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Genesis Mining Review – Is It Worth It?
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 >>> 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: 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. Coinbase, One Of the Largest Cryptocurrency Platforms, Reviewed Climate Change Research Funded By ZCash Mining Bitcoin Prices Plunge To Lows Of $6800 After The RBI Ban America’s Pilot Healthcare Blockchain for Summer 2018 S-Coin: The New Public Cryptocurrency for Seoul, South Korea Introduced Cryptocurrency Taxation Laws Enacted in Thailand Thailand Cryptocurrency Regulations To Start In April Your email address will not be published. Required fields are marked * Everyone wants to join the cryptocurrency bandwagon, and a huge proportion of cryptocurrency enthusiasts are interested in mining and earning profits through it. However, the fact that it requires some technical knowledge, constant upgrading of hardware and software, and looking for newer and better ways to manage the process discourages a lot of people. If you belong to this category but want to earn profits through mining anyway, then cloud mining is an option worth looking into. Cloud mining companies rent out mining capabilities to companies. You don’t have to pay for the hardware, software, electricity, cooling, space, etc. All you do is rent the service for a fee and get a steady flow of bitcoins in your wallet. But it is a minefield full of fraudsters, so you have to tread carefully. Started in 2013 by a team of mathematicians and engineers, Genesis mining is the largest scale multi-algorithm cloud mining service. It allows you to choose from a variety of contracts which can help you earn cryptocurrency coins regularly. Genesis doesn’t let you purchase an exact quantity of GH/s. Instead, it offers packages that include particular quantities of GH/s for a fixed price. There are also discounts and promotions from time to time to allow you to get better deals on your contracts. The maintenance fee comes up to about $0.00028 per GH/s per day. Eobot is one of the best and cheapest cloud mining services you will find on the internet. They offer a service that allows you to earn bitcoins at minimal cost. If you want, you can also use their own mining software on your system for free, although it isn’t quite as likely to earn you a decent amount of bitcoins. Nevertheless, Eobot offers a service that is pocket-friendly, efficient, reliable, and flexible. Contracts can be of any duration from 24 hours to 5 years. Eobot has a maintenance fee of $0.00021 per GH/s per day. Hashflare is another top cloud mining company. It not only provides a cheap service but also frees users from contract duration limits. You can choose the length of your contract yourself. There is no limit to it. A maintenance fee of $0.00035 per 10 GH/s per day and a quick setup allow you to start seeing coins in your wallet in as little as the first 24 hours. While most cloud mining companies help users start small, Hashing 24 allows you to start off in the fourth-gear and aim for the stars from the word go. The cost of contracts are slightly higher, but you get much more GH/s than other cloud mining companies. There is also a restriction on the minimum GH/s you can buy, with a minimum threshold of 100. The 100 GH/s costs you around $18.68 along with a maintenance fee of $0.00033 per GH/s per day. Contracts with Hashing 24 partners are canceled whenever the mining service cannot cover the daily running cost for three days on the trot. This helps you partner with able people all the time, allowing you to get profits from the money you spent sooner. MingerGate is another cloud mining service which you can use. While it is more popular for its mining pool and GUI, the cloud mining service isn’t as efficient as you would think. The minimum number of GH/s you have to buy is 20, and you can only pay through Bitcoin. Their cloud mining service is in partnership with Hashing 24, but it cannot match the level of competence and efficiency that Hashing 24 provides to its users. Just like Hashing 24, contracts are canceled if the mining service cannot cover running cost for three consecutive days. Cloud mining services are attractive for those who wish to earn bitcoins regularly but don’t have knowledge of mining and its technical aspects and don’t want to spend time learning it either. There is a great danger of falling for a fraudulent company in this business. You should also always look for hidden costs like maintenance fees which many services don’t mention up front. If you are not too careful, you might end up paying for the bitcoins you get in your account rather than earn profits. As we all know, Bitcoin has a scaling mining difficulty. In the beginning, you could mine it even with your old, trash 2004 machine, but now, it requires specialized hardware – ASICs. With altcoins, the deal is very similar. However, the difficulty remains much, much lower, and profitable mining operations with a mid-tier, modern GPU aren’t uncommon. Miners can also purchase dedicated mining GPU’s such as the Antminer G1 and G2 series. Raspberry Pi is a platform for embedded applications. Generally, low resource software, not very tasking on the hardware. Thus, the specs of a Pi aren’t too impressive. We’d think that in this case, mining with such a device could only net losses, unless we had years of free electricity. This is not the case. A Raspberry Pi 3 can profitably mine Magicoin. A tech blogger NovaSpirit proves this in his YouTube video. Once it was running, he was able to generate $0.20-$0.25 (USD equivalent) per day. Further, staking with Magicoin means that will eventually start to vest interest which will increase that revenue a bit further. It’s worth considering if you’ve got a spare Raspberry Pi collecting dust between projects. NVidia’s month old Volta GPU architecture has finally seen usage in the newest Tesla V100 GPU. It’s not a gaming product, but one for supercomputers, simulations, AI and deep learning. It could possibly be used for cryptocurrency mining, too. AMD with their newest Vega line seem to be behind NVidia’s Tesla. Why? Compared to the previous generation, Pascal-based Tesla P100, the new V100 GPU has 12 times greater deep learning performance, with 120 TFLOPs of “DL training”. The P100 has “only” 10 TFLOPs. The Volta version has also a gargantuan memory bandwith – over 900GB per second! Again, from “just” 720GB/sec on the P100. NVLINK 2.0 throws the internal bandwith up from 160GB/sec to a huge 300GB/sec while having 10MB of L1 Cache (Pascal had only 1.3MB). The card received an unreal Geekbench score of 743,537, and the only card that can come close is the Pascal version, with 320,031 points. AMD is extremely far behind, having nothing to compete with the monster that is NVidia’s Tesla. Until Radeon Instinct cards surface, AMD won’t be even coming close to the power of Tesla. Still, it is unlikely that the new AMD cards will outperform this top shelf product. As such, NVidia remains the king of the GPU market. Crypto Mining With a Raspberry Pi? Profitable! Antminer G2 – the Latest Mining GPU From Bitmain Copyright © 2016 Bestgpuformining.com.