Genesis Mining’s Marco Streng: Cloud Mining Needs to be Trustless
Crypto mining is getting more difficult by day, but those with higher efficiencies find it a great opportunity to get good returns. In an interview with Bitsonline, the founder of Genesis Mining, Marco Streng, talked about cloud mining and its challenges, saying that it needs to be ‘trustless’.
In his speech, Streng said that mining has become more difficult and doesn’t guarantee huge returns as it has been for the past several years. Bitcoin mining in particular is ever-increasing, and with 2018’s bear market, it’s difficult to remain ahead of the curve.
According to the Genesis founder, the main focus of his company is to continue its growth while at the same time supporting its community and the cryptocurrency ecosystem at large.
Need for Decentralized Control of Hashing Power
Genesis mining, which was founded in 2014 hoping to offer genuine alternative to poorly-conceived cloud mining operations, has now become one of the most experienced and largest cloud mining companies globally.
Decentralized control of mining power, according to Streng, is the most recent innovation, which brings back the hashing power to the customers holding the contracts. It actually solves the issues of security in potentially unstable locations as well as remote areas.
Streng also shared his thoughts on the progressive attitude of Georgia towards cryptocurrencies, saying that there are many factors that make the country one of the most popular mining locations globally, even though it doesn’t have the most competitive energy costs.