How to mine Bitcoin with Genesis Mining without buying hardware

With an estimated yearly ROI of 247% (1st year of contract), it’s definitely worth looking into Genesis Mining’s Bitcoin mining contract – especially if you’re not interested in building your own rig, or if it’s impossible due to space or electricity price limitations.

Here’s a short guide on how to get started. To see an example of mining results, I’ve posted about it here. I’ve also written a post about theoretical mining yields and income for the contract; more about that here.

1)

Join Genesis Mining here (or log in, if you already have an account). The process is straightforward; remember to use a strong password.

2)

After the registration process is done, log in and click “Upgrade Hashpower”. The Bitcoin contract is the topmost option; adjust the slider to select how much Hashpower you want, and click ‘Continue’ on the lower right corner when done. You can pay with a credit card, bitcoin or some altcoins – I used a credit card. You can use the code Sr5fmI to get 3% off your investment – including upgrades, if you’re already registered and are increasing your hashpower.

mining-bitcoin-slider.png

To estimate yields, use this calculator. At the time of writing (Jun 14th, 2017), the 2TH/s contract costs $300 and yields 0.2704 Bitcoin per year (valued at $756.17).

3)

After the payment is processed, the miners will begin working automatically. The next step is to set up a wallet so you can receive the payments; I recently started using Exodus, which is a really cool desktop wallet software for holding several cryptocurrencies, incl. Bitcoin and Ether. You can get Exodus here. I’ve also written a post about setting up payments directly to marketplace wallets, but I’m still contemplating whether this is the best option vs. having an external wallet. If you prefer to use a mobile wallet, I recommend having a look at Freewallet.org.

That’s it – you’re all set. The easiest way to follow your asset development is in the “My Orders” tab of the Genesis Mining website. If you paid with a credit card, you’ll receive your first mining yield payment after 30 days; subsequent payments are done daily.

If you have any problems setting up your Genesis Mining account or opening a wallet, please let me know in the comments.

Disclaimer: the numbers posted here are estimates, and can change. Like with any venture, never invest anything you’re not prepared to lose.

USEFUL LINKS

Genesis Mining

Official Bitcoin website

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