Genesis Mining Origins: How They Became Top Bitcoin and Cryptocurrency Cloud Mining Providers
As many of us already know, over the course of the past few years, Genesis Mining has become one of the premier names within the global ‘cloud mining‘ sector. The company started off with humble beginnings but has quickly transformed into a financial powerhouse. For example, today, Genesis provides enterprise-level cloud mining to a wide array of clients— a decision which seems to have paid off for the company in a big way.
Where It All Began
Genesis’ origins can be traced back to when the company’s founder, Marco Streng (who is also a crypto proponent and dev), created his very own homegrown mining-rig back in 2011. Streng worked as a home miner for a few years before finally realizing that his activities could potentially usher in a new era of finance for the crypto sector as a whole.
Even though the alt-asset market was flooded with instability during the early 2010’s, Streng quickly realized the potential of mining and how by implementing such a real-life operation he could make this activity his full time career. Also worth noting is that during the early part of this decade, the crypto sector was replete with mining scams and ponzi schemes. In reaction to this, Genesis Mining decided to follow a host of strict guidelines laid out by the SEC (so as to provide investors with a high degree of confidence and transparency).
If that wasn't’ enough, the firm also filed for a $100 million investment license all the way back in 2016.
Genesis: The Company’s Current State Of Affairs
At the time of writing this article, Genesis owns and administers most of the world's largest mining centres. While the exact locations of these data centres are not known, over the years, various independent investigators have confirmed that the firm has at least three of its rigs in Iceland, Canada, and Bosnia.
Additionally, the company also has one of the world’s few exclusive Ethereum Mining farms called ‘Enigma’. The facility is replete with state-of-the-art technology that boasts of latest mining chips and geothermal energy suites. Even crypto enthusiasts from all over the world agree that this farm is one of the largest mining operations in existence today.
Features On Offer
Genesis Mining, in its current iteration, offers clients with highly lucrative cloud mining contracts that come loaded with a plethora of unique features such as Radiant. To elaborate further on the matter, we can see that Radiant is a technology that takes into account an entire spectrum of mining concerns before initiating operations. These factors include:
- Electricity costs
- Bitcoin prices
- Processing power.
As a result of this, the firms’ native platform automatically adjusts the performance of its mining rigs so as to achieve maximum profitability.
Genesis Mining: Market Reputation and Partners
At press time, Genesis has more than 2 million registered users who make use of the company's services on a regular basis. Additionally, Marco Streng, has also become a regular fixture at various blockchain events around the globe in recent times. Owing to his excellent PR skills and overall market presence, people all over the world have started to take notice of Genesis Mining and its various financial offerings.
In terms of the partnerships that the firm has fostered over the past couple of years, we can see that in September 2017, Genesis teamed up with Foire Group to establish HIVE Blockchain Technologies, a venture that was designed to acquire a Reykjavik based data center for a sum of USD $9 million.
Lastly, in terms of the company’s recent legal troubles, Genesis Mining was slapped with a cease and desist order from the South Carolina Attorney General earlier this year. The ruling contained a host of orders which basically aimed to restrict the firm’s ongoing mining operations (till the office of the Attorney General had looked into the validity of these activities).
However, after nearly five months of intense scrutiny, the court withdrew its filing, following which the firm was once again allowed to resume its regular operations within the US.
Even though 2018 has seen some massive drops in the overall profitability of the crypto sector, the altcoin mining domain has continued to flourish all across the world. It now remains to be seen how Genesis Mining is able to keep up with the ongoing bearish momentum and evolve as time progresses.