For Genesis Mining, the process of bitcoin mining could be described as a meeting of fire and ice.
Mining — the method by which new bitcoins are made by a computer solving an extremely complex math puzzle — requires big, energy-intensive computing power to operate. Thus the “fire.”
When cryptocurrencies were less popular, a miner with a computer at home could solve the puzzle quickly. But now bitcoin mining requires ever more and faster computing. A few companies, including Genesis, are starting to provide the cloud services needed to supply that capacity.
Started in 2013, Genesis Mining has grown into the world’s largest cloud-based blockchain and cryptocurrency mining company, used by bitcoin miners the world over.
The company’s cloud-based hardware provides miners access to as much computing power as they’re willing to pay for.