Cloud Mining

Genesis Mining review: are Bitcoin & Ethereum Cloud Mining profitable?

An experience report: get rich with Cloud Mining. Is Genesis Mining profitable?

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Genesis Mining review: are Bitcoin & Ethereum Cloud Mining profitable? (c):


Genesis Mining promises Bitcoin Mining for all and is with more than 300,000 members the market leader in Crypto-Currency Cloud Mining. But how does Genesis Mining work, is it worth it or a fraud?

Overview Genesis Mining: reviews, rating & promo code

Genesis Mining & promo code

How does Genesis Mining work?

The principle of Genesis Mining* is quite simple: Genesis Mining provides the complete infrastructure to effectively mine Bitcoin or other crypto-currencies. With this infrastructure you can "buy" or "rent" a part of the computing power. This computing power is expressed in calculated Megahashes (MH/s) or in Terahashes per second (TH/s). Depending on the available budget, Genesis Mining provides several contracts with different computing power packages. After buying a computing power package, the machines start to dig for Bitcoins or other digital currencies.


Genesis Mining - Cloud Mining review prices © " Screenshot"


The Genesis Mining* standard package purchases the computing power for lifetime. This means that the performance is not only rented but really bought completely. But watch out: not only the hardware has to be paid, also the operation of the server farm occasion costs. And these are billed by Genesis Mining. There are no unexpected costs as the operating costs are deducted directly from the mined coins. This means that a part of the computing power is directly used to finance the operation and thus the payout of the obtained Bitcoins is lower.

Extract from my contract:


2. Remuneration

As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):  
a. 0.150000 USD per GH/s upfront 
b. USD 0.0003 per GH/s and day, deducted on a daily basis* from the generated Coins



But here's the crux: the computing complexity (Mining Difficulty) for mining new Bitcoins is steadily increasing. If the complexity is so high that the operation of the required hardware is more expensive than the revenue of the obtained Bitcoins, Genesis Mining reserves the right to terminate the contract. The advantage: There are no hidden costs, but Genesis Mining automatically terminates the unprofitable contract. The downside: it is not really clear in advance, how long a lifetime contract is.




  1. ….
  2. The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above.


The contract clauses described above refer to the "Standard" Genesis Mining Agreement with an SHA256 Bitcoin Miner. For other miners, such as the X11-Miner, which is suitable for mining Altcoins, a different contract design is chosen. This is not a "Lifetime" contract, but a 2-year contract. The advantage here is, that no daily maintenance fees are charged:


As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"):  
a. 0.006000 USD per kH/s upfront 
b. USD 0 per MH/s and day, deducted on a daily basis* from the generated Coins


The real advantages and disadvantages of the contracts I have not been able to find out yet. Even with the X11-Miner Bitcoins can be obtained. Although not exceeding the normal Bitcoin mining, the principle of multipools is used here. This means that Altcoins are generated by the X11-Miner, but they are exchanged into Bitcoins at the current market price. For example, with the X11-Miner Altcoins are generated, but the payout is carried out in Bitcoins.


Is Genesis Mining a fraud and is it profitable?

The problem is that even Genesis Mining cannot predict how long a contract will be profitable. It is clear that Btcoin Mining is becoming more and more complex and the mining difficulty is growing steadily. The more computing power is provided to Bitcoin Mining, the faster difficulty grows - and Genesis Mining itself cannot predict this.


Bitcoin Mining Difficulty © " Screenshot"


In addition, the current Bitcoin / USD rate is still included in the proficiency calculation. The operating costs ("fees") are paid in US-dollars. Thus, as the complexity increases, but the Bitcoin-US Dollar exchange rate continues to increase, it can continue yield profits. Nor can this be predicted by Genesis Mining.


Everyone has to decide for himself whether he wants to take the risk and wants to be part of the Bitcoin rush. Just as it was 150 years ago during the Californian gold rush, it was a gamble to become a gold digger and to earn money by digging. Who were the real winners that time?

Only a few gold diggers got rich in this gold rush. Most who found gold directly exchanged it for goods. A high price had to be paid for shovels and scouring gear at that time. Also, anyone who borrowed money had to pay horrendous interests of up to five percent per week. Traders and merchants were among the winners of the gold rush, for example Levi Strauss. (Source:

A nice parallel can be drawn to the present, but the equipment has changed: it is no longer necessary to invest in shovels, but in Hashingpower.


Our opinion: Genesis Mining is no fraud and it's profitable

In our opinion Genesis Mining is not a fraud. The company presents real mining facilities in Iceland. The data centers are operated in Iceland, since the energy costs are very low and thus the operating costs can be kept as low as possible. This is also a proof that Genesis Mining does a lot to ensure that the crypto-urrency prospecting is as profitable as possible, but no one will be able to give a guarantee. Note: we did not visit the data centers , but only use the information provided by Genesis Mining.

We have been testing Genesis Mining for many months now and since then we have been receiving the money from our mining contracts. So, Genesis Mining always pays out.


