Crypto mania is taking the world by storm! From reaching a combined $600 billion market cap, to Bitcoin trading at $20k on some exchanges, there seems to be no stopping the rise of digital currencies.
There are many ways to cash in on the potential that crypto has to offer, one of them being mining. This is the process where each transaction or record on the blockchain network is verified. As a reward for their contribution to the network, the miners receive freshly generated cryptocoins.
The cryptocurrency mining process is extremely processor as well as power intensive, and can get expensive if tried individually at home. Not to mention, the mining process requires specialized hardware, which has to be set up by oneself along with the power supply to feed the hardware. Genesis Mining steps in here to make the whole process easier, allowing interested cryptocurrency community members to be part of the mining community without going through any of these hassles. On a mission to “democratize mining”, the company is providing accessible and affordable cryptocurrency mining solution to the masses.
Genesis Mining provides cloud-based mining services to small- and large-scale investors. Their mining farms already have all of the equipment set up. In fact, the platform has the best Bitcoin and Altcoin-mining hardware and software available and running already.
The representatives of Genesis Mining have recently taken an initiative through their “EvolveWithUs” campaign to explain cryptocurrency mining and their services in the sector to the general public to increase awareness about the process and the company’s offering.
What is a Mining Rig?
Stefan Schindler, CTO representing Genesis Mining offers a simple definition for the most crucial hardware in the mining operation by saying,
“A mining rig is basically a computer, but is stripped down to the minimum in terms of computing, and up to the maximum in terms of mining.”
The Evolution of Mining
Mining had previously been done on a computer’s processor. However, as the industry grew, so did its mining requirements. Processor mining took an enormous amount of power, and an alternative was eventually adopted — Graphic cards. Graphics Cards or GPUs, proved to be more efficient at processing transactions, and didn’t use nearly as much power, resulting in a classic ‘work smarter, not harder’ approach. Since then the industry has advanced, creating specialized hardware called ASIC miners. However, GPUs still play a vital role in mining some of the popular alternative cryptocurrencies (Altcoins) in the market.
The Structure of a Mining Rig
In appearance, it looks like your average computer mainboard. The key difference is that is filled with lots of GPUs. The USB port contains USBs holding the actual mining software, which is not stored on the processor. It also has plenty of connecting cables to make everything run.
In the case of Genesis Mining, their specialized mining rigs can hold about six GPUs each. The mainboards available on the market do not have the internal space or slots for all of these GPUs that goes into Genesis Mining’s version of mining hardware. This is where PCI risers come in, which are extension cables that allow the mainboard to be fitted with many GPUs. These risers also help with even heat distribution so that the rig doesn’t overheat.
The power supply unit is also fitted with a strong cable, and powers all of the GPUs and the mainboard.
The company manufactures, stores and operates the mining rings at their mining farms in Iceland and other locations. These equipment can be quickly and efficiently assembled and are completely mobile for added convenience.
Have a look at the video if you’d like to know more.
The initiatives like EvolveWithUs are some of the things which makes Genesis Mining — the World’s leading Hashpower provider to stand apart from the rest. Keep an eye on their Website and Social Media channels for more such educational videos.
Follow the EvolveWithUs campaign here
Visit the Genesis Mining website to buy mining hashpower.
Follow Genesis Mining on their official channels linked below:
YouTube Channel: https://www.youtube.com/c/Genesismining_official
Blog posts on Medium: http://www.medium.com/@genesismining