Genesis Mining Review – CLOUD MINING ON STEROIDS

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Genesis Mining Review

Genesis Mining is based in Iceland and has provided the most evidence for the existence of its mining operation.  Their data-center page contains videos of wide angle sweeping shots of its data centers, along with their employees installing bitcoin mining gear. Iceland also has one of the cheapest electricity costs at 5.54 US cents per kWh (source wikipedia).

Genesis Mining Key Statistics:

Payout Frequency: daily
Annual ROI : 98% (Will start making money after 1 year)
Cost: $190 USD per 1 TH/s
Fees: $0.00055 USD per GH/s per day
Contract Duration: “Forever” so long as it is profitable

Genesis Mining Profitability

Genesis Mining takes a flat $0.00055 USD per GH/s per day fee for their bitcoin mining services. Since the fee is pegged to the USD dollar but bitcoins prices fluctuate, the amount of bitcoins earned will greatly be greatly affected by bitcoin prices.

For example in the month of June 2016, for a hash rate of 1000 GH/s :
Bitcoin income: $1.78 USD
Genesis Mining Fee: $0.55
Daily payout: $1.23 USD every day for 1000 GH/s of cloud mining power.

If suddenly the price of bitcoins were to fall by 50%, then this would be
Bitcoin income: $1.78 USD
Genesis Mining Fee: $0.55
Daily payout: $0.34 USD every day for 1000 GH/s of cloud mining power.

As you can see in this example, the daily payout is drastically affected by bitcoin price changes. A 50% drop in bitcoin price resulted in a 73% decline in daily payout. This is an issue for events such as the halvening where the amount of bitcoins mined would suddenly half, resulting in possibly a massive drop in profits.

Genesis Mining Halvening

In the example above, we saw that the halvening would drastically impact the daily payouts: a 50% decline in bitcoins mined would mean a 73% decline in payout. This is due to Genesis Mining Fees which is currently at 0.55 USD per 1000 GH/s of hash power. We reached out to Genesis customer support about the Halvening issue, this is their official response:

Yes, the block rewards are going to halve this summer. What the impact will be, remains to be seen. Genesis Mining will adapt to the new situation on the market.
For more information, here are some links:
Best regards,
Genesis Mining
So it seems like they prefer to wait to see what happens. Only time will tell how the halvening will affect genesis mining.

Genesis Mining Review Summary


  • Extremely transparent company, videos of data centers.
  • Posted pictures of employees and videos of gear setup.
  • Wide angle shots of data center facility.
  • Vocal and reputable CEO.
  • Well regarded by community as the most reliable cloud mining website.
  • Daily Payout- no profit holding / approval needed for withdraw.


  • Their fees are not cheap and could only be found when view the full contract.
  • They used to also provide live-feeds of their data centers, however this has been taken offline in the latest version of their website (!).

Click Here to Sign up with Genesis-Mining.  Remember to use the Promotion code “ieM3GJ” to get a 3% off discount coupon!!