Genesis Mining is a Cryptocurrency cloud mining service that offers an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup. We offer hosted cryptocurrency mining services and a variety of mining related solutions to small and large scale customers. The combination of our algorithmic trading framework, mining infrastructure, and proprietary mining farm-management software, Genesis Hive, quickly made us an industry leader.
Our team of mining experts with extensive knowledge of the digital currency sector specializes in building the most efficient and reliable mining facilities. Genesis Mining is also the founding partner of Logos Fund, the first ever Bitcoin Mining Fund, which targets professional investors looking to gain access to Bitcoin’s and various other digital assets’ potential. Our service was founded by the end of 2013 and with now over 2.000.000 users we are the world‘s leading multi-algorithm cloud mining service.
It’s quick and very easy! As soon as we receive your payment your contract will be added to your profile, and you can immediately start mining. Depending on the blockchain algorithm you select and the associated mining service agreement you enter into, you can either mine native cryptocurrencies directly or allocate your hashpower to other cryptocurrencies (marked with AUTO), and even choose a specific allocation for them. For example: 60% LTC, 20% BTC and 20% DOGE. The first mining output is released after 48 hours, and then a daily mining output will follow.
Remark: Every day of mining will be processed and sent to your account in the following 24 hours after the mining day is over. For security reasons, we do not disclose the exact location of our mining farms. As of April 2015, we are operating several mining farms that are located in Europe, America and Asia. Electricity cost and availability of cooling are important, but not the only criteria. See our Datacenters page for more information.
We do not publish a list of pools we are using. Our main criteria for a good pool are: reliability, fee structure and reject rate. Going forward we will solo-mine a few coins (and pass the fee savings to our users!).
Our internal policy is: “be a good crypto citizen”. This means, that we will at least use two different pools (in some cases we use up to four) for each coin. This is to preserve the decentralized nature of the crypto networks! If we become aware that a pool is getting close to 50% share, we will switch away from it and use a backup instead.
Since third-party calculators are a popular way of estimating mining performance, we have set up a Performance estimation tutorial on how to make your own calculations, along with the general explanation about potential mining scenarios.
When evaluating the benefits, please keep in mind that mining, and using our service, is subject to a daily maintenance fee (if applicable to your mining plan) which must be deducted from the daily mining rewards.
The results of cryptocurrency mining highly depend on the price and the network difficulties of the given cryptocurrencies that you are mining. Neither of those can be predicted, so each customer must make an independent decision about the benefits of cryptocurrency mining and, in doing so, should consider the risks and their own circumstance when choosing whether to mine.
You are able to mine Bitcoin and various altcoins directly via our mining allocation page*. The availability of cryptocurrencies you can mine depends on the contract you have chosen.
You must allocate your hashpower in order to determine the cryptocurrency received for your mining output. If no allocation has been made, the mining output will default to the following for the given blockchain algorithm:
SHA-256 contract – Bitcoin
X11 contract – Dash
Ethash contract – Ethereum
CryptoNight contract – Monero/Monero Classic
Scrypt – Litecoin
Equihash – Zcash
(*) “Genesis Mining Advanced Allocation” (special feature):
It allows you to get mining outputs in many different coins even if they are not mined directly by a certain algorithm. For example, you can get mining outputs in BTC while mining with an X11 algorithm! That is possible by mining the DASH coin directly, which is then automatically swapped to BTC by our algorithmic framework. The Allocation function is designed for customers to receive delivery of their mining results in their preferred cryptocurrency. We call it “mining BTC the smart way”. The same technique is also used to get mining results in LTC with a SHA-256 contract, etc.
Bitcoin-rivals ethereum, Ripple’s XRP, bitcoin cash, litecoin, EOS and binance coin were also heavily sold off, wiping billions of dollars from the combined cryptocurrency market capitalization.
The cause of the sudden sell-off was not immediately clear, however, analysts have noted a drop in crypto market trading volume recently.
“All is quiet on the crypto front. Perhaps, a little too quiet,” Mati Greenspan, the founder of bitcoin and crypto research outlet Quantum Economics wrote in a note ahead of the bitcoin sell-off today, adding the dominance of the world’s biggest stablecoin, tether, “seems to be waning.”
