Co-founder & CFO of Genesis-Mining Marco Krohn goes over the Importance of Mining Bitcoin Ethereum and Zcash.
Genesis Mining is one of the largest mining companies in the world. And today their YouTube account uploaded an intriguing video of Marco Krohn's recent Presentation in Moscow.
In the video Marko explains the importance of Mining and why it exists in the decentralized world. How to achieve consensus and goes over Double Spend for example. He compares how centralized systems have time ordering which doesn't exist in decentralized systems such as Bitcoin. "Without mining there would be no consensus, and there would be no decentralized currency."
He talks about Distribution of coins and the evolution of mining from CPU to GPU to ASICS for bitcoin mining. The differences between home (solo) and largescale (cloud) mining relating to cost, heat and maintenance. Marco explains how mining is competitive. Meaning you need efficient hardware and infrastructure plus cheap electricity to be able to compete or profit. Plus the fact that difficultly increases over time for miners.
He also mentions whys its an interesting opportunity to mine coins with GPUs. How they can mine different coins because several coins use similar algorithms. That you can then allocate your miner to mine the coins you want for better efficiency.
At 29:40 the presentation ends and a few questions are asked. Pertaining to newer technology such as quantum computing competing with them. Or how long it would take investors to break even. Those are very interesting topics IMO. Check out the vid below!
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