Another year has passed in the cryptocurrency world and once again, we must recap what has been achieved in the last 365 days, or 52.560 Bitcoin blocks, as we count here at Genesis Mining. While some people were celebrating the coming of 2017, crypto enthusiasts all over the world were celebrating the rise of Bitcoin, because on the first of January the virtual currency surpassed $1,000.00 USD and quickly beat the old all-time high.
And just like the year before, prominent names in all kinds of industries that predicted the end of this economic wonder, were proven wrong. At the time this piece was written, Bitcoin has reached the all-time high of $17,000.00 USD. Some people say the sky’s the limit, but in the case of Bitcoin it would be more accurate to say that the moon is. Since 2018 almost upon us, it’s time to recap our greatest challenges and achievements of 2017.
Genesis Mining had a year of growth as well, with more and more users coming to the cryptocurrency world, we’ve been working to help educate and empower people to join the movement. We’re adding more members to our team all the time to help serve the 2 million customers that now mine with us, and we’ve also built new facilities to help increase the amount of contracts and currencies we can offer.
Security breach: Challenge Accepted
In July of this year we reported a security breach in which an attacker gained access to one of our hot wallets and transferred the funds. Our team detected the attack shortly after it happened and took measures to stop it. We worked around the clock to reimburse all of our affected customers and doubled down on security measures to reduce the risk of such events ever happening again. Every day we’re stress-testing groundbreaking technology and the enormous amount of growth in the industry meant that we needed to create long-term solutions so we don’t encounter similar issues in the future, which takes a bit more time than temporary measures. We wanted to express our thanks for your patience if you were affected, our team works around the clock to resolve any issues, and your feedback has been a valuable part of our service upgrades.
Features of our CEO, Marco Streng
Back in March of 2017, our CEO and cryptocurrency advocate was featured in a video report done by Deutsche Welle (DW), one of Germany’s biggest public international broadcasters. Marco also took the reporter to Iceland for a tour of one of our mining farms. Inside of the facility, Marco showed the mining rigs in charge of mining cryptocurrency for Genesis Mining customers and explained what makes Bitcoin so special. Most notably, the reporter can’t seem to stop calling Bitcoin, “The Bitcoin”.
This year, Marco also spoke at several major conferences around the world. He was on stage alongside other crypto leaders at BTC Miami, and also gave a TEDx talk at the Trinity College in Dublin explaining how he got into Bitcoin. He tells the story of how he built his first mining rig and started mining in college. During the talk, he explains how he quickly scaled his mining operation and ended up building one of the most trusted cloud mining companies in the world today.
Most people are happy with getting a coloring book or a bicycle for their 3rd birthday. At Genesis Mining, however, we celebrated our 3rd anniversary by launching various altcoin mining contracts. We are proud of how hard our team has worked to introduce mining for 15+ coins and tokens with over 6 mining algorithms in such a short period of time. Since we were founded in 2014, it’s been our aim to help as many people join the cryptocurrency revolution as possible, and we plan to increase access wherever we can. Stay tuned to our newsletter for updates on available contracts!
A presence in India
As the Indian market began to blossom, Genesis Mining was there to help plant the first seeds. We launched the Blockspeak Conference in Mumbai and Bangalore in March of 2017. Dr. Marco Krohn was there to explain how Bitcoin works and how the Indian subcontinent could benefit from it.
Evolve with Us
This year we started a video series called “Evolve with us” in which we invite everyone to get better insight into the company and cryptocurrency mining. The first episode shows the anatomy of our mining rigs and how we have optimized their design for maximum mining profits. The second episode talks about the logistical endeavor of building a large scale mining operation and the way we work to solve problems before they even happen. The 3rd episode discusses the altcoin market and its potential for new investors. In the latest episode, we also share a little bit about Hive, our proprietary farm optimization software that helps keep everything running at its best.
We are always trying to find new ways to clear up the mysticism around cryptocurrencies, so we wanted to give you a behind the scenes look at how coins are mined! We hope you liked seeing how the magic happens!
Genesis mining on CNN
On the 23rd of October one of our mining facilities in Iceland was featured in CNN’s Quest Means Business, a show which aims at bridging the gap between economics and entertainment. In the segment, we explain how our mining farms work while the anchor explains the benefits of mining digital gold in Iceland.
Looking forward to 2018
This year has been about growth and creating new opportunities for our customers. As one of the largest cloud mining services we wanted to provide as many currencies for mining as possible, and we expect to continue that growth in 2018. As we continue to increase our services and offer more mining contracts than ever before, we also aim to improve the cryptocurrency ecosystem by raising awareness through conferences, talks or media campaigns. Being one of the largest cloud mining services out there, we feel it’s our responsibility to be a voice for all crypto enthusiasts.
2017 was an exciting year, full of growth, new technology, and unique challenges. Through every difficulty, our team has kept you at the center of all of our efforts, and we’re still working every day to deliver a better mining service experience. Thanks for being patient and for your trust in us to resolve all issues, it means a lot to us, and we’ll continue to deliver more value in return. We are excited for what 2018 has in store, we’re rolling out the latest in mining technology, and growing our mining facilities all the time. We look forward to continuing to help you mine in the coming year, and we expect it will continue to be a big year for Bitcoin and cryptocurrency!
To the moon!