Genesis Mining is a fresh company that specializes in renting hashrate to it’s customers. Basically, you pay a set amount, and receive a share of the hashrate for a period of time. The service offers hashrates in the Bitcoin, Ethereum, Monero and Zcash networks, although as I write this, the Bitcoin hashrates have been sold out. We have a discount code to use while registering:
GENESIS MINING DISCOUNT CODE / COUPON CODE (3% discount on the service) : y12JLF Visit Genesis Mining >>>
A Few Words About the Genesis Mining Website
The website leaves a good first impression. I am greeted with a properly translated, cleanly written offer in my native language. Modern design, slick look. What I find missing at the first glance is a wide pallet of payment options. Currently, only few cryptocurrencies are supported, and so is USD, by credit card only. As a non-US citizen, this would definitely ward me off from a purchase. Just a PayPal option would be fine.
It seems like the company is planning to introduce support for Dash and Litecoin, as we can see the coin statistics in the dashboard, but currently, there is no option to purchase hashrate for these cryptocurrencies. The dashboard itself presents us a few options:
The Genesis Mining Offer
Payouts are scheduled daily. At the moment, ticket waiting times are 72 hours long, meaning the service is enjoying very high popularity, as the customer support cannot handle this amount of customers. There is also a „bonus payouts” section. The website has an affiliate system which pays out cryptocurrency for inviting customers, which grants them a 3% discount.
Now, onto the offers themselves. For example, at the time of writing, you can purchase 1Mh/s of Ethereum network hashrate for $29.99. Directly on the frontpage, it is not said for how long does the rent last, but upon registration, you can find out it’s two years. Let’s calculate our potential profits.
According to this website, at 20Mh/s, we will generate $36.80 of profit each month. We won’t pay for electricity, only for the contract. The 20Mh/s will cost us a $600, and the contract lasts two years. $36.80 a month means $447.73 a year. Assuming the price of Ethereum and the dollar would remain stable (and they won’t over the course of two years), that’s $895.46 for the whole contract. Net profit: $295.46. Sounds quite good, actually. Especially if the price of the cryptocurrency we’re mining is going to take a sharp rise and we happen to possess some at that time.
Basically, purchasing this service is a long-term investment. If you’re willing to take the gamble, go for it, because the more hashrate you purchase, the more profits you’re going to see. At the maximum 500Mh/s, you will see a net profit of about $8.4k. However, there might be better places to invest in if you’re mainly concerned about profit, if you don’t care about supporting a technological revolution.