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Genesis-mining Affiliate Program Url: https://www.genesis-mining.com/our-offer

Website Url: http://www.genesis-mining.com

How to contact: sales@genesis-mining.com

What is it? Cloud Bitcoin Mining Contracts

Category: Mining

Affiliate payout in Bitcoin? YES

Which non-Bitcoin payout methods do they support? CREDIT CARD,BANK WIRE,VISA

Revenue Share Percentage: no information

One Time Commission: NO

Lifetime Revenue Share: no information

Affiliate Referal Commission: no information

Additional Program Info: Genesis Mining provides an affiliate program through which you can get appealing upgrades by inviting friends.

Supported Crypto-Coins: Bitcoin,Litecoin,Dogecoin,Darkcoin

US Users / Players allowed? YES

The provider Genesis Mining offers cloud mining for “all users” and also promotes itself as the market leader in the field of digital currency mining. In our Genesis Mining Test we deal with the question of who is behind Genesis Mining and what Cloud Mining actually means.

The facts at a glance

• Known Cloud Mining Provider
• Active on the market since 2013
• More than 300,000 members
• Cloud Mining contracts with different maturities
• Lifetime contracts
• Price per GH: 0,25 US-Dollar
• Payment options: Credit Card, Bank Transfer, Bitcoins

The Importance of Cloud Mining

Before we share our detailed Genesis Mining experiences with our readers, we first explain the meaning of “Cloud Mining” using the example of Bitcoin.

Just a few years ago, Bitcoin network participants could easily mine several Bitcoins per day in their personal computers. The mining process is a manufacturing process in which crypto currencies such as Bitcoin are generated. With a current value of around 10,000 euros per Bitcoin, it is almost inconceivable that participants could create the virtual currency out of nothing with their own computers. In the meantime, however, the degree of difficulty is so high that the own computer is no longer sufficient as technical equipment.

This increasingly requires the use of special mining hardware. This hardware concentrates on performing millions of calculations per second in order to crack the mathematical code required to generate bitcoins. However, the purchase of such a high-performance computer would cost a lot of money. In addition, a lot of power is needed. This is where cloud mining providers come in. These are companies that carry out mining on a large scale.

How does cloud mining work?

tradingAt Bitcoin, a new block is created approximately every 10 minutes that contains all the transactions that were carried out during this period. A finished block is then attached to the block chain. In this process, the algorithm generates a certain number of new bitcoins. In order for the process to run safely and stably, however, users are required to validate the entire process using their computing power as part of the proof-of-work process. For the computing power provided, the miners receive a reward in the form of bitcoins. The reward is given to the person who was able to solve the task most quickly. At this point at the latest, it should be clear that normal computers have little chance of successfully participating in the Bitcoin Mining process.

In order to benefit from “mining” as a private individual, it is possible to buy or rent computing power from cloud mining providers. This offers advantages for both sides. Interested parties can register on the website of the respective provider and select the appropriate computing power, which can then be rented for a specific or indefinite period of time.

In addition to the crypto currency Bitcoin, other digital currencies are often offered, depending on the provider, which users can mine. The win-win situation arises because the private miners can provide the providers with money for the purchase of new high-performance technology, which in turn purchases the hardware at particularly favourable conditions and in large quantities. In addition, cloud mining providers often have their headquarters in countries such as China or Iceland, where electricity costs are comparatively low. This in turn gives private users the advantage that they do not have to take care of any hardware maintenance or technical installations themselves.

In addition, people who live in countries where electricity costs are very high (e.g. Germany) can also participate in the mining process. It is also possible to purchase and expand computing power flexibly, while in the case of your own mining at home, the complete hardware must first be purchased. However, in addition to the numerous advantages, there are also some disadvantages that interested parties should consider.

The concept of Genesis Mining

The concept of Genesis Mining is relatively easy to understand. The provider provides a complete infrastructure that enables Bitcoins and other digital currencies to be mined efficiently. Users can “buy in” to this infrastructure and rent part of the computing power provided by Genesis Mining.

The computing power is calculated in

• MH/s (Mega Hashes per second) or
• TH/s (Tera Hashes per second).

With Genesis Mining, interested users can book a certain computing power package depending on the available capital. Immediately after the purchase, the high-performance computers begin to create bitcoins or other crypto currencies.

The Genesis Mining Standard Package

In the standard version of the provider, the user acquires a computing service “for life”. This means that the user not only rents the computing power for a limited period, but buys it in full. However, caution is advised here. Because not only the acquisition of the corresponding hardware costs money, but also the operation of the servers. And, of course, Genesis Mining charges for these costs. You have to reckon with no unexpected fees for the user. Because the operating costs are deducted directly from the mined coins. This means that Genesis Mining practically uses part of the available computing power to finance and guarantee the operation. Of course, the distribution of minted coins is correspondingly lower.

