The concept of cryptocurrencies is not new. In the late 1990s efforts were made by the programmers and the tech giants to build digital currencies. The ultimate aim was to build decentralized currency, free from fluctuations in the monetary value due to bad political and economic policies. In 2009, bitcoin was created by Satoshi Nakamoto and within a couple of years, this cryptocurrency gained monetary value and became popular.
During this period of mining, cryptocurrency was easy and feasible. Most of the miners operated through the home. Later the hardware requirement and the electricity consumption increased and miners operating through home incurred huge financial loss. Due to this reason, many hosted mining companies emerged. Genesis mining took over the hosted mining sector and accounted for huge profits even during the crisis.
Foundation Of Genesis Mining
Genesis mining is a world leader among all hosted mining companies. This company evolved from a small mining platform that operates through the home. The co-founder of the Genesis Mining, Marco Streng established the first mining rig in 2011. Marco established the small setup at home as mining through home was feasible at that time. Mining cryptocurrency from home became popular at that time.
The hardware requirement and electricity consumption increased significantly. People were not able to meet the break-even and financial crisis worst hit the investors. Most of the people dropped the idea of bitcoin mining and made no efforts to establish hosted mining. In 2014, Marco laid the foundation of the hosted mining company, Genesis Mining as the co-founder of the company. Various hosted mining competitors were already leading the market.
Reasons Why Genesis Mining Stands Apart
In 2014, when the foundation stone of the Genesis Mining was laid by the Marco, hundreds of mining rigs were functional at that moment. Genesis Mining was just another company trying to influence the market of cryptocurrency. Today, Genesis mining is the world leader in hosted mining and the company survived through the winter when prices of the cryptocurrencies dropped significantly. There are many reasons why Genesis Mining took over the hosted mining industry.
Most of the hosted mining companies turned out to be Ponzi schemes, selling fake dreams to the public. Most of the hosted companies did not even have a hosted mining infrastructure. However, they were able to fool many customers as no one ever visits the hosted mining rig, where the company claims to own the desired infrastructure.
Genesis Mining made transparency as their prime feature and shared the infrastructure details with the consumers. This hosted mining company strictly followed the guidelines laid by the Securities and Exchange Commission. Licensing application was filled by the company in the year 2016 for a hundred million dollar fund. Due to this reason, this hosted mining company gained the faith and trust of the consumers.
Survived Cease And Desist
No company shares the exact location of their data centers with the public. However, Genesis Mining supported the investigation work through security agencies in order to check the authenticity of the company. In March 2018, South Carolina Attorney General served Cease and Desist to Genesis mining in order to validate the operations. During this period the hosted mining was tentatively stopped. Within a few weeks of the investigation, the hosted mining company received a clean chit from the investigation agency. This investigation added to the reliability and authenticity of the company.
Exclusive Ethereum Mining
Genesis mining became the first hosted mining company to offer exclusive mining facility for Ethereum. All other hosted mining companies offered mining contracts for bitcoin or mixed cryptocurrency mining. The investors were unaware of the cryptocurrencies mined by the companies. Genesis Mining named this exclusive Ethereum mining facility as Enigma. Ethereum was more profitable and popular at that time.
Dynamic Mining Platform
Genesis Mining setup a dynamic platform to the consumers and named it Radiant. Corporates and individuals received mining contracts at a competitive price and best features. The hash rate offered was significantly high. Under Radiant platform, the pricing of the mining contracts is done considering all the factors like processing power, electricity consumption and the monetary value of the cryptocurrencies.
Moreover, the company establishes a thermal energy conservation setup. Renewable energy sources were extensively used by the company in order to lower the input cost of bitcoin mining. The company used the most efficient cooling system which enhanced the performance of the hosted mining equipment. When the cost price of any commodity reduces, the selling price is directly influenced. This benefitted Genesis Mining to deliver mining contracts at a most competitive price.
Genesis Mining turned out to be the most profitable hosted mining company. Moreover, consumers were satisfied with the hosted mining services offered by the company. In order to expand their business and enhance the security and satisfaction, Genesis Mining signed tie-up with global hosted mining leaders. One such tie-up which raised the standards of the hosted mining was a partnership with HIVE Blockchain Limited.
Hosted mining became popular and necessary for bitcoin investors in the year 2013. Mining at home became obsolete and current miners incurred huge financial loss. Genesis Mining was founded in 2014 with transparency as their prime agenda. This hosted mining company survived numerous investigations and cease.
The company used renewable energy sources in order to meet the energy requirements and offered hosted mining contracts at a competitive price. Global tie-ups and technology advancements further improved the performance of the company. Due to numerous advancements, the company took over the hosted mining industry and became the world leader.