Genesis Mining Shows Faith in EOS by Becoming a Block Producer

Francisco Memoria
  • 22 Jun 2018
  • /
  • In #EOS
  • Cloud mining company Genesis Mining has recently become one of the 21 EOS block producers.
  • The company applied last month, revealing a venture called EOSGen.

Genesis Mining, the world’s largest cryptocurrency cloud mining company, recently became one of the 21 EOS Block Producers (BPs), according to blockchain data, after applying for it last month through a post on its website.

The company’s application notes that Genesis Mining was founded in late 2013, and that it now has over 2 million users and over 50 team members. Its EOS mining venture, dubbed EOSGen, is reportedly part of a move that’s set to help tackle inequality. The company’s post reads:

We want to contribute to the increasing individual sovereignty of EOS and it’s users while decreasing the social inequality (globally and locally) by tapping the economic, technological, and social potential of EOS and its decentralized, borderless, and efficient nature.

Genesis Mining

EOSGen reportedly contributes to the cryptocurrency’s network by “providing and running the nodes required for the ecosystem to exist and thrive.” Its goal, per Genesis Mining, is to “provide people with the means via the technological backbone, so they can participate in the EOS and blockchain community.”

While the company cautiously revealed it won’t disclose too much about its datacenters, it did detail the location and operations in its Enigma Datacenter, located in Iceland, and its Thor Datacenter, located in Sweden. It touted their security and connectivity.

Notably, Genesis Mining’s Block Producer roadmap and its stance on dividends haven’t yet been defined. The cloud mining company has been prominent in the crypto space, as during the Consensus 2018 conference it launched a #BitcoinAwareness campaign targeting billionaire investor and bitcoin bear Warren Buffet.

Also read: Genesis Mining on Future of Crypto Mining, Green Energy and Why Blockchain Isn’t for Al

Earlier this year, the company was targeted by regulators, as South Carolina’s Securities Commissioner department deemed its cloud mining contracts unregistered securities, which saw it hit Genesis Mining with a cease and desist.