Introduction into Genesis Mining
This is an organization that was founded in the year 2013. Genesis Mining is very transparent when dealing with its clients. Today, it has mining properties in three continents. The locations of the facilities are withheld for security purposes. The organization is one of the most famous and leading cryptocurrency exchange company which deals with providing currency such as Bitcoin, Litecoin and many others. The organization has been registered with Securities and Exchange Commission (SEC). This demonstrates that the company delivers its services in an honest manner.
Genesis Mining review
The organization’s platform is very secure and easy to use. One can buy hashpower without fretting about complex software and hardware. The organization has specialized in creating the most unswerving and effective rigs which they lease to customers. The only thing that a client needs to do is generate an account with the organization and he/she can start mining. After registering, the account should be funded through several ways which are listed on the website. The client can then choose an agreement that best suits him/her.
A new client can begin the mining process with a 1000 GH/s (Gold) at a price of one hundred and seventy-nine dollars. This contract will help the user become conversant with mining operations and the profits to expect. A client can also purchase two thousand GH/s (Platinum) at a price of three hundred and forty dollars. The largest option is purchasing ten thousand GH/s (Diamond) lifetime mining contract at a price of one thousand six hundred dollars.
The company has made it probable for its clients to earn a variety of coins. This depends on which contract/agreement the user chooses to buy. The organization offers two types of agreements which the user can use to mine different types of coin.
The first contract is X11 contract. Using this contract, the user can mine coins such as Namecoin, Litecoin et cetera. The second contract is the SHA256 where the user can mine a variety of coins such as the Bitcoin, Dash et cetera.
Earning a Profit
We engage in mining to earn profits. Therefore, it is crucial for us to evaluate the success rate of the two contracts respectively (X11 and SHA256). It is imperative to note that coin price, harsh rate and difficulty in network change as days’ pass. Therefore, the cost-effectiveness rate is not fixed but a variable. Currently, for SHA256, a user can expect payouts of 0.37mBTC per 1TH/s per day at a cost of 0.25BTC per 1TH/s.
The user should expect to break even after nearly six hundred and seventy days. For X11, the user should expect to receive payments of 0.027Mbtc per 1MH/s per day at a cost of 13.6BTC per 1MH/s. The user should, therefore, expect a break even after approximately five hundred days. The organization will always deduct a fee (Maintenance) for agreements that are profitable.
The company is good for clients who do not want to stress about software and hardware setups. It is also user-friendly thus offers clients a pleasant experience.
On March 2018, the company announced that it will be engaged with global legal teams in a wide range of government outreach initiatives to improve innovation that will assist its employees, customers and the society as a whole. It is determined to ensure that the Crypto industry continues to grow in the next decade. The industry will truly evolve due to this.
Users definitely defer with regard to what they experienced while mining. In general, the organization provides its services to clients in an honest way. It is among the top organizations in the mining industry due to the quality of services it provides. Some users have left a negative feedback because they were either in a rush to earn huge profits or they did not understand the terms clearly. Some of the organization’s reviews can be found at: http://bittrust.org/genesis-mining.