Cloud mining has been in the market for a while now, where you basically purchase hash power without having to purchase the entire mining gear. Cloud Mining – ‘a hidden pocket of the universe. Not clearly mentioned how exactly it began but rather, as sources mentioned, the rise of such companies started by the end of 2013.
What is Genesis Mining?
Founded in 2013, as mentioned, the founders themselves met each other via the same platform when trading and purchasing bitcoins. The start of a friendship led to an execution of an idea that enabled the company to grow along with its user base.
How Does Genesis Mining Work?
Users now would not need to purchase expensive hardware or “miners” to mine bitcoins but rather leave it to these service providers who will mine it instead. It compares to the concept of an agency that takes care of all sorts of issues before the consumer starts using the service.
These data centers/mining facilities are owned and controlled by the mining companies themselves, therefore, leaving the user to register and buy the mining contracts/shares.
One of the main core aims of GM company is to provide the most efficient, effective, and reliable rigs to the clients for rent.
How to get started with Genesis Mining?
- Register on their website and create an account.
- Fund the account through different payment methods via Bitcoin i.e: Amazon, Paypal, credit card, wire transfer
- Choose the best mining plan package suitable.
Advantages of Genesis Mining
- Well reputed and set up with data centers being empirical.
- Contracts available for many cryptocurrencies.
- Often sold out due to the popularity of its services.
- Most transparent cloud mining company.
- Registered with the SEC for being provided funds for Bitcoin.
Supported Famous CryptoCoin
Bitcoin – the most popular cryptocurrency that is decentralized and wide open for users to register. Using an SHA-256 algorithm and ASIC software, it can be traded with flexibility with other cryptocurrencies. Contracts provided are variable and are determined by two to three factors mostly. A fixed maintenance charge will be taken thus deducting from daily payouts in BTC.
Dash – An acronym for Digital Cash, it provides quick secure payments online or through the store using an open platform that is protected. Using an algorithm of X-11, which is written by ingenious programmers, enables mining of other cryptocurrencies to be done simultaneously.
It has the feature of Autotrading (mining the most profitable coin at any given time and then trading it); which is then enabled for other cryptocurrencies. Contracts do not charge maintenance fees and consist of a 24 hour- interval period.
Ethereum – Using an eth-hash algorithm, it runs applications in a way that does not create obstacles towards issues such as fraud, censorship, breakdowns, or any political/third-party interventions. Just like Bitcoin and Dash, it auto trades and runs on smart contracts.
Litecoin – It comes second to Bitcoin’s golden tales where it is fast, reliable, and efficient which works more effectively with short-term transactions and day-to-day revenue expenditure. It uses the Scrypt algorithm and mines using ASIC software. Similar to Ethereum, it does not charge any maintenance fee and contracts are available for up to 24 hours.
Monero – Using an algorithm of CryptoNight, it makes extensive use of ring signature to ensure that personal identities remain private. It is built from scratch that is ensured to focus on 4 factors- users’ choice, adaptability, privacy, and decentralization. No maintenance charges are available and contracts for 24 month periods are provided.
Zcash – Applying a financial system that is not strictly monitored and open, it provides an auto-trade while using software called the ‘Equihash’ algorithm. It provides, like Monero, a 24 month interval period contract with no maintenance charges.
Due to security purposes and consumer protection, GM has only released ¼th of information related to their fields. Selling out critical information can lead to a disruption in authority and data information on Genesis Mining.
Enigma Ethereum Mine
Supporting smart contracts, these farms are designed specifically for the Ethereum project. Using the Skrypt algorithm, it mines via GPU (graphics cards) and built rigs to meet specifications.
Bitcoin Mining Facility
Using specialized hardware, it is designed to increase the efficiency of mining performance. With this currency, technology is constantly being updated and changed.
Dash Mining Facility
Utilizing the X11 algorithm, it processes data using GPU (Graphic Processing Units) mining hardware rather than ASIC devices which are being used up till today.
Genesis Mining has been in the market for a while now, successfully delivering its service to its customer without any problem. And it has been one of the longest standing company for cloud mining, a various company like Hashflare, Hashming, CCGMining which scammed it users and not delivering the service. The stock of Genesis mining gets sold very quickly via their official website.