘decentralized currency’ is nothing but a type of crypto-currency. That is made available in the form of digital or electronic currency. A Blockchain is a distributed public ledger that accepts Bitcoin as its account unit.

Ethereum Mining

Ethereum mining is a process of mining a currency called Ethereum, which reveals a program known as ‘Geth’. Geth plays a major role in Ethereum mining by acting as a relay between the Ethereum network, hardware, and the system. In the mining platform, Ethereum can be mined with the help of an algorithm called ‘Eth-hash’. Ethereum is nothing but a type of virtual currency like bitcoins.

You may also select other coins from the list below for mining.

For X11 contracts following coins can be mined: Bitcoin, Litecoin, Dogecoin, Startcoin, Namecoin, Dash, and Peercoin,

For SHA-256 contracts the following coins can be mined: Bitcoin, Dash, Zetacoin, Litecoin, and Darkcoin.

Genesis Mining is Profitable? Points to remember

• They deduct a daily maintenance fee (0.14 USD per THs/day) from the generated coins that cover all ongoing costs like electricity costs, cooling, maintenance work and hosting services.
• Earning depend on factors such as the mining difficulty, Bitcoin value, luck (how mine blocks we find per day), etc. which are all factors dictated by the market and that is why we cannot say how much you will earn. They change a lot since this is a volatile market. For rough estimates about earnings, please go to external sites such as coinwarz.com as they provide calculators for various coins. Where you can check for any amount of hash rate.
• Just keep in mind that their calculation does not take our new maintenance fee (0.14 USD per THs/day) into the equation, so be sure to deduct that fee from the daily results to have an idea about the payout.
• Also, keep in mind that returns are not guaranteed and depend for a large part on Bitcoin value and mining difficulty, both of which cannot be predicted for the future. The lower the Bitcoin value, the higher the impact of that fee on mining returns and the higher the mining difficulty, the fewer coins the same amount of hash rate will return, and vice versa.

You can keep track of Bitcoin value here at Bitcoin Wisdom. Here you may also track mining difficulties in the past, present, and predicted future. You can do a calculation on possible (Bitcoin) returns at coinwarz calculators. If you use Coinwarz, remember to set the Watts and $/kWh to zero (as they are included in the maintenance fee). Also, remember to subtract the maintenance fee from the earnings for the SHA256 contracts.