Today I want to introduce you to Genesis Mining. Basically, they are asking you to invest money in order for them to use computing power to mine the cryptocurrencies for you.
What is a Cryptocurrency? It is a digital currency created by using cryptography (hence the very descriptive name) and mainly used for exchange. If you want to know more about cryptocurrencies, please check my blog post.
Mining cryptocurrencies means – very simplified – using computing power to generate bitcoins. This process is decentralized and very competitive, that’s why Genesis Mining offers this service in exchange for money. As cryptocurrencies are on the rise of political and currency instabilities the chances are not too bad that their value will increase over time. Hence the business model of mining them.
How to Invest in Cryptocurrencies Mining with Genesis Mining
First: You need to decide which currency you want to mine. As there are currently multiple alternatives to bitcoin, this decision can be quite tricky. You obviously want to mine the most profitable one, but be advised that this is likely going to change over time.
I used coinwarz to see which currencies make more sense to mine and to make some sample calculations.
After you decided on a currency, you can choose one of various pre-set plans or a customized plan:
While writing this, DASH and Ethereum seem to be the most profitable ones.
With DASH 100 MH/s, the annual USD payout is at around 750$. So in the example above, you choose Ferox and invest 500$. After 2 years you earned 1500 $, resulting in 1.000$ profit, which is not too bad.
As always: the higher your investment, the better the deal.
I used an affiliate code and got 3% off, therefore I just paid 485 $ for this plan. In case you consider investing, make sure you use a referral code.
This is mine:
Deposits & Payouts
Deposits can be made with credit cards or via cryptocurrencies. The minimum deposit is 30$. The biggest deposit I could find was 26,000 $.
As you invested money to mine cryptocurrencies, your payout will be in cryptocurrencies. Therefore you need an Wallet to receive the payouts. I am going to write a blog post about digital wallets soon. So make sure to subscribe / follow / bookmark to stay tuned!
The payouts are done quite quickly as they use cryptocurrencies. So far it was done within 24 hours.
Unfortunately I am currently not able to tell you in detail about the affiliate system as most of it is hidden as long as you did not progress further. Basically, It consists of 8 levels and for the second level you need your referrals to have invested 100 $. As soon as I progress higher in the ranks, I will make an update here.
Your bonus is computing power / hashpower to calculate more cryptocurrency. For example, if someone purchases a 100 MH/s contract using your affiliate code, you will get 2.5MH/s.
My initial investment
Started: 2017 – 04 – 22
This will be updated regularly in my weekly blog posts – follow me and make sure to check regularly!
Please be sure to read the Basics first, before making any investments and don’t forget the most important rule:
In case you want to invest, feel free to use the following promo code: EC2JV5 to Invest with Max! and get a 3% discount.