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Genesis Mining is one of the largest cloud mining operations in the world. This crypt giant it started from meager beginnings and grew into a world power in less than five years. Genesis Mining's strategy of providing enterprise-grade cloud mining to interested crypto investors has made a big contribution and allowed the company to carve out a permanent home in the encrypted space.
The first days
The journey begins with one of the co-founders of Genesis Mining and a long-time supporter of cryptography, Marco Streng. The year was 2011 and Marco had just built one of his first mining plants. During his time as a domestic miner, Marco learned valuable lessons about his craft that later helped shape the future of the entire cryptography market.
The cryptography market was more unstable at the time and the crypto miners were forced to build their plants at home. Depending on the other factors involved in this process, such as electricity costs, users could easily discover that they were losing money for their mining operations. Recognizing the need for a solution to this problem, Marco conceived the concept of Genesis Mining.
https://t.co/kPlYW50hOq
– Marco Streng (@Marco_Streng) January 27th 2017
Cryptographic space already had many cloud mining platforms, but many were simple Ponzi schemes rather than real mining operations. As you can imagine, this type of fragile business model does not hold up well for long periods of time and usually ends up with new investors who lose all their money.
Cloud mining is a business model that is particularly good for Ponzi schemes because users never actually enter your facility. The market has become so saturated with these scams at some point that many scrambled investors have heard it all cloud mining operations were scams.
Genesis Mining
In the midst of all this chaos, Genesis Mining has used one of the pillars of the crypto community, transparency, to provide users with a new level of security and trust. Unlike the competition, Genesis Mining has decided to follow the strict guidelines of the SEC. The company also filed for licensing a $ 100 million investment background in 2016. This strategy distinguished the mining platform from the competition and ultimately made the concept a huge success.
Data centers
Today, Genesis Mining owns and operates some of the largest data centers in the world. The company keeps the exact locations of its data centers private, but over the years investigators have confirmed that the company manages at least three major mining plants located in Iceland, Canada and Bosnia.
Enigma
Genesis Mining has continued to shape the industry from day one. The developers created the first exclusive mining farm of Ethereum known as Enigma. The facility uses a combination of state-of-the-art mining chips and geothermal energy to provide users with competitive payments on their investments. The structure is considered one of the largest mining mines in the world and is located in the Icelandic capital, Reykjavik.
Enigma Mining Facility Genesis Mining website
Mining characteristics of genesis
The Genesis Mining platform offers cloud mining contracts at competitive prices for companies and individuals globally. The platform offers users a myriad of unique features like Radiant. Radiant takes into account the full spectrum of mining concerns, including electricity costs, Bitcoin prices and processing power. The platform automatically adjusts the performance of the drilling platforms to offer maximum profitability.
Genesis Mining in the Crypto community
Currently, the Genesis Mining platform has over two million registered users, and the founders of the company are pillars of the crypto community. The managing director of the company, Marco Streng, frequently speaks of blockchain events all over the world. Forbes he did a piece on Streng where the magazine described him as a "27-year-old mathematician who built a bitcoin empire". Streng proved to be a profitable entrepreneur and his company has tightened some strategic partnerships on their journey to strengthen their position in the market.
Genesis Mining works with Hive Blockchain
In September 2017, HIVE Blockchain Technologies Ltd. acquired Reykjavik data center of Genesis Mining for $ 9 million and 67,975,428 ordinary shares in the capital produced by the company. HIVE Blockchain is a partnership between Genesis Mining and Foire Group. The connection has made HIVE Blockchain the greater listed blockchain infrastructure company in the world.
Cease and desist from the South Carolina Attorney General
It's not always nice to be a pioneer in the industry, as Genesis Mining recently learned. In March of this year, the company received a cease and desist by the Procurator General of South Carolina. The cessation and desistation was intended to suspend the operations of cloud mining while the Attorney General sought the validity of these operations. After five months of investigation, the court withdrew the order to cease and desist and the company was allowed to continue operations.
Genesis Mining officials used the investigation as a way to educate lawmakers about the nuances of the cryptic mining industry. Genesis Mining's chief compliance officer, Shah Hafizi, spoke publicly about the matter. He explained how his company is proud to work with regulators to provide a safer investment climate in the market.
Genesis Mining Temporarily terminates contracts
There have been some major market corrections in the cryptographic space this year. Genesis Mining profits were very successful in January 2018 due to these massive losses in the encrypted market. These losses have led to small Bitcoin mining agreements becoming unprofitable. As a result, company officials decided to do so force users move to more substantial contracts or risk losing them.
The break in Bitcoin's low-level mining contracts did not last for so long and, in June, the company had reinstated many of his mining agreements with Bitcoin. Today, the company offers a wide range of cloud mining contracts to users of all financial means. Users can now extract more cryptocurrencies from the platform. These encrypted include Bitcoin, Ethereum, Litecoin, Monero and Zcash.
Genesis Mining: more yet to come
Genesis Mining has managed to carve out a vital niche in the encrypted market. This big cloud mining operation is now a critical component in the strategies of many encrypted investors. When considering the rising costs of electricity in many regions, it is easy to see where companies such as Genesis Mining find their use. You should expect to see the cloud mining industry grow as companies grow in the footsteps of Genesis Mining.
Want to learn more about crypto mining? Watch the the largest mining crypts structures in the world.
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