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Categories: The Bitcoin Game

The Bitcoin Game #25 - Mining At Scale with Marco Streng

Published on September 10th, 2015 by Rob


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.


TWITTER GIVEAWAY

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

Bitcoin Fork Pens


MAGIC WORD

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.


SHOW LINKS

Genesis Mining
https://www.genesis-mining.com

New York's BitLicense
http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf

BitcoinXT
https://bitcoinxt.software/#sec-hardfork

SideChains White Paper
https://blockstream.com/sidechains.pdf

Lightning Network
https://lightning.network

BIP-100
https://github.com/jgarzik/bip100/blob/master/bip-0100.mediawiki#Abstract

BIP-101
https://github.com/bitcoin/bips/blob/master/bip-0101.mediawiki#Abstract

BIP-102
https://github.com/jgarzik/bips/blob/2015_2mb_blocksize/bip-0102.mediawiki#Abstract

Bitcoin Wisdom - Mining Calculator
https://bitcoinwisdom.com/bitcoin/calculator

Bitcoin Wisdom - Difficulty
https://bitcoinwisdom.com/bitcoin/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)
http://www.lifeinsideabitcoinmine.com


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.


MUSIC

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.


STAY IN TOUCH

https://Twitter.com/TheBTCGame
http://TheBitcoinGame.com
Email me at Rob at TheBitcoinGame.com

Thanks for listening!

Bitcoin tip address: 1G8HDg5EsPQpamKYS2bDya9Riv9xv1nVo5


The Bitcoin Game box artwork created from an illustration by Rock Barcellos.

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