If you think bitcoin is limited to trading them on your own, it appears that multi-level marketing companies sought the need to establish an MLM bitcoin trading as well.
This is what we’re going to discuss in this post today. Aside from reviewing health and skincare MLMs, it’s interesting to find out how an MLM could establish business with bitcoins.
Are you ready? Let’s dive into it. Shall we?
Up2Give Review - Quick Summary
Founder: Jerry Lopez
Type: Multi-Level Marketing Company
Price: $32 + 0.005 BTC per month + other recurring monthly membership costs
Best for: Nobody. It’s best to stay away from this bitcoin gifting scheme as it’s established without valuable products, primarily for racketeering.
Summary: According to their domain registration, Up2Give is quite a new MLM company that caters to “supposedly” gifting schemes. Not long before its foundation, people found out the shady tactics to fool people into bitcoin trading on nothing.
Is Up2Give Recommended? No. We don’t recommend multi-level marketing companies as a business opportunity for several reasons. If you opt to make money online, click the green button below to get started today.
Price: Depends on the Package. From just tens of dollars to thousands of dollars
Best for: People who want to make money from cryptocurrency mining but don't want to build their own mining rig.
Summary: Genesis Mining the largest cryptocurrency cloud mining farm. It has been so popular that all of their mining plans and packages have been sold out. There is not a single reason to believe why Genesis Mining would be a scam.
Is Genesis Mining Recommended? Yes, if they have packages available.
If you are looking for comprehensive Genesis mining review you how come to the right place. In this article I am going to answer all your questions regarding Genesis Mining and no stones will be left unturned.
I will also answer a big question that tens of thousands of people have been asking all over the word, "Is Genesis Mining is a scam?"
Get ready. Fasten your seatbelts, hold your hats and let's go!
What Is Genesis Mining?
Genesis Mining is one of the most famous mining farms in the world. Many YouTube influencers including Boxmining (200k subscribers) have been promoting Genesis mining for their followers.
Therefore, you do not need your own equipment the start mining. Cloud mining is a more effortlessway to make money with cryptocurrency mining and that that's why it has become very popular all over the world.
You can think cloud mining is investing in a calm funny. You give them some capital that they will in West to their growth and the company would pay you dividends on the profits they make.
Genesis mining happens to be probably the biggest cloud mining providers in the world the moment when I am writing this article.
How Does Genesis Mining Work?
With Genesis mining, or any other cloud mining, you buy hashing power in packages. In the other words, the company has created packages that you can buy to get involved with their mining activity.
In the image below, you can see for example Bitcoin mining packages on Genesis mining.
Genesis mining packages for mining Bitcoin.
The bigger package you buy, the more hashing power you will get. You can also see in the above that if you buy bigger package, you will get some sort of a discount.
Therefore, begin investors will get a better return on their investments. Also, different cryptocurrencies have different kinds of pricing plans and retursn. Let me show you in the image below Ethereum mining packages:
Genesis Mining pricing plans for Ethereum.
Genesis Mining has provided cloud mining for 6 different cryptocurrencies that are:
Your earnings will depend on a few different factors:
Which package do you buy?
Which cryptocurrency are you mining?
How the price of that cryptocurrency changes?
How much money do you invest?
For how long do you invest?
You will not obviously the best months as you would earn for building and maintaining your own mining farm but cloud mining is quite way to earn money.
Still, you always need to evaluate what is the best choice for you: investing in cryptocurrencies directly, buying your own mining farm or investing in cloud mining.
So far, I have only concentrated on investing in cryptocurrencies directly and it has given me wonderful returns. In 2017 during the huge spike in prices I made in a few weeks more money than most people make in a year or two.
Recently, I have been considering cloud mining also. At the moment genesis mining doesn't have any new packages available so I have not been able to start with them. Buying and building the mining rig has not been possible for me because I have been constantly traveling from one place to another all over the world.
Genesis Mining Profitability
Have you ever heard your friend saying, "Oh, I should have invested in Bitcoin in 2011. Or I should have thought of that mining be going in 2013." Or something similar.
