Genesis Mining is a cloud mining company created in 2013 with registered offices in both Iceland and Hong Kong and their mining farm based in Iceland. They provide mining contracts allowing you to mine a variety of coins including Bitcoin, Ethereum, Dash, Monero and many more. Join 1 million other customers and mine cryptocurrencies more efficiently than you could at home by renting their state of the art mining equipment.
Genesis Mining Promo Code
(Use this Genesis Mining coupon code you will get a discount of 3% on all your mining contracts!)
3% Off Mining Contracts At Genesis Mining!
3% Off On DASH, Ethereum, Bitcoin, Litecoin, Monero and Zcash Mining Contracts At Genesis Mining!
How To Use A Genesis Mining Discount Code
To use our Genesis Mining promo code, simply click on the green “Click To Reveal Code” button. This will reveal our discount code as well as taking you to the Genesis Mining website. Log into your Genesis Mining account and then click on the “Buy Hashpower” button in the left hand menu as shown in the screenshot below.
Choose from the mining contracts available and use the slider to select how much hashpower you would like to purchase. Slide the slider to the right to buy more hashpower, obviously the more hashpower you wish to purchase the more expensive it will be. Select your preferred payment method and then click “Proceed To Order Review”.
Enter the Geneses Mining promo code “OJGDjB” in the field indicated in the above screenshot and click “Validate”. You will then receive confirmation that you are receiving a 3% discount as shown below. Click “Continue” and follow the further on screen instructions to complete your order.
About Genesis Mining
For those new to crypto, one of the most important things to know is that it is entirely dependent on a process called “mining.” In a nutshell, mining is the process of verifying entries in the blockchain ledger. Doing so ensures the integrity of a specific crypto transaction, and the “miner” is rewarded for their efforts with a small amount of cryptocurrency. The integrity of the currency rests upon the existence and integrity of the blockchain ledger. So no mining, no ledger. And no ledger no Bitcoin or any of the other cryptocurrencies.
You may be wondering why, if all you have to do is verify what amounts to an accounting ledger entry, everyone with a computer doesn’t engage in crypto mining. The answer is the process is incredibly energy-intensive. So much so that Bitcoin mining alone is thought to consume about as much electricity as the country of Ireland. You read that right. That’s because with each transaction, the ledger becomes more complex. So, what used to be an activity that could be done with a phone app now requires banks of powerful computers with untold processing power. Most miners, in fact, have given up trying to go it alone.
Enter Genesis Mining
Because the amount of computing power required to mine cryptocurrencies has grown exponentially individual miners are very rare these days. Most miners either band together to share computing resources or they join a cloud mining service like Genesis Mining. Genesis Mining has done the hard work of setting up a mining farm in Iceland composed of banks of supercomputers. Now all you have to do is tell them how much of their so-called “hashrate” you want to buy. They start to mine in your name. You sit back and wait to get paid. The following are the different cryptocurrencies they mine:
The thing with investing in an existing cloud mining operation is that problems tend to arise when valuations go through wild fluctuations (as is characteristic of cryptocurrencies). You could actually wind up losing money if the value of the currency you paid them to mine craters. The mining company, however, doesn’t lose anything because you signed a contract agreeing to pay them X amount over the next six months or year.
So, essentially you’re more of an investor in the company than a miner. You provide them much needed capital to cover their operational costs. In return, they carry out the mining operation for you that may or may not result in you making money. All the while too, they’ve got their own in house mining efforts going on that exist entirely separate from you and other investors.
Plans, Pricing and More
Now that we’ve laid out some of the dangers involved in investing in a cloud mining operation, let’s take a look at some of the contracts offered by Genesis Mining:
- For Bitcoin mining – Their basic plan starts at $179.00 for 1,000 GH/s hashrate. While their top of the line Diamond Plan will run you $3,975.00 for 25,000 GH/s hashrate. Both of these are open-ended contracts.
- For Ethereum mining – The base plan for Ethereum mining starts at $1,520.00 for a 2-year contract at a hashrate of 40 MH/s hashrate. While their Large Professional Plan will cost $12,960.00 for 360 MH/s hashrate. This is also a 2-year contract.
- For Litecoin mining – Their Litecoin starter plan costs $28.00 for 2 MH/s hashrate. While their top of the line plan costs $2,400.00 for 200 MH/s hashrate. Those are both 2-year contracts.
If you’re beginning to think that sounds like a lot, you’re right. It is a lot. Especially when talking about a commodity as volatile as cryptocurrencies. And the fees don’t stop there. They also apply a maintenance fee to all Bitcoin accounts that amounts to 0.00028 Bitcoin per GH/s per day.
Some investors will keep their fingers crossed that Bitcoin goes on one of its meteoric rises. But keep in mind, the more it rises, the more miners come online, and that results in smaller payouts.
The Bottom Line
If you’re still interested in Genesis Mining, you can open an account using your Visa or Mastercard, Bitcoin, Bitcoin Cash, DASH, Litecoin or Dogecoin. Once you finalize your contract mining will automatically commence, with any payments being sent to the wallet of your choice.
Like many things associated with cryptocurrencies, cloud mining is a matter of caveat emptor. So be careful to research the coin you’re interested in first and make a careful assessment regarding how much you’re willing to lose.