Yes, a 27-year-old mathematician has successfully built a Bitcoin empire. Who is he?
He is none other than, Marco Streng.
Who is Marco Streng?
He is the CEO Genesis Group slash Co-founder. He is also a mathematician and a vocal early Bitcoin investor.
What is Genesis Group?
Genesis group actually had one of the humblest beginnings in the industry. It was founded at the end of 2013. The founders got to know each other by using the same platform for buying and selling Bitcoins. As their company and its user base grew, new mining farms were built up and several additional people hired, specifically programmers and engineers.
Read more about it below.
Since being introduced by Satoshi Nakamoto in 2008, Bitcoin has swiftly evolved to transform the way we imagine global currency in a digital world. Developed by programmers and released as open-source software in 2009, Bitcoin is credited as the first decentralized digital currency, commonly referred to as cryptocurrency, serving as an alternative peer-to-peer payment system.
Deviating from traditional payment methods, transactions are direct between users, without the need for third-party systems, such as physical dollars, coins or credit cards. Additionally, bitcoins can be exchanged for other forms of currency, products or services.
Bitcoin transactions are verified by a network of nodes, then recorded in a publicly distributed ledger known as a “blockchain”, which authenticates bitcoins as monetary units of measurement – or money. Bitcoin mining refers to bitcoins created as a reward in which users verify and record transactions in the blockchain. Users who mine successfully receive fees per transaction in the form of new bitcoins. In 2015, the total number of merchants accepting bitcoins as currency surpassed 100,000 — with users being charged less than 2% per transaction, as opposed to the 2-3% processing fee assessed by credit card companies. Even with the impressive strides made, the Bitcoin space has a lot of room to grow.
Much like Gold, bitcoins can be used to store value, minus being a tangible form of currency. Yet, Bitcoin currently has a market cap of around $12.5 billion, while the market cap of gold is $7 trillion. Noticing the potential of the emerging marketplace, one young entrepreneur stepped away from a promising career path to focus on building a bitcoin empire.
Founded in 2013 by 27-year-old Marco Streng, Genesis Mining stands as the largest bitcoin cloud mining company in the world. Boasting more than 300,000 daily customers, the startup has grown to become a global power that employs over 30 full-time staffers from all parts of the world.