A DETAILED REVIEW OF GENESIS MINING
What is Genesis Mining of cryptocurrency?
Genesis mining is a crypto currency coin mining service in the cloud, which is a simple and secure method of purchasing hash power without dealing with complicated software or hardware. It is a cloud mining company that mines crypto currency like ethereum, bitcoin and litecoin, and using algorithms like “SHA-256”, script and X11. Genesis mining offers a host of crypto currency mining service and a wide range of choices for crypto currency investors of small and large scale industries. Genesis Mining provides contracts of a lifetime that will pay out incremental profits on the initial investment and future investments. The technique of genesis mining is appropriate for investors and experts of crypto currency who are yet to get familiar with the crypto currency world. Genesis Mining is the first, large-scale multi-algorithm cloud crypto currency mining service in the world, that plays the role of a substitute for investors and stockholders who prefer to engage in altcoin and Bitcoin mining.
Genesis Mining is the launching partner of the first fund of Bitcoin Mining in the world named Logos Fund. This Logos Fund aims at expert investors of crypto currency and seeks to gain easy access to harness the credit potential of digital assets like Bitcoin and more. This crypto currency mining farm offers a widespread host of crypto currency mining service and a wide assortment of solutions associated with mining for small, medium and large scale crypto currency stockholders and investors. The amalgamation of algorithmic trading structural framework, infrastructure of mining, and the use of Genesis Hive our trademarked mining farm management hardware and software has turned us into leaders of crypto currency mining.
Launched in 2013, Genesis Mining is now associated with five hundred thousand users and investors and is currently leading the world in crypto currency mining service.
What is a Bitcoin?
In order to grasp the idea of mining of Bitcoin, one first needs to understand the inner functionality of the crypto currency coin. This coin is not linked directly to any nation or economy. It is decentralized and digital in nature. Powered by blockchain technology, Bitcoin enables peer-to-peer transactions based on cryptography, to take place directly between the users.
The reason behind the success of Bitcoin technology is the fact that the crypto currency can be added through accurate and strategically mining by investors.
What is the role of miners in the Bitcoin world?
The network over which transmission of Bitcoin currency takes place is powered by Blockchain technology. It records and validates the transactions by assembling the transaction data and statistics and listing it all in a block. It is a Bitcoin miner’s role to authorise the precision of transactions taking place over the network and recording them correctly in the general ledgers. The ledger is nothing but an encrypted list of blocks which contains an exhaustive list and validation of every crypto currency transaction taking place over the network. The records are continuously updated and sent to every participating investor to keep them abreast of the transactions. A Bitcoin miner is the chief reason behind the realization of the world of crypto currency as they verify and authorise the transactions, safeguarding the accuracy and integrity of the network powered by blockchain.
A brief review of genesis mining
Every Bitcoin investor has one question in mind, whether or not to invest in cloud mining of crypto currency. It is a matter of grave concern that almost ninety-nine percent of the cloud mining of crypto currency companies and ventures are fraudulent scams that are duping investors of their money. These fake companies do not mine the Bitcoins invested in them. Instead, they use the Bitcoin to pay out other investors until the money somehow gets drained out completely.
Only one percent or even less than that run authentic hardware for mining Bitcoins and Genesis Mining is among them. Launched in 2013, Genesis Mining presently runs its own farms of Bitcoin mining in Europe, America, and Asia, although the exact locations remain undisclosed to media on grounds of security. A publicly acknowledged mining farm of Genesis Mining is in Iceland, where Ethereum, Bitcoin, Litecoin, ZCash, Dash, and Monero are mined successfully and with sincere authenticity.
Genesis Mining is the oldest company of mining Bitcoin and altcoins in the world, and also the biggest and most widespread cloud mining of crypto currency source for Ethereum, Bitcoin, and altcoins, recorded with the Security Exchange Commission for funding the mining of Bitcoin. Genesis Mining might not be profitable but its service is honest and 100% genuine.
