Genesis Mining Review: My 7 Months of MiningsteemCreated with Sketch.

in #bitcoin6 years ago

Genesis Mining has stood the test of time, consistently delivered payouts, and provided me great customer service. This is my review of Genesis Mining based on my experience during the past seven month of mining different cryptocurrencies including Bitcoin and Ether.


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Results from Seven Months of Mining

I have the following contracts with Genesis Mining

  • Bitcoin, lifetime mining contract, 0.15 TH/s purchased for $65.67 USD
  • Ether, one year mining contract, 18 MH/s purchased for $173.27 USD
  • X11 (Using the X11 algorithm to mine Altcoins), two year mining contract, 15 MH/s purchased for $145.58 USD

Based on my returns thus far I project that

  • It will take a total of 30 months to earn back my investment in Bitcoin mining, then it is all profit after that.
  • I will not earn back all of my investment in Ether mining before the contract expires.
  • It will take a total of 21 months to earn back my investment in X11 mining, then it will be 3 months of all profit.

Of course the amount of time to earn back your investment depends on the price of the cryptocurrencies being mined.

Changes at Genesis Mining Since I Started Mining

There have been some changes at Genesis Mining in the last six months.

Ways to Purchase Mining Contracts

Genesis Mining has added a few new ways to purchase mining contracts. You can now purchase mining contracts using:

  • Credit Cards (VISA and MasterCard)
  • Bitcoin
  • Dash
  • Litecoin
  • Dogecoin

New Contracts

Genesis Mining has expanded the types of mining contracts they have. They currently mine

  • Bitcoin (sha256 contract)
  • Litecoin
  • X11
  • Ether
  • Zcash

When I went to their website today, contracts available for purchase are

  • Lifetime Bitcoin Mining
  • 2 Years Litecoin Mining
  • 2 Years X11 Mining

Customer Service

I have had consistent payouts from Genesis Mining. No problems in that area.

I did have the typical user problem where I locked my account when I did not type in my username and password correctly. Getting my account reset so that I could get back into my account was secure, fast, and easy.

Upped My Hash Rate


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Today I increased my hash rate for BTC mining. Why? While it does not provide me the fastest return on investment, it does provide me a long-term stream of income for as long as Bitcoin is mined. My time horizon is greater than the three years it will take to get my return on investment. And if Bitcoin increases, like I think it will, then the payoff time will be even faster.

Affiliate Program

Genesis mining has an affiliate program that gives buyers a 3% discount on the contract price and an increase in hash rate for the affiliate.

If you are interested in Genesis Mining

  • Click here to create an account at Genesis Mining.
  • Use the promotion code Q1MYO7 for a 3% discount on your contract purchases.

There is so much more information available at the Genesis Mining website.

Thank You!

If you like this post, you can upvote, follow, share, and re-steem this post. Thank you!

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@etcmike, by any chance you have an affiliate code for Genesis Mining! Ready to get some Dash contracts today, they have been extremely profitable. You have given me some support, getting a small upgrade under your code is the least i can do!

Thank you for asking for my code, it is Q1MYO7

Just cut-n-paste it into the promo code field when preparing to pay for the upgrade.

Have a fantastic day!
Steem on,
Mike

Upgraded Mike! Hopefully, I can reuse the code in the future again, didnt get to much this time but I tend buy a bit of mining contract over time, especially Dash Contracts. They are highly profitable, mostly the fact that X11 Miners arent around as much when compared to GPU's cards or ASIC Miners

Again thank you! It is greatly appreciated!

May I have your promo code to add to my rotation list?

I will upgrade my X11 contract using your code.

Have a great week!
Steem on,
Mike

Hi Mike,

You can add me as well in your rotation list. Once bitcoin mining is back I'm planning to upgrade my hash power.

Here is my code oID7jt.

Thank You.

Thank you!
I have added you to my rotation list. My rotation list is getting long. I plan to start upgrading again this month, but I do not know if I will make it all the way through my rotation list this month.

I will let you know when I use your code.

Have a good week!
Steem on,
Mike

Please use my code for genesis mining, I used yours for 1 TH of Bitcoin SHA256 mining ! my code is : 3klnx4

Thank you!

