Genesis Mining wasgoed founded at the end of 2013. The founders of the world-class cryptocurrency company got to know each other by using the same podium for buying and selling Bitcoins. Spil the cryptocurrency mining company and its user base grew, fresh mining farms were built up and several extra people hired, specifically programmers and engineers.
So, how does genesis mining work? Below are the frequently asked questions. You might also want to read our review about genesis-mining.com.
General Questions about Genesis Mining
What is Genesis Mining?
Genesis Mining is an effortless and safe way to purchase hashpower without having to overeenkomst with ingewikkeld hardware and software setup. Wij are a team of mining experts with extensive skill of the digital currency sector. Genesis Mining specializes te building the most efficient and reliable mining equipments that wij also suggest for rent to our clients. Eventually, our experts ter cooling and maintenance of gegevens centres are also an significant part of our success.
How Does Genesis Mining Work?
It is quick and very effortless! Spil soon spil they receive your payment your contract will be added to your profile, and you can instantaneously commence mining. Depending on your contract, you can either mine Bitcoin, DASH or Ethereum directly. It is also possible to trade your payments to other cryptocoins, and even choose a specific allocation for them. For example: 60% LTC, 20% BTC and 20% DOGE. The very first payout reaches the clients wallets after 48 hours, and then a daily payout will go after.
Remark: Every day of mining will be processed and paid ter the following 24 hours after the mining day is overheen.
Please refer to section “When do I get my payout?” for more details.
If it is profitable, then why are you not mining yourself?
Besides the fact that wij ourselves mine with the very same hardware that wij offerande to our clients, our capital is limited. Wij believe that Bitcoin and altcoin mining is very profitable, however, wij do not want to “put all our eggs ter one basket”.
Where is your mining farm located?
For security reasons, wij do not disclose the precies location of our mining farms. Spil of April 2015, wij are operating several mining farms that are located ter Europe, America and Asia. Electro-stimulation cost and availability of cooling are significant, but not the only criteria.
What coins can I mine?
You are able to mine Bitcoin and various altcoins. Spil of June 2016, wij provide the following coins:
For SHA256 wij opoffering: Bitcoin, Unobtanium, Bitcoin, Dark, Litecoin, Dash, Zetacoin and Darkcoin.
For X11 wij offerande: Dash, Startcoin, Bitcoin, Litecoin, Dogecoin, Bitcoin Dark, Peercoin and Namecoin.
For Ethereum wij suggest: Ether and Bitcoin
Wij add fresh coins to this list from time to time.
A special feature is the “Genesis Mining Advanced Autotrader”:
For example, it permits you to get the payouts te BTC while mining with a X11 algorithm! This is possible by automatically mining the most profitable X11 altcoins which are then automatically exchanged by our algorithmic trading framework to BTC. This is a very cost efficient way of mining different coins. Wij call it “mining BTC the clever way”.
The same technology is also used to mine LTC with a SHA256 contract.
What is my expected comeback on investment?
Bitcoin and altcoin mining depends very on the prices and difficulties of the coins you mine. It would not “look right” if wij provide gegevens on the mining profitability and selling contracts at the same time. Therefore, wij recommend all our clients to do their own research and do their own profitability calculation.
For example, you might want to have a look at coinwarz.com . Recall that some of our products have a daily maintenance toverfee, and this voorwaarde be deducted from the daily earnings.
Please note that the webstek is an independent source of reference and not related to Genesis Mining ter any way.
What does “100% uptime guarantee” mean?
It is always possible that a miner crashes, slows down or entirely violates. Te all thesis cases, our algorithms ensure that other miners are allocated to the relevant pools to fully compensate for possible hashpower loss. This way our clients will not lose a 2nd of mining time.
Which pools are you using for mining?
Wij do not publish a list of pools wij are using. Our main criteria for a good pool are: reliability, toverfee structure and reject rate. Going forward wij will solo-mine a few coins (and pass the toverfee savings to our users!).
Our internal policy is: “be a good crypto citizen”. This means, that wij will at least use two different pools (te some cases wij use up to four) for each coin. This is to preserve the decentralized nature of the crypto networks! If wij become aware that a pool is getting close to 50% share, wij will switch away from it and use a backup instead.
Isn’t buying the hardware cheaper?
On the very first glance one might think that buying miner X is slightly cheaper than hosted mining. However, there are a number of “hidden” costs related to purchasing and maintaining a miner that switch the economics significantly:
- Shipping costs: few merchants will voorkant this, but ter most cases they will charge you toegevoegd.
