Genesis mining review+what is bitcoin and it's mining

 What is bitcoin mining

Bitcoin is created by the act of mining. The members of the network provide their computational power for calculations of mathematical problems, and for this effort they are rewarded with bitcoins. However, the more members are mining, the more competitive is gets. Computers are really good at solving these mathematical problems, so the Bitcoin Network purposely makes the solution more and more difficult, otherwise all of the bitcoins would be mined in a couple of minutes. This is why there are already many highly specialized hardware on the market, their only purpose being exclusively Bitcoin mining.
As new models come out quite frequently, everyone must regularly optimize their mining gear, in order to stay competitive. Once a new mining rig is introduced to the market, the old ones quickly become outdated and therefore unprofitable. At the same time this gradual development of the technology increases the overall difficulty of mining again. The result is a never ending circle of the constant need to optimize. This explains why it's a must to start with the best available hardware and to start immediately in order to mine profitable for as long as possible as well as not to lose a minute of precious mining time.

Genesis Mining has stood the test of time, consistently delivered payouts, and provided me great customer service. This is my review of Genesis Mining based on my experience during the past seven month of mining different cryptocurrencies including Bitcoin and Ether.

Results from Seven Months of Mining

I have the following contracts with Genesis Mining

• Bitcoin, lifetime mining contract, 0.15 TH/s purchased for $65.67 USD
• Ether, one year mining contract, 18 MH/s purchased for $173.27 USD
• X11 (Using the X11 algorithm to mine Altcoins), two year mining contract, 15 MH/s purchased for $145.58 USD

Based on my returns thus far I project that

• It will take a total of 30 months to earn back my investment in Bitcoin mining, then it is all profit after that.
• I will not earn back all of my investment in Ether mining before the contract expires.
• It will take a total of 21 months to earn back my investment in X11 mining, then it will be 3 months of all profit.

Of course the amount of time to earn back your investment depends on the price of the cryptocurrencies being mined.

Changes at Genesis Mining Since I Started Mining

There have been some changes at Genesis Mining in the last six months.

Ways to Purchase Mining Contracts

Genesis Mining has added a few new ways to purchase mining contracts. You can now purchase mining contracts using:

• Credit Cards (VISA and MasterCard)
• Bitcoin
• Dash
• Litecoin
• Dogecoin

New Contracts

Genesis Mining has expanded the types of mining contracts they have. They currently mine

• Bitcoin (sha256 contract)
• Litecoin
• X11
• Ether
• Zcash

When I went to their website today, contracts available for purchase are

• Lifetime Bitcoin Mining
• 2 Years Litecoin Mining
• 2 Years X11 Mining

Customer Service

I have had consistent payouts from Genesis Mining. No problems in that area.
I did have the typical user problem where I locked my account when I did not type in my username and password correctly. Getting my account reset so that I could get back into my account was secure, fast, and easy.

Upped My Hash Rate

Today I increased my hash rate for BTC mining. Why? While it does not provide me the fastest return on investment, it does provide me a long-term stream of income for as long as Bitcoin is mined. My time horizon is greater than the three years it will take to get my return on investment. And if Bitcoin increases, like I think it will, then the payoff time will be even faster.

Affiliate Program

Genesis mining has an affiliate program that gives buyers a 3% discount on the contract price and an increase in hash rate for the affiliate.
If you are interested in Genesis Mining
There is so much more information available at the Genesis Mining website.

What is bitcoin 

Bitcoin is - simply put, a digital currency. The reason why we (and many others) think it is such a remarkable innovation is that this digital money is not controlled by any central authority. The Bitcoin network is completely decentralized, the currency itself is produced by a community, to which anyone can freely join. Bitcoin can be transferred almost freely and instantly in contrast to a bank transfer, where one must pay a significant amount of money and the completion might take days.
Bitcoin is not like the money we know, it is produced and held digitally. It is created by a network of computers that use a certain software, solving mathematical problems. There will be only a finite number of Bitcoins that can ever be mined, so inflation is not a problem of this currency.
An online payment with Bitcoin is fast, secure and as anonymous as you want it to be, and the number of goods and services for which you can pay with digital currencies is constantly growing as well.

What is altcoins

Soon after the launch of Bitcoin other cryptocurrencies started appearing.
By now there are hundreds of new coins introduced to the market, which differ from Bitcoin in some or many characteristics. For example they can be mined with less effort than Bitcoin, and the number of coins that can be ever mined also varies in the case of each coin. The most important difference between altcoins and bitcoin is their proof of work algorithm. In the case of altcoins the algorithm does not contain the protocol of increasing difficulty, which means it's easier and more rewarding for the individual to mine them than mining Bitcoin.
The success of a certain coin mostly depends on the strength of the community it creates. The altcoin that has the biggest market share after Bitcoin is Litecoin.

 

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