Out of all the cloud mining companies, many have come and gone but one standout remains and what I have decided to do as part of this Genesis Mining review is something a little different because I am going to show you exactly why many people think Genesis Mining is a scam and show you how to avoid making this mistake yourself.

I am going to take you behind the scenes of my own account with Genesis Mining and show you my biggest mistake with Genesis Mining (even though I am breaking even) when I ordered hash power and how you can avoid it with a quick mining calculation before pressing buy.

I will also answer some of the most pressing questions you may have about this company most notably whether Genesis Mining actually is a scam or profitable, alternatives to Genesis Mining and details about the latest and working Genesis Mining promo codes which are a must each time you order to get a better return on your cloud mining contract.

But first my backstory with Genesis Mining.

My experience with Genesis Cloud Mining

I bought my first Genesis Mining contract in 2017 for BTC.

Their slick videos showing their impressive facilities, with access to low-cost Icelandic electricity and freezing temperatures to keep the GPU's cool and running as fast as possible is a compelling argument for investing with them instead of trying to do it all yourself and having to pay for expensive mining rigs, electricity and cooling yourself.

Videos like the below perfectly illustrate my point.

As soon as I purchased my first contract I was impressed by the immediate activity I got on my account. Your agreed contract hash power begins immediately mining on your behalf and when you hit a certain limit of Bitcoin mined they make a payment to your account.

See below.

Genesis mining

As you will see from the above on the 29th of January I received a transaction to my wallet of $.0025 BTC which at the current BTC market price equals about $140 USD and I get this about once a month since the contract started in June 2020. Now for this particular contract that generates this hash power, I paid $782.70 USD and it's for a 30-month term.

Here is a schedule of the payments received for this mining contract so far.

25/02/20210.00252921 BTC
29/01/20210.00250582 BTC
02/01/20210.00252288 BTC
05/12/20200.00253901 BTC
07/11/20200.00257146 BTC
04/10/20200.00253996 BTC
29/08/20200.00252169 BTC
30/07/20200.00255177 BTC

The average of these 8 payouts is 0.00253522 BTC and paid about once per month but more recently once every 27-28 days but for the purpose of this Genesis Mining case study we will keep things simple and say one payment of 0.002535 BTC per month or about $140 per month at a BTC price of $55,000. I only mention dollar amounts here for the purpose of letting you follow along with this example and do your own calculations if you wish.

So if we do some quick maths at the current BTC market price my $782 investment into Genesis Mining is going to make $4200 USD ($140 x 30 payments) which we have a high assurance of because there is no Bitcoin halving occurring during the lifetime of this particular mining contract. 

So on the surface, this all seems great because making a 537% return on investment is always a good thing but believe it or not, the above order was a mistake because of my timing when I bought the contract and by getting caught up in the Bitcoin FOMO and pressing buy a little too quickly when I should have waited for my BTC to be more valuable.

If I had done the calculation I'm about to explain below I would have immediately paused and waited but I also didn't do a quick search for a Genesis Mining Promo code. This would have saved me valuable BTC so make sure to always use a code (my code HMwSJy will get you 3% off).

Now let me explain the timing issue more clearly.

I bought this contract on the 24th June 2020 and used BTC from my wallet to buy it and was charged 0.08 BTC which worked out to $782 USD at Bitcoins price that day of about $9,800 USD.

So if I had just bought $782 of Bitcoin that day instead of this mining contract I would now have $4400 USD at today's price of about $55,000. So in other words about $200 more than what Genesis Mining is offering me. ($140 x 30 months) = $4200.

That $200 works out to about 5% more on my money if I had just bought Bitcoin direct so the obvious conclusion then must be that Genesis Mining is a scam?

Well not so fast let's take a closer look at this question as it's one of the most common questions people have about Genesis Mining and as always to get the truth you have to dig a bit deeper and have the right numbers on your side.

Is Genesis Mining a scam?

Genesis mining scam

The simple answer is no because to be truly classified as a scam they would take your money and run but every day for the last 3 years, I have a record of the exact amount that has been mined on my behalf and a regular payout to my wallet.

However, that being said many people have lost money with Genesis Mining and you will find numerous Genesis mining customer reviews that will put you off from buying a contract.

Based on the numbers you are about to see I think this would be a mistake because 2021 and beyond is poised to be one of the best times to mine Bitcoin, Ethereum, and Litecoin with Genesis Mining.

Timing is everything when it comes to investing and it's no different when it comes to investing in Genesis Mining contracts.

To illustrate this let's go back to my Bitcoin contract above which was purchased when Bitcoin was priced at $9783. If I had waited a month on the 31st July 2020 the BTC price was $11,113 and my mining contract of $782.70 would have been .07 BTC instead of the 0.08 BTC I paid a month earlier.