- Customs dues / VAT: if it is an international delivery you will likely have to pay customs dues and VAT, generally this has a yam-sized influence on the total cost of your mining equipment.
- Delivery time: when you pay for your device you have to wait until the miner is packaged and shipped, if it is held up ter the customs this can take weeks. And during that time you cannot mine at all (“opportunity costs”). You have to wait and hope. And if the merchant has a stock shortage, it is you who has to wait. With Genesis Mining you pay and get your hashpower instantaneously online. No delays!
- Costs for extra equipment: when buying miners from larger retailers you often have to buy extra equipment like an reserve PSU that matches the electric current specs for your country, control units and specific shelves to store them efficiently. This adds up significantly to the overall price for hashpower.
- Setting the system up: when the device ultimately arrived you have to assemble and configure it. Beginners often underestimate the amount of work and technical skill that is needed to bring the device up and optimize its settings. People that used the very first ASICs spend days and weeks on it. Te monetary terms this costs you twice: (i) your time and (ii) lost mining chance.
- Maintenance: hardware failures, outages and crashes could lead to downtimes inbetween seconds and weeks. If your unit cracks you have to comeback it and embark from scrape (by the way: check the assure time of your miner, it is often less than a year). With Genesis Mining you have a ensured uptime of 100%: ter case one of your units fails another unit will be switched overheen and embark mining for you the very same 2nd.
- Electrical play: having the machines at huis not only brings fever and noise, but also an increase of your electro-therapy bill, an significant factor that many underestimate.
Please do not get us wrong: wij do not want to discourage anyone from mining at huis! Wij are often asked about prices and realized that many users do not know about all the hidden costs. If you compare the true costs, you will notice that our prices are very competitive. Wij want to provide you the best possible mining practice, so that you can concentrate on mining your dearest coins (and wij take care of the surplus).
Ok, fine how can I pay?
Wij presently accept the following payment methods:
- credit card (Visa / Mastercard) – Ondergrens USD 50. For orders under USD 100 a toverfee applies.
- handelsbank wires te USD / EUR
- cryptocurrencies: Bitcoin, Litecoin, Dogecoin, Dash
NOTE: Te some zonderling cases, some issuing banks may charge extra fees from customers who purchase Bitcoin or Cloud Mining services via Credit Card. They call it Contant Advance. If considered, please voeling your canap beforehand for further information, and provide them with the Simplex service Code: Merchant Category Code (MCC): 6051.
What is the maintenance toverfee?
The maintenance toverfee covers all costs related to mining including, inter alia:
It presently applies to SHA256 contracts, and it is calculated vanaf GH/s and automatically deducted on a daily fundament. You will find the current maintenance toverfee details te the contract.
Please note that our 1 year X11 and Ethereum contracts have no maintenance toverfee.
How do your Ether contracts work?
When you purchase an Ether mining contract, you buy a share of a GPU (“graphics processing unit“) to mine Ethereum. The hashing algorithm used to mine Ether is called Ethash (or Dagger-Hashimoto).
Ethash requires the so called DAG opstopping te order to perform the calculations. This verkeersopstopping grows overheen time, which means that more operations for each hashing operation need to be performed. This means that the effective hashrate decreases a little each time the DAG verkeersopstopping grows
This has to be considered when comparing the theoretical output of your hashpower. Online calculators do not take this into account.
What does “Open-Ended contract” mean?
The specific duration of an Open-Ended contract is variable and determined by three factors: The mining difficulty, the Bitcoin vs USD exchange rates and the maintenance toverfee (This includes all electric current, cooling, development and servicing costs). Wij cannot control the very first two factors which are unpredictable, but wij do always deploy the latest mining technology, and do our best to keep it running at their maximum capability for you.
Te the event of a contract becoming unprofitable (i.e. the payout can’t voorkant the maintenance toverfee), the resulting daily payout will be zero. After that, the contract will proceed to mine for 60 days. This means that wij will take care of the maintenance toverfee ter the hope that your contract becomes profitable again. This may toebijten if the mining network difficulty decreases and/or Bitcoin price increases. If the contract does not terugwedstrijd to profitability ter this period it will be terminated because the mining machines are consuming resources (electric current, cooling, hosting, servicing, etc.) which cannot be paid with their generated payouts.
You will receive a notification if your contract is affected, and a number of options will be suggested on how to proceed.
How can I reach if I have further questions?
