Bitcoin is the first decentralized digital coin that was first introduced in 2009. It was created by the so-called Satoshi Nakamoto (a pseudonym), and the individual(s) set a finite number of 21 million for the bitcoins that will ever exist.
As of October 2017, the Bitcoin network has 16,623,15 BTCs in circulation. This means that there are still over 4 million bitcoins yet to be discovered. Also, there are other digital coins, such as Zcash, Litecoin, Ethereum, Dash, and Monero.
You can get new bitcoins by buying them on an exchange, allowing them for goods and services or mining new ones. That’s where the idea of cryptocurrency mining comes in. In the early days of mining, people used their computer CPU and later moved to using a bitcoin mining hardware to mine new coins.
Today, tools like Genesis Mining, have eliminated the need for hardware to make mining convenient for crypto coin miners. Read on to learn more.
What’s Genesis Mining Anyway?
Genesis Mining is a cryptocurrency company that allows you to mine crypto coins with much ease. With team members from different scientific disciplines, the company runs one of the best online cryptocurrency systems for efficient and time-saving mining of coins.
The company was founded in 2013, and it’s model involved mining the most profitable altcoins and then exchange to Bitcoins. On August 2014, Genesis Mining decided to enable direct bitcoin mining due to their clients’ demand. As a result, they became the first large-scale cryptocurrency mining service in the world.
This mining system uses an algorithm to take the frustration out of your regular mining. Instead of focusing on finding and setting up the best hardware, you can now pay more attention to doing the actual mining. All you need is an active connection, computer, and a paid Genesis Mining account.
With Genesis Mining, you only need to make a one-time payment for your plan. Whether you pick the starter, advanced, or the professional plan, there’s one-time price for a 24-month contract with no maintenance fee.
That means you have two good years to mine your favorite crypto coins. This eliminates the hassle that comes with setting up your equipment, and you also don’t need to deal with its noise and excessive heat. There’s no need to wait for shipping as you can start mining immediately after purchasing your plan.
Owning a cryptocurrency mining hardware means you will experience other costs, such as increased electricity bills, maintenance, shipping fees, and additional equipment.
No matter what mining package you choose, you have access to the same technology as every other coin miner on the platform. With various data centers in Iceland, the company has applications that run as programmed without any censorship, downtime, fraud or third-party interference.
The rigs that miners rent use cheap electricity with little to no cooling to ensure a seamless operation. They also offer 100-percent uptime guarantee. So, if a mining hardware crashes or breaks, Genesis Mining’s algorithms automatically relocates miners to other pools to ensure optimal mining time.
Also, the company has a tool known as Genesis Hive, which they use to build and maintain their cryptocurrency mining farms. Now, it’s available to users, and you can use it to set up and manage your own farm and rigs. With the system, you can leverage features such as smart notifications, filters, miner type configuration, and automatic deployment
Mine All Your Favorite Coins
You don’t need to mine Bitcoin only with your plan. Genesis Mining allows you to mine all your favorite coins at the same time using your purchased hashpower. Your account dashboard (GM Advanced Autotrader) lets you allocate the hashpower to the coins that you want to mine.
With the growing number of altcoins, you can choose those that are easy to mine. You see, with bitcoin, the programmer(s) made it in such a way that the difficulty of mining the coins increases as we approach 21 millionth bitcoin. At the current rate, it’s forecasted that the last bitcoin will be found in 2140.
So, Genesis Mining offers a variety of valuable coins, such as Dash and Ethereum, to keep you busy even as you mine bitcoins. Plus, you can get payouts in different coins even if a specific algorithm did not mine them. The whole process makes cryptocurrency mining more manageable for you through a smart approach for exchanging BTC.
Stay on Top of the Coin Rush
As noted before, it becomes increasingly difficult to mine new Bitcoins as the final coin gets close. The mining process of bitcoin involves computational power. This is something that bitcoin creator(s) knew thus the need for difficulty increases.
This means that old technology gets phased out easily with the development of new rigs for mining to keep up with the increasing difficulty. So, if you happened to buy a mining hardware before, there might come a time when you’ll need to replace it. This will make your old hardware useless and unprofitable.
Genesis Mining saves you from such a situation as they do everything for you. They make regular updates to their algorithm to meet the current demands and difficulty levels. All you do is to focus on making the most out of your precious mining hashpower.
Crypto Currency Mining: The Takeaway
If you’re interested in mining digital coins or you want something to replace your mining hardware, you can try Genesis Mining. With a simple pricing structure, you choose a plan that best suits your needs and start mining immediately. There’s no hassle of setting up your rig or maintaining it.
The company offers an easy-to-use interface that doesn’t require much time to know how to use it. You can leverage their regular promotions for automatic upgrades or use promo codes to have a percentage added to your hashpower or for a price cut.
Do you have any questions on cryptocurrency mining and Genesis Mining? Feel free to get in touch with us for assistance.