Frequently Asked Questions

Top questions

Genesis Mining is a bitcoin cloud mining service that is an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup. We offer hosted cryptocurrency mining services and a variety of mining related solutions to small and large scale investors. The combination of our algorithmic trading framework, mining infrastructure, and proprietary mining farm-management software, Genesis Hive, quickly made us an industry leader. Our team of mining experts with extensive knowledge of the digital currency sector specializes in building the most efficient and reliable mining facilities. Genesis Mining is also the founding partner of Logos Fund, the first ever Bitcoin Mining Fund, which targets professional investors looking to gain access to Bitcoin’s and various other digital assets‘ potential. Our service was founded by the end of 2013 and with now over 500.000 users we are the world‘s leading multi-algorithm cloud mining service.
It’s quick and very easy! As soon as we receive your payment your contract will be added to your profile, and you can immediately start mining. Depending on your contract, you can either mine Bitcoin, DASH, LTC, Zcash 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 first payout reaches our customers’ wallets after 48 hours, and then a daily payout will follow. Remark: Every day of mining will be processed and paid in the following 24 hours after the mining day is over.
Besides the fact that we ourselves mine with the very same hardware that we offer to our clients, our capital is limited. We believe that Bitcoin and altcoin mining is highly profitable, however, we do not want to “put all our eggs in one basket”.
For security reasons, we do not disclose the exact location of our mining farms. As of April 2015, we are operating several mining farms that are located in Europe, America and Asia. Electricity cost and availability of cooling are important, but not the only criteria. See our Datacenters page for more information.
You are able to mine Bitcoin and various altcoins directly or through our “GM Advanced Autotrader”. As of February 2017, we provide the following coins per algorithm:
  • We add new coins to this list from time to time.
  • By default all hashpower is allocated to BTC for all algorithms, and hence you will receive your payouts in BTC unless you change the allocation in the ALLOCATION section.
(*) “Genesis Mining Advanced Autotrader” (special feature): It allows you to get the payouts in many different coins even if they are not mined directly by a certain algorithm. For example, you can get the payouts in BTC while mining with a X11 algorithm! This is possible by mining the most profitable X11 altcoins which are then automatically exchanged to BTC by our algorithmic trading framework. This is a very cost efficient way of mining different coins. We call it “mining BTC the smart way”. The same technique is also used to mine LTC with a SHA256 contract, etc.
Bitcoin and altcoin mining depends highly on the prices and difficulties of the coins you mine, which cannot be predicted. It would not “look right” if we provide data on the bitcoin mining profitability and selling contracts at the same time. Therefore, we 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. Remember that some of our products have a daily maintenance fee which must be deducted from the daily earnings. Please note that the website is an independent source of reference and not related to Genesis Mining in any manner.
We do not publish a list of pools we are using. Our main criteria for a good pool are: reliability, fee structure and reject rate. Going forward we will solo-mine a few coins (and pass the fee savings to our users!). Our internal policy is: “be a good crypto citizen”. This means, that we will at least use two different pools (in some cases we use up to four) for each coin. This is to preserve the decentralized nature of the crypto networks! If we become aware that a pool is getting close to 50% share, we will switch away from it and use a backup instead.
On the 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 change the economics significantly:
  • Shipping costs: few merchants will cover this, but in most cases they will charge you extra.
  • Customs dues / VAT: if it is an international delivery you will likely have to pay customs dues and VAT; generally this has a huge impact 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 in 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 immediately online. No delays!
  • Costs for additional equipment: when buying miners from larger retailers you often have to buy additional equipment like an extra PSU that matches the electricity 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 finally arrived you have to assemble and configure it. Beginners often underestimate the amount of work and technical knowledge that is needed to bring the device up and optimize its settings. People that used the first ASICs spend days and weeks on it. In monetary terms this costs you twice: (i) your time and (ii) lost mining opportunity.
  • Maintenance: hardware failures, outages and crashes could lead to downtimes between seconds and weeks. If your unit breaks you have to return it and start from scratch (by the way: check the guarantee time of your miner; it is often less than a year). With Genesis Mining you have a guaranteed uptime of 100%: in case one of your units fails another unit will be switched over and start mining for you the very same second.
