It was only a matter of time until the BitLicense regulation started claiming more victims in the Bitcoin mining industry. Not only are individual miners under the scrutiny of becoming money transmitters, but mining pools and even cloud mining providers could be affected as well. Genesis Mining, one of the very few legitimate cloud mining companies, will no longer accept customers from the New York state area.
Bitcoin has been plagued by lots of companies offering the next big thing in “cloud mining”, and eventually turning into a scam. That list has grown quite long in recent months, and the latest name on the list is Cloudminr.io. According to the company’s website, somebody hacked their database and exposed all of the user accounts.
The Volatility of Bitcoin Cloud Mining Services
For those among us who have been involved in Bitcoin for quite some time, cloud mining has always been synonymous with a huge potential for a scam company. Granted, there are a handful of legitimate Bitcoin cloud mining companies out there, such as CEX.io, Bit-X, and Genesis Mining. But for every legitimate company, there are at least a handful of Ponzi schemes and scam sites as well.
One of the recurring topics of the past few months remains Bitcoin cloud mining, and its current struggle to be profitable for customers. Several Bitcoin cloud mining providers have halted their services for the time being, as other companies are working on new partnerships in order to provide their customers with a quality service. Genesis Mining, one of the few European Bitcoin cloud mining companies still in existence, has recently partnered with Spondoolies-Tech, a Bitcoin mining hardware manufacturer.
In the light of all the recent commotion surrounding Bitcoin and altcoin cloud mining, several companies have either halted operations for the time being, or issues warnings about the current unprofitable state of their services. Genesis Mining, a German-based cloud mining company and one of our major advertisers on this website, has come up with an interesting solution to address the current state of altcoin cloud mining.
Scrypt Cloud Mining Even Less Profitable Than Bitcoin Cloud Mining
Genesis Mining, one of the top brands in the cryptocurrency cloud mining space, is once again offering Scrypt cloud mining contracts to their customers. Due to overwhelming demand, these contracts were unavailable for a time, but this matter has been resolved. If you are interesting in buying a Genesis Mining Scrypt cloud mining contract, you might want to make up your mind soon though, as there are certain limits in place.
The popular Bitcoin documentary “The Rise and Rise of Bitcoin” has been out for a few weeks now, and it looks like we see more and more screenings popping up all over the world. In this case, Genesis Mining will be hosting the very first public screening of the documentary.
It is interesting to see how all kinds of different companies and services respond to the “The Rise and Rise of Bitcoin” documentary. Even though it is impossible to cover all angles regarding Bitcoin in a documentary, there is some valuable information in regards to the mining aspect of Bitcoin to be found.
As we announced yesterday, ZeusMiner is massively reducing the prices on their ZeusHash Bitcoin and Litecoin cloud mining platform. We didn’t have the exact details yesterday evening, but after getting an email from the team in my mailbox this morning, I can now tell you all about it!
If you have read the article we posted yesterday, you will remember ZeusHash is partnering up with two major players in the Bitcoin mining space. Both AsicMiner and XBTec will offer ZeusHash customers competitively priced hardware, as their server farms are strategically located in areas with very low electricity costs.
The BlackCoin team is running a new and interesting initiative in order to add more buy pressure on exchanges. Their new project is called BlackHashlet, and is a combination of cloud mining contracts, earnings of which are used to set up buy orders on exchanges. Let’s find out more!
A BlackCoin Mining Fund has been set up, where people can donate either BlackCoin or Bitcoin to specific addresses. So far, over 0.3 Bitcoin and 13500 BC have been donated to the fund, which uses these donations to purchase cloud mining contracts from various sources.
After a long period of offering exclusively scrypt hashpower, Genesis Mining launched its new sha256 mining contracts in the beginning of September and became the World’s first large scale multi-algorithm cloud mining service.
The launch was followed by a complete restructuring of the company’s pricing mechanism: instead of yearly contracts, Genesis Mining now sells hashpower for an entire lifetime.
The company goes even further by challenging the whole market with prices that are well below the industry’s current level. Marco Streng, CEO of Genesis Mining says:
For our next article of the day, I want to tell our fine readers about some important updates in regards to Genesis Mining’s contracts. More contracts have been added, which is never a bad thing, especially not if they can be used to mine Bitcoin!