Bitcoin was earlier trading at $6,880, down by 3.5% over the last 24-hour trading period, according to prices from U.S.-based crypto exchange Coinbase, with ethereum, Ripple’s XRP, litecoin, and bitcoin cash all off by between 5% and 8%.
EOS, a dectralized app token similar to ethereum, led the bitcoin and crypto market lower.
In periods of low trading volume, crypto prices are more vulnerable to so-called whales moving the market by placing massive buy or sell orders at a little above or below current market rates. These can trigger trading algorithms that then send prices sharply higher or lower and can be a sign of market manipulation.
Meanwhile, research out earlier today suggested the bitcoin price might struggle over the short term due to the $2 billion PlusToken scandal—one of the biggest ever cryptocurrency scams.
The bitcoin price hasn’t fallen below $7,000 since the end of November and its sudden fall knocked … [+]
Coinbase
“That’s certainly something to consider when you are thinking about where the price is going, at least in the short term,” Kim Grauer, senior economist at blockchain analysis company Chainalysis told financial newswire Bloomberg. “It could be, according to our research, continued downward pressure.”
PlusToken scammers are thought to have sold some 25,000 bitcoin, according to Chainalysis data, with a further 20,000 still to be dumped back onto the market.
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
Now, amid warnings that the “fragile” fiat currency system will be put under strain in years ahead, Germany’s troubled Deutsche Bank has asked, “will fiat currencies survive,” in what it calls the “multi-trillion dollar (or bitcoin) question.”
“The forces that have held the current fiat system together now look fragile and they could unravel in the 2020s,” Deutsche Bank strategist Jim Reid wrote in a report looking at 24 alternative ideas for the next 10 years.
“If so, that will start to lead to a backlash against fiat money and demand for alternative currencies, such as gold or crypto could soar. The demand for alternative currencies will therefore likely be significantly higher by the time 2030 rolls around.”
Central banks are still struggling to offset the effects of the global financial crisis that birthed bitcoin, with worries another so-far-unidentified crisis could be looming on the horizon.
“Will fiat currencies survive the policy dilemma that authorities will experience as they try to balance higher yields with record levels of debt,” Reid asked. “That’s the multi-trillion dollar (or bitcoin) question for the decade ahead.”
Bitcoin is often touted as an antidote to the central bank, debt-based monetary system, picking up the moniker “digital gold” for its built in scarcity. There will only ever be 21 million bitcoin, with the supply drying up in the distant year of 2140.
Deutsche Bank, which has seen its value cut by 90% in the ten years since bitcoin was created, has also predicted corporate and government banked cryptocurrencies will drive crypto adoption.
“Assuming governments back cryptocurrencies, and consumers want them, adoption rates will drive the timeline for mainstream use,” Reid wrote. “If current trends continue, there could be 200 million blockchain wallet users in 2030.”
Deutsche Bank has forecast there could be more than 200 million bitcoin and cryptocurrency users … [+]
Deutsche Bank
Meanwhile, other banks are warning that the year ahead could bring an overhaul of the “status quo.”
“We see 2020 as a year where at nearly every turn, disruption of the status quo is an overriding theme,” Saxo Bank’s chief economist Steen Jakobsen wrote this week in a report titled “10 Outrageous Predictions for 2020.”
“The year could represent one big pendulum swing to opposites in politics, monetary and fiscal policy and, not least, the environment. In policy making, it could mean that central banks step aside and maybe even slightly normalize rates, while governments step into the breach with infrastructure and climate policy-linked spending.”
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
Now, it’s been revealed federal prosecutor-turned bitcoin and cryptocurrency expert Katie Haun was asked to look into “shutting down” bitcoin by her boss at the U.S. attorney’s office in 2012.
“They said ‘we have this perfect assignment for you’–there’s this thing called bitcoin and we need to investigate it,” Haun told CNBC in a wide-ranging interview, adding a colleague asked her to take down bitcoin.
“That was the first time I’d ever heard of bitcoin.”
Over the next few years Haun would go on to sit on the board of U.S. bitcoin and cryptocurrency exchange Coinbase and teach a class on cryptocurrency at Stanford Law School.
Any serious attempt made by the U.S. Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, “it would have been akin to saying ‘let’s go prosecute cash.'”
“What we heard with libra were the same criticisms [I’d first heard about bitcoin]” Haun said.