Genesis Mining - Cloud Mining review © " Screenshot"


Conclusion: Genesis Mining is not a fraud, but investing money in computing power and / or in crypto-currencies is a high risk. The invested capital can lead to a total loss, which means that the purchased computing power will never reach the ROI (Return on Investment). In the end everyone has to take responsibility and has to decide whether entering the gambling game - because even with Bitcoin Bining, there is no differnece to other money investments: with the opportunity to earn big money, high risk of losing everything is not far.


My own experience: start mining with Genesis Mining

The moment I was interested in the mining of Bitcoin, I quickly realized - this was because of the high energy costs - that own mining hardware is not profitable. I was also looking for serious Cloud Mining providers. Soon I came across Genesis Mining and they made a very solid impression. But I did not trust it and the profitability promises; however, I decided to test it with some "play money". I will share my experiences and my opinion here.


Let's go: register and buy first Hashpower

First step: registering

Actually there is not much to say: email address and password and you have already created a Genesis Mining account:

Genesis Mining - Cloud Mining review © " Screenshot"


Second step: add Hashingpower

Now to the important step: adding the Hashpower. As it is a test, I did not add a SHA256 computing machine ("Bitcoin Mining for lifetime"), but I also configured an X11 mining machine. For pure Bitcoin calculation, however, the SHA256 variant ("Mitcoin Mining for lifetime") is recommended.

An example of how to configure your Hashingpower:

Genesis Mining Bitcoin Mining © " Screenshot"


Tip: I chose this calculation because I wanted to use as little money as possible. However, credit card charges (US $5) must be paid below $100. I managed to avoid this fee and chose a composition for $105. The smallest possible variant, which is selectable, is computing capacity for $30. However, this can only be used when paying with digital currencies (Bitcoin, Dash, Litecoin, Dogecoin). For credit cards, the minimum amount for an order is $50.


My compilation:


Algorithm Hashingpower
SHA256 0.4000 TH/s
X11 7.5000 MH/s


After the compilation is configured, you are directed to the order details page. A promotional code can be entered here. Every Genesis Mining customer gets this code and can send this code to friends or other users.

With the promo code the advertiser gets credited a part, you also get a discount on the order. You can use my code to get a 3% bonus on your order.


Promo Code: tPu9DS


Third step: pay the Hashingpower

After the contract is confirmed, you will be redirected to a payment page. Here the credit card details, the email address and cell phone number have to be confirmed. If everything is accepted, the Hashpower is confirmed via email and the mining of your first own coins starts automatically.


Genesis Mining - Cloud Mining review © " Screenshot"


Note: when paying with credit card, the generated Bitcoins are retained for 30 days. This is due to the fact that during this period the credit card company can cancel the payment. The Bitcoins can be transferred to your own wallet after 30 days.


Genesis Mining Promo Code

With the Genesis Mining Promo Code you will get a 3% discount on the order of Hashpower.

Promo Code: tPu9DS

Genesis Mining Promo Code © " Screenshot"


Genesis Mining after 6 days: first payouts

After a few days, the first Bitcoins are mined and credited. Unfortunately, in the last days Bitcoin exchange rate has dropped and due to the operating fees the profit decreased. Hopefully Bitcoin price (from more than $1,100 to less than $700) will recover soon, so that the operating costs will not be higher than net profit. During the first days with the SHA264 algorithm 0.00019 Bitcoins were mined per day, the current rate is 0.0001553 Bitcoins per day. With lower profit I would reach ROI after 16 months with the current Hashpower.


Genesis Mining - Cloud Mining review © " Screenshot"


Genesis Mining after 1 month

After one month, we mined 0.005 Bitcoin with Genesis Mining. But what does this mean? Currently 0.005 Bitcoin are worth about 5 US-Dollars. These 0.005 Bitcoins were mined with 0.4 TH/s with the SHA256 algorithm and 7.5 MH/s with the X11 algorithm . We had to invest about 110 USD for both contracts.

Genesis Mining - Cloud Mining review © " Screenshot"


The SHA256 algorithm contract currently brings about 0.00012 BTC per day, which corresponds to 0.13 USD.

The X11 algorithm contract currently brings about 0.0005 BTC per day, which corresponds to 0.05 USD.


Even without high mathematical knowledge, it becomes clear that with 0.005 Bitcoin in the first month we only got a small part of the invested amount back. With the current Mining difficulty, we would recover our invested capital after 22 months.


Genesis-Mining after more than a half year: did I hit the ROI?

After more than half a year with Genesis Mining and many highs and lows here is a current assessment of whether cloud mining with Genesis Mining is profitable. Earlier this year, we acquired the following processing power from Genesis Mining:



Algorithm Hashingpower
SHA256 (Bitcoin-Mining) 0.4000 TH/s
X11 (DASH-Mining -> Bitcoin-Auto-Mining) 7.5000 MH/s


During our first few months, we used Bitcoin auto-mining with the X11 algorithm (7.5 MH/s). Here, DASH is mined with the X11-algorithm, but then automatically exchanged by Genesis Mining in Bitcoin. The payout is therefore in Bitcoin and not in DASH.

