Genesis Mining Scam

Genesis Mining Scam

Cloud mining and getting the cryptocurrency as the reward is the best way to get the digital currency. Most of the people think that mining is a scam. The most common example which considers as a scam for mining is Genesis Mining Scam. So, is it really a scam or not.

To get the answer we should have some details about the Genesis mining and then decide if it is a scam or not.

Genesis Mining

Genesis mining is the option for the beginners to start the mining of the cryptocurrencies mainly bitcoin. This is done by buying the hash power. This one of the simplest and cheapest way to mine cryptocurrency.

It has been providing its services to the miners since 2013 and since then more than 500,000 users have taken the advantage of it. Genesis Mining is used by people in different parts of the world like Asia, Europe and America.

Genesis Mining Scam

Considering the mining process a scam is quite common. But to decide whether the Genesis Mining is a Scam or not we have to consider the working and other factors. So

They offer

The main service that is provided by them is the mining. You can mine directly but buying the hash rate from the genesis mining and using is the easiest way to mine. In this, once you have paid the company. The contract will be added in your profile and from that moment you can start mining without wasting any time.

The contract will be confirmed after 48 hours and then you will be getting the first payout. Genesis is a multi-algorithm cloud mining company. As an alternative for solving the difficulty of bitcoin mining, they started mining other altcoins as well and the exchange them with the bitcoins.

Contracts

Genesis provides its customers with various packages which can be chosen by the user. The user decides that how much he or she wants to involve and decide the plan accordingly. The common plans that are offered by the company are:

  • Small/Starter plan
  • Medium plan
  • Large plan
  • Custom plan

These are the basic plans that are available at the genesis mining. From this, the user can decide which plan will be suitable for him or her in the future. If you are starting mining for the first time then “custom plan” is ideal for you.

Currencies Genesis Support

There are varieties of options available for you to decide which digital currency you want to mine. Some of the common options are:

  • Bitcoin
  • Litecoin
  • Dogecoin
  • Monero
  • Dash
  • Ethereum

Verification Process

When you are mining the cryptocurrency, the security should be taken seriously. But this not the case in the Genesis mining. As you can sign up is easy that is by just providing the email address and securing the password. There are no strong verification measures that are taken by the company.

Safety

Safety is something that has the topmost priority when it comes to cryptocurrency world. You must avoid the company that is providing the lucrative incentives but you are not able to find anything about the company or their users. So here is the closer look at Genesis mining

  • Community trust

Genesis is used by a lot of people and has shown positive results. But there are some complaints also which are needed to be considered.

  • Security

The security prospect of Genesis is not very good. As they do not provide much information about it. But till now there is no case of hacks, so it might be safe.

Fees

The fee that is charged by the company is very high. There is a chance that you will not be getting any profit out of it.

Conclusion

From this article, you can conclude that Genesis Mining Scam. But when you compare other aspects you can conclude that it is not safe and profitable mining process.

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