History of Genesis Mining
Genesis Mining launched their website in February 2014, and have been promoting their service ever since. Their team is composed of CEO Marco Streng, CTO Stefan Schindler, CFO Marco Krohn, and Head of Sales Jakov Dolic. Although most of their team is from Munich, Genesis Mining is officially based in Bermuda, and has mining operations in Iceland, Asia and America. They have attended a number of key global Bitcoin conferences, and their team has given talks and exhibited at the Inside Bitcoins conference series in Amsterdam, Las Vegas, Tel Aviv and Paris. They have continued to promote transparency, and are one of the most publicly visible companies in the space.
Genesis Mining is arguably the most trustworthy cloud mining company in the industry at this time. They are even more transparent than ZeusHash, as they have earned a little more legitimacy by publishing a real address, profiles of their management team, and providing photos of their mining operation. Like ZeusHash, Genesis Mining is outspoken about the need for transparency in the cloud mining industry, and I believe they mean what they say. Recently they tweeted the following response to Gavin Andresen’s accusations that all cloud mining companies are ponzi schemes:
In addition, Genesis Mining has partnered with Spondoolies-Tech to provide hashing power to their cloud mining operation. Considering that Spondoolies is also highly respected in the Bitcoin community, I think you’ll agree this relationship will quell many people’s skepticism of Genesis and cloud mining in general.
Genesis Mining offers contracts at a serious premium compared to competitors, for a price of approximately .002 BTC/GHS at the time of this review. However, they are lifetime contracts, so that pricing isn’t as bad as it sounds. Assuming the network difficulty continues to level off, and Bitcoin’s value increases at least enough to offset the increase, this could theoretically mean that Genesis Mining contracts will continue to pay out indefinitely. The reality is that in somewhere between one and five years, difficulty and BTC value will make these contracts unprofitable, and Genesis Mining has the right to void the contracts after 20 days of unprofitable mining.
Maintenance Fee Rating
Although Genesis Mining charges for maintenance fees, they are on the lower end of the spectrum ($0.015/10GHS/day which equates to $0.045/GHS/month). This is about what one would expect to pay for electricity if they were running Bitcoin mining hardware at home, so I would say their maintenance fees are VERY reasonable.
Genesis Mining’s dashboard, although nothing to write home about, serves its purpose. It’s not as advanced or visually intuitive as some, but overall does what it needs to, and provides some detailed payment graphs as well. Check out the screenshots of their user interface to see what I’m talking about.
Payment Reliability Rating
Genesis Mining sends out daily payments, and so far I have received them as expected over the last 2 weeks of mining. No complaints in this category. You can check out the screenshots for proof.
Genesis Mining Signup and Referral Bonus
Genesis Mining offers a 2.5% signup bonus if you sign up with another customer’s referral code. Basically, by using the referral link, new customers receive a 2.5% discount on their contracts. The referrer receives a 2.5% bonus of the purchased mining power for a year, so it’s really a win-win situation. Overall, Genesis Mining offers a solid signup and referral bonus.
There are a number of reasons that Genesis Mining is ranked as the #1 cloud mining company. They are a company you can trust, they offer lifetime contracts, and their maintenance fees are very reasonable. Their dashboard interface is simple and intuitive. The only downside here is the price of their mining contracts; they sell contracts at a premium to their competitors. Then again, that price is mostly offset by their reasonable maintenance fees. To top it off, Genesis Mining offers a decent referral bonus that also pays out as a signup bonus.