  • Electricity: having the machines at home not only brings heat and noise, but also an increase of your electricity bill; an important factor that many underestimate.
Please do not get us wrong: we do not want to discourage anyone from mining at home! We 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. We want to provide you the best possible mining experience, so that you can focus on mining your favorite coins (and we take care of the rest).
We currently accept the following payment methods:
  • Perfectmoney, Payeer, Advcash, Neteller, Skrill -
  • Cryptocurrencies: Bitcoin, Litecoin, Dogecoin, Dash
NOTE: In some rare cases, some issuing banks may charge additional fees from customers who purchase Bitcoin or Cloud Mining services
The maintenance fee covers all costs related to mining including, inter alia:
  • electricity cost
  • cooling
  • maintenance work
  • hosting services
Please refer to our Affiliate FAQ in  https://genesismining.org/referral-program/. You will find very detailed information about the program there.
Payouts are generated daily, but you will receive your payouts only once they have accumulated to a certain quantity. For example, as to July 2017, the minimum payout for BTC is 0.0015 BTC. This minimum payouts are set in order to avoid that customers pay excessive fees for receiving small payouts in their wallets.
Customer service is our highest priority! We know how important 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 in detail. Therefore, please contact us any time at [email protected]  if you need any help. We are looking forward to hearing from you.
Genesis Mining allows its clients to mine different types of coins at the same time. You decide which coins you prefer and you can allocate hashpower accordingly. By default all hashpower is allocated to BTC for all algorithms, and hence you will receive your payouts in BTC. The Genesis Mining Advanced Auto-Trader (in short “AUTO”) will apply to algorithms which cannot mine BTC directly. If you are interested in mining different cryptocoins, you can do this as well. In the user interface go to “Mining Allocation” and choose the hashpower allocation that is best for you. When you are done press “save allocation”. Remember that the cryptocurrencies marked with (AUTO) are not directly mined, but traded automatically by our “Genesis Mining Advance Autotrader”, as mentioned in the “What coins can I mine?” section of this FAQ. In order to get the payout, please ensure to add your payout address to your Genesis Mining profile. Find out more details about how to add your wallet in the next section.
In the menu “My Account” select “Settings” and then “Your currency account”. Here you can set payout addresses for each type of coin. The links in “blue” will help you find a suitable wallet for your coin of choice. Important: Remember that you have to add a wallet for each coin selected in the “Mining Allocation” section
Genesis Mining provides daily payouts of all mined coins! A mining day usually starts at 00:00 UTC and ends at 23:59:59 UTC. If you just bought a contract the start 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 we will do some additional calculations and double checks to ensure everything is correct. About 8 hours later (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 we cannot make the payout! It can take up to 48 hours to receive the first payout once you have purchased a contract. If you did not get any payouts from us within 48 hours, please contact our customer service team at [email protected]
Mining on a “normal” pool means that the miner will exactly mine that one coin (and nothing else). A multipool on the other hand will switch between different coins, depending on their profitability. In practice the algorithm will check the coin difficulty and the market prices to determine the most profitable coin. Then all miners are redirected accordingly.
  • First generation multipools were directly paying the different coins and it was up to the user to exchange them to Bitcoin.
  • Second generation multipools act like first generation pools, but automatically trade the various coins for Bitcoin.
  • Third generation multipools are highly optimized second generation multipools, that mine the most profitable portfolio of altcoins (instead of the most profitable coin). This requires deep knowledge about the mining process, switching costs and makes use of advanced portfolio theory (also with respect to correlation patterns among different coins).
In simple 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). In order to achieve the best possible result, it is necessary to use modern portfolio theory (and various optimization techniques) to mine the most profitable portfolio of coins. Furthermore, our platform uses an advanced trading engines that allows to trade the mined coins efficiently to any target currency (like Bitcoin). There is a lot 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:

Faq - Multipool

In step (a) the client’s mining hashpower is distributed by the control unit (CU) to various altcoins by using advanced portfolio optimization techniques to mine most profitable portfolio of altcoins at any time!. After the coins have been mined the Genesis Mining Trading Engine (b) exchanges the altcoins to bitcoin for the best possible prices. In this way you can sit back, relax and earn Bitcoin while the algorithms are doing all the number crunching to maximize your profit! Have fun!