What is miners’ growth plan as difficulty adjusts?

10 000 question challengeCategory: Profits (trading, ICO, mining)What is miners’ growth plan as difficulty adjusts?
HowToToken Team Staff asked 3 years ago
1 Answers
HowToToken Team Staff answered 3 years ago

Marco Streng, CEO of Genesis Mining, shared his opinion in an interview for Moneycontrol. You won’t find a growth plan here, but here is how the company remains profitable.

“For sure, block reward halving and difficulty level increases, have made mining harder.

There are a few different factors that help us remain profitable:
1) Economy of scale enables us to keep costs low. We have mining farms across 4 different continents with Enigma, our largest farm in Iceland rivaling the world’s second-largest supercomputer based on pure brute-force computing strength.

2) A highly streamlined supply chain, where we have strong long-term partnerships helps us to react quickly and efficiently to the massive demands which we are currently seeing.

3) We have over the years negotiated good deals with energy companies and are firmly focused on using renewable energy.

4) On top of this, we are also working with chip manufacturers to deliver custom solutions.

5) We also offer “100% uptime guarantee” for our customers and we are able to deliver on our promise by switching pools and using state-of-the-art Mining farm management software called Genesis HIVE which we have developed in-house.

6) Our multipool technology further boosts profitability for our customers by switching between different coins, depending on their profitability. Our deep experience with Altcoin mining helps with this.

So all-in-all, despite the halving last year, we believe we have the systems in place to maximize profitability for our customers.”

Source: https://www.moneycontrol.com/news/interview/tales-from-a-bitcoin-mine-an-interview-with-marco-streng-ceo-of-genesis-mining-2351375.html