Mining contracts are contracts of a lifetime. And as such the contracts do not have a date of maturity and the investor can continue to mine crypto currency and obtain payouts as long as the contract yields good profits.
The working functionality of Genesis mining
Genesis mining is incredibly simple and secure. An investor does not have to deal with complicated hardware or software to purchase hash power or mine crypto currency. This implies that instead of spending a fortune in dollars on the hardware and software required for mining Bitcoin, the investor can rent the required and keep the profits as well from the Genesis mining farms. Genesis Mining focuses on constructing the utmost consistent and well-organized mining gear to lease out to the investor clients in return for an affordable rate of rental charge as a fee for the service. To commence the mining of crypto currency, an investor needs to open an account with Genesis mining by proper registration, after which he needs to finance the account with crypto currency like Bitcoin, PayPal, credit card or wired transfers. After this, the investor needs to select a suitable mining plan that is best suited to his finance.
Pricing in Genesis Mining Farm
There are numerous types of initial fees to be paid contingent upon the type of contract that the crypto currency stockholder wants to invest in.
The investors who are new to the market are recommended to opt for the Gold contract of a lifetime in Bitcoin mining with a rate of 100 GH per second that will acquaint him with the working functionality of cloud mining service and consequent profitability at the cost of just nineteen dollars.
If you are not a newbie to the market, then go for the Platinum contract of a lifetime in Bitcoin mining with a rate of 2000 GH per second at the cost of three hundred and forty dollars.
The last and the largest is the Diamond contract of a lifetime in Bitcoin mining with a rate of 10000 GH per second at the cost of sixteen hundred dollars.
What are the coins that can be mined with Genesis Mining?
The crypto currency coins that can be mined with the Genesis mining farm belong to the different categories of contracts offered by the Genesis mining farms.
For the X11 contract, an investor can mine these coins: Namecoin, Peercoin, Dash, Litecoin, and Dogecoin.
For the SHA-256 contract, an investor can mine these coins: Darkcoin, Bitcoin, Zetacoin, and Dash.
An investor will be able to mine for Bitcoin and several different altcoins quite directly or using the Genesis Mining Advanced Auto-Trader interface. New coins are always added to the list of existing crypto currency coins from time to time. On a default basis, all the hash power is billed to the Bitcoin crypto currency for every algorithm, and hence the investor will be given his regular payouts in Bitcoin crypto currency except if the investor changes the allocation or billing in the “Allocation” section of the Genesis Mining website.
The special feature of the Genesis mining Advanced Auto-Trader interface is as follows:
It lets the investor receive regular payouts in several different crypto currency coins even whether they were mined directly by a particular algorithm or not. For instance, an investor can receive regular payouts in Bitcoin crypto currency by mining for crypto currency using the X1 algorithm. This is enabled by investing in and mining those X11 altcoins that yield the most profitable returns. Those X11 altcoins are then routinely converted or exchanged into/by Bitcoin crypto currency by the algorithmic trading structural framework of Genesis Mining. This is a very cost-effective method of mining in different crypto currency coins without incurring any loss. Investors and Genesis miners refer to this crossing and converting strategy as mining for Bitcoin crypto currency in a smart technique. The same method is applied to mine the crypto currency Litecoin using the SHA-256 algorithmic trading structural framework etc.
One important thing to note about profitability linked with Genesis Mining Farms is that its value changes continuously owing to the fluctuations in the crypto currency’s price, network difficulties, and hash rate.
For the X11 contract, an investor can anticipate a payout of 0.0270 mBTC at the rate of One MH per second incurring an approximate cost of 13.60 million BTC at the rate of One MH per second which paves the investment returns for a break-even point within a span of five hundred days or so.
For the SHA-256 contract, an investor can anticipate a payout of 0.370 mBTC at the rate of One TH per second incurring an approximate cost of 0.250 BTC at the rate of One MH per second which paves the investment returns for a break-even point within a span of six hundred and seventy days or so.
A small amount is deducted as the fee of maintenance from a lifetime contract as long as the profitability persists.