I have not received any notification yet from Genesis Mining today of sha256 purchase using my code. That's okay, they are slow in sending out notifications at times.

I just did a 5 TH/s BTC upgrade earlier today using another Steemian's code. I have added your code to my list of codes I use for upgrades. I will let you know when I use it.

Have a great weekend!
Steem on,
Mike

I just used your promo code to upgrade my BTC mining contract by 1 TH/s.

I bought it with BTC and am still waiting for the transaction to clear.

Have a great day!
Steem on,
Mike

Be careful and stay away from their so called lifetime "sketchy" BTC contract. I've made a detailed analysis in this post if you're interested.

As someone who recently lost $40,000 on a "traditional" business (restaurant) this past year, Genesis Mining gave me a new perspective. As of the time of this writing, the monthly profit on the most expensive contract, 500 MHs @ $14000 ($13,580) generates $2140 in profits which comes out to breakeven in a little over 6 months. However the mining calculator assumes today's prices ($270). If I hold them and trade them when they are higher, say $380, the profit would be $3013 which is 4.5 months. Once I recoup my original investment, starting the 5th month I can re-invest all or a portion of the proceeds into more hashpower or into mining another currency. I don't see anything going wrong here as long as the crypto currency market especially ethereum does not crash. And I believe crytocurrencies and especially ethereum are here to stay. So Genesis Mining is a no-brainer and I wish I had learned about this before "investing" $40,000 into a traditional business.

good comment! keep these up and u will defintly add value to ths community and keep earning on comments! $1 per comment is NOt unrealistic! i know peeople getting $2 and $3 per comment on AVERAGE1 eaning theyre usualy getting all sorts of $7 and $10 comments ! like @thejohalfiles and @gigafart !! You should learn from these whales and the places they hangout in their comments! go see the types of posts they upvote ancomment on!

I think you idea is not bad but there is something you have no know, it it that difficulty is going to increase and that means you are going to get less with the same mining power, and eventually that minnig power will be worthless. So if you have the money I would advise you to do the mining yourself and if then it is no longer profitable you can always sell it to gamers and get most of the investment back. Even if you dont know much with some reasearching you can set p your own mining rig even with overpriced video cards is good business. I hope my

For someone currently mining ETH using Genesis Mining I would like to tell you to slow your roll and about your proposed investment. You would make more money just buying a solid cryptocurrency and holding. I was like you and thought of the moon when I initially invested 2000 (thankfully not more like I wanted to initially) unfortunately no calculator currently takes into account the difficulty factor and how that affects your daily returns. I initially invested expecting a 200% return in the first year. With how things are going now, I would be lucky to make a 15% profit and my contact is almost done. If I had just held onto by BTC I would have almost doubled my money but now.

Couldn't agree more. I am investing all the money I can afford to lose into Mining.
The prices will rise for sure, and the ROI period will reduce. I am hopeful!
We are still at the beginning of a very nascent technology.
Great comment @tytran

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🍀🔆🍀
Genesis Mining!
https://www.genesis-mining.com/a/797537
. Use o Código >>>>>> (((((( U5XWLu )))))) <<<<<< e ganhe 3% de desconto!
(((((( Mineração de Bitcoin ILIMITADA _ TH/s _ Mining Start 15.03.2018 _ ))))))
. Mineração de Criptomoedas na nuvem! Genesis Mining PAGA DIARIAMENTE...
. Escape do Barulho e contas de Eletricidade dispendiosa...
. Parabéns pelo canal!
https://genesisminingu5xwlu.weebly.com/
🍀🔆🍀

I also use genesis mining for two weeks now and I'm really happe with the results. I think to increase hash power of BTC from 2.7 TH7s to 12.7 TH/s. Good idea?

What do you think?

If somebody needs it: here is my promo code with 3% discount: 0K5gtS

Feel free to share!
Greetings from Germany!

At 80.865 TH/s on my BTC mining contract I got 0.02318355 BTC yesterday (equates to about $58 USD). That works out to around $9 USD for 12.7 TH/s (of course depending on the difficulty level and price of BTC).