Bitcoin’s epic 2017 bull run catapulted cryptocurrencies into the global consciousness, with some of the world’s biggest companies taking an interest in the technology.
Coindesk
“They were just heightened and they got more attention because of the high-profile nature of the project and the fact that Facebook was involved. I think it would be a really dangerous thing, and frankly a dangerous precedent to start shutting down technology before it’s built.”
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
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However, serious security vulnerabilities have this week been discovered on the bitcoin Lightning Network, which could result in users losing their funds if nodes are not upgraded.
“Security issues have been found in various Lightning projects which could cause loss of funds,” wrote software developer, Rusty Russell, who authored the majority part of bitcoin’s Lightning Network protocol specification, in a post shared via a Lightning Network mailing list. “Full details will be released in four weeks, please upgrade well before then.”
The specifics of the vulnerability will be disclosed on 27 September, a common software security practise to both prevent bug exploitation and give developers time to patch problems.
The vulnerability appears to be related to the lightning-ready bitcoin wallet Eclair, which Russell also advised users to update.
The Lightning Network, first proposed by Thaddeus Dryja and Joseph Poon in a 2015 white paper, creates a layer on top of the bitcoin blockchain, where transactions can be passed back and forth before being added to the underlying blockchain.
This should mean bitcoin transaction speeds are increased while costs are significantly reduced.
There are now a few different Lightning-ready wallets available, as well as companies that are able to process them on behalf of merchants.
However, low user numbers mean bitcoin lightning nodes currently lose money when they process transactions, according to recent reports.
When sending a Lightning payment, two parties deposit the funds at one bitcoin address, a so-called channel, in which they can exchange funds a limitless number of times.
This maintains bitcoin’s security but means small, regular payments don’t need to be added to the underlying blockchain until the channel is closed.
The bitcoin price has surged this year as some of the world’s biggest technology companies eye bitcoin and cryptocurrencies as potential future revenue drivers.
Coindesk
Questions have been raised about what Lightning Network adoption will mean for the bitcoin price, with much of the price dependent on transaction fees picked up by miners.
Most are though confident that with increased bitcoin adoption the price will continue to rise.
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
By Daniel Chechik, Ben Hayak, and Orit Kravitz Chechik A mysterious vulnerability from 2011 almost made the Bitcoin network collapse. Silk Road, MTGox, and potentially many more trading websites claim to be prone to “Transaction Malleability.” We will shed some light and show in practice how to exploit this vulnerability.
Bitcoin and crypto investors are worried, however, with the Crypto Fear and Greed Index showing “extreme fear,” and earlier this week dropping to a 244-day low last seen when bitcoin crashed to around $3,000.
The fear index hit an all-time high in late June as excitement around Facebook’s plans for its bitcoin rival reached fever pitch but has since dived as regulators signal their dissatisfaction with the social media giant.
“The current regulatory roadblock on Facebook’s plans for its digital token has dimmed down investor sentiment for cryptocurrencies,” said Christel Quek, chief commercial officer at Bolt Global, a cryptocurrency wallet provider and entertainment company.
The fear index is currently showing a reading of 20, but earlier this week dropped as low as 11 after falling sharply throughout August.
Since the index hit its year-to-date lows, the bitcoin price has fallen a further 2%, while the overall cryptocurrency market has seen more than $30 billion wiped from it over the last week.
Some in the bitcoin and cryptocurrency industry pointed out the wider cryptocurrency market has declined along with the bitcoin price.
“Bitcoin and major cryptocurrencies including litecoin, ethereum and Ripple’s XRP have declined [this week], weighed down by concerns of a slowing economy,” Quek added.
The crypto fear index hasn’t been this low since bitcoin was trading just over $3,000 per bitcoin.
The fear index, created by website and software comparison company Alternative.me, calculates the index’s value daily on a scale of 0 to 100 using volatility, market volume, social media, survey, dominance, and trends. Zero means “extreme fear,” while 100 means “extreme greed.”
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
Now, the U.K.’s financial services watchdog has warned potential investors that bitcoin and cryptocurrencies have “no intrinsic value,” with some taking the caution as a signal the country could be moving towards a bitcoin ban.
“This is a small, complex and evolving market covering a broad range of activities,” said Christopher Woolard, executive director of strategy and competition at the U.K. Financial Conduct Authority (FCA), which oversees London’s huge banking industry.
