Altcoins

Marco Streng of Genesis Mining on Ethereum and DASH Mining

Scott Fargo | Jun 10, 2016 | 15:19

---

Genesis Mining is one of the few cloud mining organizations to actually fulfill their obligations to their customers as well as a huge advocate for the Bitcoin and Cryptopcurrency industry.  Since the beginning of 2016 the mining industry has seen a lot of shifts, as well as new coins to mine that are wildly popular like Ethereum.

Also Read: US Banking Regulators Warn About Imminent Swift Attacks

Genesis Mining quickly expanded their GPU mining capacity to fulfill the growing demand for Ethereum mining as well as other algorithms like DASH.  We were able to chat with Marco Streng the CEO about the recent developments and some future things to come from them.

Could you go over a bit about how you were able to scale GPU mining back up so quickly for the Ethereum POW?

Marco Streng (MS): Scaling GPU mining capacities is a science for itself especially since rigs have to be built from lot of parts and deployed in the most efficient way in the facilities. Our engineers worked literally non stop to expand as quickly as possible.

How will you handle the contracts if Ethereum decides to end the POW before contracts are up?

MS: We will handle it in the best way possible and switch the algo to X11 where we mine the most profitable cryptocurrencies with it.

Hive Data Center Management Software A Robust Enterprise System

I had early access to the Hive architecture that Genesis Mining built to manage their data centers and those of their large customers.

It has a very user friendly interface as well as a robust back-end that allows for the smallest details to be controlled.  From contract length, pool management to miner settings in a simple panel setup. Hive also quickly gives alerts so repairs and maintenance can be done pinpointing where the problem is and what it is.  These features are needed in large deployments especially when you provide hashing power to 1000’s of customers.

Could you tell us a bit about the Hive software you use to manage all the miners and accounts?

MS: Sure, as you know we have developed Genesis Hive from the beginning on and optimized it specifically for large scale build outs. Large scale meaning build outs of more than 1000 mining units. Hive is helping us tremendously in managing our farms. It provides a great overview of the whole operation but also gives you detailed information about all technical data of each miner. With features like auto frequency tuning it automatically adjusts frequencies to reach optimal performance of the whole mining operation. Together with Hive just 1 engineer can maintain an operation that normally would have to be maintained by a lot more manual workers.

Genesis Mining Advocates for the Bitcoin and Cryptocurrency Industry

What are some of the upcoming things you could tell us about now?

MS: Enigma was certainly a major milestone for us. Coming up we will expand our infrastructure continuously further. Also we want to continue our efforts bringing Bitcoin to the masses with our #ExploreBitcoin campaign. In this regard we are launching the Bitcoin education center that will educate people who are new to Bitcoin and want to know more about it. It will feature an introductory course to Bitcoin as well as interviews with industry leaders from Bitcoin and from markets where Bitcoin has big potential such as remittance market etc…

You were a close partner with Spondoolies did their closure effect you or will it in the near future?

MS: Spondoolies Tech was a great company, with great people and best quality products. Going forward not everybody can win the race of chip manufacturing. I am glad we are in an independent position and are always able to choose the most efficient machines on the market when deploying new farms.

Were you as excited as many of us were when GPU mining came back into the profit mode with Ethereum and DASH?

MS: Yes, we always were. I think both, Dash and Ethereum are two great examples of cryptocurrencies that have high potential and real innovation behind. Additionally their communities are strong and growing.  We mined Dash (former Darkcoin) from the early minute on, supported their community and even accepted payments in Dash directly from the beginning.  Also for Ethereum, we were big believers from the first minute on. We used a significant portion of our capacities to directly start mining after the launch and expanded the farms ever since. Our Enigma farm is just the tip of the iceberg now being the worlds largest Ethereum farm.

Being part of the whole cryptocurrency revolution makes me very happy every day. I guess we all can’t imagine how much this ground for innovation can change the world. Exciting times ahead!

Thank you, Marco, for your time. Genesis Mining continues to grow and adapt to changing markets and continues their advocacy in the industry. While many cloud mining providers have come and gone, as well as many scams, Genesis has stood strong.

We look forward to seeing their education center and #ExploreBitcoin campaign roll-out.  We will keep you informed on how they do with this and more as it happens.

What do you think about Genesis Mining’s initiatives in the industry? Let us know in the comments below!

Images courtesy of Genesis Mining, Bitmain, Bitcoinist.net.