Genesis Mining offers Scrypt cloud mining contracts since day one. Because of their sharp pricing without any additional fees and costs, and their presence at several Bitcoin events over the past few months, they have become a household name.
It’s time to do a recap of the things achieved by your friends and mine over at Genesis Mining. Ever since we wrote our first article about this company, a lot of things have changed, and all of the changes are positive. And there is even more news! Let’s go!
The achievement most people are interested in, is the price reduction recently applied by Genesis Mining. Thanks to the loyal customers, growing clientele and great new partnerships , the lowest prices in the Scrypt Cloud Mining market can be found at Genesis Mining.
1 MH/s for 119$ => 11.9 cent
This announcements marks a very unique event in the world of Bitcoin. Genesis Mining, a company offering Scrypt Cloud Mining contracts, is partnering up with BitLendingClub, a peer-to-peer Bitcoin lending network.
BitLendingClub is a platform for people to either loan or borrow Bitcoin. As a lender, you are entitled to an interest on top of the amount of Bitcoin you lend to someone. As a borrower, you are obligated to pay the amount of Bitcoin back, with additional interest.
There is some more news coming from the folks over at Genesis Mining, a company offering Scrypt Cloud Mining contracts. They recently started accepting Litecoin as a payment method for their contracts, and now they are also accepting DogeCoin!
This is excellent news for the DogeCoin community, as you can now purchase a Genesis Mining contract with DogeCoin, and use the contract to mine even more DogeCoin. A very interesting turn of events in the world of Scrypt Cloud Mining.
In case you missed it, there is a very important Bitcoin conference taking place soon in Hong Kong, I am talking about the next Inside Bitcoins event, which will include a special announcement by BTC China CEO Bobby Lee.
What will this announcement be about, is the question going through many people’s minds. We can’t tell you unfortunately, but what we do know is that it will be both a new product, as well as a key market. Mark the date of June 24th on your calendar peeps! Let the speculation begin in the comments section below!
As we have mentioned a little while ago, Genesis Mining will provide us with regular updates in regards to new coins being added, or any other major developments. Payments can now also be received in the form of DarkCoin and contracts can now be paid with Litecoin! Interested yet?
This is great news for Genesis Mining and their customers, as they now not only offer alt coin mining contracts payable in either Bitcoin or Litecoin, but they keep adding different alt coin payout options. From what I can gather, a lot of people are really happy about this announcement, and rightfully so!
Genesis-Mining, a Scrypt cloud mining contracts company, has opened up their affiliate program for all users. This means that, like with other comparable Bitcoin-related services, you will earn more hashrate by referring people. But there’s more!
In order to refer people to Genesis-Mining, you have to request a special promotional code through their support system. As I’m in touch with these fine folks regularly, I got my code rather quickly, for which I’m very grateful.
So what do these referral codes do for the people you bring over to Genesis-Mining? Well, people referred by you will receive a 3% discount on their order total, which is not bad either, especially when you look at the DIamond plan.
Today is an opportune time to check back in with the Genesis-Mining team. As I’ve mentioned in my interview with Jan from Genesis-Mining , conducted at Bitcoin 2014 in Amsterdam last week, there were changes coming, such as new coins.
And the team delivered on that promise, by adding a few new coins to their repertoire already. AuroraCoin, LottoCoin and FeatherCoin have been added to the list of mineable coins at Genesis-Mining.
We mentioned before that users would be able to cast their vote on which coin they wanted to see added next. This vote is currently underway on Facebook (link below this article), and the contestants are : MegaCoin, WorldCoin, AsiaCoin, AnonCoin and PotCoin.
We previously touched on Genesis-Mining, a company offering Scrypt cloud mining with yearly contracts and cheap prices. After the first round of feedback from users, they have decided a few things, so let’s take a look!
This interview was conducted at Bitcoin 2014 on Saturday May 17th. I am joined by Jan Heinicke-Clemm, who is one of the two people manning the Genesis-Mining booth for this conference.
Me : Hello Jan, thank you for giving me the chance to conduct this interview. I know you guys must be really busy here on the floor.