Customer service is our highest priority! Wij know how significant it is for a potential investor to find answers to their questions. Making decisions is not only about having the good feeling, but also about understanding the business concept te detail. Therefore, please voeling us any time at [email protected] if you need any help. Wij are looking forward to hearing from you.
User Interface / Technical Details of Genesis Mining
How can I mine different coins at the same time?
Genesis Mining permits its clients to mine different types of coins at the same time. You determine which coins you choose and you can allocate hashpower accordingly.
By default all hashpower is allocated to the Genesis Mining Advanced Auto-Trader (ter brief “Auto”). This means you will receive your payouts te Bitcoin only. If you are interested te mining different types of coins, you can do this spil well. Te the user interface go to “Mining Allocation” and choose the hashpower allocation that is best for you. When you are done press “save allocation”.
Reminisce that the cryptocurrencies marked with (Wagen) are not directly mined, but traded automatically by our “Genesis Mining Advance Autotrader”, spil mentioned ter the “What coins can I mine?” section of this FAQ.
Te order to get the payout, please ensure to add your payout address to your Genesis Mining profile. Find more details about this ter the next section.
How do I add payout addresses to my Genesis Mining profile?
Te the spijskaart “My Account” select “Settings” and then “Wallets”. Here you can set payout addresses for each type of coin. The linksom ter “blue” will help you find a suitable wallet for your coin of choice.
Significant: Reminisce that you have to add a wallet for each coin selected ter the “Mining Allocation” section
When do I get my payout?
Genesis Mining provides daily payouts of all mined coins!
A mining day usually starts at 00:00 UTC and completes at 23:59:59 UTC. If you just bought a contract the begin time could be different and you will only mine for a fraction of that day. Otherwise your miners will mine for you 24 hours and exactly act according to your settings (see “mining allocation”).
At the end of the 24 hours mining day wij will do some extra calculations and dual checks to ensure everything is onberispelijk. About 8 hours zometeen (max. 24 hours) you will receive payouts for each coin you have mined. Please ensure that you provide a payout address for each coin you mine, otherwise wij cannot make the payout!
It can take up to 48 hours to receive the very first payout once you have purchased a contract. If you did not get any payouts from us within 48 hours, please voeling our customer service team at [email protected] .
When you order via credit card, your payouts will be held for a month, spil stated ter the Terms of the Contract. This is a security measure to protect Genesis Mining from credit card charge back. Once the month has passed, the total amount will be released to your wallet, and from then on you will receive a daily payout.
Ter the meantime you can see your accumulated earnings te My Account >, My Orders, under “My pending balance of payouts”.
You can check your general payouts ter the spijskaart ter the menukaart under “Payouts”.
What is multipool? How does the Genesis Mining multipool work?
Mining on a “normal” pool means that the miner will exactly mine that one coin (and nothing else).
A multipool on the other arm will switch inbetween different coins, depending on their profitability. Te practice the algorithm will check the coin difficulty and the market prices to determine the most profitable coin. Then all miners are redirected accordingly.
- Very first generation multipools were directly paying the different coins and it wasgoed up to the user to exchange them to Bitcoin.
- 2nd generation multipools act like very first generation pools, but automatically trade the various coins for Bitcoin.
- Third generation multipools are very optimized 2nd generation multipools, that mine the most profitable portfolio of altcoins (instead of the most profitable coin). This requires deep skill about the mining process, switching costs and makes use of advanced portfolio theory (also with respect to correlation patterns among different coins).
Te ordinary terms: if coin X is the “most profitable one”, then adding more and more hashpower to it, will make it less and less profitable (i.e., the marginal utility of mining the coin declines). Ter order to achieve the best possible result, it is necessary to use modern portfolio theory (and various optimization technics) to mine the most profitable portfolio of coins.
Furthermore, our podium uses an advanced trading engines that permits to trade the mined coins efficiently to any target currency (like Bitcoin). There is a loterijlot of work and brain capacity going into the algorithmic trading engine to make it the best of its class.
The following slide gives a good overview:
Ter step (a) the client’s mining hashpower is distributed by the control unit (CU) to various altcoins by using advanced portfolio optimization technologies to mine most profitable portfolio of altcoins at any time!.
After the coins have bot mined the Genesis Mining Trading Engine (b) exchanges the altcoins to bitcoin for the best possible prices.
Ter this way you can sit back, unwind and earn Bitcoin while the algorithms are doing all the number crunching to maximize your profit! Have joy!
Where can I learn more about you?
Please visit our blog to learn more about us: