Place/Date: Hong Kong - November 3rd, 2017 at 5:45 am UTC · 3 min read
Contact: Genesis Engineering, Source: Genesis Engineering
BTC Inc., parent group of BTC Studios, BTC Labs and BTC Media — the largest media group in the blockchain and cryptocurrency space — and Genesis Mining, the largest cloud mining service provider, partnered to introduce Genesis Engineering. Based in Hong Kong, the joint partnership sets out to become a leader in the global cryptocurrency mining industry through education, consulting and local partnerships. The venture will focus on development in regions around the world that have excess energy capacity, including the Americas, the CIS region and Asia.
Mining for cryptocurrency has grown from hobbyists using personal computers to an industry that earns more than $2 billion in revenue annually. The key to a profitable large-scale mining operation is its access to a large source of electricity at low costs. Currently, China and the U.S. have the most mining operations.
“We see opportunities for education and awareness around mining as bitcoin and other cryptocurrencies are just starting to hit mainstream awareness,” said David Bailey, CEO of BTC Media. “We expect growth for the cryptocurrency mining industry globally: in the CIS region, Europe and Asia. Centers of mining are often places with excess power capacity and relatively cheap electricity rates. As a result, mining operations bring benefits to those areas in terms of both employment and resource allocation.”
“As the largest cloud mining company on the market, we are on the lookout for excess energy supply in certain regions,” said Marco Streng, co-founder and CEO of Genesis Mining. “Mining is a project taken on by both individuals and organizations. It enables blockchain technology to work, and it can also generate profit.”
Mining is key to the cryptocurrency ecosystem as miners verify and process transactions on a blockchain network, such as Bitcoin, Litecoin or Ethereum. With Genesis Engineering, BTC Inc. and Genesis Mining have partnered to combine a wealth of knowledge and analysis of cryptocurrency with leadership in the mining industry. Genesis Engineering plans to develop and promote the expansion of the cryptocurrency mining industry in underserved markets where mining would benefit local economies. Further, Genesis Engineering is available to consult with businesses, utilities companies and governments to accelerate the construction of new mining facilities and best utilize the power demand for local businesses and the economy. Most immediately, Genesis Engineering is hosting events and workshops to raise awareness of the opportunities for mining.
Founded through a partnership between BTC Inc. and Genesis Mining, Genesis Engineering promotes cryptocurrency mining through education, consulting and local partnerships within regions around the world that have the excess energy capacity to support cryptocurrency mining.