The Comstock Lode, located about 20 miles northwest of Genoa, was one of the richest silver deposits in the world and led to a mining boom in the mid-1800s. The boom brought thousands of miners and other workers to the area, and the nearby town of Virginia City became a major center of mining activity and wealth. In addition to the Comstock Lode, there were several other mining booms in the region, including those in the Tonopah and Goldfield areas. These booms brought further growth and development to the region, as well as significant wealth and economic opportunity.

Genoa was located near enough of the mining areas like Comstock Lode, Tonopah, and Goldfield mines that the economic effect likely benefited greatly. During the late 1800s and early 1900s, mining was the primary industry in much of Nevada, and the wealth generated by mining had a significant impact on the state's economy. Mining operations brought thousands of workers to the region, many of whom needed goods and services that were provided by local businesses in Genoa.