Genesis Mining is a Bitcoin & cryptocurrency cloud mining service that has been in operation since 2013. The platform makes it possible for the average person to mine Bitcoin without having to investing in costly equipment or run mining rigs that consume energy, heat up the space, and can make a lot of noise.
What Is the History of Genesis Mining?
Genesis Mining began near the end of 2013. It was created by a group of those who had used the same platform to buy and sell Bitcoins. As the company’s user base grew, it expanded with additional mining farms and hired more engineers and programmers. The current team has a shared faith in cryptocurrencies and backgrounds in a range of scientific disciplines. Genesis Mining bears the title of being the first large-scale multialgorithm cloud mining service in the world, giving the company vast experience in this field.
How Does Genesis Mining Work?
With Genesis Mining, you make use of the platform’s mining power and data centers. First, set up an account to put those resources to use. Choose the cryptocurrency you want to mine, and then enjoy periodic mining awards sent to the wallet you designate on your account. The payouts are generated each day, but they are only sent once you reach the minimum quantity. As of April 2018, this was 0.0035 BTC for BTC. The minimum payout is in place to protect you from paying excessive fees to the crypto network for a small payout. Genesis Mining aims to appeal to those who want to get into cryptocurrency as well as those who wish to mine crypto on a larger scale thanks to its range of packages.
What Can You Mine with Genesis Mining?
Although Genesis Mining began with Bitcoin, you can now mine a range of cryptocurrencies using the service. There is also the ability to switch mining power at a moment’s notice via the website. The specific coins that you can mine will vary based on your chosen contract. Genesis Mining regularly adds the option to mine new coins. Keep in mind that the default allocation of your hash power is to BTC regardless of algorithms, meaning that your payouts are in BTC unless you choose to adjust the allocation. If you wish, you can also choose to divide your hash power allocation between multiple cryptocurrencies.
There are specific plans available for mining Bitcoin, Dash, Ethereum, Litecoin, Monero, and Zcash. Each offers three different plans depending on how much you would like to pay and your desired results, plus the ability to customize a plan based on your chosen hash rate. Most mining contracts are for two years, but the new Bitcoin plans are for five years of continuous mining.
Bitcoin Sha256 Cloud Mining Service
Recently, Genesis Mining announced that it would be relaunching the Bitcoin Sha256 Cloud Mining Services. In the past several months, the team has worked hard to build new large-scale data centers filled with efficiency optimizations and technical improvements, resolving service and IT request backlogs. Genesis Mining is wrapping up the resolution of outstanding payments to users. Nearly all users have received all their mining awards.
However, the reintroduction of Bitcoin Sha256 cloud mining is perhaps the biggest news. This is the most attractive offer Genesis Mining has been able to make so far. It is only possible due to its efforts to improve efficiency and reduce maintenance costs.
One of the biggest factors that allow Genesis Mining to offer Bitcoin Sha256 cloud mining is the GM Radiant technology that improves performance efficiency. This is the result of multiple optimizations, including enhanced efficiency for the electric infrastructure, such as PDUs and PSUs, plus new designs for the DC layout. The airflow design has been optimized, as well, to enhance cooling efficiency. This lower average temperature and the more stable cooling conditions allow the chips to improve efficiency. GM Radiant technology also includes enhanced Genesis Hive functionality, automation, and performance routines. The overall enhanced efficiency leads to that exceptionally low maintenance fee in the new mining offerings.
Bitcoin Sha256 Cloud Mining Specs
The new Bitcoin mining hash power has excellent specs, including a runtime of five years or 60 months’ worth of mining. The maintenance fee has dropped by 50 percent, down to just 0.14 USD for each TH every day. There is not a presale, so the mining will go live right when you buy. There are now lower minimum transaction thresholds that you as the user control. Additionally, this latest addition natively offers Bitcoin Cash mining. There is no termination by maintenance fees.
The offer for the return of Sha256 Bitcoin mining is currently limited. The offering launched on June 14 and is currently open to most customers, except those in the United States. Genesis Mining is actively working with its compliance and legal teams to extend this offer to the United States. There are three packages available, each of which has a five-year contract with continuous mining. This continuous mining means that even if the daily mining output is below the maintenance fees, the service continues to run, giving you the ability to get crypto when the market improves. The Radiant Gold package is $285 and includes 1,000 GH/s. For $1,400, you can move up to the Radiant Platinum package with 5,000 GH/s. Finally, the Radiant Diamond package is $6,875 and includes 25,000 GH/s.
Genesis Mining is a well-respected cloud mining company with a long history in the crypto industry and a range of offerings. Due to numerous improvements in efficiency, it is now able to offer Bitcoin Sha256 Cloud Mining with an incredibly low maintenance fee, increasing the potential for profits. Cloud mining in general is ideal for people who wish to get involved with mining cryptocurrencies but lack the technical expertise to set it up themselves, or do not have a suitable space at home to store the equipment or run it due environmental issues such as a hot climate.