Marco Streng, the CEO of cloud mining technicus Genesis Mining, has reaffirmed his company’s long-term commitment to the industry te an vraaggesprek with CryptoCoinsNews.
Striking a positive note on the future of an industry which has bot ter turmoil overheen latest months, Streng claims that his company is presently te a “favourable position”. They could keep operating even if the price of btc were to fall spil low spil $100 USD. Even with a price lower than that, there would still be a request for hashpower, spil Streng notes:
“Bitcoin is not the only cryptocurrency and our proprietary system and technology gives our users the unique chance to also diversify the hashpower overheen other altcoins.”
There is no doubting that the Bitcoin mining industry has seen its fair share of troubles recently. Miners already operating ter a competitive industry have struggled to cope with the declining value of the coins they mine against fiat currencies like the U.S. dollar. By investing many thousands of dollars te hardware, miners are effectively betting that the price of bitcoin te the future will be high enough to justify their investment. So when the price drops spil dramatically spil it did via most of 2014 and even into early 2015, miners are succesnummer hard. Combine this with competition from hobbyists who do it for the joy and therefore don’t need to come out te profit, and you come up with a recipe for disaster.
Many of the largest names ter the spel have already fallen prey to this disaster, with industry’s thickest player, CEX, announcing its improvised retirement from cloud mining just two weeks ago – soon followed by another announcement from ZeusHash telling they may be coerced to do the same.
Streng acknowledges that his business is still facing a rough situation and that operations such spil his are, to a degree, hostages to fate. But he also insists that potential long term opportunities outweigh any short-term losses that might be incurred. Mining is a business whose success is directly tied to the price of bitcoin – it is way to early to call the death of either one.
“We are here for the long term and remain bullish on the future of cryptocurrencies. Spil the market turns back into a bull market it will quickly become a ample rush on mining hardware again since it would then be an chance to still acquire discounted Bitcoins while the price is enlargening te value. I can say with fine confidence that people who already have the hashpower by that time love a strong position while others despairingly attempt to buy mostly sold out mining products,” says Streng.
Of course, there is no way to know whether the current upturn ter bitcoin’s price will proceed or whether 2015 will see another year of long-term decline. But for many Bitcoin miners who count themselves amongst the cryptocurrency’s thickest believers, that bet will always be worth taking overheen and again.