Genesis Mining Bitcoin-Auto-Mining © " Screenshot"

Thus, in the first month we could earn with 0.4 TH/s using the SHA256-algorithm and 7.5 MH/s using the X11 contract 0.005 Bitcoin, which was worth $5 at the current exchange rate. At that time and with an unchanged Bitcoin price, the return on investment (ROI) would have come after 22 months, and we would not have recovered our initially invested $ 110 in less than two years. After three months, we switched to Bitcoin auto-mining with the X11 algorithm and did not get BTC anymore, but DASH.


With affiliate marketing at 1.16 TH/s Bitcoin mining, Ethereum mining at 5.56 MH/s and Dash mining at 11.2 MH/s

Genesis Mining Hashrate © " Screenshot"

In August 2017, we were able to significantly increase our hashrates. With affiliate marketing, Hashrate from Genesis-Mining has been credited with every new contract we promoted. Thus, from the initial acquired 0.4 TH s SHA256 computing power and 7.5 MH / s X11 computing power we have now


Bitcoin mining: 1.16 TH/s

Ethereum mining: 5.56 MH/s

Dash mining 11.2 MH/s


By using the promo code, you will be credited a discount on Genesis Mining, but in return we will also receive 3% of Genesis Mining as processing power - a classic win-win situation ;-)

To be able to compare whether Genesis Mining is profitable without affiliate revenue, but only with cloud mining and wether the ROI can be achieved in a few months, we will present our turnovers as transparent as possible.

Bitcoin cloud mining revenue with 1.16 TH/s Hashing Power: return-on-investment in few months

Genesis Mining Half Year © " Screenshot"

After eight months we can record a profit of $235. Thus, the initial $60 invested in the SHA256 were fully paid off and a profit of $175 (almost + 300%) has been made within a few months.


Initial invest: invest of approx. 60 USD for 0.4 TH/s Bitcoin mining (SHA256-algorithm)

Current hash rate: 1.16 TH/s due to affiliate compensation

Current revenue: 235 USD (with affiliate Hashing-Power)

Calculated Price of 1.2 TH/s computing power in January 2017:  approx. 180 USD

Current daily BTC revenue at 1.16 TH/s: approx. 0.000232 BTC


Of course, these numbers are difficult to compare, since we only purchased 0.4 TH/s of hashing power with the former investment of 60 USD. If we had bought three times the amount of hashing power at that time (3 * 0.4 TH / s = 1.2 TH / s) we would have paid 180 USD for it. Again, the return on investment would have been reached a few months ago and with the cloud mining contract we would now have earned a profit of 55 USD (+ 30%).

However, what has also to be considered is the development of Bitcoin price. It has risen harply recently, so that a similar or even a higher profit would have come out only buying Bitcoin worth 180 USD in January.


Ethereum Mining: ROI achieved

Genesis Mining Ethereum Mining © " Screenshot"

Although we had not originally purchased Ethereum Mining, we also received 5.5 MH / s of Ethereum hashing power through affiliate revenue. This computing power (5 MH / s) could currently be purchased for 150 US - the next stage is 7.5 MH / s Ether mining for 225 USD. However, since the currently mined Ether equals 216 USD, the ROI is reached here. Especially with the Ethereum Mining, however, you must pay attention to the increasing difficulty, as this will increase exponentially (Ethereum Difficulty Bomb).


Hashflare vs. Genesis Mining

If you compare Hashflare vs. Genesis Mining both Cloud Mining vendors have their pros and cons. In our opinion both companies are reliable and trustworthy. In our long time tests both vendors paid the mining profit regularly. Although Hashflare and Genesis Mining are offering nearly the same mining contracts, each vendor has its own pricing model:


Bitcoin Mining – 1.000 GH/s

Genesis Mining for 179,00 $ for only 150,00 $


But if you look into the contract details they do not offer the same contract. While Genesis Mining offers an Open Ended Bitcoin Mining contract, only has a one year contract. Another detail is the maintenance fee. So, as far as trust and reliability are concerned we recommend both Cloud Mining vendors – checking profitability's point of view, Cloud Mining – for both providers – it is a kind of gamble. 


When is Cloud Mining profitable?

To be profitable, the machines probably have to work for a few days. Unfortunately, time is the major enemy of the miner, because the Mining Difficulty increases every second. This means that it is becoming increasingly difficult to find new Bitcoin Blocks and thus more computing power is needed. Therefore the most important question arises how quickly the return on investment (ROI) is achieved, and all the invested capital is repaid. Only then the real "earning money process" begins. Unfortunately, this question is difficult to answer, since daily profit will probably decrease.

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4 Stars

Secure and reliable Bitcoin Mining provider. However, the contracts are partly unattractive.



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