Is Genesis Mining a Scam? Read My Brutally Honest Review to Find Out!
Genesis Mining Review - Quick Summary
Product Name: Genesis Mining
Website: https://www.genesis-mining.com Use this code rTBcSQ for a 3% discount!
Product Type: Cryptocurrency Cloud Mining Services
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Price: Depends on the Package. From just tens of dollars to thousands of dollars
Best for: People who want to make money from cryptocurrency mining but don't want to build their own mining rig.
Summary: Genesis Mining the largest cryptocurrency cloud mining farm. It has been so popular that all of their mining plans and packages have been sold out. There is not a single reason to believe why Genesis Mining would be a scam.
Is Genesis Mining Recommended? Yes, if they have packages available.
Welcome to my Genesis Mining review!
If you are looking for comprehensive Genesis mining review you how come to the right place. In this article I am going to answer all your questions regarding Genesis Mining and no stones will be left unturned.
I will also answer a big question that tens of thousands of people have been asking all over the word, "Is Genesis Mining is a scam?"
Get ready. Fasten your seatbelts, hold your hats and let's go!
What Is Genesis Mining?
Genesis Mining is one of the most famous mining farms in the world. Many YouTube influencers including Boxmining (200k subscribers) have been promoting Genesis mining for their followers.
If you've read my article, Is Cryptocurrency Mining Still Profitable in 2018? Read This! You probably noticed that one way to earn money by the currency mining is called cloud mining. Cloud mining means that you are investing in somebody else's mining farm and TV pay you dividends of total earnings.
Therefore, you do not need your own equipment the start mining. Cloud mining is a more effortlessway to make money with cryptocurrency mining and that that's why it has become very popular all over the world.
You can think cloud mining is investing in a calm funny. You give them some capital that they will in West to their growth and the company would pay you dividends on the profits they make.
Genesis mining happens to be probably the biggest cloud mining providers in the world the moment when I am writing this article.
How Does Genesis Mining Work?
With Genesis mining, or any other cloud mining, you buy hashing power in packages. In the other words, the company has created packages that you can buy to get involved with their mining activity.
In the image below, you can see for example Bitcoin mining packages on Genesis mining.
The bigger package you buy, the more hashing power you will get. You can also see in the above that if you buy bigger package, you will get some sort of a discount.
Therefore, begin investors will get a better return on their investments. Also, different cryptocurrencies have different kinds of pricing plans and retursn. Let me show you in the image below Ethereum mining packages:
How Much Can You Earn with Genesis Mining?
Your earnings will depend on a few different factors:
- Which package do you buy?
- Which cryptocurrency are you mining?
- How the price of that cryptocurrency changes?
- How much money do you invest?
- For how long do you invest?
You will not obviously the best months as you would earn for building and maintaining your own mining farm but cloud mining is quite way to earn money.
Still, you always need to evaluate what is the best choice for you: investing in cryptocurrencies directly, buying your own mining farm or investing in cloud mining.
So far, I have only concentrated on investing in cryptocurrencies directly and it has given me wonderful returns. In 2017 during the huge spike in prices I made in a few weeks more money than most people make in a year or two.
If you want to make money with cryptocurrencies like I do, you can grab my cryptocurrency course for just $10 through that special link.
Recently, I have been considering cloud mining also. At the moment genesis mining doesn't have any new packages available so I have not been able to start with them. Buying and building the mining rig has not been possible for me because I have been constantly traveling from one place to another all over the world.
Genesis Mining Profitability
Have you ever heard your friend saying, "Oh, I should have invested in Bitcoin in 2011. Or I should have thought of that mining be going in 2013." Or something similar.
I guess that you have also said yourself and pretty much everybody who knows about Bitcoin has told so. This does not only apply to investing in Bitcoin but also to mining Bitcoin.
Bitcoin mining profitability has been going down because nowadays it requires much more hashing power to mine the same amount.