“Today’s guidance will help clarify which crypto-asset activities fall inside our regulatory perimeter,” Woolard added, with the FCA warning: “Consumers should be cautious when investing in such crypto-assets and should ensure they understand and can bear the risks involved with assets that have no intrinsic value.”
The FCA branding bitcoin and cryptocurrencies as without “intrinsic value” is likely to rile many bitcoin believers who have long argued blockchain technology, which underpins bitcoin and most other cryptocurrencies, gives the digital tokens value.
“It is technically true that cryptocurrencies have no ‘intrinsic value’ when compared to share ownership in actual companies, however there are many examples where a marketplace bestows value on an intangible asset,” Jon Ostler, of comparison site Finder.com, told the U.K.’s Telegraph newspaper. “For example, the brand of ‘bitcoin’ itself has value and although its future place in society is still unclear, it is one of the most likely coins to stay the course.”
It’s thought that Trump’s attacks on bitcoin and crypto were in direct response to Facebook’s libra cryptocurrency project, which, if successful, could undermine the international dominance of the U.S. dollar.
“Although not a ban, [the U.K.’s FCA warning is] a move in that direction,” said Herbert Sim, head of business development from Broctagon Fintech Group. “This lack of enthusiasm is shared by several countries; the U.S. with its scrutiny of libra, and India, who are looking to implement a similar ban on cryptocurrencies which are not state regulated. These movements could end up coming back to bite. The international competition on cryptocurrencies is heating up and there are huge risks in being left behind.”
The bitcoin price climbed to around $13,000 per bitcoin earlier this year but has since fallen back, with the price still far from the near-$20,000 per bitcoin it reached in late 2017.
CoinDesk
Meanwhile, the watchdog warned investing in what it called “unregulated crypto-assets” will not be covered by the Financial Services Compensation Scheme, which pays out if the investment collapses.
“It remains possible in the future that if an unregulated token is subject to common acceptance and usage in the U.K. then either the FCA or the Bank of England will reconsider this position in order to ensure that adequate consumer protection exists,” said Tim Dolan, partner at law firm Reed Smith.
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk
Bitcoin, ETH, XRP, and LTC prices, will be on a roller coaster for a long time. Traders and investors will make and lose fortunes in record time, betting on them. In the end, say some analysts, these cryptocurrencies will either die on their own, or be killed by the ‘establishment’ — big governments and big banks around the world that defend sovereign currencies.
Take the case for Bitcoin.
The “people’s currency” holds a great promise: to become the first true global currency, free of the control of central banks that print money and big banks that generate credit. But to do that, Bitcoin must gain the trust of the “general public.“ This means it must be adopted as a medium of exchange, standard of value, and store of value, replacing national currencies.That isn’t easy, given the many obstacles Bitcoin has to overcome. Like lack of awareness, familiarity, and stability, etc. And that makes some experts bearish about the future of Bitcoin.
Bitcoin Price YTD
Lars Seier Christensen, Chairman of Concordium, the next-generation decentralized world computer, is one of them. “In the longer term, I am bearish on bitcoin as I believe it does not have the necessary characteristics of a longer-term valuable asset and, eventually, that reality will catch up” says Christensen.“But in the short term, price movements will likely be random as Bitcoin is affected by low liquidity and unpredictable bigger trades.”
Unpredictability will make it hard for Bitcoin to gain broad adoption as a medium of exchange. And without broad adoption, Bitcoin will remain a play for speculators and true believers, and eventually die on its own.
But even if Bitcoin overcomes all these obstacles and gains broad adoption by the general public, and was in a position to replace national currencies — ie, become the new currency — what would happen then?
Bears argue that the “establishment” cannot afford to let that happen.
For a couple of reasons, including the loss of Seigniorage” — simply put, the profit made by the national governments by printing currency. Then there’s the profit made by banks helping circulate that money and create credit.
The establishment will do whatever it takes to defend these profits from Bitcoin and any other cryptocurrency that seeks to replace it.
Recent Congressional hearings on Libra attests to the determination of the establishment to protect the dollar from competing cryptocurrencies. In a rare display of unity, Democrats and Republicans opposed Libra, and had many unkind words for Bitcoin.
