Exclusive interview with the CEO of Genesis Mining
Marco Streng is the CEO of Genesis Mining. While attending the world digital mining summit organized by Birtvi and Bitmain Georgia, he agreed on an interview with us:
- Firstly, can you introduce yourself?
- My name is Marco Streng, I’m the CEO of Genesis Mining, we are the largest cryptocurrency mining companies in the world.
- What benefits does cloud mining offer?
- Cloud mining offers the possibility for everybody to participate in mining without any knowledge, expertize or hustle, like loud noise, hot miners and things like that.
- Usage of cloud mining is decreasing. Is the business still profitable?
- Well, the most important thing for the cloud mining company is to stay ahead of the curve, it always needs to offer the best technology to customers, for example, we are Genesis Mining and we have a new technology called “Radiant”, which enables us to operate at the lowest price possible.
- Tell us more about this new technology.
- “Radiant” is the technology in which, during the last few years, we have invested a lot of resources. Now on a very competitive market, on a very tough market, we are basically ahead of the curve and can mine profitably with a very high performance.
- How are the current market conditions affecting the business?
- The current market conditions are really difficult, much more than at the end of the last year when everything was flourishing. Right now, the market is changing, although not necessarily in a bad way. Now mining companies need to have the highest efficiency to run at a competitive rate, which means that only the best companies will survive.
- What are your future plans for the next five to ten years?
- At the moment, we are in a very strong position, we know we can operate well even in conditions like this. Our goal is to offer this technology to everyone. We continue to expand our mining operations and want to decentralize computing power in order to give everyone in the world the possibility to mine and therefore contribute to the network. In addition to this, we are launching an incentive which is called “Trustless Mining”, we want to go so far that we won’t even have to control the devices, instead they will be operated by our customers in the cloud, and this will take us to a whole new level of decentralization and security.
- How are you planning on achieving “Trustless Mining”?
- That’s, of course, the key question, and there are several interesting approaches. The ideal scenario will basically be if the miner could only start operating with some kind of a password or a fingerprint of the customer. That means that even we, the operators, would not be able to control the hardware. Needless to say, this would make the device much more secure. This would be the most decentralized situation, as people will be able to mine from their homes but to be honest, this cannot work. They will not be able to keep up with the mining giants. Here is where we come into play, we are trying to breach that gap and we have these massive facilities with help of which we are spreading it all over the world.
- As for the final question, what do you think about Blockchain and cryptocurrency industry in general, and what would be one of the main problems here?
- I think that Blockchain technology itself is here to stay, it doesn’t matter if mainly it will be used as a store of value or payment solution. As for the problems, one of the main issues we’re facing today is that there are no developers. All over the world, everyone is working on finding the best solutions but the amount of developers is too small. It is really important to start educating everyone about this new technology.
- Thank you very much for your time.