This would have made all the difference not to the dollar amount of $4,200 (at today's BTC price) but rather because of proper timing I would have paid 0.01 BTC less being paid which at today's BTC price means an extra $550 being added to the profit of the contract so instead of being $200 down ($4,200) I would have been $350 better off ($4,750) than simply buying $782.70 (now $4,400) Bitcoin direct from an exchange at the time.

So does that make Genesis Mining a good investment?

It depends on you doing your homework first.

In the above example of buying the contract on the 31st July 2020, yes it would have been a good investment but on the 24th of June 2020 no it wasn't.

Any time you can make a profit on Bitcoin and get more BTC from what you put in, you need to take it especially with more consensus predicting Bitcoin will be at least $300,000 per coin by 2030. At a price like that even fractions of a Bitcoin quickly add up over time which again is why you always want to use a Genesis Mining promo code because you are paying with your Bitcoin.

And let's not forget the above example where Genesis Mining started to become profitable at $11,113 per coin but now that BTC is pushing over $50,000 we should see some incredible returns on investment for new Genesis Mining contracts when they next make them available.

However, the best gauge of profitability is the most recent mining contracts which were for Ethereum cloud mining.

Latest Genesis Ethereum Mining Profitability

Genesis Ethereum mining contract

Here is a screenshot of the pricing for the Genesis Radiant Mining rigs (their latest and best technology) for Ethereum. (Ethereum Radiant Zero simply means you pay the management fee to Genesis mining upfront instead of daily).

Genesis Mining Pricing

Note: The 12-month option shown above increases the hash rate received but not enough to beat the returns of a 24-month contract.

Here is the calculation if you bought 24 months on February 1st when Ethereum was $1513.

Genesis Mining ContractCost In EthereumTotal Ethereum Mined
125 MH/s3.3 ETH4.96 ETH
25 MH/s0.66 ETH0.9936 ETH
12.5 MH/s0.33 ETH0.4968 ETH

So on February 1st, your ROI would have been 50% (4.96 ETH / 3.3 ETH) – so 50% more Ethereum than what you paid.

But if you had waited just three days and bought this contract on the 4th February 2021 it would have worked out as follows.

Genesis Mining ContractCost In EthereumTotal Ethereum Mined
125 MH/s2.9 ETH4.96 ETH
25 MH/s0.581 ETH0.9936 ETH
12.5 MH/s0.291 ETH0.4968 ETH

So on February 4th 2021 your ROI would have been 71% (4.96 ETH / 2.9 ETH).

So to the question about whether Genesis Mining is profitable right now, the clear answer is yes and because of the recent bull run in the crypto markets, 2021 may be the best year yet to invest with Genesis Mining as long as you time the market correctly.

As I write this post, Genesis Mining is not accepting new clients and doesn't have any existing hash power for current clients but this may not be the case when you read this (check here). When they do open a new contract I definitely recommend you check out their latest pricing and do a quick calculation (explained below) before pressing the buy button.

How to calculate Genesis Mining profitability?

Visit the https://www.genesis-mining.com/pricing page and look at their latest prices for contracts and then do the following quick calculation.

  • Take the contract price divided by the current BTC price

    So let's say a Genesis Mining 20 TH/s plan is $1,000 USD and the price of Bitcoin is $50,000 on the day so that would work out to 0.02 BTC for this contract
  • Now go to this mining calculator and enter hash power as 20 and enter 0 for power consumption and Cost per KW/h as this is what you pay Genesis Mining to cover on your behalf using their cheap Icelandic electricity. 
  • You will then see the total number of BTC you get in one year 
  • Multiply that figure by two if you purchased the two-year mining contract
  • Compare this return on the amount of BTC you paid (this example is 0.02 BTC)

As I do this calculation right now I can see this example generates 0.04 BTC per year which for a two-year contract works out to 0.08 BTC which is a 400% ROI based on the 0.02 BTC you spent to get into this mining contract.

Now please remember this is a hypothetical example based on the current BTC price and also Genesis Mining not hiking their new contract pricing. However, as long as that remains similar to what it has in the past you should see a positive ROI on your Genesis Mining contract if the BTC price is at least $20,000 per coin.

But please remember this is not investment advice as this review is about giving you the information and tools you need to do the mining calculation yourself on the day you are deciding to buy a Genesis Mining contract. However, that $20,000 BTC price and $1,500 ETH price are a definite marker for you to keep an eye on when Genesis Mining tweets about their new contracts.

But again do the calculation yourself. Your future self thanks you…

Now because of the limited amount of hash power being sold there can be this temptation to rush your order before it sells ou. But as long as you have done your calculations beforehand you should be good to go but as already mentioned don't forget the Genesis Mining Promo code at checkout.

Promo Code for Genesis Mining

The only reliable promo code for Genesis Mining is their 3% discount option.

Anybody else who says otherwise is simply lying to you to get you to click their link so that they get credit for your order.

