Genesis Mining Cloud-Hash Review
I've recently started renting some scrypt hashpower from them and with much better service than i've recieved in comparison to companies like cex.io or standard rental sites like betarigs i felt like this needs promoting more
How does it work
At the moment Genesis Mining currently allow user's to buy sha256 hashpower for bitcoin and scrypt hashpower for a wide range of altcoin's. This is used to mine on their own hand picked pool's or solo mined on their own coin daemon's to give back to user's the fee savings. According to a support ticket i sent to genesis mining, They plan on allowing user's to mine sha256 altcoins rather than only bitcoin as they do at the moment. In addition to this they are also planning on cutting the prices of their scrypt contracts to 39 USD MH/s per year. At the moment they dont do X11 hashpower however i've been told its something they intend to do.
Why i like them
1 thing i have found lacking in a number of cloud hashing and rental services is the inability to split hashpower between multiple coins. This is something which genesis-mining allows very easily using their dashboard. At the time of writing this, genesis mining allows people to split their hashpowe between the following coins:
- RDD
- BC
- LTC
- DOGE
- AUR
- FTC
- LOT
- MEC
- NVC
- POT
Additionally unlike gawminer's hashlet's genesis mining actually shows pictures of their miners and is overall a pretty transparent company. They have an about page with info on their company here:
https://www.genesis-mining.com/about-us. Staff of the company have also attended various bitcoin conferences. In the following article about Gavin Anderson's comment stating that most cloud hashing are ponzi's genesis mining went as far as to invite Gavin to their facilities to view their vast range of hardware.
http://cointelegraph.com/news/112329/gavin-andresens-fractional-reserve-mining-cloud-miners-respond.
Why i use it
As a private pool operator its often neccesary for me to rent enough hashpower to ensure that the pool works properly on any given coin. During high demand period's such as when altcoin's launch its difficult to be able to rent double digit hashpower at a good price. For this reason i am also considering buying one of genesis mining's lifetime mining contracts which i think is active as long as the payout is over the fees paid. Has anyone tried it out before so i can get some opinions before i buy it?
As well as this it also means i dont have to spend time and effort on setting up asic's, cooling and power to ensure that i'm not loosing money when the rigs are offline while genesis mining have a 100% UPTIME GUARANTEE!!. I've read a reddit post by one of the /r/BitcoinMining mod's:
http://www.reddit.com/r/BitcoinMining/comments/2enhh4/genesisminingcom_is_a_dishonestly_run_business/ and i seem to disagree with what they're saying. So far from the research i've done they seem to be one of the most reputable companies out there.
FootNote: This is an impartial review as a user of genesis mining. I've used a number of rental sites including miningrigrentals, betarigs and cloud hashing services such as CEX.io and i felt that genesis mining deserved a review
