Getting Started with Genesis ...

5/22/2016

BY: |Andre Klynsmith| Walvis Bay , Namibia

When I got started a few months ago , i started off with Genesis , OXBTC , Dragonmine and Minergate. At the time i only Invested $70 into Genesis and Leveraged my income but spreading the coins i received from Genesis to other services and opportunity s as well .

Before we take a look at genesis , lets quickly discuss Cloud Mining Services .

Cloud Mining Services

Bitcoin cloud mining enables people to earn Bitcoins without bitcoin mining hardware, bitcoin mining software, electricity, bandwidth or other offline issues. Bitcoin cloud mining, sometimes called cloud hashing, enables users to buy the output of Bitcoin mining power from Bitcoin mining hardware placed in remote data centers.

Then all Bitcoin mining is done remotely in the cloud. This enables the owners to not deal with any of the hassles usually encountered when mining bitcoins such as electricity, hosting issues, heat, installation or upkeep trouble.

What are Bitcoin Cloud Mining Disadvantages?

FRAUD!!!

Unverifiable or otherwise shady Bitcoin cloud mining operations
No fun! If you like building your own Bitcoin mining systems.
Lower profits – Bitcoin cloud mining services or operators have expenses
Bitcoin mining contracts may have the ability to cease operations or payouts in the contracts if the Bitcoin price is too low
Lack of possession of the Bitcoin mining hardware
Lack of ability to change the Bitcoin mining software

The reason i Invested in Genesis first was because they are one of the most transparent and most reliable services out there to date. The problem with Cloud Mining services are that some of them have been know to dissipear entirely over night taking all your money and mined coins. That is one of the main reasons i never invest to much in one single service and invest in several of these services all at once.

I also always try to re invest with only the coins i generated from these services into others and if you are following my blog , you will be the first to know if any of them that i have invested in Magically disappears.

Getting Started With Genesis

Genesis provide s 3 types of mining services , sha256 pure Bitcoin mining which is done with ASIC miners , X11 miners which is done with Graphics Cards and usually involves Altcoin mining and then off coarse Ethereum mining.

I just took $70 (R1120.00) worth of sha256 which will buy you 0.2500 TH/s of pure Bitcoin mining. What you will want to take into consideration is that when you do a purchase with your VISA/CREDIT Card, is that Genesis will hold on to your coins mined for 30 days until the transaction has been completed which i didn't know at the time, and had to wait for 30 days before i started receiving my coins. There after you will start receiving your coins every single day paid directly to your Bitcoin Wallet automatically.

If you want to start receiving your coins immediately , you will have to log into your Bitx wallet and make a deposit from your Bank to your wallet and then exchange them into Bitcoins to do the purchase.

Setting up Your Account

Before Allocating your hashpower that you have purchased you will want to set up your account so that you can receive your coins everyday. Click on <My Account> and then <Settings> to open up the setup page. Go to Wallets and paste your Bitx Wallet address into the boxes provided.

If you are going to mine Bitcoins as well as Litecoins or Dashcoins you will want to open up your Multi-Wallet as well to paste both your wallet addresses into the spaces provided and then hit "SAVE" . Also setup your 2 Factor Authority to make your account more secure.

Allocating your Hashpower

Now that your account has been setup , you can allocated your Hashpower so that you can start mining. Click on Mining Allocation so that the page opens up and allocated the percentages of mining power to each coin you want to mine. I am currently running at 80% Bitcoin mining and 20% Litecoin Mining.

I sometimes log in to allocate some power to Dashcoin as well , which is then send to my Multi-coin wallet where i save them for a rainy day.

But the Bitcoins you will be mining hear will not contribute to your Financial Freedom just yet and you will need to re-invest in other projects to leverage your income. Thats why i am running 80% Bitcoin so that the payments I receive everyday can be allocated to other projects to increase my Bitcoin Supply.