“Cryptocurrencies that are ONLY there as a currency substitute, however, have no real long-term future,” says Christensen.“They will be outlawed by governments wanting to control the money supply and taxation, and in any case, cryptocurrencies have no intrinsic long-term value of significance. Hence, Bitcoin will only survive as a fringe activity.”
Not everyone agrees with this gloomy assessment, however. Dave Hodgson, Director and Co-Founder of NEM Ventures, is one of them.
“In my opinion, Bitcoin will never die nor be killed by the establishment, despite some people’s efforts to the contrary,” says Hodgson. “The recent drop we have seen in Bitcoin is within the boundaries of what our analysts were expecting from technical analysis. However, the timescale has been slightly skewed in light of recent announcements, primarily from US government representatives.”
Corentin Denoeud, CEO and Co-founder of Blockchain Studio, is another .
“The fact that governments around the world are even talking about crypto is a sign of progress for the blockchain industry in general,” says Denoeud. “While countries such as India have called for the outlawing of cryptocurrencies, representatives from Germany’s Central Bank have responded favourably and advanced the view that cryptocurrencies are not a threat to global monetary stability. Even China, who has previously banned ICOs and cryptocurrency trading, has called bitcoin a ‘safe-haven asset’ (via its state-run media agency) and is now reportedly stepping up its own efforts to create its own cryptocurrency, following Facebook’s unveiling of Libra.”
While it’s still unclear which side is right, one thing is clear: Bitcoin (and ETH, XRP, LTC, etc) true believers who think that cryptocurrency will eventually replace national currencies, need a 101 lesson in Money and Banking.
I’m Professor and Chair of the Department of Economics at LIU Post in New York. I also teach at Columbia University. I’ve published several articles in professional journals and magazines, including Barron’s, The New York Times, Japan Times, Newsday, Plain Dealer, Edge Singapore, European Management Review, Management International Review, and Journal of Risk and Insurance. I’ve have also published several books, including Collective Entrepreneurship, The Ten Golden Rules, WOM and Buzz Marketing, Business Strategy in a Semiglobal Economy, China’s Challenge: Imitation or Innovation in International Business, and New Emerging Japanese Economy: Opportunity and Strategy for World Business. I’ve traveled extensively throughout the world giving lectures and seminars for private and government organizations, including Beijing Academy of Social Science, Nagoya University, Tokyo Science University, Keimung University, University of Adelaide, Saint Gallen University, Duisburg University, University of Edinburgh, and Athens University of Economics and Business. Interests: Global markets, business, investment strategy, personal success.
The infographic illustrates the story of Bitcoin, starting with the publication of its whitepaper in 2008, the mining of the first 50 BTC in 2009, 10,000 BTC having been spent for pizza in 2010, and other major milestones for the system, ending with the announcement of Facebook’s Libra.
“Yesterday the Bank of China posted up an article about Bitcoin,” commented Blockstream CSO, Samson Mow. “They explained how BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish”
The factors behind Bitcoin’s rise
Another part of the infographic is dedicated to explaining why Bitcoin’s value is increasing, and it cites limited supply, increased mining difficulty, that it is used as a medium of exchange and anti-inflation safe haven.
This is in line with the remarks recently made by Morgan Creek Digital Assets co-founder Anthony Pompliano, who said that the European Central Bank’s expected dovish turn will provide “rocket fuel” for Bitcoin.
Furthermore, the infographic does also mention the infamous Mt. Gox hack, the risk of speculation, and stories of lost funds. According to the image, Bitcoin’s main use case is international settlements since its fees are low compared to legacy system while transactions are faster.
As Cointelegraph reported yesterday, the CEO of Chinese tech giant Huawei thinks that China can compete with Facebook for market share by issuing its own digital currency.
Earlier this month, Chinese media reported that China’s central bank is developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system.
OWNBTCis a Cloud Mining Company. OWNBTC offers a unique opportunity in the cryptocurrency world by providing Shared Managed Mining Farms. The uniqueness of OWNBTC is that we lowered the cost of the individual miners and reduced the additional time-consuming efforts such as purchasing hardware, maintenance of equipment, utility bills and storage.
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You are able to mine Bitcoin and various altcoins directly via our mining allocation page*. The availability of cryptocurrencies you can mine depends on the contract you have chosen.
