Marco Andreas Streng (born 1989) is the chief executive officer and cofounder of Genesis Group, a cryptocurrency business based in Iceland that is one of the largest bitcoin and ether mining operations. In 2016, he founded the Logos Fund, the first regulated fund for bitcoin and cryptocurrency mining in the world.
Early life and education Marco Streng was raised in the German state of Bavaria. He studied mathematics at LMU Munich but left before graduating.How I Built a Bitcoin Empire. Marco Streng, TEDx Trinity College Dublin, 2018. Retrieved 17 December 2019. His interest in cryptocurrencies and blockchain technology developed while he was at university when he set up a mining operation in his student accommodation that was copied by other students. The operation ended when the electricity bill arrived.Iceland is a bitcoin miner's haven, but not everyone is happy. Egill Bjarnason, aljazeera.com, 15 April 2019. Retrieved 17 December 2019.
Career In 2013, Streng co-founded Genesis Group with Marco Krohn,Corporate. Genesis Group. Retrieved 17 December 2019. a cryptocurrency business of which he is the chief executive officer.Meet the 28-year-old building a Bitcoin empire (with £10m of computers and a mind-boggling electricity bill). Rory Ross, The Telegraph, 25 January 2018. Retrieved 17 December 2019. In 2014 he co-founded Genesis Mining, a cryptocurrency mining business that is based on a former U.S. military site in Iceland because of the low energy and premises costs in that country.Bitcoin 'miners' face fight for survival as new supply halves. Jemima Kelly, Reuters, 8 July 2016. Retrieved 17 December 2019. The cold climate also helps with the cooling of the tens of thousands of computers used in the mining operation.The Big Bitcoin Heist. Mark Seal, Vanity Fair, 4 November 2019. Retrieved 17 December 2019.Bitcoin's wild ride. Anderson Cooper, 60 Minutes, CBS News, 19 May 2019. Retrieved 17 December 2019. In 2017, Genesis was described by CNBC as "the world’s largest cloud-based blockchain and cryptocurrency mining company",How a cloud computing company is helping people mine for bitcoin. Sameepa Shetty, CNBC, 15 December 2017. Retrieved 17 December 2019. and it was also one of the earliest large miners of the ether coin,Ethereum miners are renting Boeing 747s to ship graphics cards and AMD shares are soaring. Joon Ian Wong, Quartz, 27 July 2017. Retrieved 17 December 2019. carrying out mining activities for itself as well as renting out mining capacity to third parties.
In 2016, Streng founded the Logos Fund, registered with the U.S. Securities and Exchange Commission, that was described by Reuters as the first regulated fund for bitcoin and cryptocurrency mining in the world.Iceland's Genesis launches first bitcoin mining fund. Brendan McDermid, Reuters, 3 March 2016. Retrieved 17 December 2019. He is the vice-chairmanHIVE Announces Improved Financial Terms of its Bitcoin Mining Contract, Welcomes Marco Streng, CEO of Genesis Group, as Vice Chairman and Appoints Darcy Daubaras as New CFO. Cision, 20 November 2018. Retrieved 17 December 2019. and co-founder of Hive Blockchain Technologies Limited,Marco Streng. Bloomberg. Retrieved 17 December 2019. and the joint founder with the British technology investor Christopher Harborne of Singular AI Consulting Limited."Man in the Eye: Christopher Harborne", Private Eye, No. 1511, 13 December 2019, p. 10.
Selected publications "Blockchain - The Case for Market Adoption of the Distributed Ledger" in Claudia Linnhoff-Popien et al. (Eds.) (2018) Digital Marketplaces Unleashed. Berlin: Springer. pp. 65–70.
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