Time is Money: Why Every Second Counts in Crypto Mining – by Marco Streng

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When I mentioned to a journalist that we were chartering 747’s to speed up the delivery of our miners — I didn’t think it was a big deal.

But as soon as I mentioned this fact, it quickly became the focus of the story which then spread across dozens of media outlets including Business Insider, Quartz, and many more.

For us, chartering these planes was just part of us doing our job — mining crypto with the highest efficiency possible. We didn’t think it was a big deal because for us, it was an obvious move. If shipping by sea took weeks and a plane took 12 hours, the obvious choice was to ship by plane.

That’s because in crypto mining, every second counts.

 

The Biggest Lesson Learned Over Six Years of Mining Crypto 

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We’ve been mining now since 2013. My first miner was set up in my college dorm room. Today, we have 12 data centers across six countries. Our crypto mining operations are spread across three divisions — cloud mining which makes up roughly 20% of our business, managed farms for institutional clients, and self-mining farms that mine and hold our own crypto. When we started building our large-scale farms, there was no playbook and no how-to guide. It was all trial and error.

 

But very early on, it became clear what mattered most: time. Every minute a miner is down or every week a miner sits in a cargo ship, it costs money and most importantly, opportunity. This is the most important aspect of crypto mining. Mining requires much more than low cost electricity and computing hardware. It requires expertise and deep understanding of how to maximize every second the miners are running.  As we scaled our mining farms, it quickly became clear that the non-purpose built software for managing data centers was not going to work. So we began developing our own software to manage our farms.

 

For the past six years, we’ve invested millions of dollars and have had dozens of developers and engineers collectively spend thousands of hours working on perfecting our crypto mining farm management software. This software has been the backbone of Genesis Mining and has played a key role in providing us a competitive edge as we’ve scaled all divisions of our business across the globe.

 

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Introducing Hexa

Today, we’re excited to announce Hexa, our enterprise-grade crypto mining farm management software. This software combines everything we’ve learned over our six years of building, managing, and scaling crypto mining farms. The internal software we’ve developed for internal use will now be available to others. Our new all-in-one software provides large-scale crypto miners with the following:

 

Rapid Deployment: Hexa is designed to make the deployment of large-scale farms as quick and painless as possible. It automatically detects all machines and adds them to the system. This allows you to mirror the real-world as closely as possible and manage your maintenance personnel and decrease your operational costs.

 

Farm Configuration: With Hexa, miners are automatically configured as soon as they come online, ensuring that mining begins instantly. Without this feature you would first deploy the miners physically and in a second stage configure mining pools.This saves time and money by automating as much as possible. Hexa is built to support Hosting Operations including advanced customer and configuration management. It’s firmware agnostic, ensuring you don’t get stuck in “Vendor Lock” or forcing you to use any specific firmware. It also supports any firmware and miner type on-demand so that you can experiment with what brings you the most efficiency.

 

Real-Time Monitoring: Hexa enables you to keep a pulse on your operational data in real-time. You can check on the status of any miner or use heatmaps to make informed decisions about your maintenance process. Smart notifications alert you when there is an issue. It also includes a flagging feature which enables maintenance personnel to quickly identify and fix the critical issues.

 

Advanced Reporting: Hexa has its own dedicated block explorer so you can know exactly how much is being generated. It keeps historical logs of each and every miner so you can see real-time information and also analyze performance over time. For example, you can use this feature to see how the day/night cycle or winter/summer temperatures affect your operation’s performance. You can also easily create detailed reports of your OPEX and CAPEX that allow you to make key decisions to reduce your overall costs.

Hexa represents everything we wish existed as we’ve built our mining operations over the years. To find out more about Hexa, click HERE.

 

Powering the Future of Crypto Mining 

The launch of Hexa is exciting for us because it represents another step towards our mission: bring as many people as possible into the crypto mining ecosystem.

We know how hard and complicated crypto mining is and our belief is that by making this software more accessible to the growing ecosystem of crypto miners, we create a more level playing field that will encourage more miners to enter.

In the same way Tesla infamously made their patents available to competitors with Elon Musk’s All Our Patent Are Belong To You post, we feel the same. By making our technology more accessible to other crypto miners — in the long run, we all benefit from seeing the crypto ecosystem grow.


Article originally published on LinkedIn, 29th June, 2020

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