I guess that you have also said yourself and pretty much everybody who knows about Bitcoin has told so. This does not only apply to investing in Bitcoin but also to mining Bitcoin.
Bitcoin mining profitability has been going down because nowadays it requires much more hashing power to mine the same amount.
Bitcoin mining difficulty has gone significantly during the past years:
2014-2015 - Bitcoin difficulty: up 34x
2015-2016 - Bitcoin difficulty: up 2.5x
2016-2017 - Bitcoin difficulty: up 3.05x
You can see above that it requires nowadays more than 100 times more hashing power to earn the same amount of Bitcoin then test a few years ago.
That is also one reason why I would recommend considering other and better ways to make money online then just cloud mining.
If you want to learn my number one recommendation for making money online, just click the button below and you can get started for free today. I offer also my one on one mentorship for anyone who is willing to learn.
I love seeing people succeeding online and that is why I would like to help you as well.
I mentioned above that I have been only investing directly into cryptocurrencies, not into cloud mining. If you ever other weight the returns that you could have earned during the past years for cloud mining and for direct investments, direct investments have almost always won with cryptcurrencies.
The price of Bitcoin and almost all other cryptocurrencies have been surging over the past years. Bitcoin has provided way better returns on investments than stock market investing, real estate investing, or any other form of investing.
Personally, I believe that the prices would keep on moving up during the coming years. I believe that they would see the mass adoption of the cryptocurrencies and anyone who has invested in them before 2020 will make massive returns on investments.
That is not, of course, an official investment advice because it's only my personal opinion.
Take a look at my video below where I explained if you real life experiences and reasons why I am so confirmed that cryptocurrencies would keep on going up.
I have also explained numerous other reasons, why I believe that Bitcoin will keep on surging, on my other articles and videos. Feel free to subscribe to my YouTube channel if you want to receive more content from me about cryptocurrencies.
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Genesis Mining Reviews - What Do Other People Say?
Before putting your money into something online, it's always recommended to take a look at a few reviews first.
You are already doing your homework well because you are reading my article at the moment. I have taken a look at other Genesis Mining as well and I have noticed a few things that I would like to share with you now.
First of all, there seems to be a consensus in the cryptocurrency space that Genesis mining is a legitimate company. It was founded already back in 2013, so it has been operating already several years.
The second thing: many people like spreading their referral code to earn a 3% comssission. Every time somebody uses your referral code, you get the 3% bonus and a person who uses it gets a 3% discount.
By the way, if you want to use my referral code it is rTBcSQ.
You will also get a 3% discount for using that. If you are interested in making money in the cryptocurrency space, there are also many opportunities through affiliate marketing. You will to make $10,000/month overnight but there is certainly a potential for a big income.
The third thing is that nowadays you cannot earn very much with cloud mining. Cryptocurrency mining has become more difficult than it was in the past so returns are not so huge anymore.
Is Cloud Mining a Scam?
Cloud mining itself is not the scam but you need to keep in mind that there are numerous cloud mining scams around.
Someone has said that 99.99% of all cloud mining companies are scams. They are basically giving money for the old investors from the new investors. Therefore, they work like classical Ponzi schemes.
Fortunately there are a few legitimate cloud mining companies that pay honestly to investors and they really have their mining farm.
Is Genesis Mining a Scam?
Genesis mining is not a scam. It is probably the largest cloud mining provider in the world. However, time with show if it will remain on the top or not.
Another famous cloud mining companies called Hashflare but I don't have personal experience of using it. If you would like to share your experiences with cloud mining, I would love to hear them in the comments below.
My personal advice to you is that you should always research the cloud mining company before you put your own money into it. There have been many scams and most likely there also will be many scams in the space.
So be always careful!
I have reviewed more than 400 make money online with the ladies on my website and saved tons of money from my visitors. Often people have come to me, "Thank you Roope for warning me from this scam!"
On the other hand, sometimes people have found my articles too late and said, "Oh man! I already put my money into that company. Do you know if there is any way to get my money back?"
