This Genesis Mining review was first published on Sep 14, 2017 and updated at 7 May 2026.
Genesis Mining is one of the earliest cloud mining companies in the cryptocurrency industry, founded around 2013 by Marco Streng and his team.
The platform allows users to purchase mining contracts instead of buying expensive hardware. In theory, this means you can earn cryptocurrencies like Bitcoin without managing equipment yourself.
Genesis Mining also claimed to operate large-scale mining farms, particularly in regions like Iceland, where electricity is relatively cheap.
How Genesis Mining Works
The concept is simple:
- You buy a mining contract
- The company mines cryptocurrency on your behalf
- You receive daily payouts based on mining performance
However, actual earnings depend on several factors, including:
- Cryptocurrency market price
- Mining difficulty
- Contract fees and maintenance costs
Why Genesis Mining Was Considered Legitimate?
In its early years, Genesis Mining stood out compared to many similar platforms.
Real Infrastructure
Unlike many short-lived schemes, Genesis Mining showed evidence of actual mining farms.
Long Operational History
Operating since 2013, it survived multiple cryptocurrency market cycles.
Public Team
The company had identifiable founders and team members, which added credibility.
Why Many Users Now Consider It Risky or Unprofitable?
Over time, user sentiment has shifted significantly. While the company itself is real, many customers report poor outcomes.
Low or Negative Returns
A large number of users say they never recovered their initial investment.
In many cases, simply buying cryptocurrency directly would have been more profitable.
Maintenance Fees Reduce Earnings
Genesis Mining charges maintenance fees, usually in USD.
When crypto prices drop:
- Mining rewards decrease
- Fees remain constant
This often leads to little or no profit.
“Lifetime Contracts” May End Early
Some contracts are marketed as “lifetime,” but they typically include conditions.
If mining becomes unprofitable, contracts may be terminated automatically.
This has been a major source of complaints from users.
Customer Support Issues
Common complaints include:
- Delayed responses
- Withdrawal concerns
- Lack of clear communication
While not every user experiences this, it appears frequently in public feedback.
Important: Impersonation Scams
There are many fake websites and messages pretending to be Genesis Mining.
These impersonators are actual scams and are not connected to the original company.
Users should always verify they are dealing with the official platform.
Is Genesis Mining a Scam or Legit?
The answer is not black and white.
- It is a real company with a long history
- It is widely considered a poor investment by many users
Rather than a typical “disappear with your money” scam, Genesis Mining is better described as:
A service where the risk is high and profitability is uncertain, often working against the customer.
Pros and Cons
Pros
- Established company in the cloud mining space
- No need to manage hardware
- Beginner-friendly concept
Cons
- High risk of low or negative returns
- Fees can outweigh earnings
- Contracts may end earlier than expected
- Mixed to negative user feedback
Final Verdict
Genesis Mining played an important role in popularizing cloud mining, but in 2026, it is not considered a reliable way to earn passive income.
Most users are better off:
- Buying cryptocurrency directly
- Or exploring more transparent investment options
Our Recommendation
If you are considering Genesis Mining:
- Treat it as a high-risk investment
- Do not expect guaranteed profits
- Only invest money you can afford to lose
Conclusion
Genesis Mining is a real and historically significant company, but its current reputation is shaped by low profitability, high fees, and user dissatisfaction.
While it may not fit the definition of a classic scam, it is also not a recommended platform for most users today.
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