How to start mining with Genesis Mining
What is Genesis Mining
Genesis Mining is a cloud mining company that allows users to mine cryptocurrencies such as Bitcoin, Ethereum, and others without the need to purchase and maintain their own hardware. The company was founded in 2013 and is based in Iceland, known for its abundant and cheap geothermal energy, making it a popular location for data centers.
Genesis Mining offers various cloud mining plans with different hash rates and durations, allowing users to choose a plan that suits their needs and budget. Users can purchase hashpower, which is the computational power required to mine cryptocurrencies, and then earn a share of the rewards generated by the mining process.
Overall, Genesis Mining provides a convenient way for individuals and businesses to participate in cryptocurrency mining without the need for expensive and complex hardware setup and maintenance.
The history of Genesis Mining
Genesis Mining is a cloud mining company that was founded in 2013 by Marco Streng, Jakov Dolic, and Stefan Schindler. The company is headquartered in Reykjavik, Iceland, and has data centers located in various countries, including Iceland, Canada, and Kazakhstan.
In the early days, Genesis Mining primarily focused on Bitcoin mining, which was the most popular and profitable cryptocurrency to mine at the time. However, as other cryptocurrencies gained popularity, the company expanded its offerings to include Ethereum, Litecoin, and Dash, among others.
In 2016, Genesis Mining launched its first retail product, a cloud mining contract for Ethereum. The product was well-received, and the company continued to expand its offerings, launching additional mining contracts for various cryptocurrencies.
In 2018, Genesis Mining launched the world’s first Bitcoin mining fund, which allowed institutional investors to participate in Bitcoin mining without having to purchase and maintain their own mining hardware. The fund was a success, and the company raised over $100 million in its first year.
Today, Genesis Mining is one of the largest and most reputable cloud mining companies in the world, with over 2 million registered users and more than 100,000 customers. The company is known for its high-quality mining hardware and reliable mining contracts, which have helped many people to participate in cryptocurrency mining without the need for expensive equipment or technical expertise.
How does Genesis Mining work
Genesis Mining works by allowing users to rent computational power from the company’s data centers to mine cryptocurrencies. Here’s how it works:
- Sign up: Users first sign up for an account on the Genesis Mining website and choose the cryptocurrency they want to mine.
- Select a plan: Users then choose a mining plan, which determines the amount of computational power (measured in hash rate) they want to rent and the duration of the contract.
- Pay for hashpower: Users pay for their mining contract using Bitcoin or other accepted cryptocurrencies.
- Start mining: Genesis Mining provides users with access to its mining hardware located in data centers around the world. Users can monitor their mining activity in real-time and receive regular payouts in their chosen cryptocurrency.
- Receive payouts: As mining rewards are earned, Genesis Mining distributes them to users according to their share of the total hash rate.
Genesis Mining takes care of all the maintenance and electricity costs associated with running the mining hardware. Users do not need to worry about equipment setup, maintenance, or electricity bills. The company also offers a range of support services to help users get started and troubleshoot any issues they may encounter.
Overall, Genesis Mining provides a convenient way for individuals and businesses to participate in cryptocurrency mining without the need for expensive and complex hardware setup and maintenance.
Does Genesis Mining charge a fee
Yes, Genesis Mining charges fees for its cloud mining services. These fees cover the costs of operating and maintaining the mining hardware, as well as providing support to users. The fees vary depending on the cryptocurrency being mined and the specific mining plan chosen by the user.
The fees typically include a one-time setup fee and a daily maintenance fee. The setup fee covers the costs of setting up the mining hardware and getting it ready for operation, while the maintenance fee covers ongoing expenses such as electricity, cooling, and hardware maintenance.
It’s important to note that while the fees may seem high, they are necessary to cover the costs associated with operating and maintaining mining hardware. Without these fees, it would not be possible for Genesis Mining to provide its cloud mining services.
Overall, users should carefully consider the fees associated with cloud mining before deciding whether it is the right option for them. It’s important to do the math and make sure that the potential earnings from mining are greater than the fees being charged by Genesis Mining.
How to start mining with Genesis Mining
Here’s a step-by-step guide on how to start cloud mining with Genesis Mining:
- Create an account: Go to the Genesis Mining website and create an account by providing your email address and creating a password. Verify your email address to activate your account.
- Choose a mining plan: Select the cryptocurrency you want to mine and choose a mining plan that suits your needs and budget. The plans vary in terms of hash rate and duration, with higher hash rates and longer durations generally resulting in greater potential earnings.
- Purchase hashpower: Buy the hashpower you need to mine your chosen cryptocurrency using Bitcoin or other accepted cryptocurrencies. You can purchase hashpower using a credit card or through a cryptocurrency exchange.
- Start mining: Once you have purchased your hashpower, Genesis Mining will begin mining on your behalf using its hardware located in data centers around the world. You can monitor your mining activity in real-time and see your earnings accumulate.
- Receive payouts: Genesis Mining distributes mining rewards to users regularly, depending on the cryptocurrency being mined. You can choose to have your rewards paid out in your chosen cryptocurrency or in Bitcoin.
- Optional: Reinvest earnings: If you choose to reinvest your earnings, you can purchase additional hashpower to increase your mining capacity and potentially earn more over time.
It’s important to note that cloud mining involves risks, including the potential for reduced earnings or losses due to market volatility, maintenance issues, or other factors. It’s important to carefully consider the costs and benefits of cloud mining and do your own research before investing in a mining plan.