If you've invested in a company that's not reliable it can be sometimes very challenging to get any money back. That's why you should always do the research beforehand.
Conclusion - Is Genesis Mining Worth It?
If you are looking for a very effortless way to make money online, Genesis mining is a considerable option for you. However, at the moment they are not providing any of their packages so you will need to wait until they are available again.
That being said, cloud mining most likely will not make you rich and it's just one way to invest your money.
If you are looking for more profitable ways to make money online, I recommend taking a look at my #1 recommendation here or clicking the image below.
You will get 10 interactive video lessons for completely free and I will be available for all your questions. Wealthy Affiliate provides a free account for a lifetime and a premium account costs less than $0,99 per day. There are not upsells.
I will personally contact you and provide my 1-on-1 help and support to guarantee that you will succeed. I answer all your questions and give you personal tips and feedback along the way.
What kind of experiences do you have with Genesis Mining or cryptocurrency mining in general?
Would you like to get my 1-on-1 mentoring for making more money online?
Let me know in the comments below!
If you have any questions, just leave a comment below and I will be more than happy to help you out.
Those who started mining Bitcoin and have hold their rewards, have become now multi-millionaires thanks to the sudden rise of Bitcoin. Imagine that somebody earned $500 for mining when the Bitcoin price was only $1.Now that $500 would be worth $5-10 million.
But is cryptocurrency mining still profitable in 2018? Should you build or buy your own mining rig and start earning some passive income?
Cryptocurrency Mining Review – My Video on YouTube
In this article, I am going to answer your questions thoroughly and I’m happy you’ll find this helpfull. Let’s have a look!
What Is Cryptocurrency Mining?
With many cryptocurrencies including Bitcoin so-called ”miners” maintain the whole network and confirm the transactions. When you make a transaction, miners will confirm it with their equipment. In the other words, Bitcoin is a huge network of computers and CPUs all over the world that maintain the whole system.
Each 10 minutes miners get a small reward for confirming transactions and giving their capacity for mining. Some say that Bitcoins heart beats once every 10 minutes. Miners’ reward is pre-determined in the Bitcoin whitepaper and also with other cryptocurrencies.
This is how a typical cryptocurrency mining rig looks like.
With Bitcoin, for example, the mining reward is 1,800 Bitcoins per day. That amount is allocated between all miners all over the world.. The reward of miners halves next time in June 2020. Halving is always an important event for Bitcoin and in the past it has always raised the price significantly. Halving means that the miners get less rewards for mining which also means that there will not be so many new Bitcoins in the market.
Of course, the overall circulating supply is bigger but the number of new Bitcoins is then smaller. If the demand for Bitcoins remains the same, the price will naturally go up. It’s planned that in the whitepaper that in 2140 all Bitcoins have been mined and no new Bitcoins are issued anymore.
How Can You Do Cryptocurrency Mining?
Basically, there are 3 ways to earn money for cryptocurrency mining:
Use your computer or current equipment for mining or build a mining rig.
The easiest way is probably to participate in cloud mining. In that scenario, you give money to somebody else who has already built a huge mining rig and your earn a little interest on your investment.
If you just use your computer or mobile phone for mining, your earnings are extremely small because the processing power is so minimal. Therefore, it isn’t even worth your invested time. So, then we would have two options: Either building your own mining rig or buying one.
One option is to build a huge mining farm but the downside is that it requires big initial investments.
Challenges of Cloud Mining
Cloud mining may sound like an easy money but I would like to discuss a few risks that are involved with cloud mining.
First of all, you need to be able to trust the company that takes your money. I believe have been many cloud mining scams over the years. The company has promised to give you an interest to your investment but they have just suddenly disappeared with your money. Your only option would be to try to find them and sue the company but it can be a lot of hassle and not so easy at all.
Second, with cloud mining, you are committing your money for a certain period of time. You don’t have control of your money during that time because the company is holding it. If you are investing in cryptocurrencies directly, you always have a control when you sell, buy or do something else.
Third, you may earn much more by just holding cryptocurrencies rather than investing in cloud mining. The history has shown that it’s possible to make even 10-100x returns on investments in a year by investing in potential cryptocurrencies.
