Introduction

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.

Business model

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.

Genesis_Mining-Gif

Here is the exchange rate development of bitcoin as an example:

Bitcoin-USD-Exchange rate
Bitcoin-USD exchange rate by coindesk.com, April 2017.

As you can see, the value of Bitcoin has increased quite a bit in the last couple of months.

How to invest?

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:

Genesis_Mining-Options
Genesis Mining – Investment options

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:

9jOIGn

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 $.

Coinbase-Banner

As you invested money to mine cryptocurrencies, your payout will be in cryptocurrencies. Therefore you need an eWallet 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.

Affiliate system

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.

The higher your rank, the higher the bonus as it can be seen in the screenshot:

Genesis_Mining-Referrals
Genesis Mining – Referral system

My initial investment

Started: 2017 – 04  – 22

Investment: 485$

This will be updated regularly in my weekly blog posts – follow me and make sure to check regularly!

Invest with Max!

You like this program? Please be sure to read the Basics first, before making any investments and don’t forget the most important rule:

NEVER INVEST MONEY YOU CANNOT AFFORD TO LOSE!

In case you want to invest, feel free to use the following promo code to Invest with Max! and get a 3% discount.

9jOIGn

Click on the following affiliate banner to check it out in more detail and Invest with Max!

Genesis Mining

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s