New Genesis Mining Tool Seeks Industrial Bitcoin Mining Efficiency
Genesis Mining has launched a new web interface which will enable miners to gain greater control of their bitcoin mining operations.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5BZNCYPSY5CAPNHZ2GYPWVM3FY.png)
Genesis Mining has launched a new web interface that will enable digital currency miners to gain greater control of their bitcoin and altcoin mining operations.
Initially built for internal use, Genesis Hive is currently being offered to large-scale miners at a rate that varies based on the number of mining units connected to the service each month. The new software is also expected to be made available to medium and small-sized firms at a later, to-be-determined date.
CEO and co-founder Marco Streng indicated that the project aims to reduce the rising complexities associated with industrial-scale bitcoin mining.
Streng told CoinDesk:
Genesis Mining envisions Hive as a solution to these issues, one that joins the ranks of other enterprise-level bitcoin mining offerings such as HashRabbit that have come to market in recent months.
Streng, however, suggested that Genesis Hive will be competitive as it allows for more flexibility than offerings geared for smaller mining entities.
"Hive does not require you to install any software on your individual rigs and will adapt to whatever network and hardware setup you deem most appropriate," he continued.
New controls
The new tool aims to ease the process to install a mining farm, by automatically detecting, configuring and updating mining units.
Additional control is provided over units in disparate geographies. Users will also be able to "constantly control" their mining rigs through Genesis Hive's dashboard, obtaining hashrate, temperature, rig statuses and power consumption calculations.
"Switching or adding pools, upgrading firmware, rebooting etc is done in a matter of a few clicks on any number of devices simultaneously," the company explained.
Genesis Hive also enables users to perform bulk updates, pool changes or establish automatic tasks depending on individual environmental needs.
Arms race
The launch comes at a time when efficiency is of increasing concern to industrial-scale bitcoin miners, many of whom are competing as the bitcoin price continues to be depressed relative to market highs last year.
Some bitcoin mining firms – such as CEX.io – have pivoted to other economically viable operations, citing the lack of profit as a result of bitcoin's declining price as the decisive factor behind their shift in focus.
Image via Genesis Mining
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.