At the Hasher’s United conference in Las Vegas, Genesis Mining unveiled their Project X platform as the next evolution in their cloud mining service. Marco Streng, the CEO of Genesis Mining, gave an excellent rundown of Project X as well as a teaser video. Genesis had a booth at the Inside Bitcoins conference as well as Hasher’s United and created quite a presence at the shows.
One of the hallmarks of Genesis Mining is that they have always been fairly transparent with their data centers, showing pictures, videos and at times live video feeds of the centers. At the Hasher’s United conference Guy Corem, the CEO of Spondoolies-Tech gave them a glowing recommendation in person. He told me Genesis Mining is a legitimate Cloud Mining service and had done business with them as well. He gave me one of the strongest thumbs up for any cloud mining service to date. Guy did not mince words either. In the area of cloud mining where many scams abound it was nice to hear have Guy Corem give his approval of Genesis Mining. Marco was able to sit down with CCN for an interview.
Could you tell CCN a bit about Genesis Mining?
Marco:I was doing research on graph theory in mathematics and stumbled across an article about bitcoin and the principle of the blockchain. The most interesting feature for me was the transparent nature of the system and that led me to doing graphical models of the blockchain. I wanted to find graphical structures of the cashflows and correlate them to price movements. With my partner Marco Krohn, we developed the trading platform and a bot that at one point was the biggest on MtGox. From there, we grew into mining Scrypt coins and Genesis Mining platform was born.
What can you tell CCN now about Project X?
Marco: Genesis Mining is the next gen platform in mining and trading. It will allow users to mine and have an automated system choose the best coins to mine for maximum profitability. This way our customers can benefit the most. Customers will also be able to have their payouts in a large selection of coins on top of being able to mine even emerging coins as they become available. We have had many coin developers come to us asking us to help secure their blockchains, and Project X will allow us to do that and have customers do so as well.
One of the biggest features of Project X is the algorithm switch functionality. You will be able to switch between algorithms and furthermore even distribute your hashpower over the three major algos Sha 256, Scrypt and X11. This means for example you can mine 40% Sha-256, 30% Scrypt and 30% X11 on one day and on another day, just distribute it in a different way like 100% Scrypt, if you think for example one specific scrypt coin is currently outperforming the market and very attractive to mine. It links into the auto miner to detect the most profitable coins and chooses the most profitable algorithms switching your miners to them. Customers will also be able to switch algorithms to on the fly allowing more flexibility. We will be opening preorders for this soon and will make sure to reward our existing customers for believing in us by being able to do these things first. Allot of opportunities for all users. Everyone can benefit.
Here is a link to their teaser video of Project X featuring footage from one of their mining centers.
How long has Project X been planned?
Marco: Project X has been in development for about three months. We have been working hard on making it the best platform out there when we launch.
With on the fly algorithm, changing how have you provisioned for this in case everyone wants to switch at the same time?
Marco: We have Europe’s largest Scrypt farm and are always building more to use our strength in both Scrypt ASICs and GPU mining to the fullest. We also have our Bitcoin SHA-256 mining as well that is very large and growing. We will make sure to over provision, so there is no interruption and smooth algorithm changing for our clients. We will not oversell.
What challenges have you had in building the data’s centers?
Marco: We have several data centers. The most important thing is cheap electricity and ease of cooling. Iceland had the best pricing, and it is easy to keep cool just open the door. LOL We had some great connections to get in up there as well. We also have very good connections with Scrypt manufacturers as well as GPU vendors. For a long period, we bought every card a reseller could get, and I am not talking about a small reseller either.
The best for ASICs is to go right to the manufactures then you can get the best optimization with their miners and work close with them. This way we are keeping our data centers growing with no interruptions as well as having them work the best with our software and platform. So our data center building has gone well but many hours are going to and meeting with different companies. It has paid off well, and our customers benefit from those relationships and our hard work. We have so much development time in the software it will really show. We want to welcome everyone novice and skilled to our platform.
Any points about Genesis Mining and Project X you want to discuss?
Marco: I want to thank all the devoted customers from the early days. We will be expanding opportunities with the new features. All sorts of new types of coins that can be paid out. You will be able check which users can beat the auto trader when using their own skills in choosing coins and mining them. We want to bring the best tech and opportunity to continue to grow. Project X is the next step in the process. The ability to mine emerging coins and get in on the new ones smoothly and fast. There is more to come. Thank You.
Genesis Mining has been setting the bar high and is looking to go even higher. Marco and his team have been working hard on both the mining data centers all over the world and the software behind them. Project X seems to have some of the best mining features yet, such as the ability to change algorithms and coins, and the auto coin choosing feature that will allow for even faster and more precise switching of coins for the max profit. These features are something that is going to be welcome in cloud mining as many users want to be able to mine, or get paid out in, specific coins. Genesis Mining is working hard to bridge that gap between home mining and large cloud mining. CCN will keep you up to date with what is happening with Genesis Mining and also how Project X works when launched.
Are you looking forward to Project X? Share your comments on CCN.
Images from Genesis Mining.