Genesis Mining

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Genesis Mining logo

Genesis Mining is a company that sells bitcoin mining contracts and is currently one of the largest cloud mining companies in the world.[1] The company is active in the Bitcoin community and is frequently seen at events across the world including in Paris, New Zealand, Los Angeles, New York City, Hong Kong.

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DescriptionEdit

#EvolveWithUs - The Series / Official Trailer - Genesis Mining

It was founded in 2013 by Mark Streng (General Director) and Jacob Dolik (Head of Sales Department). The headquarter is in Hong Kong.

HistoryEdit

Genesis Mining was formed after the three founding partners realized there was a need for a legitimate cloud mining provider in an industry full of fraudulent companies. From there they set out to offer cloud mining services to active users and new mainstream users. Genesis Mining launched in February of 2014.[2]

ServicesEdit

Their services allow customers to purchase mining contracts, which allow them to mine Bitcoin and Altcoins through a cloud-based computer network. Their mining farms are based in Iceland, Canada, and Bosnia.

Technical characteristicsEdit

The computing power of the Genesis Mining offers Scrypt and SHA-256 mining. Coins that can be mined (directly or indirectly by auto-conversion) include inter-alia:

The users of the service buy contracts, renting the computing capacities of the company's Mining farms, and receive a reward for the work executed by the leased facilities. For example, the cost of Genesis Mining contracts for bitcoins starts from $ 179 per year, "ether" - from $ 29.99, DASH - $ 30.

Mining farmsEdit

According to Genesis Mining, its mining farms are located in Iceland, Canada and Bosnia. The company does not disclose exact information about their location for security reasons.

Meanwhile, mining farms in Iceland serve marketing purposes: they are often reported on in the media, their technical characteristics are published in open sources.

  • Enigma Ethererum Mining. The largest “ether” mining farm in the word.
  • Bitcoin Mining Facility. One of the primary bitcoin mining farms. The farm is built on hardware for bitcoins mining, provided by Spondoolies Tech companies.
  • Dash Mining Facility. Data center for Bitcoin Mining uses the X11 processing algorithm, which fundamentally differs from other adjustments, since GPU-based hardware (GPU) is initially used here, rather than devices based on ASIC (Application-Specific Integrated Circuit). Dash is among the cryptocurrencies using the X11 algorithm.

HackingEdit

In July 2017, hackers broke into one of the company's wallets and withdrew some of the funds. The exact stolen amount is not disclosed, however, in an official message the company assured that personal data of users, including email addresses, were not affected during the attack.

The participation in the preparation of SegWit2x hard forkEdit

Plans for the introduction of SegWit2x bitcoin hard fork, which intended to increase the blocks of the Bitcoin chain twice, caused a split in the blockchain community.

Despite the fact that hard fork was not supported by the majority of users and developers, in May 2017 in New York several dozen companies signed an agreement on the introduction of hard forks. Genesis Mining was among them[3].

The Bitcoin.org site, which opposes SegWit2x, has published a "blacklist" of sites supporting hard fork.

CalculatorEdit

See alsoEdit

External linksEdit

ReferencesEdit


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