Bitcoin Forum

Life Inside a Bitcoin Mine: Interview with Genesis Mining’s Marco Streng

CoinTelegraph spoke with Genesis Mining head Marco Streng on the current state of the mining industry, the Life Inside a Bitcoin Mine project that aims to make cloud mining transparent, and how he sees the Bitcoin industry moving forward.

http://cointelegraph.com/news/115190/life-inside-a-bitcoin-mine-interview-with-genesis-minings-marco-streng

Does one need transparency to cloud mining?

I feel like the term "the cloud" offers more confusion than clarity. The cloud just means 1) data can be stored by third parties, and 2) the data can be sent to these third parties wirelessly. That's it. It's synonymous with "remote". Cloud mining is no different than regular mining, instead of having all mining machines in one place the "cloud" moniker refers to the mining machines being in multiple, remote locations, often staffed by pools of people.

Am I missing something here?

I think an interview on how a bitcoin mine works is great. I don't think saying this provides "transparency to cloud mining" is accurate at all.

But that's just my BTC0.00008599...

I'm not into cloud mining, but still it is nteresting to know whether at least some them are not scum. I checked the reviews about Genesis Mining and found out that they are differ from one another: some say you have to wait more than 4 years to ROI and others say they have a good profit.

Any thoughts, guys?

Actually the step they have taken towards making the so called "Cloud Mining" a trustworthy state it's really good, and the three streams links work well with slow internet connection too ... It could be monitored by all of us and also looking forward for their other mining locations as well to be streamed to the public... base on the interview, I think I'm going to give up a dream that I had for so long which I was hoping one day I could make it happen ( My own mining farm, only to be used for personal matter ) ... the trial and error stage is too risky for a single guy I think unless the funds are unlimited then why not

But these cameras cover only a very smaller area and are fixed. It would be better if they can rotate the cameras and let us see more about what's going on in the bitcoin farm.

Yes, that would be not so hard to make. If we have cameras like this one

http://www.zurich-airport.com/passengers-and-visitors/shopping-and-attractions/webcams-en/webcam-livestream

which everyone can control, all the more is possible to make cameras which registered users can control.

Yeah I read this article! I think the Vice doc about the Chinese Mine was pretty cool. The guys just sit their playing MMORPG's and eating noodles while the machines hum away in the background.

It's a strange 'mining' life, but cool nonetheless! I think I'd go crazy living in a Bitcoin mine tbh.

Genesis Mining targets bitcoin enthusiasts who have not taken the time to research alternatives. The company is legitimate but buying from them has never been a good deal. You should really never tie up capital in hosted mining you can not turn around and sell same day if you like. Instead look at companies who have internal exchanges like Hashnest, Bit-X and BW.

Thanks for sharing always love seeing inside of of some of these places.  Does anyone know what the miners are he is standing in front of?

Almost looks like some A1 clone, but I was not sure if that's what it is or they something better in those boxes.

Thats a picture from when they had Scrypt Asics.

Thanks that is interesting I would have not have guessed that.  Do you know what gear they are using now? 

I always want to know more I love looking inside of big data centers.   I find them always very interesting espically how some design so much different then others on cooling and other features.

The transparency thru webinars and live stream of their mining farm is a step forward, but I wish they would focus more on getting a live GHs exchange for their service. They would profit more for this if they'll add a small transaction fee.

I'll be 100% convinced after I see how long these lifetime contracts will last.
Pretty happy with my purchase though, especially with recent Bitcoin prices.

Do you always check what the current price of 2 cents is before making that comment? :D

Thanks! That's what I thought. I'm wondering though if anyone here can confirm he had some profit already from a deal with Genesis Mining. I think - no one, but I may be wrong.