At worst you will get a 0% discount and at best you will get the same 3% discount on your order as you will get from using my 100% authentic Genesis Mining promo code as follows:


3% may not sound that much but when you are paying with literal digital gold (Bitcoin) to enter these contracts you want to make sure you are paying as little of it as possible to really boost your return especially if ordering contracts of $5,000 or more.

Recent news has suggested that Bitcoin could achieve $5,000,000 (100x at $50,000 a coin) as indicated by the CEO of MicroStrategy in this CNBC interview which is why they are buying as much of it as they can. Now I do not necessarily agree with him but I do personally believe Bitcoin will be at least $500,000 in the year 2030 and I only mention this to illustrate that 3% saving on Bitcoin now could look as follows in the future based on the current BTC price at $50,000.

$1,000 Contract$5,000 Contract$10,000 Contract
0.0006 BTC saved0.003 BTC saved0.006 BTC saved

And this 3% discount works out as follows based on three different possible Bitcoin prices.

$500,000 BTC $1,000,000 BTC$5,000,000 BTC
$1,000 Contract$300 saved$600 saved$3,000 saved
$5,000 Contract$1,500 saved$3,000 saved$15,000 saved
$10,000 Contract$3,000 saved$6,000 saved$30,000 saved

So in other words, if Bitcoin did hit $5,000,000 then that 3% you saved now on your BTC fee would be worth 300% ($3,000 saved on a $1,000 contract fee).

So with all that said, in the rush to secure a Genesis Mining contract don't forget to add my code.


I appreciate it and it shows me that you found this Genesis Mining case study useful today. So with all that said here are my concluding thoughts and discussions on alternative options for getting Bitcoin.

Should you purchase hash power at Genesis Mining?

There are a few reasons you should but here are a few standouts.

  • No large upfront cost to buy mining equipment
  • No large power bills to power GPU's and air conditioning
  • Cheap electricity rates in Iceland is working in your favor
  • If you time your contract correctly you will accumulate more BTC than what you put in
  • You have a whole team of computer engineers working on your behalf so you always get the hash power you buy reliably every single day.

But with all that said I also recommend this.

The best Genesis Mining alternative

There have been a few cloud mining competitors to Genesis Mining but most have closed down or proven to be a complete scam by simply taking your money and pretending to award you BTC which you can never withdraw.

I have been with Genesis Mining for over three years and have not had this problem ever with them but that being said the best alternative to Genesis Mining is simply to mine yourself. Their are some excellent dedicated mining tools like the Antminer S19 Pro which offers you 110 TH/s but is currently sold out.

Their is a significant investment of multiple thousands of dollars but at 110 TH/s at today's price of Bitcoin around $50,000 works out to almost $12,000 profit or 0.23 BTC (before electricity fees) – this will always be significantly more profitable than Genesis Mining and if your situation and rates of electricity allow it makes for an excellent investment.

The other possible idea when it comes to Genesis Mining is purchasing stock which we will take a quick look at options now.

Genesis Mining Stock

The logic for this is quite simple.

These companies have huge infrastructure in Bitcoin mining and are accumulating many thousands of Bitcoins per year which they need to pay some of to their customers but you can best the vast majority are being stored for themselves.

The more Bitcoin's price keeps increasing the more the value of a stock for one of these companies becomes an attractive proposition.

If that is of interest to you then Genesis Mining CEO, Marco Streng partnered with investment company Fiore Group to create HIVE Blockchain Technologies â€” one of the first publicly traded blockchain infrastructure companies that is listed on the Toronto Stock Exchange under code HIVE.V.

Now, this piece today is not investment advice about Genesis Mining stock but its important to remember that there are a number of factors that threaten the viability of crypto-mining companies including maintenance of rigs, electricity and the increased difficulty of mining but if you are interested in Genesis Mining from a stock market investing point of view then have a look at Hive Blockchain Technologies.

Final thoughts on Genesis Mining

Is Genesis Mining Legit

Genesis Mining has the potential to be an absolute gold mine for the first time in 2021 with the current prices of Bitcoin. As long as the new Genesis Mining contracts are not too greedy in their pricing you should see a positive return on your investment.

But remember there is no-one to blame but yourself if you don't make a profit because it's really easy to do the Genesis Mining profit calculation as illustrated above and if the numbers need to be better on a particular day you are thinking of ordering a contract just wait to see what the price of Bitcoin does as especially in this massive bull market it can make all the difference to your profits.

And if your budget and lifestyle you may want to consider buying a mining rig to get started as this will always be the best Bitcoin mining return compared to any type of cloud mining. But again use the Bitcoin mining calculator before making any financial decision on Bitcoin mining.

I hope this Genesis Mining review has given you food for thought today. Don't be too quick to dismiss them especially with the current state of the market but I will update this post when Genesis Mining reveals their pricing for new Bitcoin mining contracts.

Before you go about your day visit Genesis Mining to see if new contracts are available yet.

Want to read a specific section of this Genesis Mining review again?

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