Founded in 2013, Genesis Mining became one of the world's largest and earliest cloud mining providers for cryptocurrencies like Bitcoin and Ethereum. The company's business model allows customers to purchase mining contracts and earn cryptocurrency rewards without needing to own or manage any physical mining hardware. While being a significant player in the early days of crypto, the company has faced considerable public scrutiny and a lack of public communication since 2022, with numerous user complaints regarding contract terminations and service issues.