Spondoolies Tech is known for its affordable mining hardware, but it’s also interested in developing profitable cloud mining services for its customers who don’t want to run mining hardware at home. The company has just announced a new partnership with Bermuda based Genesis Mining.

The New Deal

Spondoolies Tech will leverage the new partnership to offer cloud mining services for its customers. The two companies have come up with an efficient way to provision the service. Spondoolies Tech will only provide mining hardware when a customer signs up – a key reason why they believe this is a more efficient way to provide services in this space.

Genesis will provide the data centre capacity for the hardware when it’s deployed, making a shift from Spondoolies Tech’s previous arrangements in its own Israeli facility. In the gap between ordering and deployment, Genesis will use its own hardware to hash, so the customer does not have to wait to get started.

This arrangement was branded as a “deeper partnership” by Guy Corem, founder of Spondoolies Tech. It has been inspired by the need to economise on power consumption to ensure cloud mining is still affordable. We’re seeing many companies strive for the same outcomes.

Innovation

Genesis achieves lower costs by basing its data centre in Iceland, along with several other companies that rely on natural air for cooling. Lower temperatures are key to improving speeds.

It’s the combination of lower power and on-demand deployment that make this an interesting project, and another step forward in the evolution of bitcoin mining. Spondoolies Tech and Genesis say that they will split profits from the cloud mining service, proving that bitcoin’s borderline profitability is driving businesses to innovate and come up with new ways to make money.

Try it Out

The new Genesis and Spondoolies Tech cloud mining service is already up and running, and it’s taking new signups now. The minimum deposit, at the time of publication is $23.50, and prices start at 0.42$ per GH. Contracts can be upgraded over time. The provider deducts a service fee of 0.0019$ per GH while the mining arrangement remains profitable for the customer.

Users can create a cloud mining account right now on the Spondoolies Tech cloud mining page.

Image courtesy of Spondoolies Tech

  • Thomas Stürchler

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