Founded in the year 2013, Genesis Mining has many mining operations throughout America, Asia and also Europe. These locations are a closely guarded secret however. The average person will not likely ever know where these mining operations are based. This is largely for security purposes, as mining equipment can be very expensive and hard to come by at times.
Genesis Mining takes pride in being an honest, open cloud mining company, and while they may keep the physical locations of their mining farms a secret, it does nothing but make their cloud mining service better for people like you and I.
There aren’t many worthwhile cloud mining companies, and Genesis Mining is one of the only legitimate cloud mining operations one will come across today. They started before the mining craze got so huge, and since they were founded have been providing cloud mining services to those who need them.
Bitcoin and Ethereum miners know the name Genesis Mining quite well, and as the name implies, they essentially created and set the bar for cloud mining operations. Genesis Mining is registered with the SEC and has a Bitcoin mining fund as well.
Contracts with Genesis Mining do not expire, as long as the contract is raking in a profit, you will keep getting payments. Essentially, they provide a way to mine cryptocurrencies without dealing with all of the complicated hardware configuration. They build state of the art mining rigs and you rent them, operating them remotely.
This makes it easy for people who don’t have dedicated time and space for mining to get it on the action. It’s as simple as creating an account and funding it. Naturally, they accept Bitcoin, but you can also pay using PayPal or a credit card.
Cost wise, it opens the door to mining for those who otherwise may not have had the opportunity. Those new to mining can rent a mining rig with a 100GH/s contract to mine Bitcoin for only $19. For $340 the 2,000GH/s contract can bring in even more profit.
If that isn’t enough for you, they have a 10,000GH/s contract for $1,600.
Is it worth it?
That depends. There is no point in buying a contract with Genesis Mining if there isn’t going to be any profit. The value of cryptocurrency changes daily, like most currencies. Take network problems into this equation and it is much more volatile. It will take about 500 days to break even mining with their X11 contract. You will also pay a small maintenance fee as long as your contract is returning a profit.
It is also important to keep in mind that for lifetime contracts as long as they are profitable, a small maintenance fee is deducted.
If you think about that fact that a good mining GPU can cost around $700, and get you hash rates anywhere between 30 to 60 MHs, Genesis Mining is obviously the more affordable solution for your mining needs. Not to mention the time and space saved.