I plan to upgrade my BTC mining contract in the near future when BTC price goes up a bit more. (I typically leverage my BTC collected to invest in upgrades and other opportunities.) Based upon my experience, the upgrade I made several days ago will return my investment well before the next BTC halving event in June 2020. It is not a sure thing by any means and there are a lot of factors that will effect the return including the price of BTC in the future.

Bottom Line: I plan to upgrade my BTC mining contract in the near future.

I will add your promo code to my rotation list with a notation to use it to upgrade my BTC mining contract with it.

Have a great weekend!
Steem on,
Mike

I just used your promo code for a 0.7 TH/s BTC upgrade.

Have a great weekend!
Steem on,
Mike

@etcmike, did you calculate the increase in mining difficulty?

Only if the prices rises as fast or faster as the mining difficulty reaching the break even point will be possible.
see https://bitcoinwisdom.com/bitcoin/difficulty

Completely agree, my later reviews denote this as something to be considered when purchasing a contract.

Have a great weekend!
Steem on,
Mike

Please use my 3% discount on Genesis Mining. Code: BHPKoi

Cloud mining all the way for me. These are the sites I use!
All Free Gh/s.
Eobot - https://goo.gl/FVAp7L - Daily free faucet!! Number One & Most Trusted
Fleex - https://goo.gl/hyff4J - 100Gh/s
Rapid - https://goo.gl/W1CzRr - 100 Gh/s
CryptoS - https://goo.gl/LtaaTU - 20Gh/s
MinerClub - https://goo.gl/Lfok5X - 15 Kh/s
Nano - https://goo.gl/ZgcrQe - 15 Khs
Elite - https://goo.gl/72rxWA - 5000 DogeCoin to start investing.
Demix - https://goo.gl/pcpMve - 5 Gh/s
DogeMine - https://goo.gl/syBPcZ - 20 Kh/s
I do not recommend you invest $$$ except in Eobot, more your time,
in and internally generated Gigahashes
Then cash out when you like the day returns!
Then send it over to Eobot to boost my account their.
Please use the links so i can gain a small amount of Gh/s for your referral.
Happy Mining.

Sir I have i7 4790k intel pc and AMD radeon Graphic card 4770 ,can I start Mining with pc

It sounds like you have quite a powerful PC. I am not mining with a PC, I mine BTC through Genesis Mining. In my opinion, you should be able to start mining.

There have been more than a few posts on SteemIt comparing mining with a PC rig versus mining with Genesis Mining. If you have inexpensive electricity available to you, it may be worth it.

You may want to consult CoinWarz to assess the feasibility.
https://www.coinwarz.com/cryptocurrency

Have a great week!
Steem on,
Mik

whats a requirement to start a mining with Genesis .

The fastest way to start mining with Genesis is to use Bitcoin, Dash, Litecoin, or Dogecoin to buy a mining contract.

When selecting a mining contract you should read the terms of the contract, consider the viability of the coin(s) being mined, and be prepared for the volatility in the coin market.

When I started mining with Genesis I put just a little bit into a contract to assess its performance. I was originally drawn to Genesis because of the open-ended BTC mining contract.

After you purchase a mining contract you will need to go to "My Account" to enter the wallet address where you want your payouts to go. The go to "Mining Allocation" to select your mining contract and what allocation of coins you want to be paid in. For example, a Bitcoin mining contract can payout in eight different types of coins. You decide what coins you want to be paid in.

Before I started with Genesis I watched a lot of YouTube videos about Genesis Mining.

I hope that helps.

Have a great week!
Steem on,
Mike

How much I can earn a day averagely If i make a small investment of 250$ and presently
Which currency is best for mining to start ?

All I can do is use my payout analysis to estimate the daily payout for a few different contracts available:

(The following contract costs do not include using my promo code Q1MYO7 for a 3% discount off the price.)

For $225 USD you can buy a 1.5 TH/s BTC Open-Ended contract. Based on my experience an estimated payout is about $1 USD per day (based on 12 July 2017 payout).

For $225 USD you can buy a 7.5 MH/s 2-year Ether Mining contract. Based on my experience an estimated payout is about $0.57 USD per day (based on 10 July 2017 payout).

For $240 USD you can buy a 40 MH/s 2-year X11 (Dash) Mining contract. Based on my experience an estimated payout is about $0.53 USD per day (based on 12 July 2017 payout).

