Marco Streng: Genesis Mining – Taking Bitcoin Mining to the Cloud

Epicenter - Learn about Crypto, Blockchain, Ethereum, Bitcoin and Distributed Technologies

Genesis Mining is a leading hash power provider offering cloud cryptocurrency mining as a service. They offer mining for Bitcoin, Zcash, Dash, Ethereum, Litecoin, and Monero and serve over 2 million users in 100+ countries. The company was formed in 2013 and saw tremendous growth in its seven years in operation. In the mining business, process optimization, controlling costs, and vertical integration are key. Crypto prices, difficulty adjustments, hardware availability – all can have an impact on profits.

Co-founder & CEO Marco Streng shares how he built his company from the ground up, and is now expanding beyond crypto to address other profitable markets in cloud computing.

Topics covered in this episode:

• Marco's background and how he started Genesis Mining
• The biggest challenges they faced in the early days
• The company's cost structures and vertical integration
• Why they got into cloud computing and the applications of GPUs
• The major shifts in the mining industry since they were founded
• The ecological footprint of mining
• Why people would buy cloud mining and its profitability opportunities
• The risk of mining centralization
• Bitcoin halving and the impacts of this on the mining industry
• Marco's views on Proof of Stake

Episode links:

• Genesis Mining website
• Bitcoin Halving - What to Expect as a Miner
• Genesis Group
• Genesis Cloud
• Genesis Mining Twitter
• Marco Streng Twitter

This episode is hosted by Sebastien Couture & Brian Fabian Crain. Show notes and listening options: epicenter.tv/338