Hello, welcome to episode 25 of The Bitcoin Game, I'm Rob Mitchell.
If I were to meet Marco Streng on the street, I’d never guess he hands-on controls perhaps the largest amount of hashing power in the world. Marco is the CEO and cofounder of Genesis mining, a company that mines for profit, and also offers cloud mining. I met Marco back at the State Of Digital Money conference in Los Angeles earlier this year, as he was one of the speakers.
I've always been skeptical about cloud mining. At worst, you're simply putting money into a ponzi scheme. At best, you have to trust that even a legit company doesn’t get hacked, go broke, or have another issue that can beset any company. Yet Marco was able to restore my trust that there are legitimate companies providing cloud-mining services. Of course, there’s always the unknown variables of future price and future difficulty, which can render a net loss, to even the best-laid cloud-mining plans.
Stepping back from profitability concerns, cloud-mining services enable smaller players to help secure the network. So I think anyone who supports the security of Bitcoin can see the benefit of legitimate cloud-mining services, which reduces the friction for eager miners to contribute hash power to the network.
I will be posting a question or two about the podcast on Twitter. First to tweet back the correct answer will win either a Bitcoin Keychain or the brand-new Bitcoin Fork Pen (both pictured below). So follow me at this URL: https://twitter.com/theBTCgame
Order the brand new Bitcoin Fork Pen and the well-known Bitcoin Keychain together, for only $12 (includes shipping within USA). http://BitcoinForks.com/deal
Listen for the magic word, and submit it to your LetsTalkBitcoin.com account to claim a share of this week's distribution of LTBcoin. Listeners now have a full week from the release date to claim a magic word. The magic word for this episode must be submitted by 5am Pacific Time on September 17, 2015.
New York's BitLicense
SideChains White Paper
Bitcoin Wisdom - Mining Calculator
Bitcoin Wisdom - Difficulty
Bitcoin Magazine - Possible $500,000 Bitcoin Cloud Mining Ponzi Scheme Uncovered https://bitcoinmagazine.com/20702/exclusive-possible-500000-bitcoin-cloud-mining-ponzi-scheme-uncovered
Life Inside A Bitcoin Mine (streaming video from Genesis Mining's Iceland facility)
Below is a YouTube video of Marco's presentation at the The State Of Digital Money 2015.
The videographer who captured this content works relentlessly on the front lines, recording cryptocurrency and P2P content from all over the country. Check out all his videos at https://www.youtube.com/channel/UCxfh-2aOR5hZUjxJLQ2CIHw/feed?activity_view=3.
All the music in this episode of The Bitcoin Game was created by me! If you're curious, the music was created in GarageBand (by Apple), Animoog (by Moog Music), and Figure (by Propellerhead). Please contact me if you'd like more info about any music you hear on the podcast.
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The Bitcoin Game box artwork created from an illustration by Rock Barcellos.