A comparison between Genesis Mining and other cloud mining service providers
Genesis Mining is the leading cloud mining service provider in the world. It makes the mining of crypto currency a pleasantly convenient experience for investors.
For a crypto currency miner and/or investor, a substantial amount of capital is required for purchase and installation of the required mining hardware and software. But in the case of Genesis Mining, the investor and/or miner need not put up with the stress and financial troubles of purchasing and installation of the required hardware or paying for the cost of repairs and maintenance of the mining rig and etc. Genesis Mining is an online application for mining of crypto currency. As such the miner or investor will not have to handle loud and noisy rigs, heat, hardware and maintenance. The team of Genesis Mining will take care of that for you. Also the investor is exempted from paying the fees for using the mining pool, unlike in being associated with other cloud mining service providers.
Another advantage of being associated with Genesis Mining over other cloud mining service providers is that the investor can decide on his own as to which crypto currency to invest in with the purchased hash power owing to the fact that Genesis Mining mines in the biggest list of crypto currencies. Genesis Mining caters to the investment ventures of the average or small miner to large-scale investors and stockholders.
Genesis Mining service lets the miners and investors mine in different varieties of crypto currency coins simultaneously with maximum efficiency and ease. The miner or investor can decide on the choice of crypto currency coins preferred and can allot the hash power to the coin in accordance.
On a default basis, all the hash power is apportioned to the BTC for every trading algorithm, and as such the investor will duly receive the regular payouts in Bitcoin crypto currency. The coins which cannot be mined in Bitcoin will be applied and handled with in accordance to the trading algorithms with which the Genesis Mining Advanced Auto Trader is designed and developed. This makes Genesis Mining very convenient for users and investors of altcoins. If the investor wants to mine in different crypto currency coins, then he can do so from the user-friendly interface of Genesis Mining online application by clicking on the menu option “Mining Allocation” and choosing the hash power provision that is best suited to his financial status. Click on “Save Allocation” to save the changes made. The investor, hereby, needs to ensure that an appropriate payout address is added and registered to receive the regular payout credits.
How does the Genesis Mining Service Pool function?
Mining for crypto currency in a normal mining service pool in Genesis Mining is the type of mining pool in which exactly one type of crypto currency can be mined and nothing more.
A Genesis Mining “multipool” lets the miner or investor mine in several different crypto currency coins, the determining factor being the coin’s profitability. The algorithmic trading structural framework will evaluate the obstacle and the market price rate of the crypto currency coin to fix on the crypto currency coin that is the most productive. All the miners and investors are recommended and redirected to that coin automatically.
The Genesis Mining multi-pools of the first generation were paying directly in terms of several different crypto currency coins and it was the responsibility of the investor to convert or exchange the altcoins into the most popular crypto currency, Bitcoin.
The Genesis Mining multi-pools of the second generation are similar to the pools of the first generation, but these multi-pools trade the different altcoins automatically into Bitcoin for the convenience of the investor.
The Genesis Mining multi-pool of the third generation is decidedly optimized and greatly enhanced version of the second generation multi-pool that mines and lets stockholders invest in the most gainful selection of cryptocurrency coins, instead of a single most coin. This assessment and calculation requires insight and experience about the crypto currency mining process, cost of switching between coins and uses cutting-edge theory of portfolio by designing an accurate pattern of correlation amongst various crypto currency coins.
Simply put, if crypto currency coin is the most money-making crypto currency coin in the global trade market, then the addition of more hash power to this coin will make it less profitable and incur losses as well as the marginal utility amount of mining the crypto currency coin gets greatly declined. To make the profit maximum or rather, optimized enough for further investment, it is highly essential to employ the latest theory of portfolio and several optimization strategies and techniques to mine and invest in the top money-making collection of crypto currency coins.
The Genesis Mining platform makes use of a cutting-edge trading engine that makes the trading and conversion of mined crypto currency coins to any target currency like Bitcoin more efficient and cost effective. After the crypto currency coins have been mined, the diligently designed Genesis Mining Service Trading Engine exchanges or converts the different crypto currency coins to Bitcoin to make the maximum profits.