For $249.90 USD you can buy a 300 H/s 2-year Monero Mining contract. Based on my experience an estimated payout is about $0.51 USD per day (based on 11 July 2017 payout).

The payouts do vary day by day based on different factors including the price of the coin being mined and the difficulty level of mining (the luck factor).

Please read the information from Genesis on each mining contract before making a choice.

I hope that gives you an idea, but keep in my that your results may vary.

Steem on,
Mike

Alright so here it is, don't ever invest in genesis , there is no way to make a profit, even have your money back, I bought a 2 years contract and 3 months in is almost not paying and will stop paying in 2 months if I'm lucky. It was an 18 000 $ investment, I will lose around 5-6 k on it. If you invest less money it's gonna be even worse. If you want something really profitable that give you money every day like Genesis but you get your money back at the end, try this http://www.bit.ly/2vSX0xx , there is nothing to compare and cliff mention it in one of his report for those who know him, and again don't invest in genesis

all those discount code you see evreywhere is the only way to finally make a bit of money , so the only way for you to make your money back is to refer tons of people ; think about how a ponzi work ...

I think you just chose the wrong mining contract at the wrong time.

I have more than broken even on the Open-Ended BTC mining contract at Genesis. Here is my post:
https://steemit.com/review/@etcmike/genesis-mining-review-8-84-035-th-s-open-ended-bitcoin-mining-more-than-broke-even

It is very possible to pick the wrong mining contract. I chose a 2 year Ethereum mining contract that will not make money.

Have a great weekend!
Steem on,
Mike

If you ever reinvest / upgrade you can use my code : BHPKoi
Let me know about it and i will use yours in return :)

I have added your promo code to my rotation list. I do not plan to upgrade again until September 2017, however, my hard-drive on my computer is failing. That could delay my schedule.

Have a great week!
Steem on,
Mike

Wanna try cloud mining? No noisy and slow computers at home. Everything automated , you choose hashrate, crypto to mine, pay and just sit back and let everyone else do the work while you are making money.
Genesis-mining.com 3% DiscountPromo Code!
hc5xet

Great post! Full Genesis Mining Review 2018 here! https://scamorno.com/Genesis-Mining-Review/?id=steem-etcmike

Very good review!

I would like to add my voice to those who are satisfied customers of Genesis Mining. Yes, there have been periods where payouts were postponed, but I have received all of my expected payouts to date.
You must be aware of the pitfalls of mining, reduction in payouts due to falling crypto prices and increased mining difficulty. I have bought enough hashing power to weather these downturns. I understand that those who have a small amount of hashing power may not meet the daily payout requirements (your payouts are just accumulated until they reach the minimum payout threshold). I too have contracts that do not payout the minimum requirements daily, but they do payout when the minimum threshold is reached. The minimum payout thresholds are in place to ensure there is enough to cover the crypto transfer fees.

Have a great week!
Steem on,
Mike

Just started on ETH mining with Genesis. Good post.

Thank you! I have been doing well on my Ether mining contract at Genesis. I am planning to do another review of Ether and Bitcoin mining soon.

Have a great week!
Steem on,
Mike

Ill look forward to it Mike! Really got into Genesis mining a few weeks ago for ETH and was did them in bigger bulk buys, but I started doing it just $25 increments so I could use other people's affiliate codes and hoping they will use mine next time too!

I just used yours, it was only for +1 MH/s for ETH at $25 but looking to spread the love! I followed you also, trying to connect with people here on STEEMIT!

Next time you upgrade your hashpower use my code! NkQanX

I have been planning to upgrade my BTC mining contract again. Do you mind it being a BTC mining contract with your code or do you only want Ether mining contracts purchased using your code?

Thanks,
Mike

Hi Mike! Im good with anything, I am just trying to break into this awesome community and help each other! I appreciate the response and any help :)

With how things are going, you cant go wrong with any coin!

@royschuh,

I just used your code to upgrade my sha256 (BTC) contract by 5 TH/s.

If you want to use my code, it is Q1MYO7

Thanks!
Have a great weekend!
Steem on,
Mike

Thanks Mike! Ill use your code again and put it on my rotating list!

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