Some exceptional situations have given even 1,000x profits in a year. If you would invest $1,000, that would turn in those scenarios into something between $10,000 and $1,000,000.
Of course, the history can’t guarantee the future but you still need to consider that you may earn more than holding rather than investing in mining. At least that has been the case in the past.
Cloud mining is often considered as an “easy way to make money” but the reality may be different.
Should You Build Or Buy a Mining Rig?
I have sometimes considering building a mining rig. I have a friend who makes $300 passive income per month for his mining rig and I have seen numerous people on the Internet showing their cryptocurrency mining and earnings.
However, so far I haven’t bought or built it myself and now I’ll explain you the reasons. I believe this will also help you to consider whether it’s’ worth building or not.
First of all, if you want to do cryptocurrency mining this way, you need to have money that you can invest money and time for the mining rig. If you build it yourself, it will take several hours to research how to do it, buy all the equipment and actually do it. I would say it takes at least 1-2 work days in total from a complete beginner.
The mining rig isn’t either very cheap. If you buy it, you may need to use thousands of dollars to get a high-quality equipment.
The #1 Reason Why I Can’t Do Cryptocurrency Mining!
Second, you need to find a place to do the mining. For example, Bitcoin mining is pretty loud and it can’t be done in your bedroom while you are sleeping. If you get a big mining rig, you also need to arrange a cooler for them because otherwise, it will heat up too much.
I am at the moment traveling around the world (Bulgaria-Macedonia-Turkey-UAE-Philippines-Malaysia, etc.) so I couldn’t even have a mining rig because I don’t have a permanent place to hold it unless I would hire someone else to take care of it. That brings me to the next point.
You also need to monitor your mining rig. Miners have told that the parts have broken sometimes and they needed to arrange new ones. In addition, mining also takes a certain part of your brain capacity, time and thinking because you know that it’s there. Of course, this isn’t a huge thing but still needs to be taken into account.
For example, I have an investment apartment in Finland and even though it doesn’t take almost at all my time or effort, it still takes a small amount of my time every now and then.
If I would do cryptocurrency mining, I would probably just buy mining rigs instead of building them myself. The time and effort costs money also because it’s away from some other activities. Nowadays buying a mining rig is easy because you can have one easily on eBay or on Amazon.
How Much Money Can You Earn for Cryptocurrency Mining?
Your earnings depend on the power you have in your mining rig. The more money you have invested for the better quality, the more you will earn.
Based on numerous miners that I have listened to, it takes around 6-10 months to break even with your initial investment. If you have invested, for example, $5,000 we can estimate that it will take 6-10 months that you earn it back unless something unexpected happens. This estimation is based on the assumption that the cryptocurrency that you are mining stays stable.
If the price goes up, you’ll earn your own investment back faster. If the price goes down, it will take a longer time to earn your initial investment. We also need to consider that you have invested time and effort for the mining rig. You could have used that time for something else that would have made your money during the same time.
In the other words, we come to a conclusion that it takes almost a year to earn back your initial investment and break even. In many cases that would be a huge return on investment. By investing in the stock market you can expect 8% annual return rather than 50% return per year.
Does money just fly from the sky with mining? Not really.
Conclusion – Is Cryptocurrency Mining Still Profitable in 2018?
The truth is that it can be profitable but there aren’t guarantees. You may make much better profits just by investing your money directly into cryptocurrencies. Spending money on building or buying a mining rig isn’t riskless
If I would live permanently in one place and I would have extra rooms, I could certainly consider mining. However, now when I’m moving around the world, I just prefer stick to investing.
There are several cryptocurrency projects that I have invested in and I believe they are going to give me awesome returns during the coming years. One of my favorite projects at the moment is Bankera and I’ve invested around $7,000 in their tokens during the ICO. Of course, there are also many other cryptocurrencies that I’ve invested in.
I’m also building passive income streams with the help of Wealthy Affiliate because I don’t want to put all my eggs in one basket. If you would like to learn more about it, I’m always happy to help you out.