Are you interested in cloud mining? You saw the best cloud mining platforms but you still hesitate? I understand you perfectly.
And, we hear that cloud mining is no longer profitable. What is it really?
Following reader requests, here is a short article on Genesis Mining.
What is Genesis Mining?
First, a little history. Genesis Mining was founded in 2013 and is one of the oldest bitcoin cloud mining farms in the world. It is also one of the best-known and most financially burdensome cloud mining companies. Very clearly, Genesis Mining is one of the top 3 of the best cloud mining sites.
The company has a mining farm in Israel and Iceland, where a user can rent “hash power” in the form of a two-year contract. In exchange, he must pay an upfront fee for using this contract. In return, he receives cryptocurrencies every day that have been mined by his contracts. But with the fall of bitcoin and cryptocurrencies, Genesis Mining is it still profitable?
When you sign the contract, you can see the initial cost, but you cannot get an idea of how many pieces you will receive until your contract ends. We give you an estimate, certainly before purchasing your contract. But, this remains an estimate. This is mainly due to the volatility of cryptocurrency. We therefore cannot be 100% sure of what we will really gain. And, the number of crypto that we will obtain depends on several factors:
- The price of currency fluctuates over time
- The network hash rate (the mining power of the entire network) will also fluctuate over time.
All you need to do is create an account with them to start getting cryptocurrencies regularly. After registering, you must fund your account with an amount in bitcoin. You can get your balance by sending bitcoins directly from a personal wallet.
You can start mining cryptocurrencies on this cloud service with just $28 in your pocket.
What are the most profitable currencies to mine?
As you know, you can mine several cryptocurrencies. On Genesis Mining, you can mine about a dozen altcoins (Ether, Litecoin and others). But, with all this choice, it is normal to hesitate and not know which currency to mine. To determine the profitability of mining a cryptocurrency, you can use a profitability calculator.
In other words, there is no universal answer. In each case you need to calculate everything taking into account the factors that affect this very profitability:
- the current value of the coin you are going to mine;
- the complexity of the network and the increase in this complexity (in percentage).
The fact is that the situation is changing quite quickly, and in order to “get the most out of” the purchased capacity, you need to constantly monitor the indicators that interest you and adjust your contract in accordance with their changes.
So, looking back over the past year, Dash and Zcash are good cryptocurrencies to invest in. Monero is also a cryptocurrency of the future.
Note: Please note, we are only giving our humble opinion here. This is not financial advice, to be fair.
Who is Genesis Mining for?
Genesis Mining are aimed at beginner miners. Also for those who don't want to make things complicated by doing it themselves. Indeed, cloud mining allows you to mine cryptocurrencies without having to buy heavy and expensive equipment.
Why Genesis Mining is recommended? You can mine multiple cryptocurrencies at the same time. It is also the adage which says not to put all your eggs in one basket which prevails here. Likewise, you can mine stable and potentially very profitable cryptocurrencies in the medium term. We can cite for example the cryptocurrency Zcash which is interesting to mine in 2019.
Moreover, it is mainly for the companies themselves that this is no longer very profitable. Unless you are in China where electricity costs are lower. Or, to mine other cryptocurrencies which are more profitable.
conclusions
The initial upfront costs and potential profitability may be low in 2019. It is still worth having cloud mining contracts in absolute terms. And, yes it's always good to get cryptocurrencies on a regular basis. Likewise, this remains completely passive income. For example, we have small cloud mining contracts. This allows us to obtain cryptocurrencies on a regular basis without having any maintenance.
And, to the fateful question of whether Genesis mining is profitable in 2019, it will depend above all on the cryptocurrency you choose.
Likewise, the question of the profitability of cloud mining mainly depends on the cryptocurrencies that will be mined.
Know that Genesis Mining at the time of writing this article no longer offers contracts to newcomers. Indeed, with the fall of bitcoins, the company lost profitability.
Otherwise, since cloud mining is no longer too profitable in 2018-2019, you can just as easily buy cryptocurrencies directly. Then you store them in your wallets and wait for the value to explode. This is also a smart way to invest in cryptocurrencies in 2019.