Bitcoin mining difficulty has gone significantly during the past years:
- 2014-2015 - Bitcoin difficulty: up 34x
- 2015-2016 - Bitcoin difficulty: up 2.5x
- 2016-2017 - Bitcoin difficulty: up 3.05x
You can see above that it requires nowadays more than 100 times more hashing power to earn the same amount of Bitcoin then test a few years ago.
That is also one reason why I would recommend considering other and better ways to make money online then just cloud mining.
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Genesis Mining ROI
I mentioned above that I have been only investing directly into cryptocurrencies, not into cloud mining. If you ever other weight the returns that you could have earned during the past years for cloud mining and for direct investments, direct investments have almost always won with cryptcurrencies.
The price of Bitcoin and almost all other cryptocurrencies have been surging over the past years. Bitcoin has provided way better returns on investments than stock market investing, real estate investing, or any other form of investing.
Personally, I believe that the prices would keep on moving up during the coming years. I believe that they would see the mass adoption of the cryptocurrencies and anyone who has invested in them before 2020 will make massive returns on investments.
That is not, of course, an official investment advice because it's only my personal opinion.
Take a look at my video below where I explained if you real life experiences and reasons why I am so confirmed that cryptocurrencies would keep on going up.
I have also explained numerous other reasons, why I believe that Bitcoin will keep on surging, on my other articles and videos. Feel free to subscribe to my YouTube channel if you want to receive more content from me about cryptocurrencies.
If you like making money online, subscribe here to my email list. I will regularly give you more tips ideas, tools, ideas and resources for making more money online for completely free.
Genesis Mining Reviews - What Do Other People Say?
Before putting your money into something online, it's always recommended to take a look at a few reviews first.
You are already doing your homework well because you are reading my article at the moment. I have taken a look at other Genesis Mining as well and I have noticed a few things that I would like to share with you now.
First of all, there seems to be a consensus in the cryptocurrency space that Genesis mining is a legitimate company. It was founded already back in 2013, so it has been operating already several years.
The second thing: many people like spreading their referral code to earn a 3% comssission. Every time somebody uses your referral code, you get the 3% bonus and a person who uses it gets a 3% discount.
By the way, if you want to use my referral code it is rTBcSQ.
You will also get a 3% discount for using that. If you are interested in making money in the cryptocurrency space, there are also many opportunities through affiliate marketing. You will to make $10,000/month overnight but there is certainly a potential for a big income.
The third thing is that nowadays you cannot earn very much with cloud mining. Cryptocurrency mining has become more difficult than it was in the past so returns are not so huge anymore.
Is Cloud Mining a Scam?
Cloud mining itself is not the scam but you need to keep in mind that there are numerous cloud mining scams around.
Someone has said that 99.99% of all cloud mining companies are scams. They are basically giving money for the old investors from the new investors. Therefore, they work like classical Ponzi schemes.
Fortunately there are a few legitimate cloud mining companies that pay honestly to investors and they really have their mining farm.
Is Genesis Mining a Scam?
Genesis mining is not a scam. It is probably the largest cloud mining provider in the world. However, time with show if it will remain on the top or not.
Another famous cloud mining companies called Hashflare but I don't have personal experience of using it. If you would like to share your experiences with cloud mining, I would love to hear them in the comments below.
My personal advice to you is that you should always research the cloud mining company before you put your own money into it. There have been many scams and most likely there also will be many scams in the space.
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On the other hand, sometimes people have found my articles too late and said, "Oh man! I already put my money into that company. Do you know if there is any way to get my money back?"
If you've invested in a company that's not reliable it can be sometimes very challenging to get any money back. That's why you should always do the research beforehand.
Conclusion - Is Genesis Mining Worth It?
If you are looking for a very effortless way to make money online, Genesis mining is a considerable option for you. However, at the moment they are not providing any of their packages so you will need to wait until they are available again.
That being said, cloud mining most likely will not make you rich and it's just one way to invest your money.
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