Note: The company Genesis Mining has its company address in Hong Kong and the servers are operated in Iceland due to the low electricity costs, but the founder and managing director Marco Streng comes from Munich. For German customers this is a clear advantage, since all information is available on the web page in German language.

Account opening and extras

Cloud mining is profitable when the corresponding high-performance machines operate over a certain period of time. But this is problematic for the individual miner. This is because the difficulty factor in the mining process is constantly increasing. This means that it is becoming more and more difficult to generate new coins. In addition, more and more computing power is needed. An important question that Miner should ask himself is therefore when the so-called ROI (Return-on-Investment) is achieved, i.e. when the money invested is repaid. Because only then can you in principle earn money with cloud mining. There is no exact answer to this question because, as already mentioned, the achievable profits will gradually decrease.

The cloud mining provider Genesis Mining has powerful machines at its disposal. Accordingly, it is worth registering with the company. Opening an account with Genesis Mining is free and can be done quickly. Below is an overview of the necessary steps.

Opening an account with Genesis Mining in just a few steps

In order to use cloud mining with Genesis Mining, the user must first register online with the provider.

Registration

First, the new user on the Genesis Mining website only needs to provide their email address and password to create a Genesis Mining account.

Add computing power

The next step is to add computing power (hash power). The provider provides various options for this. Among other things there is the “Bitcoin Mining for Lifetime” for a pure Bitcoin calculation. After selecting the hash power (computing power), the user is directed to a detail page for his order. There he entered a so-called promotion code, which every customer receives from Genesis Mining in order to recruit further customers. The advertiser is credited with a part himself and a discount on his order. Subsequently, after another examination of the contract, the order can be confirmed by the user.

Pay computing power

The next step leads the user to the payment. After the confirmation of his contract he will be redirected directly to a payment page. There he must enter his mobile phone number and e-mail address as well as the necessary credit card data. Then the purchased computing power is confirmed by e-mail and the “prospecting” of the coins begins automatically.

Note: Users who pay with a credit card must bear in mind that the generated coins are held back by the provider for 30 days. The reason is that the credit card provider can cancel the payment within 30 days. Only after this period has expired is it possible to transfer the minted coins.

Questions and answers about the provider Genesis Mining

Who is behind Genesis Mining?

Genesis Mining is one of the oldest cloud mining providers on the market. With more than 300,000 members, Genesis Mining has already earned itself a good reputation. The company maintains its servers in Iceland (Reykjavik). The reason for this is the comparatively low electricity prices. These result from the predominant volcanic activities. This means that a large part of the electricity is generated by geothermal energy.

Is the cloud mining provider Genesis Mining known on the market?

As in many other countries, Genesis Mining is enjoying increasing popularity in Germany. For example, the provider has already been featured in various press reports and in the knowledge programme Galileo. Among other things, the report also showed the company’s huge halls in which the Genesis Mining facilities and high-performance computers are located.

Do I have to pay to register with Genesis Mining?

The registration at Genesis Mining is free of charge and fast for the user. After the registration it is only necessary to confirm your e-mail address. After that the computing power has to be added. With Genesis Mining it is also possible to mine other digital currencies in addition to Bitcoins. Customers should always pay attention to how long the respective contracts are. Because in contrast to the “lifetime contracts” for the crypto currency Bitcoin, the company only offers 2- or 3-year contracts for other currencies.

After selecting the hash power, the user has various payment options at his disposal. These include bank transfer, credit card or Bitcoins. If you want to get your earnings from the mining process paid out, you have to deposit your Bitcoin address in your account.

What does Bitcoin Halving actually mean?

The “Bitcoin Block Reward Halving” is an important part of Bitcoin. Accordingly, the payout of the generated Bitcoins per block is halved. There were 25 Bitcoins per block before the previous Bitcoin Halving in mid-2016. Currently, 12.5 Bitcoins per block are distributed to the miners. Halving always takes place after 210,000 blocks. The problem: The difficulty of mining new bitcoins does not decrease with the regular halving, but continues to increase. To what extent the investments in mining equipment are still worthwhile must be decided by each individual. After all, the reward is halved.

In general, it is therefore not advisable to invest immediately before and after the halving. However, since the prices of crypto currencies depend on supply and demand, it is quite possible that the price of the crypto currency will increase significantly with constant demand and less supply. Thus the prospecting of the coins becomes interesting again.