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Genesis Mining

Genesis Mining is a company that sells cryptocurrency mining hashpower since 2013. They are registered in Hong Kong, China and their mining farms are in Iceland, Sweden, Canada, Bosnia and other undisclosed locations[1].

The company is known for their mining farm in Reykjanesbær, Iceland [2]. It is a large Ethereum mining farm with GPUs in it [3], running on geothermal energy [4]. The facility has been featured in various media as an example of a growing new cryptocurrency mining industry in Iceland [5][6].

The company was founded in November 2013 and it employs over 100 full time workers from all around the world[7].

History

The company was founded by Jakov Dolic, Dr. Marco Krohn and Marco Streng after the three met through a Bitcoin trading platform. They set up their first mining Facility in Eastern Europe in 2013[8].

In March 2016 Genesis Mining invested 1 Million and became an initial partner to the Logos Fund, which was created by Marco Streng. The Fund itself is reported to have raised an estimated $ 100 Million[7] [9].

In October of 2017 Genesis Mining became a major shareholder of HIVE Blockchain Technologies, by purchasing 30% of the shares of the Canada based company[10][11].

Trivia

The company has made it into the news with their guerrilla campaigns criticising various actors for their stance on cryptocurrencies. In one stunt, they mocked Jamie Dimon on a billboard [12]. In May 2018 they hung billboards outside Warren Buffet's office [13], saying the billionaire is wrong about Bitcoin. Their other campaign was a fake protest held in New York. This staged demonstration portrayed bankers protesting against cryptocurrencies [14] [15].

  1. ^ "Diese Blockchain-Aktie mit deutschen Wurzeln startet gerade durch". wallstreet-online.de. 2017-10-07. Retrieved 2018-04-17.
  2. ^ "Quest Means Business". www.facebook.com. Retrieved 2018-04-18.
  3. ^ "Cryptocurrency Mining Is Fueling a GPU Shortage". Motherboard. 2017-06-07. Retrieved 2018-04-18.
  4. ^ Ross, Rory (2018). "Meet the 28-year-old building a Bitcoin empire (with £10m of computers and a mind-boggling electricity bill)". The Telegraph. ISSN 0307-1235. Retrieved 2018-04-18.
  5. ^ "Iceland's bitcoin miners will guzzle more energy than its homes in 2018 | CBC News". CBC. Retrieved 2018-04-18.
  6. ^ Hern, Alex (2018-02-13). "How Iceland became the bitcoin miners' paradise". the Guardian. Retrieved 2018-04-18.
  7. ^ a b Mitchell, Julian. "Meet The 27-Year-Old Mathematician Building A Bitcoin Empire". Forbes. Retrieved 2018-04-17.
  8. ^ "Interview: CEO of world's largest bitcoin cloud miner answers the most important questions on bitcoin mining". Moneycontrol. Retrieved 2018-04-17.
  9. ^ "Rise of the Cryptocurrency Investment Fund: These Are 5 of the Largest | Frontera". Frontera. 2017-12-03. Retrieved 2018-04-17.
  10. ^ "HIVE Blockchain Announces $7 Million Equity Investment by Genesis Mining". www.newswire.ca. Retrieved 2018-04-17.
  11. ^ "Hive Switches From Mining Gold to Bitcoin, Surges Six-Fold". Bloomberg.com. 2017-10-12. Retrieved 2018-04-17.
  12. ^ Allison, Ian (2016-01-21). "Genesis Mining billboards say Jamie Dimon is right - 'Bitcoin will eat your lunch'". International Business Times UK. Retrieved 2018-06-08.
  13. ^ GmbH, finanzen.net. "A crypto miner trolls Warren Buffett with bitcoin billboards outside his office (BRKB) | Markets Insider". markets.businessinsider.com. Retrieved 2018-06-08.
  14. ^ Morse, Jack. "A Bitcoin mining company organized a fake protest at a major New York blockchain conference". Mashable. Retrieved 2018-06-08.
  15. ^ "At NYC's Big Crypto Conference, the Lamborghinis Are Rented and Protests Are Staged". Bloomberg.com. 2018-05-14. Retrieved 2018-06-08.
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