The significance of the website on Genesis Mining
This website on Genesis Mining was launched by Marco in 2013. It has an employee base of over hundred people from all across the world and is visited by about three hundred thousand users on a daily basis. To make up for the dearth of a trustworthy mining farm of Bitcoin, Genesis Mining website was launched which is genuine and honest it its dealings.
Genesis Mining App
Genesis mining app is software that is accessible from your devices and smartphones and can be used by investors to mine crypto currency and incur profitable returns with just a couple of clicks. It is free of scams and strongly safeguarded against virus and other malicious attacks.
A real time saver
The Genesis Mining app is software free of scams, and saves time as it is no longer required for the investor to set up the hardware and software apparatus essential for mining in crypto currency. The investor can just register himself, authenticate his credentials and commence mining and trading immediately.
Saves you Money
If you open the door of setting up a mine, you must ensure having a basic capital fund for the process. The investment in this case is quite considerable which is eliminated in the case of Genesis Mining. Genesis Mining helps you save your investment cost along with the maintenance cost that might be needed after a course of time. Moreover, the overall process sets up a clear way for Genesis Mining so that investment cost becomes minimum.
Flexibility and freedom
Every investor registered with the app has the freedom of trading between any crypto currency coins and several other currencies to make considerable profits from them. Hash power can be easily allocated to different currencies and coins via the review option of Genesis Mining app to let the income flow in from multiple sources.
Ease and convenience of trading using the robot of Genesis Mining
Maintenance stress and hassle get completely eliminated with the Genesis mining app.
Owing to the fact that the contract is of a lifetime, investors flock in to invest in the crypto currency as the prices increase almost every day as can be seen from the Genesis Mining app.
What are the pros and cons associated with genesis mining system?
Incredibly easy and hassle-free to set up the hardware and software apparatus and conduct trading and transactions.
Customer care service is quick and responsive.
Genesis Mining is reputed, honest, free of malicious scams and virus invasions.
The Genesis Mining app gets slow and does not assure profit for long term.
Genesis Farming does not provide full updated information to the user.
What is a Hash Function?
A crypto graphical hash function is essentially a singular way encryption value that does not have a key associated with it. The Hash function receives an input and returns a random output that is a hash value of static length. The randomness makes the prediction of output impossible and consequently highly secure.
How does a hash function ensure security for Bitcoin transactions?
Hash functions serve as evidence of work and authentication as it is not possible to forecast the value of output. The objective of genesis mining to make a guesswork using the computer until it approximately reaches the hash value of the target. Usually it takes a few million guesses to approach a rough estimate of the value.
Every block of hash is sequentially created, which includes the hash value of the immediate earlier block and as each block is partially composed of the hash value of the previous block of hash, which proves that it has come immediately after. Two contending blocks of hash are often created by different crypto currency miners.
The two competing blocks may be representing two dissimilar Bitcoin transactions conducted in dissimilar locations and the block of hash function that represents the biggest evidence of work and authentication entrenched within it is selected as the principal block chain.
This is what makes it extremely challenging for anyone to construct an alternate block of hash or a sequence of hash blocks, to authorise the crypto currency transactions.
Security of the Bitcoin Network
The decentralization of Bitcoin Network gives it an upper hand in terms of security. Since most of the decisions over the network are taken on the basis of consensus, Bitcoin becomes more powerful in terms of security.
If the developers find a need to include a block into the block chain, the decision is taken by a general agreement or in simple words a consensus. In such cases all the impulsive agreements are eliminated.
If more than half, or should we say, 50% of the Bitcoin’s network is controlled or handled by a specific company or organization; this gives them the power of influencing the entire network. This phenomenon is termed as “51% attack”.
The mining power that a certain organization has influence on the cost of the attack which means that the security of the Bitcoin network depends in part on how much mining power is employed.
On the other hand incentives (the transaction fees and block reward) influence the amount of assertive power that an organization has over the block chain network.
