Due to the high cost and maintenance of equipment and the associated payment of electricity and Internet services, practice mining at these times has become an activity that is rarely maintained. That’s why this practice is concentrated in a few places in the world where electricity bills are low enough to make mining production profitable. From these difficulties, so-called cloud mining has arisen.
Genesis Mining provides legal bitcoin and altcoin mining in a completely transparent transaction, with no hidden costs, and now they are organizing an assistance meeting for anyone in the Bitcoin community who wants to understand the advantages of cryptography. With Genesis Mining, you can mine ETHER, BTC, LTC, DOGE, DASH, BTCD, UNO and assign mining at any time, providing all the hashing functions for Bitcoin or dispersing power in each coin.
- The first thing to do is to open an account with Genesis Mining, which is free and you can start investing at any time. In the sidebar on the left, we will find all the necessary features to fully control our investment.
- In this step, we will invest by purchasing mining power, which is basically to buy space on the server and make it suitable for us.
Select the “Buy Mining Power” option from the left menu and this option will display all available investment options. We won’t go into each of them in detail because they will vary depending on availability at the time. In this case, we will purchase Bitcoin contracts indefinitely. We select the investment amount from the drop down bar for a minimum of $30.
- Now we will select the payment method (credit card, bitcoin, sprint, Litecoin, Dogecoin) from the right panel. This part is essential, so we should pay attention. At the top, we can enter a promotional code to enjoy a 3% discount on purchase.
- In this step, we continue to make payments using the selected method, in this case, Bitcoin. You have 30 minutes or the order is canceled. Below we will see the specifications of the contract, the most prominent of which is the daily maintenance cost and the total BTC we will pay.
Finally, we accept the terms and confirm the order.
- After a few minutes, you can go to “My Orders” where you can view the mining contract you purchased. From the control panel, we can see that we have already mined bitcoin in the cloud. Genesis Mining has a compelling feature that distributes mining capabilities into several cryptocurrencies. For example, after the purchase contract, we can diversify 50% of Bitcoin mining, while the remaining 50% of Litecoin.
You can make all the combinations you can think of to maximize your investment.
Final considerations:- Mining is a high-risk business that is highly dependent on the price of the cryptocurrency.