Genesis Mining, a well-known cloud mining company announced that they now offer Bitcoin mining plans.
Genesis Mining owns several mining farms and rents hashrate for Ethereum, zCash, Dash, Litecoin and now Bitcoin mining too.
How Does Genesis Mining Work?
Genesis Mining offers several plans for each of the coins. The plans work in a simple way – you pay upfront and get a certain amount of hashrate in exchange that will be mining 24/7 to your cryptocoin wallet. It’s up to you to decide what to do with the mined coins. By purchasing the plan you also assume all the risks involved – difficulty bombs and coin price falls will directly affect your income.
However, if all goes well, this kind of contracts might have a ROI somewhere between 12 and 18 months. While this might look a lot considering the high risk rates, Genesis Mining might be a great way to convert your cash to a cryptocurrency of your choice and possibly get some additional income in the process.
Bitcoin Mining ROI
The good thing about this plan is that it features rather good ROI, compared to other Genesis Mining cryptocurrency mining plans.
If we make a raw calculation, the ROI of this plan should be as low as 3.5 months:
Let’s take the Platinum option as an example. It consists of 2.5 TH/s that translates to $94.25 USD/month. Since the plan costs $350 USD, we get a ROI of 3.5 months. Cheaper plans are slightly less profitable.
Considering that this is a lifetime contract, you might expect quite a nice return, even if the rising mining difficulty will bring the profit of the plan to zero one day. To compensate that, Bitcoin price isn’t static either, which might be beneficial for you in case it remains on the upward trend.
However, unlike limited plans where maintenance fees are already included in the price, you will have to pay the fees daily in addition to the plan cost.
According to my calculations, the Platinum option has a maintenance fee of $21 USD/month. This means that Platinum plan profit is $73.25 USD/month with a ROI of 5 months.
Genesis Mining hashrate is now available for preorder here. The company has got a limited amount of hashrate to offer, so the sale is on a first come first served basis.
Use coupon code to receive 3% discount!
Genesis Mining announced that they are returning to the daily payout schedule for the other services they provide.
In their newsletter, they’ve also addressed the frozen payouts issue:
Some of you are still missing past Monero, Ethereum and balanced credit card payouts, and we wanted you to know our IT and Customer Service teams are working very hard to process them as soon as possible. We have written a blog post to explain these specific delays in more detail: http://blog.genesis-mining.com/return-daily-payouts. Those affected can be certain that everything will be fixed soon!Genesis Mining
This might be interesting news for those of you who are into cloud mining. While trusting your money to a third-party company is obviously not the safest way to get some cryptocoins, Genesis Mining proved to work well so far. Their platform does have some technical issues from time to time, obviously, but apparently the company is trying its best to solve those in time.
Thank you for reading. As always, your comments, suggestions and questions are welcome.
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Disclaimer: This is not financial advise, I am not a financial advisor, this is for educational purposes only. If you want to invest in cryptocurrency please do your own research and invest at your own risk, 1stMiningRig is never liable for any decisions you make. 1stMiningRig may receive donations or sponsorships in association with certain content creation. 1stMiningRig may receive compensation when affiliate/referral links are used.