The amount of fresh bitcoins released into the crypto currency market with every block that is mined is called the Block Reward. The discoverer of a block has the right to award himself a certain number of Bitcoins if he discovers a block. The number of Bitcoins to be awarded is decided by every participant in the network and is currently set at twenty five Bitcoins. This number will get halved for every two hundred and ten thousand blocks in every 4 years. The block reward had started with 50 Bitcoins in the year 2009. In addition to this, the crypto currency miner is awarded with the fee paid by investors conducting transactions over the block chain network. This fee serves the purpose of an incentive for the crypto currency miner to consider that transaction for the block. In the near future, the amount paid as fees will form a higher percentage of the income in mining.
As the amount of the block reward decreases with time, eventually going down to zero, and consequently so does the amount of the incentive for the crypto currency miners. This will pose to be a significant problem with crypto currency security unless the incentive amount that comes with the block reward is replaced with transaction fees.
The transaction fee is not compulsory but a kind of voluntary request made by the Genesis mining farm to the investor conducting transactions over the blockchain network to spare some amount of Bitcoin and include that spare amount with the amount being transacted as a fee for the crypto currency miner who works and validates upon the block which includes the transaction fee for the miner. However, inclusion of the transaction fee in the block is optional on the part of the user. To eliminate this, the current version of Bitcoin client being used has made it compulsory to include the transaction fee as default in the block.
What is meant by Proof of Work?
A proof of work is a segment of crypto currency data that consumes a lot of time, is expensive and quite challenging to validate the transactions conducted over the blockchain network. The crypto currency Bitcoin uses “Hashcash” as proof of work. The production of proof of work is a random procedure with very low probability. A lot of trial and error is required for validation of the proof of work.
What is the difficulty associated with mining Bitcoin?
The level of difficulty of mining Bitcoin depends on the amount of effort required to mine the crypto currency across the blockchain network. This difficulty gets adjusted automatically in the process of mining for every 2016 blocks or in two weeks of time approximately in accordance to the protocol of the Genesis Mining software. This adjustment is done to keep the rate of discovery of blocks constant as such the difficulty gets adjusted while moving upwards by incorporation of computation and automata in the mining process. The same difficulty gets adjusted downwards if the computation power is removed and the opposite takes place.
The greater the level of difficulty, the less it becomes profitable for miners to mine the crypto currency. With increase in the number of investors and miners the profitability gets highly diminished. The total amount of payout is dependent on the cost of the crypto currency Bitcoin, the volume of the amount of the negotiation fee, and the amount allotted as block reward.
The problem of difficulty in computation
Mining of a block in Bitcoin is quite challenging as to get the block recognized by the blockchain network, the value of SHA-256 hash function of the header of the block should be less than or equivalent to the value of the hash target. This difficulty can however be made easy with a simple explanation. The hash value of the block should commence with a definite number of the digit zero. The prospect of a value of hash that would begin with zeroes is quite low and hence several attempts need to be made for calculating this value. Orderly, to produce a new value of hash for every round, the nonce has to be incremented regularly.
The rate of creation of blocks increases with increase in the number of miners who join the network of Genesis mining. With the increase in the rate of generation of blocks, the computational difficulty of mining Bitcoin also rises to recompense. This diminishes the rate of generation of newer blocks. As such, if a block is generated by fraudulent miners that does not satisfy the target of difficulty then it will automatically be rejected on the grounds of worthlessness.
Hardware for mining Bitcoin
Any investor with appropriate hardware, software and smooth web access can engage in mining of Bitcoin over the online Genesis mining. In the early times of Bitcoin, mining used to be done using central processing units of regular computers. Today, graphic cards, or Graphical Processing Unit is used to mine Bitcoin more effectively than CPUs. In the end, a special kind of hardware referred to as Application-Specific Integrated Circuit or ASIC was designed and developed exclusively for the purpose of mining Bitcoin. The first ASIC was launched in 2013.
The one way for mining Bitcoin in the early days was implemented using CPUs which was done by the client of Satoshi. CPU mining is quite ineffective and an investor may keep mining for decades with the help of your laptop and not earn even one coin.
