VIDEO These bitcoin miners don’t wear hardhats, they don’t use picks and shovels — and they’re not running a Ponzi scheme. That’s the urgent message from Genesis Mining, a global firm that has just launched an around-the-clock, live-streaming video feed from inside an actual “mining” facility for the controversial cryptocurrency. The mine, hidden at a secret location in Iceland, is filled with banks of super-computers that perform the complex calculations needed to process secure bitcoin transactions. In return, the mine is awarded bitcoins — more than 35 a day, in the case of this smallish facility, resulting in a daily take of more than $8,200, according to Genesis CEO Marco Streng. By displaying the mine and its employees on live video 24/7, Genesis aims to bolster its credentials as a legitimate player in a niche that has been plagued by scams. “There is a lot of fraud in this market,” Streng told The Post. “Our highest priority to provide transparency to our users.” Over the past year, outfits including Hashie.co and Bitcoin Cloud Services have allegedly defrauded herds of investors. In some cases, scammers have posted pictures of faked mining facilities that don’t actually exist. Genesis hopes that a live-streaming video, in which the mine’s special models of high-powered computers are clearly visible for scrutiny by expert eyes, will reassure clients and investors. To reassure viewers that the video is legit, the mine is likewise adding fixtures that include digital displays of live bitcoin prices, and flags that will flap in the breeze from high-powered fans needed to cool the power-hungry computers. Alleviating concerns about fraud might lead to another problem: boredom. A second priority, Streng admits, might be to make the videos a little more exciting to watch. When the rooms aren’t empty, they’re typically populated by workers performing dull, inscrutable tasks. “Our marketing team has some cool ideas,” Streng said, such as hiring a music ensemble to compete with the noise from the fans.
Marco Streng, the global Bitcoin-mining firm, which is constructing a mining farm in Iceland, has launched an around-the-clock, live-streaming video feed from inside its mining facility, through which it aims to bolster its credentials as a legitimate player in a market that has been plagued by scams. Genesis CEO Genesis Mining has said, "There is a lot of fraud in this market and our highest priority is to provide transparency to our users."