Why Cloud Mining Needs to Be Trustless: Marco Streng of Genesis Mining
Cryptocurrency mining is getting more difficult in many ways, but there’s still plenty of opportunity for those who can find the biggest efficiencies. So says Marco Streng, who founded Genesis Mining in 2014 and remains CEO. In this interview, he tells Bitsonline exactly what the challenges are, and why Genesis Mining thinks “trustless cloud mining” is necessary, going forward.
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
Mining Is More Difficult These Days – And It’s Not Just the Hashrate
In his speech at the recent World Digital Mining Summit in Georgia, Streng said the mining industry is tough right now, without the huge returns of past years. Bitcoin difficulty is ever-increasing, along with R&D costs and time. Add in the 2018 bear market and it’s hard to stay ahead of the curve.
His company’s primary focus is to keep its expansion going while supporting the whole community and ecosystem, Streng says. There you’ll find the growth opportunities.
Marco Streng: We Need to Decentralize Control of Mining Power
Genesis Mining, which launched with the goal of being a legitimate alternative to the shady and poorly-conceived “cloud mining” operations of the early Bitcoin days, is now one of the largest and most experienced companies in the field.
Its latest innovation is “trustless cloud mining”, which Streng details in the video. It hands more control over the mining machines back to customers who hold the contracts — wherever they may be. Watch the interview to find out how it attempts to decentralize ownership of hashing power, if not the actual mining facilities — and solves the issue of hardware security in remote and potentially unstable locations.
He also shares his thoughts on Georgia’s progressive attitude towards cryptocurrencies. While the country may not have the most competitive energy costs (something usually seen as key) there are other factors that make it one of the world’s most popular mining locations.
Watch the complete interview above to hear the whole story.
What are your thoughts on cloud mining and the direction of the mining industry in general? Let us know in the comments.
Images and video via Jon Southurst, Bitsonline