When the concept of Bitcoin Mining was introduced to the market, around one and a half years later, the graphic cards proved to be more efficient for Bitcoin Mining. Not only these graphic cards help change the landscape from scratch but also increased the processing speed and efficiency,
GPU or Graphical processing Unit was widely accepted for Bitcoin Mining as they increased the overall business to 50x or even 100x. Not only that, but the GPU’s consumed much lesser power than the previous technologies used for Bitcoin Mining.
When it comes to GPU technology, AMD line of GPU architecture was a much better option than the Vidiya Architecture for the purpose of Bitcoin Mining.
After the transitioning from CPU to GPU, the Bitcoin Mining opened gates for FGPAs or Field Programmable Gate Array. After the successful launch of Butterfly Labs FPGA “Single”, Bitcoin Mining opened the gates for much faster processing and dedicated hardware for Bitcoin Mining. FGPA’s are basically single-task oriented hardware which are dedicated to a specific tasks only.
The FPGA’s didn’t get a 50x to100x expansion in mining speed like it was observed with the transition from CPUs to GPUs. Nonetheless, through power efficiency and the simplicity of use, they rendered a benefit. An authentic 600 MH/s graphics card utilizes up to 400w of power.
Providing a hash rate of 826 MH/s at 80w of power, the FGPA hardware became all the more popular choice when it came to processing time and the output generation.
ASIC, a chip which aims to go down to only one specific task at a time is influencing how Bitcoin works. Bitcoin is relying on ASIC these days which is profitable on many levels.
That means, one ASIC generated is meant to perform a single kind of task only. For example, if an ASIC chip is designed to perform a function of a kind of Bitcoin transaction say deposit, the chip will only perform that function. One cannot expect from the chip to perform withdrawal function for Bitcoin network.
On the positive side, ASIC is 50x more useful in terms of power consumption which other technology lacks in.
The technologies can be tracked down in the following sequence: CPU â€“ GPU â€“ FGPA â€“ ASIC. However, ASIC might be considered as â€œend of lineâ€ EOL for the disruptive mining technologies.
The ASIC technology is said to be further reformed, improvised, and put to a better efficiency but if we were to compare it with previous technologies, nothing can be considered as good as ASIC is in terms of increased hashing power.
When it comes to an upscale market such as Bitcoin which is also voluminous, power consumption is also a major factor to consider. ASIC provides a highly competitive power consumption amount as compared to the other technologies preceding it and its lifetime of usefulness is also greater than the whole history of Bitcoin.
The cost or value of electricity doesn’t cross the total outcome of the dedicated ASIC chip in the Bitcoin network. Plus, the lifetime of the ASIC chip is far more than the preceding technologies of ASIC.
With the introduction of ASIC in the Bitcoin market, a significant growth can be tracked easily for the Bitcoin market. Not only the power consumption has reduced to a significant level, the market has risen with more productivity and efficiency.
Political power in a Bitcoin network does influence the entire ecosystem of a Bitcoin network. When it comes to Bitcoin mining, it gives you a benefit to vote in favour or in against of the protocol changes.
There are some organisations that provide a charter hosted mining apparatus system to their customers which also comes in handy sometimes for interested Bitcoin miners.
Some examples are as follows: CEX.io, Cloud Hashing, MegaBigPower.
Reviews of Genesis Mining on Reddit
A Reddit user had been mining for crypto currency with Genesis Mining for nine months. He has received his money’s worth and more at only six percent rate of interest. His payouts are credited to his account on a daily basis. He is of the opinion that Genesis Mining is the best option for getting BTC and yielding profitable returns. As BTC is way too expensive to be purchased from the crypto currency trade market, it is more convenient and cost-effective to get the coins through Genesis Mining.
However there are a few negative reviews as well, that says that the support system is not responsive at all and the returns haven’t been credited for an investor.
On the whole, Genesis Mining is hassle-free and highly cost effective as compared to purchasing crypto currency coins or setting up mining rigs at home.