Genesis Mining Review – Is it Really Profitable or Scam?
GENESIS MINING – When it comes to cryptocurrency trading and mining, no site or software or company can be trusted so easily. These days, everything is a scam. 99.9 percent of all these cloud mining companies who make high claims are nothing but actually scams. Now Genesis Mining is also a mining company. So what about Genesis Mining? Is it also a scam? Or does it belong to a category of other companies who are actually genuine with their dealing and services? In this article, ill attempt to answer this question and help in providing you guidance whether you should actually get involved with this company or not.
What is Genesis Mining?
It is one of the cloud mining companies which mine various kinds of different coins. This company was founded in the year 2013. It is a very popular company when it comes to cloud mining. It has a good reputation all over the world and has a publicly known farm somewhere in Iceland. When it comes to mining, this company has been in business for a long time now and has gained a lot of reputation and success over this long period.
It mines various coins like zcash, bitcoins, ethereum, monero, litecoin, and dash. Out of these six types, the most famous of the company’s production is bitcoin.
The company is said to be different than the other mining companies. This is so because like the other mining companies which have come in business just to muggle up money from the public, Genesis Mining is actually a genuine company which believes in genuine and successful mining while building a good, long-term relationship with its investors.
The reputation and reviews of the company are two pieces of evidence that this Genesis Mining is not a scam but a genuine company which will help you get easily mined coins from the above mentioned six categories. Let us now look at how Genesis Mining actually works.
How Does Genesis Mining Work?
The idea of mining coins is a very simple one. It is a well-known fact throughout that mining coins can be very expensive due to the hardware required to mine them. In such a case, it is beneficial if you ask a company to lend you their mining hardware by paying them some amount and keep the rest of the profits to yourself.
This is where most of the scam companies fool you. They extract money for you in name of using it to mine coins for you. But instead of doing so, they give out this money to their lenders and other payees, since the owners themselves are not left with any money. So is Genesis Mining also one of them or is it any different?
Well, reports and its reputation tell us that it is different and actually reliable. But still, let use for ourselves rather than relying on some other people’s words.
How Genesis Mining works is that they will keep on mining coins till the process becomes nonprofitable. This exact line is stated on the company’s website and the terms and conditions. The company has clearly stated that it will carry on the contract only until the time it proves to be profitable.
In other words, the contract between you and the company will extend only until the time that the maintenance costs like electricity, cooling, hosting services are others are fully covered. Once these costs get stopped being covered, the contract won’t be continued anymore. Although this is clearly mentioned in the terms and conditions, still most of the people fail to acknowledge this and move on to set up a contract with Genesis Mining without proper detail. So if you want to carry out an experience with Genesis Mining, this is one thing which you should definitely keep in mind.
Nowadays, the difficulty level of bitcoin mining is increasing day by day. In fact, it has multiplied a few times in the last 3 years. Because of this, the coverage of the costs might become not coverable even before you recover all your money. And once the costs stop being covered, the contract will end and you will not be able to recover any amount that you had invested.
So the mining of bitcoins is very risky. However, since there is a factor of high risk involved, on the other hand, you also get high profits if you are lucky enough to bear that much. This depends on certain market conditions when you decide to invest in Genesis Mining of bitcoins or any other coins.
If the price of the coin goes up, the difficulty level also rises. So, we can say that these too are directly proportional to each other. So once the price of the coin rises, you will be making less of these coins. But whatever amount you make, it will be worth it. So that is how it goes once the price of the coin goes up.
However, the case might be very different in case the price of the coin falls which is a rare possibility, as, in recent times, it is very seldom that the price of any coin falls below a certain range.
So how should you mine coins then?
See, till now it would be very clear to you that mining coins involve a high level of difficulty. So what is the solution to this now?
Firstly, you need to filter out all the fake and scam companies. After that, even if you do find a one which is not a scam but a genuine company who is not there to steal your money, then there comes the factor of this risk which is just explained above.
In such a case, should you avoid Genesis Mining and mine your coins at home. If you chose this option, then you will be mining twice the amount using the same hash power, which is obviously beneficial for you. But there, you will have to pay all the heating, cooling and other maintenance costs, in addition to engaging in the risk of the process going bad. So it is not safe to say that mining coins at home using your won hardware is a good option.
What do the users say?
So when it comes to getting to a final decision whenever any product or company is involved, we always go for the user’s review. This is so because the users have usually experienced the total experience that you might also face. Because of this, they will let you know if your money is worth investing in Genesis Mining or not.
In the case of Genesis Mining, there are different varieties of reviews. In other words, there are positive as well as negative reviews. But the thing to be noted here is that the positive reviews have always been shown up with a promo code.
Which means that the users who have written these reviews have been given the advantage of promo codes which have directly motivated them to write positive reviews about Genesis Mining.
So these reviews cannot be completely trusted and give rise to speculation.
So it can be said that the company is legit as compared to other mining companies. However, there are some factors which pull up the factor of doubt whether the company is really genuine or not. One of these factors is that the company does not provide adequate information when it comes to its mining abilities and processes. Now if a company is safe and genuine and works in the interest of the investors, then it should provide all the necessary information in order to get the trust of the customers. But as mentioned, it is not the case here.
Secondly, a good investment is doubts because of the ending of the contract when it is not profitable anymore. Now if this is the case, you would lose all the money. So, according to me, what is better is that one should buy the coins. If you decide to do so, then you will get high profits in case the price of the coin goes up. However, if the price falls don, you will lose money, of course, but not as much as you would lose in the case of mining.
The information like service fee statements, cloud mining calculators, and other information must be provided by Genesis Mining to its investors. But we have no idea why the company does not want to disclose any information regarding that. Now it is very obvious that doubt will rise up in such a case.
So if you want to invest in Genesis Mining, you should go ahead but be very careful and carefully read all the reviews before you make any decision which involves investing high amounts of money. So extreme care should be taken to avoid financially unfortunate circumstances.
Now we wish you all the very best and hope that you do not face any kind of losses while mining your favorite coins.