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All About Genesis Mining

Genesis Mining has offered people the option of multiple cryptocurrencies and mining contracts. This allows the user to either withdrawal the funds or reinvest into new mining contracts. For many individuals, cloud mining offers the user the ability to enter mining contracts that enables them to minecryptocurrencies without having to maintain equipment.

One of the largest advantages of this concept lies in the fact that users do not have to own the equipment. For users with limited space that still have a desire and passion to mine bitcoin, cloud mining may be a good for them. Furthermore, entrance into cloud mining is simple and data driven with many resources available online to calculate the time for return on investment.

Currently Genesis offers multiple contracts of varying length. The current contracts include Bitcoin, Litecoin, Dash, Ether, Zcash, and Monero. Depending on the contract, they are either lifetime or up to 2 years.

Genesis has historically been the one of the most trusted cloud based mining platforms, with a dedicated customer service team and clarity to how their contracts and system works. In fact, Genesis lists their upper management, even allowing users email them. This directness and clarity if often a rarity in cloud mining and this clarity is the reason Genesis is one of the most trusted sources.

The following is the Genesis customer service representatives regarding several of theirfrequently asked questions about their contracts. For a complete listing of this information please see:

How does bitcoin mining work with Genesis Mining?

“It’s quick and very easy! As soon as we receive your payment your contract will be added to your profile, and you can immediately start mining. Depending on your contract, you can either mine Bitcoin, DASH, LTC, Zcash or Ethereum directly. It is also possible to trade your payments to other cryptocoins, and even choose a specific allocation for them. For example: 60% LTC, 20% BTC and 20% DOGE. The first payout reaches our customers’ wallets after 48 hours, and then a daily payout will follow.

Remark: Every day of mining will be processed and paid in the following 24 hours after the mining day is over.

Please refer to section “When do I get my payout?” for more details.” – Genesis Customer Service

What does “Open-Ended” contract mean?

“The specific duration of an Open-Ended contract is variable and determined by three factors: The mining difficulty, the Bitcoin vs USD exchange rates and the maintenance fee (This includes all electricity, cooling, development and servicing costs). We cannot control the first two factors which are unpredictable, but we do always deploy the latest mining technology, and do our best to keep it running at their maximum capability for you.

In the event of a contract becoming unprofitable (i.e. the payout can’t cover the maintenance fee), the resulting daily payout will be zero. After that, the contract will continue to mine for 60 days. This means that we will take care of the maintenance fee in the hope that your contract becomes profitable again. This may happen if the mining network difficulty decreases and/or Bitcoin price increases. If the contract does not return to profitability in this period it will be terminated because the mining machines are consuming resources (electricity, cooling, hosting, servicing, etc.) which cannot be paid with their generated payouts.

You will receive a notification if your contract is affected.” – Genesis Customer Service

What is the maintenance fee?

“The maintenance fee covers all costs related to mining including, inter alia:

  • electricity cost

  • cooling

  • maintenance work

  • hosting services

It currently applies to SHA256 contracts, and it is calculated per GH/s and automatically deducted on a daily basis. You will find the current maintenance fee details in the contract.

Please note that our 2-year X11 and Litecoin contracts, and our 1-year Zcash and Ethereum contracts have no maintenance fee.” – Genesis Customer Service

Which pools are you using for mining?

“We do not publish a list of pools we are using. Our main criteria for a good pool are: reliability, fee structure and reject rate. Going forward we will solo-mine a few coins (and pass the fee savings to our users!).

Our internal policy is: “be a good crypto citizen”. This means, that we will at least use two different pools (in some cases we use up to four) for each coin. This is to preserve the decentralized nature of the crypto networks! If we become aware that a pool is getting close to 50% share, we will switch away from it and use a backup instead.” – Genesis Customer Service

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2017-11-29T12:20:55+00:00
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