We previously touched on Genesis-Mining, a company offering Scrypt cloud mining with yearly contracts and cheap prices. After the first round of feedback from users, they have decided a few things, so let’s take a look!
This interview was conducted at Bitcoin 2014 on Saturday May 17th. I am joined by Jan Heinicke-Clemm, who is one of the two people manning the Genesis-Mining booth for this conference.
Me : Hello Jan, thank you for giving me the chance to conduct this interview. I know you guys must be really busy here on the floor.
Jan : Hello Jean-Pierre, it’s our pleasure to do this interview. We publicly invited anyone and everyone to stop by our booth here at Bitcoin 2014, and we gladly take the time to answer any questions you might have.
<Jan pours me a coffee while I set up my Chromebook to make notes. Good coffee too might I add!>
Me : So Jan, the first question, which I’m sure you’ve heard a lot by now, is whether or not you guys at Genesis-Mining are looking to offer other types of mining contracts, like weekly, monthly, or otherwise?
Jan : We have seen this question come up a few times, and we value our users’ feedback greatly. Monthly contracts will be coming, but we have no official ETA yet.We hope to be offering these contracts within a few weeks, as it is at high up on the priority list.
Me : Excellent news, I’m sure plenty of users and interested parties will like the sound of this! For my next question, is Genesis-Mining planning to add a wider variety of mineable coins besides Litecoin, DogeCoin and the multipool offerings?
Jan : Adding more Scrypt coins is one of our top priorities right now. More cryptocurrencies will be added on a weekly basis. Weekly polls will be opened so people can vote for the coins they would like to see added. The target is to add between 3 and 5 extra Scrypt coins per week. In total, Genesis-Mining would like to have around 40 mineable coins in total.
Me : And the coins that will be listed on these polls, will you guys check the source code, or the coin’s history and reputation on forums? How does this work?
Jan : Coins are vetted to the best of our abilities. It is impossible to know everything about every coin and/or developer. But we will do our very best to only add reputable and trustworthy coins. Me : At the risk of spoiling your priority list, has Genesis-Mining been looking into adding mining contracts for other mining algorithms as well, such as Scrypt-N, X11 or others?
Jan : Different mining algorithms are on the to-do list, but there are other things with higher priorities, which all relate to customer feedback in regards to new coins, new types of contracts and pricing. It’s definitely something we are looking into, but we can’t tell you anything more at this point.
Me : I completely understand and agree. Now, this is more a question coming from me personally, but I’m very interested in what mining hardware you guys use. Do you have a contract with a manufacturer for custom hardware , or are you just using GPU’s like we see in the pictures?
Jan : Several people have wondered whether or not we have some secret mining contracts or deals with manufacturers. Rest assured, we do not. Our mining hardware consist of gpu’s , Gridseed miners and Gridseed blades. LIke all other miners, we use hardware that’s available to anyone on the market..
Me : Considering this answer, I can imagine quite a few people finding it strange how you can offer such cheap prices then. I mean, starting at 14 cents/kilohash is very low, and must be nearly impossible to achieve. Are there any hidden fees with your contracts, like we’ve seen with comparable services?
Jan : There are no hidden or extra fees when signing up for a mining contract with Genesis-Mining. As soon as the payment for your contract has been made, you have paid for everything : the hashpower, electricity, hosting, maintenance. It’s all included in the sale price.
Me : But how do you calculate these prices, and still make a profit? 14 Cents per kilohash must be cutting it awfully close to not making a profit at all I assume?
Jan : We have a solid financial infrastructure, and two of the Genesis-Mining founders are mathematicians and physicians. They can calculate rather well, and work out the most beneficial package for both parties. It’s better to make many small profits compared to one big profit. We want to attract as many clients as possible, and offer everyone the best deal for their money.
Me : Are you worried about your new pricing compared to the ASIC’s that will be shipping or released soon? Will those shipments force another price drop for Genesis-Mining?
Jan : There is no need to worry, we are already cheaper than any of the ASIC devices that will start shipping in the near future. So no, there will be no forced price drops for now.
Me : *whistles* Very impressive sir. My hat goes off to you and Genesis-Mining!
Jan : *laughs* Thank you. We are here at this convention to prove that we mean business, and that we have nothing to hide. People can come and meet us here, or we can schedule meetings with any of our co-workers when requested.
Me : Just a few more short questions if you don’t mind. Security is a big part of creating a successful cryptocurrency-related undertaking. How does Genesis-Mining handle account security?
Jan : 2 Factor-authentication is available,but it’s up to the user on whether to implement it or not. Google Authenticator is supported to secure your account, but we are looking at other options as well.
Me : And how about the front- and back-end, can you give me any more details in that regard? Are you worried about people trying to infiltrate the system or anything like that?
Jan : We have a guaranteed uptime of 100& with Genesis-Mining. Website crashes do not affect the back-end, as everything runs on different servers in different locations. Our front- and back-end security is top notch, and our daily payouts make Genesis-Mining unattractive for malicious attempts, because there is no good incentive.
Me : What are the future plans for Genesis-Mining? Not in terms of coins, plans, or pricing, but are there other tools you want to present to your users, to explain how your services work exactly?
Jan : Youtub
e videos are on the table as well to showcase the services we offer, as well as showing wallets with payouts, dashboard configurations, and much more. If our users have any ideas or suggestions, we are more than happy to listen!
Me : And that’s what all of this should be about : collaboration between companies and their user bases. Is there any final message you would like to spread?
Jan : Some of the features that are being added to Genesis-Mining were thought of in a brainstorming session ahead of customers asking for it. The Genesis-Mining team also consists of miners, so we have a good grasp of what new features could or should be added. But as I said before, we welcome any feedback and suggestions from our users!
Me : Excellent interview Jan, thank you so much for taking the time to answer all of my questions. And for the coffee of course!
Jan : *laughs* It’s no special coffee, just put the bag in and push the button! It was my pleasure doing this interview, and it’s fun to put a face to the name, as we’ve been touch on Skype quite a few times already.
Me : I couldn’t agree more Jan! Thanks again!
Genesis-Mining website : http://www.genesis-mining.com
Genesis-Mining on Facebook : https://www.facebook.com/GenesisMining
Genesis-Mining on Twitter : https://twitter.com/GenesisMining
Genesis-Mining E-mail : firstname.lastname@example.org