Genesis Mining recently posted an interesting video about the plans for 2018.
We bothered our readers and transcribed the entire video.
Hello, everybody. We are already a few weeks now into the New Year and we want to take this moment in order to wrap up the last year and talk about what happened there, and also give an outline of what is yet to come in the New Year for Genesis Mining.
Additionally, we want to give you a special insight into one of our newest facilities that we have built. The last year was a year full of opportunity and growth for the whole block chain and cryptocurrency world. It is remarkable to say that Genesis Mining has reached nearly 2 million customers towards the end of last year.
If a business is talking about a growth of 50 percent from one year to another, that’s something that is already quite an achievement but those numbers are not even comparable to the numbers that you are experiencing in the cryptocurrency world.
Genesis Mining has grown by a much larger factor than that and that is great, but it really has also put us in front of a lot of challenges that came with it. One of the challenges, you probably remember, towards the end of last year’s summer where we had a small security breach into a part of our system.
It was nothing very critical and all the mining operations were unaffected but nevertheless, some coins have been stolen.
This really has put into a situation where we have put all of our effort and all of our energy into solving that issue and fixing the system and improving it to a way that something like that will never happen again.
We have hired the best security specialist and really have done everything, and are very happy to say that this has been fixed by now. Very important to say here is that Genesis Mining has covered all the lost funds to 100 percent so that none of you and our customers have experienced any losses from that.
I think this is something very remarkable and you’re not seeing that for the usual other businesses. I think this is a great sign to show how important you are to us and how important it is to deliver the best service to you. Shortly afterwards, we had to face the next challenge and also probably you know about it. I’m talking about the payouts. I really need to say something.
As great as block chain technology is and we know now that it will bring a lot of new advancement and a lot of new technologies to the world, we are still at its infancies.
And Genesis Mining as one of the largest players in the space is a pioneer in that regard and we are facing problems that other companies that are much smaller are not facing. The payouts is one of them as we are paying out every day a bulk payouts and push a large amount of transactions into the block chains in order to pay out our large amount of customers.
This is something where the whole team of our developers are working on day and night to improve and they are very good. They have been into this space since the beginning when we started in 2013, and they are working together with the developers of the individual block chains like Ethereum, Litecoin and Bitcoin in order to address that.
I can also say that this problem is affecting some of the other major players. For example, the exchanges but not to that extent as it affects us as they are not doing these large payouts on a one time basis every day.
Both the security breach and the payout situation in the end has made Genesis Mining much stronger than any time before. We have learned a lot in that time and we are very happy to say that we have already, by now, improved the system to a much greater extent and we have nearly recovered all nearly all the missing payouts.
I know that the vast majority of our customers are very happy and successful with our service but also I understand some of you are really missing payouts and are waiting for that. Rest assured that we are doing everything we can in order to remain the situation and in order to also pay out everything that is still missing and in the end, have a system that is much more improved than the old one and have addressed that issue to the best extent.
As you probably know, especially towards the end the last weeks, the block chain and cryptocurrency attention has grown to an extent that no one of us could have ever imagined before. I think if you are going now on the street and talk to the usual people, they would probably tell you which ICOs they have participated or which cryptocurrencies they have invested in.
It’s completely crazy so to say. This of course has put us into another challenge because the people, the whole world is now either wanting to buy cryptocurrencies or they want to mine them.
And when they want to mine them, they are most likely ending on our site and this is also great but also, as you know, our capacities are limited in a natural way. We can only work 24/7 and we can only expand our teams to such an extent.
We are already building bigger farms that we ever have built but also our capacity is limited. Most importantly, we cannot sell what we don’t have. So that’s why when you are currently going on our website, you will realize that we are sold out on all of our computing powers that we offer.
I want to say at that part a very good news to you that we will be able to shortly relaunch and get back with a good amount of new capacity but we have to see how we will deal with that because what we don’t want is directly after one or two days, after the relaunch that we are sold out again.
So we would probably either limit the new capacity for each user or only operate to our existing customers. The next year now, I’m already very excited because there will be a lot of new functionalities and then a lot of new features coming up from Genesis Mining.
Shortly in the interim future, you will see a Genesis 2.0 interface so to say which will give you a lot of more smooth handling and a lot of more efficient and better user experience on our website. We will improve our dashboard and all the rest and of course, we will expand in the New Year continuously our facilities and we will build bigger farms that we have ever built.
Very exciting also to say is that Genesis Mining in the next year will offer services that go beyond mining and I’m very happy to say that.
So now, we are standing in front of the new facility and I want to say one thing which is very important to me. Security is one of our highest priorities and especially as there is so much interest now from various parties that no always have the best intention and also a lot of people try to copy us et cetera.
We have to be very much aware of that. So as we’re going in, we are only showing parts of the new facility where we can make sure that there is no intellectual property disclosed or any secret things revealed. So this is for the better of all of us and in particular for you, and I’m very excited now. So let’s get inside and I would show you around.
So as you can see, this whole facility is very high and also goes very long which increases also the efficiency on the cooling side. What you can see here is the first row of miner and the ones of you who might has seen the buildout in Iceland might wonder because it looks a little bit different.
Those machines you are seeing here are highly optimized, highly more optimized machines and also which is very important to say the intensity is much higher which allows us to deploy more computing capacity at a given area of space.
Let’s go around the corner to see the rest. So you’re seeing here that it’s going far, far behind and even behind the wall, it continues to go further. This here is the hot aisle and it’s very hot in here and what you can see here is that the cold air from outside is rushing through the miners and heating up, and then gets collected here. It’s really remarkable how much airflow we have here and you cannot imagine how hot it is too.
I also want to show you here a small view behind the machines. There’s a lot of cabling you can see. So now, we’re coming to a special location here. So we have just seen the hot aisle and now we’re getting in to the cold aisle where it is freezingly cold. So again, here is the cold air coming from outside and the airflow is very high.
So as you can see here, it’s really very high pressure and here we are having the next aisle and of course, the whole facility is maintained and optimized by our in-house develop optimization tool, Genesis High, which is also to the benefit of your because it increases the efficiency and the stability of the machines.
So what you are seeing here, it continues now on and on towards the end of the facility. We don’t need to go through it all. I really, at the end, want to say thank you to all of you. Without you, this would never have happened and I would not stand here. So I’m very thankful for that, for all your support from the early days of 2013 until now, and I’m very excited for the New Year to come. Thank you.