In an extensive conversation with Moneycontrol, Marco Streng, CEO of Genesis Mining, the largest cloud mining company in the world, sheds light upon the cloud mining industry, its challenges and the road ahead for cryptocurrencies.
The world’s first decentralized cryptocurrency aims to serve as a peer-to-peer electronic cash, making transactions possible directly between users, eliminating the need for trusted third parties like central banks.
Bitcoin transactions are verified and registered over a publicly distributed ledger known as ‘blockchain’.
Who verifies and registers these transactions? This is done through a process called mining.
Each entry is confirmed by 'miners' who have to solve a complex math problem associated with each transaction in order to be able to verify it and earn some bitcoins for the hard work.
With the passage of time, the math problems become more complex and more computational power is required to mine.
Due to this, bitcoin mining activity has increasingly become difficult to undertake. Those who do not want to invest in expensive hardware required for bitcoin or cryptocurrency mining in general, can earn some coins through cloud mining. (This activity refers to mining bitcoins using advanced hardware of companies that are set up specifically to offer this service, in lieu o
http://www.moneycontrol.com/news/interview/tales-from-a-bitcoin-mine-an-interview-with-marco-streng-ceo-of-genesis-mining-2351375.html
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